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Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?


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?

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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?

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Popular Kentucky Mortgage Programs


5 popular programs that Kentucky Home buyers use to purchase their first home. Conventional Loan • At least 3%-5% down • Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over … Continue reading Popular Kentucky Mortgage Programs

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Kentucky FHA Loans Compared to Kentucky Conventional Loans


When it comes to financing a home a buyer is faced with the decision of what type of loan they want. The two most common choices are FHA or Conventional. Both have their advantages and disadvantages. Follow the chart below to see which one is a fit for you! For more information on homes available … Continue reading Kentucky FHA Loans Compared to Kentucky Conventional Loans

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Part-time earnings or second jobs may not count when seeking a mortgage loan approval in Kentucky


Part-time earnings may not count when seeking a mortgage.     The two-year rule for counting part-time income has been an industry standard for years and was recently incorporated into regulations adopted by the Consumer Financial Protection Bureau. The rationale is straightforward: If part-time income hasn't been established for an extended period of time, it may … Continue reading Part-time earnings or second jobs may not count when seeking a mortgage loan approval in Kentucky