I am a Kentucky based USDA Mortgage Lender that has originated over 200 KY Rural Housing Mortgage Loans in Kentucky, Put my expert advice to use. Kentucky Rural Development RHS loans give KY Rural Homebuyers a zero down mortgage loan with a low 30 year fixed rate loan. A Local Kentucky Rural Housing Mortgage Lender offering same day free approvals and credit report. This website is not affiliated with USDA or any other government agency. NMLS#57916 Equal Housing Lender Text or call today 502-905-3708 with your mortgage questions about USDA Rural Housing Loans in Kentucky. Free Pre-Approvals on most applications within the same day. Kentuckyloan@gmail.com
Category: 100% Financing Zero Down
What are Kentucky USDA Home Loans? Do I Qualify? Deciding between rural and suburban is one of many choices you’ll make along your homeownership journey. And if the countryside is your preference, then you may want to consider applying for a USDA loan. You’…
Source: What are USDA Home Loans? Do I Qualify? – Cape Gazette
A property must be located in an eligible area in order to use a USDA loan to purchase a home. Contrary to belief, Rural Development loans are not only for farms or very rural homes.
Actually, a property with an operating and income producing farm is not eligible for these loans!
The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $93,500 for a household of four or less and up to $123,400 for a family of five or more.
With the new changes for 2019 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $87,600 for a family of four and up to $115,650 for a family of five or more. The metro area includes Oldham, Bullitt, Spencer, Hardin, Larue and Meade are including in these higher income limits for USDA loans.
Remember, Jefferson County Kentucky, Fayette County Kentucky are not eligible for USDA loans.
,Below is the website where you can check and make sure
| New USDA Rural Housing Income Limits for Kentucky | Cincinnati (OH, KY, IN FMR), Boone, Kenton, Campbell, Pendleton, Gallatin*** | Household income of 4 or less:
***$93,500
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Household income of 5 or more:
***$123,400
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| Shelby, Bullitt, Oldham, Spencer** | **$87,600 | ** $115,650 | |
| Rest of the Kentucky Counties in Kentucky not listed above* | *$86,850 |
*114,650
|
Check Your Kentucky County for USDA Rural Housing Income Limits
Some More Facts about a Kentucky USDA loan:
It’s a two step approval process. The chosen USDA lender must first underwrite the file and get it approved based on the income, assets, and credit report submitted. Then, the lenders must submit to USDA for a “conditional commitment”. This conditional commitment is the final loan approval paperwork you are looking for.
Even though the lender may have approved the file, it still must go to USDA office in Lexington for an assignment to SFH underwriter for the final approval process. They typically are checking the appraisal and income at this stage. There have been instances where the lender would approve the file but USDA would not due to appraisal issues or income and job history.
This is very rare instances, so keep that in mind when it comes to final loan approval.
This two-step approval process usually adds 4-6 days to the final loan approval process, so keep that in mind when you are writing up your contract because it takes a little longer to close these loans vs FHA, VA, and Fannie Mae loans.
Well Test Treatments: Properties with a well as the primary drinking source will require a well water test. There are local labs to perform this test and the water must pass.
Septic Test: Sometimes they will require the septic tank to be inspected if called for in the appraisal report or home inspection.
Older Homes: As a general rule, USDA does not like homes older than 100 years old. They will sometimes require a home inspection in addition to the mandatory appraisal on older homes.
USDA Loan After a Short Sale: A short sale is not the end of the world. So it is very possible to obtain a USDA loan if 3 years have passed after the short sale. But a buyer would need re-established good rent and other credit history.
Bankruptcy and Foreclosure: If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy. Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.
Get Qualified for a Kentucky USDA Loan Now!
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Questions? Contact Us |
No, you do not have to be a first time home buyer. The USDA Loan program has no restrictions that prevent previous homeowners from using the program.
There isn’t a limit to the amount a homeowner can borrow; however, most lenders conform to the loan limits set forth by Fannie Mae and Freddie Mac and will extend financing for up to $424,100.
Closing costs vary from lender to lender and state to state. The charges from the USDA are a Guarantee fee of 1% of the loan amount. Additionally, there is a monthly mortgage insurance factor of .35% of the principal balance.
