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?
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
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 