What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage
Author: Louisville Kentucky Mortgage
Maximum Repair Escrow Amounts for Kentucky Mortgages:
Maximum Repair Escrow Amounts for Kentucky Mortgages:
Kentucky Credit Report Myths and Facts – Louisville Kentucky Mortgage Loans commented on Kentucky Credit Report Myths and Facts
What Credit Score do I need for a Mortgage Loan in Kentucky? What Is a Credit Report? A credit report is a …
[…] Source: Kentucky Credit Report Myths and Fact
Most savvy consumers know about the FICO score — the three-digit number that companies use to figure interest rates. Even though FICO has published the main factors that affect FICO credit scores, many still wonder why when they apply for an auto loan they are told one set of scores, and another for a mortgage loan
There are three different types of credit reports: consumer, mortgage, and auto. The mortgage and auto reports are weighed more to the mortgage and auto criteria. Your scores would be different on all three types, even from the same credit bureau.
You also have three different credit bureaus. Not all creditors report to all three credit bureaus.
So you actually have 6 different credit reports
Your credit history is your strongest argument for assuring lenders that you’re a good credit risk. So it’s wise to take these 6 steps to build the…
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Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 firstname.lastname@example.org Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender
Credit Karma -“Free” isn’t good, and good isn’t free..
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I also pulled one of the reviews from the website…
“I recently used Credit Karma in Canada (where I live) to determine if I would be able to get a mortgage on a new home. My score from them show my credit to be well into the good category at 716. I then approached a company for a mortgage ( I would never have considered this with a bad score). I was contacted within a few hours that my credit score was 618. I asked this company if they had the right name. When I told them my documented score, I was informed that they do not recognize credit Karma’s information. Therefore I find Credit Karma to be useless. I wonder how many others have had doors slammed in their face by this. My wife has not been well and it was very hard on her. Thanks for nothing Credit…
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Here are a few reminders about the Kentucky USDA Rural Housing Service (RHS) Section 502 Guaranteed program which provides very-low-, low- and moderate-income rural residents access to affordable housing finance options with little or no down payment or out-of-pocket costs.
• Eligibility Link – Access the USDA Home page, click here.
• Income – To determine eligibility of an applicant/household, click here.
• Property Eligibility – To determine whether the property is located in a designated rural area, click here.
o 1 Unit Properties Only
o No Bankruptcies or foreclosures in last 3 years
30 year fixed rate loan terms only, Purchase or refinance, If refinancing must be existing USDA home loan. No cash out allowed.
• Occupancy – Owner occupied only.
• Credit – Minimum credit score of 640 for all borrowers/
• Maximum Loan Amount – Maximum loan amount is $424,100 (without guarantee fee), can go up to 101% LTV with guarantee fee financed.
o High Balance USDA available for loan amounts $424,100 to $636,150 (without guarantee fee)
• Max DTI – GUS approved, generally 45% (front end sensitive)/ Manual 29/41.
• Guaranty Fee/Annual Fee – there is a 1.00%/ 0.35% (monthly).
• Down Payment – Down payment not required but if any cash to close, must be borrowers own funds. Gifts are not allowed.
• Interested Third Party Contributions – An amount of 6% of the sales price can be contributed towards closing costs.
The lender is responsible for determining which collection accounts
should be paid in full by the applicant prior to, or at, closing.
*Not a condition of mortgage approval.
Whether a collection account represents a greater risk
is the lender’s decision, regardless of the credit score.
The lender will document reasons for approving a loan request when
collection accounts remain unpaid.
*GUS TIP: The preferred method to record the lenders analysis/reasons for approving the loan
is to document their justification on the credit liability line under “notes” on the “Assets and
Liabilities” page beside each individual collection.
1) Determine IF: Total outstanding balance of all collections is
equal to or greater than $2,000.
2) Remove all medical collections & charge off accounts
from the total balance.
3) If the remaining outstanding balance of collections is
equal or greater than $2,000
Any of the Following Actions Will Apply:
a. Payment in full at or prior to closing.
b. Payment arrangements are made with creditors for collections. (A letter from the
creditor or evidence on the credit report is required to validate the payment
arrangements. Monthly payment for each collection included in TD ratio.
c. In the absence of a payment arrangement, utilize in the TD ratio a calculated
monthly payment. For each collection utilize 5% of the outstanding balance to
represent the monthly payment.
If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.
They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in a rural area.
A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern Kentucky.
There is also a max household income limits with most cutoff starting at $78,000 for a family of four, and up to $99,000 for a family of five or more.
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
text or call my phone: (502) 905-3708
email me at email@example.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice.
Joel E Lobb
email us here
Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.
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Maximum age for an RHS appraisal has been extended from 120 days to 150 days.
- Accessory Dwelling units are now addressed in RHS guidelines. They may be allowed based on the appraiser’s evaluation that they represent the highest and best use of the property and are not a separate single family dwelling unit.
- Additional clarification on site requirements was added to help in the underwriter’s determination as to when outbuildings and/or excess land should be considered income-producing.
4. Last two months bank statements for all accounts
Let me know your questions.
Senior Loan Officer