Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Uncategorized

Business Paid Debt for Self-Employed Borrowers in Kentucky For Mortgage Loans.


Self-Employed Guidelines for Getting a Mortgage Approved In Kentucky

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans bonus income, Debt to Income Ratio, How Much Income Do I Need to Qualify for an Kentucky FHA Home Loan?, Income limits, overtime income, seasonal income, Self-Employed, tax returns mortgage, tip income, Uncategorized

Self-Employed Guidelines for Getting a Mortgage Approved In Kentucky


  Self Employed Income Guidelines for a Getting a Kentucky Government FHA, VA, USDA Mortgage Loan in Kentucky 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: Sole Proprietorships Corporations Limited … Continue reading Self-Employed Guidelines for Getting a Mortgage Approved In Kentucky

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Uncategorized

Maintain Good Credit Scores


Maintain Good Credit Scores
Posted on April 16, 2019 by Kerry Vasquez
We have all found that our credit score is important in all the areas of our life! It is especially when applying for a home loan.

The credit score is a statistical evaluation likelihood of your possibility of repaying the debt you are requesting.
Credit Scores range from 300-850. The higher the credit score the more favorable your evaluation of your request of credit will be.

Below are some tips for use in the area of credit scores:

Monitor your credit.

You can order a free credit report annually from each of the three credit bureaus annually at http://www.annualcreditreport.com
The monitoring of credit will help you keep on top of your credit, and show you if there are inaccuracies you need to correct.

Pay your bills on time.

Having on time payments on your accounts demonstrates you manage your money. The Trending Credit evaluation also is being used by credit bureaus. This means that if you charge and pay the account in full each month, it shows wise money management.

Age is Good!

Don’t close old revolving accounts.
The age of accounts is actually useful in higher credit scores. Credit bureaus look at length of credit in the evaluation of issuing scores.

Don’t open new accounts.

Those stores offering small discounts can be enticing for opening a new account. The action of applying, then the opening of the account can actually lower your score for a period of time, so carefully evaluate if that small benefit of the discount is at the right time. Do not open any new accounts when in process for a home loan.

Don’t cosign any loans.

The credit repayment of those loans becomes yours. That late payment they remit will affect your scores.

Hopefully these pointers help you maintain and value your credit score. Information on this important subject are important in the preparation for seeking to purchase a home. It is one of the items a lender uses to approve a loan.

Kerry Vasquez's avatarKerry Vasquez on Oregon Home Loans

We have all found that our credit score is important in all the areas of our life!  It is especially when applying for a home loan.

The credit score is a statistical evaluation likelihood of your possibility of repaying the debt you are requesting.
Credit Scores range from 300-850. The higher the credit score the more favorable your evaluation of your request of credit will be.

Below are some tips for use in the area of credit scores:

Monitor your credit.

You can order a free credit report annually from each of the three credit bureaus annually at http://www.annualcreditreport.com
The monitoring of credit will help you keep on top of your credit, and show you if there are inaccuracies you need to correct.

Pay your bills on time.

Having on time payments on your accounts demonstrates you manage your money. The Trending Credit evaluation also is being used by credit…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Uncategorized

HUD announces new rules for down payment assistance on FHA mortgages


    The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why. Source: HUD announces new rules for down payment assistance on FHA … Continue reading HUD announces new rules for down payment assistance on FHA mortgages

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Uncategorized

FHA Mortgage guidelines for a Kentucky property that has well water and septic.


Below are Kentucky FHA guidelines for a property that has well water and septic tanks for waste disposal

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky FHA Mortgage Lender

Image result for fha minimum property standards

Below are Kentucky  FHA guidelines for a property that has well water and septic tanks for waste disposal .  The Kentucky FHA appraiser should be able to address the distance between the well and septic for distance requirements, and comment if public sewers are available.

Well water test will be required as a closing condition. FHA mortgages loans in Kentucky  require a septic inspection unless the appraiser mentions it is necessary.

(O) Water Supply Systems in Kentucky 

(1) Public Water Supply System The Mortgagee must confirm that a connection is made to a public or Community Water System whenever feasible and available at a reasonable cost. If connection costs to the public or community system are not reasonable, the existing onsite systems are acceptable, provided they are functioning properly and meet the requirements of the local health department.

(2) Individual Water Supply Systems (Wells) When an Individual Water Supply System is present, the Mortgagee must ensure…

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