Yes! The USDA home loan has the ability to finance closing costs up to the appraised value or to get a 6% seller contribution to closing costs from sellers on the contract.
USDA requires that the borrower demonstrates a reasonable ability and willingness to repay the mortgage loan. USDA lenders will view your credit history, income, and assets to verify your ability to repay the mortgage.
The USDA has no minimum score required; however, most lenders require a minimum credit score of 620 to obtain financing. Exceptions can be made and you should talk to a loan specialist about this.
Many lenders do require a 640 minimum Fico score to be eligible for a USDA home loan, however, exceptions can be made. It is important to note that the derogatory credit is temporary in nature, beyond the applicant’s control, and the circumstances that caused the adverse credit are no longer a factor.
You must have established employment to be eligible for a USDA Loan. Almost all lenders will require a minimum of two years of steady employment or schooling prior to your current employment if less than 2 years. If you are self-employed, you are eligible but will be required to provide two years of federal tax returns to verify your income.
USDA mortgages do have a guarantee fee and monthly PMI. The rate for the mortgage insurance is .35% of the outstanding principal balance and the current guarantee fee is 1% of loan amount. For example, if you borrowed a full $150,000 from your lender, the guarantee fee would be $1,500, which you can finance into your mortgage. The monthly PMI would be about 44.00 dollars a month on a 151,500 loan amount. (which includes the guarantee fee of 1%)
Yes, the USDA Loan Program requires the bankruptcy to be discharged for at least 3 years for a CH 7 and at least 12 months of on time payments on a CH 13. You can be in a CH 13 currently as long as 12 months of on-time payments have been made and verified.
VA Loans: 2 years after foreclosure
USDA Loans: 3 years after foreclosure (Exceptions are possible!)
FHA Loans: 3 years after foreclosure
Conventional Loans (Fannie Mae and Freddie Mac): 7 years after foreclosure
No, the USDA Rural Housing Program is for primary residences only. Furthermore, any property that is income producing (farms, multi-family, over 30 acres, etc.) cannot qualify for the 502 Guaranteed Rural Home Loan.
Yes, you can use a USDA loan to finance a condo; however, there are requirements that will need to be met.
Modular and manufactured homes can be considered a USDA eligible property, but additional appraisal requirements will apply. Most lenders do not offer Section 502 USDA loans on manufactured homes; however, they do finance modular homes. The difference between a modular and manufactured is how and where the home is constructed. A manufactured home is already fully built and put on a foundation and modular homes are built in pieces, and then taken to the site to be constructed.
USDA loans have a 2 prong process. The loan is first approved by the lender and then sent to the local USDA field office to be insured. Depending on the turn-times at the local USDA office, closing can be as fast as 20 days or up to 60 days.
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| Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 10/24/2017 |
| State | Days Old | Counties |
| KY | 365 | ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD |
| To change your preferences, click here. |
| Address | Bed/Bath | Price | |
| 117 Dove Drive | 3/1 | $34,840.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 301 Eastview Circle | 2/1 | $51,135.00 – GovtBid | |
| Shelbyville, KY 40065 | Foreclosure Sale | ||
| 1006 Twelve Oaks Dr | 3/2 | $67,000.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 117 Western Ave | 3/2 | $26,800.00 – GovtBid | |
| Cynthiana, KY 41031 | Foreclosure Sale | ||
| 427 Earl St. | 3/1.5 | $30,150.00 – GovtBid | |
| Danville, KY 40422 | Foreclosure Sale | ||
| 200 Verde Dr. | 3/2 | $36,850.00 – GovtBid | |
| Padacah, KY 42003 | Foreclosure Sale | ||
| 136 Fuller Way | 3/1 | $28,810.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 139 Pearl Street | 2/1.5 | $30,820.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 609 Ridgeview Drive | 3/2 | $46,230.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 261 Bridlewood Ave | 3/2 | $114,330.00 – GovtBid | |
| Shelbyville, KY 400657222 | Foreclosure Sale | ||
| 265 Meadowbrook Rd. | 2/1 | $13,400.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 50 Crabtree Rd | 3/2 | $43,515.00 – GovtBid | |
| Strunk, KY 42649 | Foreclosure Sale | ||
