Here is a brief summary on getting a mortgage loan while in a Chapter 13 Bankruptcy: You must have 12 payments paid into the Chapter 13 before you can apply for a mortgage loan. The payments must be made on time for last 12 months or after 12 months if you have been in longer, … Continue reading Can you get a mortgage loan while in a Chapter 13 Bankruptcy:
Kentucky First Time Home Buyer Questions to Ask Your Lender?
First Time Home Buyer Loans–Kentucky
via Kentucky First Time Home Buyer Questions to Ask Your Lender?
There are basically 4 mortgage programs for first time home buyers in Kentucky to consider:
1. FHA LOANS IN KENTUCKY
Kentucky FHA loans are a popular choice in Jefferson County Kentucky first time home buyers
because they allow the least down payment of 3.5%, vs Fannie Mae which now requires a 5% investment on primary residences.
The current credit score requirements center around the 580 score for most FHA loans in Kentucky,
Even though FHA insure a mortgage loan down to a 500 credit score or lower sometimes, it is very
difficult to find a lender that will approve the loan with scores below 620. Keep that in mind.
The house payment will need to be around 30% of your gross monthly income. For example if
you gross around $3000 a month, then the maximum mortgage payment you…
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What are the Kentucky FHA Credit Score Requirements for 2020 Mortgage Loan Approvals?
If you are looking to refinance your mortgage loan, you’ll want to be prepared to meet your lender’s criteria and educate yourself about your FICO® Scores as they are the credit scores most commonly used in the mortgage refinancing process.
As there are different versions of the FICO Score, it’s important that you focus on the FICO Score versions used in mortgage lending. It’s highly likely that the following FICO Score versions will be pulled on all mortgage loan applicants and from all three credit bureaus:
FICO Score 5 based on Equifax data
FICO Score 2 based on Experian data
FICO Score 4 based on TransUnion data
You can access the scores along with the top reasons why the scores are not higher at myFICO. Focusing your credit actions on these top reasons could help you to understand your scores and gain access to more attractive rates.You can now focus on those mortgage-related versions in your FICO Score explanation report with confidence knowing they are the same versions your mortgage lender will likely access in the refinance loan review process.
1. Based on $300,000 mortgage loan with fixed interest rate of 4.5% and 30-yr term
Fannie Mae loan requirements Kentucky
Credit Scores Required for a Mortgage Loan Approval in Kentucky.
Credit Scores Required for a Mortgage Loan Approval in Kentucky.
Kentucky Mortgage Requirements for FHA, VA, USDA and Fannie Mae pic.twitter.com/miEMCXQWyb— Joel Lobb (@kentuckyloan) May 29, 2020
via What are the Kentucky FHA Credit Score Requirements for 2020 Mortgage Loan Approvals?
If you are looking to refinance your mortgage loan, you’ll want to be prepared to meet your lender’s criteria and educate yourself about your FICO® Scores as they are the credit scores most commonly used in the mortgage refinancing process.
As there are different versions of the FICO Score, it’s important that you focus on the FICO Score versions used in mortgage lending. It’s highly likely that the following FICO Score versions will be pulled on all mortgage loan applicants and from all three credit bureaus:
FICO Score 5 based on Equifax data
FICO Score 2 based on Experian data
FICO Score 4 based on TransUnion data
You can access the scores along with the top reasons why the scores are not higher at myFICO. Focusing your credit actions on these top reasons could help you…
View original post 60 more words
Kentucky FHA Mortgage Work History and Income Requirements.
Kentucky FHA Mortgage Work History and Income Requirements.
- No matter what you must provide a 2 year employment history. Conventional or Kentucky FHA Mortgage Loan. Conventional does not always need to be verified with a written work verification form
- if you do not have a complete 2 year history you must explain any large gaps. Typically I have seen this to be greater than 30 days.
- you must have a 2 year history prior to the gap as well. (two underwriters from two different lenders have recently told me the same thing)
- also check your AUS-Automated Underwriting Findings because that can help when speaking with your potential borrower.
- Exception to the 2 year history is college or HS graduation
- need official college transcripts or they can be unofficial if you get them with the web URL just like bank activity.
- good idea to snag their diploma as well.
- you probably don’t even need to use this exception if the person was a student…
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Guidelines for KY FHA, VA, USDA and VA Mortgage loans with Student Loans on A Credit Report:
Guidelines for KY FHA, VA, USDA and VA Mortgage loans with Student Loans on A Credit Report:
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Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 