Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans
Author: Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans
Credit Score Information For Kentucky Home buyers
Credit Scores are important for getting approved for a Mortgage in Kentucky.
getting approved for a Mortgage Loan in Kentucky for 2020
What is a Kentucky Mortgage Rate Lock?
What is a Kentucky Mortgage Rate Lock?
Manufactured Home Guidelines for Kentucky USDA Rural Housing Loans
USDA loan on a manufactured home on a permanent foundation in Ky.
MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS
No Money Down for Manufactured Home Rural Buyers in Kentucky Using the USDA Rural Housing loan Program
New Manufactured Home Conventional Product
Announced at KHC’s Lender Luncheon last week, effective with reservations as of March 12, 2018, KHC will now allow manufactured homes with its conventional products, which is an exclusive for HFAs. This product has the same 660 credit score and ratios 40/50 as our conventional products, and can be used with new and existing properties.
Additionally, KHC will allow 95/105 percent CLTV. National Mortgage Insurance and Mortgage Guaranty Insurance Corporation have approved of this product, other mortgage insurance companies are currently reviewing it, but the loan can be used with our preferred risk (without mortgage insurance) product as well. KHC’s program guides have been updated to reflect this change.
When reserving the conventional program for a manufactured home, choose…
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Kentucky USDA Rural Housing Streamline Refinance Guidelines
(with
•
Allows financing of
unpaid principal and
eligible costs subject
to available equity
Streamlined Refinance
(without
•
Allows financing of
unpaid principal
balance and upfront
guarantee fee along
with accrued interest
•
Debt ratios are
calculated
Streamlined
Assist
Refinance (no appraisal
effective 6/2/2016)
•
Allows financing of
unpaid principal
balance and eligible
costs
•
Debt ratios not
calculated
Streamline Refinance
•
A new appraisal is not required (unless the loan being refinanced is a Direct Loan and subsidy
recapture is required).
•
The new loan amount may not exceed the original loan amount of loan being refinanced.
•
The new loan is limited to:
•
The principal balance of the loan being refinanced
•
The upfront guarantee fee (if financed)
•
Accrued interest (current interest)
•
Reasonable and customary fee for reconveyance
•
Subsidy recapture due for Direct Loan borrowers may not be included in the new loan amount
•
A borrower may be removed from the loan as long as at least one original borrower remains on
the new loan.
•
All other rate/term refinance requirements, including debt ratio calculation and limits apply.
(Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline Refinance. See the
HB 1 3555 for all three types of refinance transactions allowed.)
Streamlined
Assist Refinance (cont.)
•
The new loan amount is limited to:
•
The unpaid principal balance of the loan being refinanced
•
The upfront guarantee fee (if financed)
•
Accrued interest (current interest)
•
Eligible loan closing costs (not to exceed 2% of total loan amount)
•
Permissible bona fide discount points (not to exceed 2% of total loan amount).
•
Funds to establish an escrow account for real estate taxes and insurance.
•
Subsidy recapture due for Direct Loan borrowers may not be included in new loan amount; however,
the cost of any appraisal obtained for recapture purposes is an eligible closing cost and may be
included.
Note:
The maximum loan amount cannot exceed the balance of the loan being refinanced, plus the guarantee
fee and reasonable and customary closing costs (including funds necessary to establish a new tax and
insurance escrow account). Subordinate financing, such as home equity lines of credit and down payment
assistance “silent” seconds, cannot be included in the new loan amount. Unpaid fees, past due interest and
late fees/penalties due the servicer, cannot be included in the new loan amount.
(Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline
Assist Refinance.)
Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916
American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364
click here for directions to our office
Text/call: 502-905-3708fax: 502-327-9119
email: kentuckyloan@gmail.com
https://www.mylouisvillekentuckymortgage.com/
Kentucky USDA Mortgage Lender for Rural Housing Loans 