| 412 Chestnut St. | 3/1 | $12,060.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 508 Hickory Hill Drive | 3/1 | $13,400.00 – GovtBid | |
| Monticello, KY 42633 | Foreclosure Sale | ||
| 105 Woodland Place | 3/1.5 | $18,090.00 – GovtBid | |
| Mt Vernon, KY 40456 | Foreclosure Sale | ||
| 502 N. Main St. | 2/1.5 | $25,795.00 – GovtBid | |
| Brownsville, KY 42210 | Foreclosure Sale | ||
| 66 Craycraft Rd | 2/1 | $47,280.00 – GovtBid | |
| Tollesboro, KY 41189 | Foreclosure Sale | ||
| 328 E. Legend Dr | 3/2 | $40,200.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 90 Brewer Subdivision | 3/1 | $21,440.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| RR 746 Box 5230 | 3/1.5 | $16,750.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| 234 Gardner Lane | 3/1 | $25,460.00 – GovtBid | |
| Mt Sterling, KY 40353 | Foreclosure Sale | ||
| 221 Man O War Dr | 3/2 | $103,525.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 111 Beechmount Drive | 3/1 | $54,885.00 – GovtBid | |
| Nicholasville, KY 40356 | Foreclosure Sale | ||
| 5915 Woodcreek Crossing W | 3/2 | $46,900.00 – GovtBid | |
| Crestwood, KY 400148229 | Foreclosure Sale | ||
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Text/call 502-905-3708
kentuckyloan@gmail.com
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.s
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.
• Maximum Loan Amount-No max loan amount
• 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.
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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.
CREDIT SCORES UNDERWRITING USDA MORTGAGE FOR RURAL HOUSING
This attachment illustrates the approach to reviewing credit history when a loan is
manually underwritten by an approved lender.
Credit score over 680: Perform a basic level of underwriting to confirm the
applicant has an acceptable credit reputation. Perform additional analysis if the
applicant’s credit history has indicators of unacceptable credit as noted in Paragraph 10.7 of this Chapter.
Credit score 679 to 640: Perform a comprehensive level of underwriting.
Underwrite all aspects of the applicant’s credit history to establish the applicant has an
acceptable credit reputation. Credit scores in this range indicate the applicant’s
reputation is uncertain and will require a thorough analysis by the underwriter of the
credit to draw a logical conclusion about the applicant’s commitment to making
payments on the new mortgage obligation. The applicant’s credit history should
demonstrate his or her past willingness and ability to meet credit obligations.
Credit score less than 640: Perform a cautious level of underwriting. Perform a
detailed review of all aspects of the applicant’s credit history to establish the applicant’s
willingness to repay and ability to manage obligations as agreed. Unless there are
extenuating circumstances documented in accordance with this Chapter, a credit score in this range is generally viewed as a strong indication that the applicant does not have an acceptable credit reputation.
Little or no credit history: The lack of credit history on the credit report may be
mitigated if the applicant can document a willingness to pay recurring debts through
other acceptable means such as third party verifications or cancelled checks. Due to
impartiality issues, third party verifications from relatives of household members are not
permissible. Lenders can develop a Non-Traditional Credit Report for applicants who
do not have a credit score in accordance with Paragraph 10.6 of this Chapter.
An applicant with an outstanding judgment obtained by the United States in a
Federal court, other than the United States Tax Court, is not eligible for a guarantee
unless otherwise stated in this Chapter.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.
See link here for more detailed guidelines for credit score, disputed accounts, foreclosures, trade line requirements bankruptcies below:
https://www.rd.usda.gov/files/3555-1chapter10.pdf
Indicators of unacceptable credit. The following indicators require documentation
meeting the criteria of Section 10.8 to approve an applicant’s loan request for manually
underwritten loans:
Foreclosure and Bankruptcy Guidelines
Foreclosure within 3 years:
Including pre-foreclosure activity, such as a pre-foreclosure sale or short sale
in the previous 3 years (refer to Attachment 10-B for additional guidance);
Bankruptcy within 3 years:
Chapter 7 bankruptcy discharged in the previous 3 years;
An elapsed period of less than 3 years, but not less than 12 months, may
be acceptable if the applicant meets the criteria of Section 10.8 of this
Chapter.
