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2019 Kentucky FHA Loan Requirements

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Lenders continue to lower FICO requirements for new homebuyers

FHA vs Conventional Credit Scores and Down Payment, FHA/VA Louisville Kentucky, fhe refinance, Fico Score, fico scores, First Time Home Buyer in Kentucky Zero Down, First Time Home Buyer Loans–Kentucky, First Time home Buyer Programs, First Time Home Buyer Programs Louisville Kentucky

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

Fico Score Requirements for Mortgage Lenders in Kentucky

The average agency FICO score for banks is high at 745, compared to 713 at nonbank lending institutions.  Both show FICO requirements are on the way down, but it’s more pronounced at the nonbanks. Here’s why.

Source: Lenders continue to lower FICO requirements for new homebuyers

The nation’s major banks are continuing to walk away from FHA-backed mortgages, according to the Urban Institute’s Housing Finance Policy Center February Chartbook.

And not only are nonbanks stepping in to take over the space, overall, they are continuing to ease access to credit.

“Bank and nonbank FICO scores reveal that nonbanks brought the Agency median FICO down four points to 726 between November 2018 and January 2019,” the Urban Institute said in an email.

The average agency FICO score for banks is high at 745, compared to 713 at nonbank lending institutions.  Both show FICO requirements on the way down, but it’s…

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2019 Kentucky First Time Home Buyer Loan Programs

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Louisville Kentucky Mortgage Loans

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Shutdown Stalling Rural Mortgages

Rural Housing Loans Affected By Government Shutdown in Kentucky

 

  • The USDA backs about 120,000 mortgages a year, or about 3.5 percent of purchase mortgage originations nationally.
  • Almost half of USDA mortgages were in southern states from 2012 to 2017.[1]

Borrowers who rely on mortgages from the U.S. Department of Agriculture (USDA) have been in a holding pattern that runs alongside the federal government shutdown. These loans from the USDA’s Farm Service Agency and the Rural Housing Service are made mostly in rural areas and often to low- and middle-income borrowers.

The USDA backs about 120,000 mortgages a year, or about 3.5 percent of all mortgage purchase originations,[2] according to data from the Home Mortgage Disclosure Act. The USDA offices that administer these loans have been closed since late December, rendering a major source of funding inaccessible.

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Federal Government Shutdown and Kentucky Housing Loans for 2019

Partial Federal Government Shutdown Effects on KHC Loans in Kentucky with USDA in 2019

Louisville Kentucky Mortgage Lender FHA, VA, Fannie Mae and Kentucky Housing Loans

Partial Federal Government Shutdown Affects Loan Programs at Kentucky Housing 
The partial shutdown of the federal government is affecting some of the first mortgage programs through Kentucky Housing Corporation (KHC).
RHS Guarantee Loans in Kentucky 
  • KHC will not purchase or close a loan without the RHS Conditional Commitment and tax transcripts. Again, no Kentucky USDA Rural Housing Loans can close at this time.loyment (VOE) on Conventional, FHA, and RHS Loans for Federal Employees
  • KHC will require a VOE within 10 days prior to closing.
  • The only exceptions will be conventional loans for military personnel who use their Leave and Earnings Statement (LES), or if their employment was validated by Desktop Underwriter (DU) service and follows all conditions.
Flood Insurance
  • KHC will follow agency guidelines that are in place during the partial federal government shutdown.
Federal Tax Transcripts and Social Security Validation
  • If federal tax transcripts or validation of social security numbers are…

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HOW DO I GET MY CREDIT SCORE THAT MATTERS

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Credit Score First Time Home Buyer Louisville Kentucky KHC
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Credit Scores required for KHC

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

Source: HOW DO I GET MY CREDIT SCORE THAT MATTERS

What factors influence how long it takes to repair your credit?

When a new client comes into our office to first go over their credit repair plan, they always ask the question, “How long will it take to bring my score back up?”

Of course, it’s an important thing to know, but the answer has a lot to do with a multitude of factors. The good news is that you can control most of these factors by employing a responsible and effective credit repair with Blue Water Credit. Together, we can make sure that we bring your FICO to top form as quickly as possible!

Before we dig into these factors, let’s take a look at what we do know for sure. According to Vantage Score, here are some general timelines for how long it typically takes to improve your…

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KY USDA Single Family Housing Homes for Sale

usda rural housing for sale in louisville ky

Louisville Kentucky Mortgage Loans

via Kentucky USDA Single Family Housing Foreclosed Homes For Sale 2018

Kentucky USDA Single Family Housing Homes for sale 02/22/2018
Address Bed/Bath Price
535 Hillview st 3/1 $35,510.00 – GovtBid
Grayson, KY 411431462 Foreclosure Sale
213 State Route 716 3/2 $50,710.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
1069 Raccoon Rd 3/2 $102,475.00 – GovtBid
Raccoon, KY 41557 Foreclosure Sale
217 Brooks Street 3/1.5 $43,755.00 – GovtBid
Cynthiana, KY 41031 Foreclosure Sale
12171 River Rd. 3/2 $67,525.00 – GovtBid
Campbellsburg, KY 40011 Foreclosure Sale
1718 Amos Ridge Rd 3/1 $53,190.00 – GovtBid
Frenchburg, KY 40322 Foreclosure Sale
121 Jellico Drive 3/2 $105,765.00 – GovtBid
Coxs Creek, KY 40013 Foreclosure Sale
1553 Harrodsburg Road 3/1 $33,500.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
777 KY Highway 801 S 3/3 $50,920.00 – GovtBid
Morehead, KY 40351 Foreclosure Sale
114 Mary Street 2/2 $75,345.00 – GovtBid
Winchester, KY 40391 Foreclosure Sale
2185 State…

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What’s considered a good credit score in 2019 for getting approved for a Kentucky Mortgage loan? 

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2019?

Louisville Kentucky Mortgage Loans

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Debt-to-Income Ratio for Kentucky Mortgage Loans:

Debt-to-Income Ratio for Kentucky Mortgage Loans:

Louisville Kentucky Mortgage Loans

via Debt-to-Income Ratio for Kentucky Mortgage Loans:

How Much Debt Do You Currently Have?

It only makes sense that the more debt you have the riskier the loan is for the lender. There is a finite amount of income in all of our households and it all gets allocated every month. Lenders use a “debt-to-income” ratio to determine how qualified you are for the loan based on how much debt you already have.

debt_to_income_ratioYour Debt to Income Ratio (DTI) is the percentage of your incomethat you owe in debt on a monthly basis. For example, if you make $5,000 per month, and have debt payments (car loans, credit cards, student loans, etc.) of $2,000, your DTI ratio is 40%. The higher this ratio is, the less likely you will be to qualify for a low interest rate.

Conventional loans typically have a qualifying ratio

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