Self Employed Income for FHA, VA, USDA and KHC Mortgage Loans Guidelines • A borrower is considered self employed if they have 25% or more ownership in a business. • Contract or 1099 employees are self employed borrowers • There are 4 types of self employed business structures o Sole Proprietorships o … Continue reading Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?
What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?
Income and your job history plays a significant role when applying for a mortgage loan and getting approved for one for Kentucky Homebuyers . Mortgage Underwriters from FHA, VA, USDA and Fannie Mae must follow both Fannie Mae and agency guidelines when it comes to documenting and calculating qualifying income for a loan transaction. Income guidelines … Continue reading What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?
What paperwork is needed for a Mortgage Loan Pre-Approval in Kentucky?
What Paperwork Will I Need? Minimum Documentation List Last 30 days pay stubs for all borrowers Last 2 years w2 statement for all borrowers Last 2 years tax returns, all schedules Minimum: Verbal of source cash to close will come from (assets, gift, equity) Additional Documentation – Verbal of balances ok to start Last 60 days … Continue reading What paperwork is needed for a Mortgage Loan Pre-Approval in Kentucky?
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 