Chapter 13 bankruptcy that has yet to complete repayment (repayment plan in
progress) or has completed payment in the most recent 12 months.
Plans that are completed for 12 months or greater do not require a credit
exception in accordance with Section 10.8;
Late mortgage payments if any mortgage trade line during the most recent 12
months shows 1 or more late payments of greater than 30 days
Collections Accounts
.
In an effort to minimize future risk of open collections left unpaid, the lender will
consider the following during the capacity analysis of the loan request, regardless of the
method utilized to underwrite:
1) Determine if the total outstanding balance of all collections accounts of all
applicants is equal to or greater than $2,000. Unless excluded by state law,
collection accounts of a non-purchasing spouse in a community property state are
included in the cumulative balance of all collections.
2) Remove all medical collections and all types of charge off accounts from the total
balance. Medical collections and charge off accounts must be clearly identifiable
on the credit report.
3) If the remaining outstanding balance of collection accounts are equal to or greater
than $2,000, any of the following actions will apply:
a. Payment in full of all collection accounts at or prior to closing.
b. Payment arrangements are made with each creditor for each collection
account remaining outstanding. A letter from the creditor or evidence on
the credit report is required to validate the payment arrangements. The
agreed upon monthly payment for each outstanding collection account
will be included in the borrower’s debt-to-income ratio.
c. In the absence of a payment arrangement, the lender will utilize in the
debt-to-income ratio a calculated monthly payment. For each collection
utilize 5% of the outstanding balance to represent the monthly payment.
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 $87,000 for a family of four, and up to $115,000 for a family of five or more.
Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.
| Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 10/24/2017 |
| State | Days Old | Counties |
| KY | 365 | ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD |
| To change your preferences, click here. |
| Address | Bed/Bath | Price | |
| 117 Dove Drive | 3/1 | $34,840.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 301 Eastview Circle | 2/1 | $51,135.00 – GovtBid | |
| Shelbyville, KY 40065 | Foreclosure Sale | ||
| 1006 Twelve Oaks Dr | 3/2 | $67,000.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 117 Western Ave | 3/2 | $26,800.00 – GovtBid | |
| Cynthiana, KY 41031 | Foreclosure Sale | ||
| 427 Earl St. | 3/1.5 | $30,150.00 – GovtBid | |
| Danville, KY 40422 | Foreclosure Sale | ||
| 200 Verde Dr. | 3/2 | $36,850.00 – GovtBid | |
| Padacah, KY 42003 | Foreclosure Sale | ||
| 136 Fuller Way | 3/1 | $28,810.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 139 Pearl Street | 2/1.5 | $30,820.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 609 Ridgeview Drive | 3/2 | $46,230.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 261 Bridlewood Ave | 3/2 | $114,330.00 – GovtBid | |
| Shelbyville, KY 400657222 | Foreclosure Sale | ||
| 265 Meadowbrook Rd. | 2/1 | $13,400.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 50 Crabtree Rd | 3/2 | $43,515.00 – GovtBid | |
| Strunk, KY 42649 | Foreclosure Sale | ||
| 412 Chestnut St. | 3/1 | $12,060.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 508 Hickory Hill Drive | 3/1 | $13,400.00 – GovtBid | |
