Kentucky USDA Guideline Updates for 2021

  • Annual Qualifying Income – The requirement for calculations to be included on the Income Calculation worksheet have been removed and should now be included on Attachment 9-B, the underwriter transmittal summary, FNMA form 1008/Freddie form 1077, or equivalent
  • 4506-T – The requirement for asset statements to be reviewed to ensure borrowers have no additional income sources has been removed.
  • Repayment Income – MCC income must now be included in repayment income.
  • Boarder Income – USDA now considers a boarder as a household member and a boarder’s income must now be included in annual income calculation. Rent paid by boarders that is reported on tax returns must also be included in annual income.
  • Capital Gains – USDA removed requirement from Repayment Income to provide evidence showing borrowers own additional property or assets that may be sold if additional income is needed to support the mortgage obligation
  • Commission – The borrower must now show one year history in same or similar line of work to include commission in repayment income.
  • Fellowship, Stipend, Scholarship – Scholarship award letters must now provide date of termination and USDA will no longer presume benefits with no expiration date will continue. USDA also added guidelines for GI Bill income and stated it cannot be included in annual or repayment income.
  • MCC – This income must now be included in repayment income, but no history is required. A copy of the W-4 from employer is required to verify borrower is taking tax credit on monthly basis. Note: MCC’s are ineligible with FWL as qualifying income.
  • Unreimbursed Business Income – only taxable income is allowed to be included in repayment income
  • Section 8 – USDA removed requirement for section 8 income to be deducted from the monthly PITI to determine DTI if it is paid directly to the loan servicer when included in the repayment income.
  • Self Employed Income – Federal tax returns must now be reviewed to determine gross income for annual calculations. Removed requirement to deduct business loss before entering as repayment income into GUS or on loan application. Clarified documentation requirements as most recent 2 years of federal tax returns / transcripts & YTD P&L may be audited or unaudited
  • Social Security Income – clarified documentation options and will allow social security benefit statement or form SSA-1099/1042S to source
  • Temporary Leave – The history requirements for repayment income has been changed and now income must be received by loan closing.
  • Cash on Hand – The underwriter must review the reasonableness of accumulation based upon income stream, spending habits, etc. and cash on hand can no longer be included in reserves
  • Gift Funds – Clarification provided on how gift funds must be sourced when gift funds have been deposited into borrower’s account, not deposited into borrower’s account, or if funds are being wired directly to the settlement agent.
  • Large Deposits – USDA no longer addresses lump sum additions.

Kentucky Appraisal for FHA, VA, USDA and Fannie Mae Home Loans

Kentucky Appraisal for FHA, VA, USDA and Fannie Mae Home Loans

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky

What is an Appraisal?

An appraisal is a valuation of property by an independent, licensed professional known as the appraiser.
The appraiser will review the home itself along with comparable homes in the area and generate a full report on the value of the subject property. They will schedule a visit to inspect, measure, and take photos of the home. An appraisal protects not only the lender’s investment but also you, the buyer.

What if my home doesn’t appraise for the asking sales price?

There are a couple of options in the event that the home value comes in lower than the sales price.

  • Review of the report by the real estate agents. Additional comparable home sales or comments are
    then submitted to the appraiser for review and comment;
  • The seller may lower the price of the home;
  • The buyer may opt to increase the down payment;
  • The numbers stay…

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KHC has $5.5 million available at 1% interest rate, fixed for 30 years

Originally posted on Louisville Kentucky Mortgage Loans:
Joel Lobb?(NMLS#57916)Senior? Loan OfficerAmerican Mortgage Solutions, Inc.10602 Timberwood Circle Suite 3Louisville, KY 40223Company ID #1364?|?MB73346Text/call 502-905-3708kentuckyloan@gmail.com If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708. Disclaimer: No statement on…

KHC has $5.5 million available at 1% interest rate, fixed for 30 years

Program Details

 

Targeted Program

The MRB special funding program is intended for:

  • Households whose gross annual income does not exceed $40,000
  • First-time homebuyers (unless in a targeted county)
  • Those with a credit score of at least 620
  • Cannot own any other real estate at closing
 

Mortgage Options

With the MRB special funding program buyers can:

  • Purchase a new or existing construction property
    • Available for use with the purchase of stick-built homes, manufactured homes, and condos
  • Select either FHA, VA, or RHS first mortgage options
  • Use the Affordable Down payment Assistance Program (DAP)
    • Affordable DAP provides up to $6,000 for down payment and closing costs as a repayable loan over a ten-year term

Louisville Kentucky Mortgage Loans

Joel Lobb(NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.10602 Timberwood Circle Suite 3Louisville, KY 40223Company ID #1364|MB73346Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points…

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Down Payment Assistance Kentucky 2021 Kentucky Housing Corporation

KHC is used for mostly applicants in urban areas of Kentucky that don’t have access to USDA or other government agencies to buy a home with no down payment.

A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $4500-$6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%.

These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.

