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Many mortgage applicants will get a surprise boost in their credit scores
In a little-known policy shift, the three national credit bureaus — Equifax, Experian and TransUnion — plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers starting July 1.
In a little-known policy shift, the three national credit bureaus — Equifax, Experian and TransUnion — plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers starting July 1.
Both types of information have negative impacts on credit scores and remain in credit files for extended periods. Tax liens are levied against properties when the owner is delinquent on payment of taxes. Civil judgments — debts owed by the losing party in legal disputes that typically involve monetary damages — are ordered by courts.
With the elimination of this information from vast numbers of…
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Kentucky VA Mortgage Guidelines for Student Loans
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Kentucky VA Mortgage Guidelines for Student Loans
If student loan repayments are scheduled to begin within 12 months of the date of the Kentucky VA loan closing, lenders should consider the anticipated monthly obligation in the loan analysis. If the borrower is able to provide evidence that the debt may be deferred for a period outside that time frame, the debt need not be considered in the analysis.
Guide Reference – Lenders Handbook Chapter 4, Section 5, Debts and Obligations
2017 STUDENT LOAN GUIDELINES FOR A KENTUCKY USDA RURAL HOUSING MORTGAGE LOAN
STUDENT LOAN GUIDELINES FOR A KENTUCKY USDA RURAL HOUSING MORTGAGE LOAN
Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2017
2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS
2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS
Student Loan Payment Calculation
Must include all student loans in the borrower’s liabilities, regardless of the payment type or status of payments.
Calculation of monthly obligation, regardless of the payment status, must use either:
the greater of:
• 1 percent of the outstanding balance on the loan; or
• the monthly payment reported on the borrower’s credit report; or
the actual documented payment, provided the payment will fully amortize the loan over its term.
Additional documentation required if the payment used for the monthly obligation is:
• less than 1 percent of the outstanding balance reported on the borrower’s credit report;and
• less than the monthly payment reported on the borrower’s credit report.
Provide written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor.
Guide Reference – 4000.1 II.A.4.b.iv(H)…
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Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 