| Monticello, KY 42633 | Foreclosure Sale | ||
| 105 Woodland Place | 3/1.5 | $18,090.00 – GovtBid | |
| Mt Vernon, KY 40456 | Foreclosure Sale | ||
| 502 N. Main St. | 2/1.5 | $25,795.00 – GovtBid | |
| Brownsville, KY 42210 | Foreclosure Sale | ||
| 66 Craycraft Rd | 2/1 | $47,280.00 – GovtBid | |
| Tollesboro, KY 41189 | Foreclosure Sale | ||
| 328 E. Legend Dr | 3/2 | $40,200.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 90 Brewer Subdivision | 3/1 | $21,440.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| RR 746 Box 5230 | 3/1.5 | $16,750.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| 234 Gardner Lane | 3/1 | $25,460.00 – GovtBid | |
| Mt Sterling, KY 40353 | Foreclosure Sale | ||
| 221 Man O War Dr | 3/2 | $103,525.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 111 Beechmount Drive | 3/1 | $54,885.00 – GovtBid | |
| Nicholasville, KY 40356 | Foreclosure Sale | ||
| 5915 Woodcreek Crossing W | 3/2 | $46,900.00 – GovtBid | |
| Crestwood, KY 400148229 | Foreclosure Sale | ||
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| Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 07/09/2017 |
| State | Days Old | Counties |
| KY | 365 | ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD |
| To change your preferences, click here. |
| Address | Bed/Bath | Price | |
| 245 Miller Lane | 3/2 | $34,170.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 6080 Franklintown Road | 3/1 | $22,780.00 – GovtBid | |
| Pleasureville, KY 40057 | Foreclosure Sale | ||
| 197 Reynolds Hill | 3/1 | $26,800.00 – GovtBid | |
| Allen , KY 41601 | Foreclosure Sale | ||
| 335 Harrisburg Ave | 2/1 | $14,740.00 – GovtBid | |
| Owingsville, KY 40360 | Foreclosure Sale | ||
| 1026 Raceland Ave | 3/1 | $18,760.00 – GovtBid | |
| Raceland, KY 41169 | Foreclosure Sale | ||
| 98 Thompson Ridge Rd | 4/2 | $23,450.00 – GovtBid | |
| Germantown, KY 41044 | Foreclosure Sale | ||
| 12016 Bethlehem Road | 3/1 | $66,585.00 – GovtBid | |
| Bethlehem, KY 40007 | Foreclosure Sale | ||
| 5442 Scenic Vista Dr. | 3/1.5 | $38,190.00 – GovtBid | |
| Somerset, KY 425018138 | Foreclosure Sale | ||
| 25 River Valley Run | 3/2 | $80,550.00 – GovtBid | |
| Ghent, KY 41045 | Foreclosure Sale | ||
| 3175 State Rt.2 | 3/2 | $27,470.00 – GovtBid | |
| Greenup, KY 41144 | Foreclosure Sale | ||
| 1019 Parkside Drive | 2/1 | $33,500.00 – GovtBid | |
| Georgetown, KY 40324 | Foreclosure Sale | ||
| 69 Veterinarian Lane | 2/1 | $77,835.00 – GovtBid | |
| West Liberty, KY 41472 | Foreclosure Sale | ||
| 283 Simmons Lane | 3/2 | $86,200.00 – GovtBid | |
| Flemingsburg, KY 41041 | Foreclosure Sale | ||
| 11 Roe Street | 2/1 | $36,850.00 – GovtBid | |
| Walton, KY 41094 | Foreclosure Sale | ||
| 4837 Elkwood Dr | 3/1.5 | $38,190.00 – GovtBid | |
| Burlington, KY 41005 | Foreclosure Sale | ||
| 3008 Allens Fork Dr | 4/1 | $44,220.00 – GovtBid | |
| Burlington, KY 41005 | Foreclosure Sale | ||
| 5 Terence Dr. | 2/1 | $24,120.00 – GovtBid | |
| Williamstown, KY 41097 | Foreclosure Sale | ||
| 132 OI’ Stable Drive | 3/2 | $45,560.00 – GovtBid | |
| Somerset, KY 42503 | Foreclosure Sale | ||
| 10897 Pleasant Ridge Rd | 3/1 | $21,440.00 – GovtBid | |
| Alexandria, KY 41001 | Foreclosure Sale | ||
| 78 Cedar Brook Way | 3/2 | $48,240.00 – GovtBid | |
| Morehead, KY 403517242 | Foreclosure Sale |
| Kentucky USDA Rural Single Family Housing is kentuckyloan@gmail.com as of 04/09/2017 |
| S |
| Address | Bed/Bath | Price | |
| 871 Palmyra Rd | 3/1 | $62,310.00 – GovtBid | |
| Bedford, KY 40006 | Foreclosure Sale | ||