Conventional Preferred Program
The Kentucky Housing Corporation offers a few different loan programs, including the Conventional Preferred program. These home loans have 30-year fixed interest rates, so your rate won’t change over the life of the loan. The mortgages are serviced by the KHC and maintained in Kentucky, not sold off the way other mortgages are.To qualify for this program, you’ll need:A minimum credit score of 660.A down payment of 3% of your purchase price.To pay monthly mortgage insurance.An income that doesn’t exceed 80% of the local median income.With the Conventional Preferred Program, you also can make use of any of the state’s down payment assistance programs for help with your closing costs.
Conventional Preferred Plus 80 Program
Many of the requirements for the Preferred Plus 80 program are similar to those for the Conventional Preferred Program loans. You’ll need:A minimum credit score of 660.A down payment of 3% of your purchase price.Monthly mortgage insurance.An income that doesn’t exceed your county’s “secondary market” limit.And, the KHC’s down payment assistance programs can be used in conjunction with the Conventional Preferred Plus 80 program.
KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular DAP
Purchase price up to $327,334 with Secondary Market.
Assistance in the form of a loan up to $6,000 in $100 increments.
Repayable over a ten-year term at 5.50 percent.
Available to all KHC first-mortgage loan recipients.
Affordable DAP
Purchase price up to $327,334 with Secondary Market.
Assistance up to $6,000.
Repayable over a ten-year term at 1.00 percent.
Borrowers must meet Affordable D​AP income limits.
​MORE ABOUT DOWN PAYMENT AND CLOSING COSTS
No liquid asset review and no limit on borrower reserves.
Specific credit underwriting standards may apply to down payment programs.​

Louisville Kentucky Mortgage Loans

KHC is used for mostly applicants in urban areas of Kentucky that don’t have access to USDA or other government agencies to buy a home with no down payment.

A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $4500-$6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%.

These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.

  • Conventional Preferred Program
  • The Kentucky Housing Corporation offers a few different loan programs, including the Conventional Preferred program. These home loans…

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Kentucky Rural Housing Loan Program Update for 2021 Single Family Housing USDA Guaranteed Loan

Kentucky Rural Housing Loan Program Update for 2021 Single Family Housing USDA Guaranteed Loan

Untitled

Kentucky USDA Rural Housing Mortgage Guidelines

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Kentucky USDA Rural Housing Mortgage Guidelines
Kentucky USDA Rural Housing Mortgage Guidelines
minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan
USDA Resources Rural Development Loan Limits https://www.rd.usda.gov/files/RD SFHAreaLoanLimitMap.pdf Rural Development Lender Program Guide https://www.rd.usda.gov/publications/regulations guidelines/handbooks USDA Training Resources and Library http://www.rd.usda.gov/programs services/lenders/usda linc training resource library Property Eligibility Map, Income Eligibility Calculator, and Income Limits Chart https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

 

USDA Resources
Rural Development Loan Limits
https://www.rd.usda.gov/files/RD SFHAreaLoanLimitMap.pdf
Rural Development Lender Program Guide
https://www.rd.usda.gov/publications/regulations guidelines/handbooks
USDA Training Resources and Library
http://www.rd.usda.gov/programs services/lenders/usda linc training resource library
Property Eligibility Map, Income Eligibility Calculator, and Income Limits Chart
https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

The Mortgage Process Explained in 7 Steps

What’s a debt-to-income ratio, and why you need a low one to buy a home
by Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Curb Appeal

Need a lender? Give me a call for a recommendation 703-963-0142

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Kentucky USDA Mortgage Funds for 2021 Available.


Fiscal Year 2021 SFH Guaranteed Funds Now Available!


As of Sunday, December 27, 2020, funding for Rural Development’s Single-Family Housing Guaranteed Loan Program authorized by the “Consolidated Appropriations Act, 2021”, is available.

Files in Process:

All files processed “Subject to Availability of Funds” have been obligated and the updated Conditional Commitments were generated by the Agency to remove the “contingent upon” language.
Lender receipt of the updated Conditional Commitment will signal the request has been successfully obligated by the Agency.

Loan Closing:

Once the loan has closed (including loans that were closed prior to the obligation of funds by the Agency), the lender may submit their request for Loan Note Guarantee along with a closing package.
Lenders using the Agency’s automated Lender Loan Closing (LLC) system will complete the lender certification electronically (i.e. no manual signature/date required).
For manually submitted loan closing packages, ensure the lender certification on the Conditional Commitment is signed and dated after the Agency’s obligation date (the issuance date on the updated Conditional Commitment). Use of the Lender Loan Closing system is highly recommended.

For current Kentucky USDA Mortgage turn time information on files,

please check the SFH Guarantee Lender page at 👇👇 click

 

👇👇

https://www.rd.usda.gov/page/sfh-guaranteed-lender

Current Underwriting Turn Times on Rural Housing USDA Loans in Kentucky -  Kentucky USDA Rural Housing Mortgage Lender
current Kentucky USDA Mortgage turn time information on files,

https://www.rd.usda.gov/page/sfh-guaranteed-lender.

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

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