| 281 Elkhorn Green Pl | 4/2.5 | $101,595.00 – GovtBid | |
| Georgetown, KY 40324 | Foreclosure Sale | ||
| 3429 Stevenson Mill Rd | 3/2 | $40,200.00 – GovtBid | |
| Russellville, KY 42276 | Foreclosure Sale | ||
| 302 9th Street | 2/1 | $24,100.00 – GovtBid | |
| Carrollton, KY 41008 | Foreclosure Sale | ||
| 3079 Pope Road | 4/2 | $68,065.00 – GovtBid | |
| Scottville, KY 42164 | Foreclosure Sale | ||
| 302 Circle Dr. | 3/1 | $30,485.00 – GovtBid | |
| West Liberty, KY 41472 | Foreclosure Sale | ||
| 37 Old High Top Road | 3/1 | $20,770.00 – GovtBid | |
| Corbin, KY 40701 | Foreclosure Sale | ||
| 71 Apricot Lane | 4/2 | $62,685.00 – GovtBid | |
| Flemingsburg, KY 41041 | Foreclosure Sale | ||
| 30 Turkey Run Road | 3/2 | $38,860.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| 760 Andrew Mason Rd | 2/1 | $21,440.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 48 Turner Lane | 3/2 | $75,180.00 – GovtBid | |
| Monticello, KY 42633 | Foreclosure Sale | ||
| 1026 Raceland Ave | 3/1 | $18,760.00 – GovtBid | |
| Raceland, KY 41169 | Foreclosure Sale | ||
| 1729 Hillsboro Rd | 3/1 | $23,450.00 – GovtBid | |
| Flemingsburg, KY 41041 | Foreclosure Sale | ||
| 208 Shannon Court | 3/2 | $66,605.00 – GovtBid | |
| Winchester, KY 40391 | Foreclosure Sale | ||
| 735Ray Smith Road | 3/1 | $32,160.00 – GovtBid | |
| Corbin, KY 40701 | Foreclosure Sale | ||
| 35 Smith St. | 2/1 | $68,275.00 – GovtBid | |
| Monticello, KY 426338366 | Foreclosure Sale | ||
| 255 Meadow Grove Road | 3/1 | $26,800.00 – GovtBid | |
| Pine Knot, KY 42635 | Foreclosure Sale | ||
| 182 Honeysuckle Lane | 3/1 | $15,410.00 – GovtBid | |
| Mt. Vernon, KY 40456 | Foreclosure Sale | ||
| 230 Grantland Drive | 3/1 | $42,880.00 – GovtBid | |
| Dry Ridge, KY 41035 | Foreclosure Sale |
Joel Lobb
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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. Manufactured and mobile homes are not eligible as collateral.
Lenders must include the greater of:
• 1 percent of the outstanding loan balance; or
• The fixed payment as reflected on the credit report.
Income Based Repayment (IBR) plans, graduated plans, adjustable rates, interest-only and deferred plans are examples of repayment plans that are subject to change and do not represent a fixed payment or repayment plan. These types of repayment plans are unacceptable to represent a long-term fixed payment repayment plan. It is the lender’s responsibility to ensure the correct fixed payment is utilized in the capacity analysis.
No additional documentation is required if a credit report is obtained.
Guide Reference – http://www.rd.usda.gov/files/3555-1chapter11.pdf
$10,000 HHF DAP
Kentucky Housing Corporation (KHC) recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential homebuyers. We offer several loan programs to help you achieve your dream of buying a home. Your KHC-approved lender can help you apply for the program that meets your needs.The Hardest Hit Fund Down payment Assistance Program (HHF DAP) is available to Christian County only, starting November 15, 2018; first-come, first-served, based on qualifying guidelines.
- Zero percent interest rate for first-time homebuyers.
- A non-repayable second mortgage for $10,000.
- Forgiven after five years.
- Home purchase must be located in Christian County.
- No other counties are eligible.
- New construction properties are not allowed.
- Property has to have been previously occupied.
- Applicants must meet Secondary Market Income and Purchase Price Limit.
- Borrower must be a first-time homebuyer (no ownership interest in the last three years).
- Pre-purchase homebuyer counseling is required.
KHC invests in affordable housing solutions by offering programs and services designed to develop, preserve, and sustain affordable housing throughout the state. Since 1972, KHC has made homeownership possible for more than 94,000 Kentucky families. Let us help you make your move to homeownership in Christian County.
- No Cost or Obligation
- Easy Loan Process
- Flexible Underwriting
- Expert Advice
What is the one thing that stops most buyers from buying a home today?
They don’t have enough money for down payment and closing costs to buy a home.You can now get up to $10,000 at closing to help towards your down payment and closing costs. Combined with seller assist, this reduces the amount of money needed substantially.
Kentucky First Time Home Buyer Common Questions and Answers:
- Minimum 620 Credit Score
- Max Purchase Price Limit of $283,000
- Max Household Income Limits of $117,250
- Must provide 3 years tax returns to prove a first time home buyer in Louisville KY
- Must complete an online homebuying course
- Max debt to income ratios of 40 and 45% respectively with Approved Eligible Findings
- No Bankruptcies last 2 years for FHA
I can answer your questions and usually get you pre-approved the same day.
Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com
Senior Loan Officer(NMLS#57916)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, (http://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. Manufactured and mobile homes are not eligible as collateral.
Kentucky Housing Corp or KHC
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.
Down Payment Assistance for Ky First Time Home Buyer, 100% FinancingKentucky Home Buyers Down Payment Assistance Programs for 2019
Effective with new reservations as of Monday, December 10, 2018, properties located in one of
the counties considered Middle Appalachia or Lower Mississippi Delta will have access to a$1,500 closing cost grant. Borrowers must be under the specific income limits per the
Duty to Serve (DTS) program.KHC recognizes that down payments, closing costs, and prepaids 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.Hardest Hit Fund (HHF) DAP For Kentucky 2019
Available to Christian County only 11/15/2018
Zero percent interest rate for first-time home buyers.
A non-repayalbe second mortgage for $10,000.
Forgiven after five years.
Home purchase must be located in Christian county.
No other counties will be eligible.
New construction properties are not allowed.
Property has to have been previously occupied.
Applicants must meet Secondary Market Income and Purchase Price Limit.
Regular DAP for Kentucky Home Buyers in 2019
Purchase price up to $301,294 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 for Kentucky Home Buyers in 2019
Purchase price up to $301,294 with Secondary Market.
Assistance up to $6,000.
Repayable over a ten-year term at 1.00 percent.
Borrowers must meet Affordable DAP 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
Down Payment: There are still housing programs that exist for Kentucky home buyers whereas you
can purchase a home with no down payment. You will need a 620 mid credit score to purchase a
home using the KHC loan programs for their no down payment credit requirements.
How the Down Payment Assistance Program (DAP) Works
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.
There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage.
KENTUCKY DOWN PAYMENT ASSISTANCE PROGRAMS FOR 2019 Each category has so many what ifs and sub plots that each box can read as it’s own novel.
You need income. You need to be able to afford the home. But what is acceptable income? Let’s just say that there are two ratios mortgage underwriters look at to qualify you for mortgage payment:
First Ratio – The first ratio, top ratio or housing ratio. Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.
Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 45% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.
What qualifies as income? Basically, it’s income that has at least a proven, two year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable? Unverifiable cash income, short term income and income that’s not likely to continue like unemployment income, student loan aid, VA education benefits,or short term disability are not allowed for a mortgage loan.
What the mortgage underwriter is looking for here is how much can you put down and secondly, how much will you have in reserves after the loan is made to help offset any financial emergencies in the future.
Do you have enough assets to put the money forth to qualify for the down payment that the particular program asks for. The only 100% financing or no money down loans still available in Kentucky for home buyers are available through USDA, VA, and KHC or Kentucky Housing Loans. Most other home buyers that don’t qualify for the no money down home loans mentioned above, will turn to the FHA program. FHA loans currently requires a 3.5% down payment.
Kentucky Home buyers that have access to putting down at least 5% or more, will usually turn to Fannie Mae or Freddie Mac mortgage programs so they can get better pricing when it comes to mortgage insurance.
These assets need to be validated through bank accounts, 401k or retirements account and sometimes gifts from relatives or employer.. Can you borrower the down payment? Sometimes. Generally if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. FHA will allow for gifts from relatives for down payments with little as 3.5% down but Fannie Mae will require a 20% down payment when a gift is being used for the down payment on the home.
The down payment scenarios listed above are for Kentucky Primary Residences only. There are stricter down payment requirements for investment homes made in Kentucky.
620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt with most FHA, VA, Fannie Mae and USDA Lenders that we deal with. I do deal with some lenders that offer a FHA loan down to a 560 credit score, but most FHA and VA lenders will wanta 580 to 620 score. Fannie Mae or Conventional loans will not go below 620.
Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 740 is even better. Watch your credit scores carefully. You have three credit scores from Experian, Equifax and Transunion, and the lender will take your middle score. For example, Experian comes back with a 598, Transunion a 620 score, and Equifax a 615 score, then your qualifying middle credit score would be 615.
Your scores will have to come from the mortgage company’s credit report bureau they use so please be aware that sites like Credit Karma and Credit Sesame will show different estimates of your scores that could vary once the lender pulls your true fico scores. Getting your fico scores costs money, so you can always pay and get your score first or have the lender pull it for free.
As far as previous Bankruptcies and foreclosures:
Kentucky FHA Mortgage Loans currently requires 3 years removal from a foreclosure or short sale and 2 years on a bankruptcy with good re established credit.
Kentucky Fannie Mae Mortgage Loans currently requires 4 years removal from a bankruptcy, and 7 years on a foreclosure.
Kentucky VA Mortgage Loans currently requires 2 years removal from a bankruptcy or foreclosure with good reestablished credit.
Kentucky USDA loans require 3 years removal from bankruptcy and foreclosure with good reestablished credit.
Generally, there’s nothing you can do to affect this. Bottom line here is…..”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the
lower of the value or the contract price!!!That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues….Talk to your loan officer.
For each one of these boxes, there are over 1,000 things that can effect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on!
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?
Answer. Mos lenders will wants a middle credit score of 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 640 middle score on their programs.
If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.
Another popular no money down loan is VA. Most VA lenders will want a 620 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.
A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.
∘ Does it costs anything to get pre-approved for a mortgage loan?Answer: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application.
∘ How long does it take to get approved for a mortgage loan in Kentucky?
Answer: Typically if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours. They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System.
If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios, or lack of down payment, the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer
∘ Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers?Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs
∘ When can I lock in my interest rate to protect it from going up when I buy my first home?
Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future.
Interest rates are kinda like gas prices, they change daily, and the general trend is that they have been going up since the Presidential election in November 2016.
∘ How much money do I need to pay to close the loan?Answer: Depending on which loan program you choose, the outlay to close the loan can vary. Typically you will need to budget for the following to buy a home: Good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $400-$450 for an appraisal fee; home inspection fees. Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDAS, Fannie Mae does not require a termite report, but most borrowers get one done.
There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiated the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit.
The lender has to issue a breakdown of the fees you will incur on your loan pre-approval.
How long is my pre-approval good for on a Kentucky Mortgage Loan?Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval.
How much money do I have to make to qualify for a mortgage loan in Kentucky?
Answer: The general rule for most FHA, VA, KHC, USDA and Fannie MAe loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios.
There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, is the new house payment divided by your gross monthly income. The back-end ratio, is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans.
Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations.
If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio.
So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan?
Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio.
Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio.
So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.
If you would like to get qualified using this assistance, please contact me below
http://www.mylouisvillekentuckymortgage.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, (http://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. Manufactured and mobile homes are not eligible as collateral
0
Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916American Mortgage Solutions, Inc.Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
Hey everyone, KHC just released another $10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers for that’s available on a first come first serve basis!!! HHF DAP 2017 There is a… Source: $10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2017
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Hey everyone, KHC just released another $10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers for that’s available on a first come first serve basis!!! HHF DAP 2017
 The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The… |
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