Category: Uncategorized

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…

View original post 293 more words

Advertisements

HOW DO I GET MY CREDIT SCORE THAT MATTERS

Credit Report Tips
Credit Reports
credit score
Credit Score First Time Home Buyer Louisville Kentucky KHC
Credit Score Raising it
Credit Scores
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…

View original post 1,012 more words

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…

View original post 421 more words

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

View original post

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

View original post 421 more words

 FHA Mortgage Loans- Gifts to Pay off Debt to Qualify for a FHA Home Loan.

Kentucky USDA Rural Development Loans

USDA Rural Development mortgages for Kentucky Homebuyers. What does it take to get approved for one?

Louisville Kentucky Mortgage Loans

7b5db11e-22d1-4997-a4b4-ad4e73780719-original (2).pngvia Kentucky USDA Rural Development Loans

USDA Rural Development mortgages for Kentucky Homebuyers

The U.S. Department of Agriculture mortgage program is for Kentucky homebuyers that have no money to put down, have a stable 2 year job history,  no bankruptcies or foreclosures in last 3 years and the new house payment should be close to or not more than 1/3 of your gross monthly income, this is called effective income.

There is also a test for compliance income meaning cannot make more than a certain amount to use the USDA loan program in Kentucky. Most Kentucky counties are limited to $82k for a household of four, and up to $109k household income for a family of five or more.

Thy used an automated underwriting system called GUS to pre-approved Kentucky home Buyers. If your score, middle credit score of the three main bureaus of experian, equifax, and transunion is below…

View original post 553 more words

Why You Can’t Get a Louisville Kentucky FHA, VA, KHC, USDA, Rural Housing and Fannie Mae Home Loan

Getting a Mortgage loan in Kentucky again after A Chapter 7 or Chapter 13 Bankruptcy.

Bankruptcy Guidelines for Fannie & FHA

Louisville Kentucky Mortgage Loans

via Getting a Mortgage loan in Kentucky again after A Chapter 7 or Chapter 13 Bankruptcy.

Bankruptcy Guidelines for Fannie & FHA
Bankruptcy Chapter 7
FHA
  • 2 years from the discharge date for DU approval.   Case number assignment cannot be ordered until wait period has elapsed
  • Manual underwrites are allowed on a refer/eligible DU finding as long as 2 years has elapsed from the discharge date and the borrower has either re-established good credit or chosen not to incur any new credit obligations
  • Exception for 2 year wait period:
  1. An elapsed period less than 2 years but no less than 12 months may be acceptable
  2. The borrower must document the bankruptcy was caused by extenuating circumstances beyond their control such as a serious illness or death of a wage earner
  3. The borrower must document an ability to manage their financial affairs in a responsible manner
  4. Divorce, loss of a job, or…

View original post 148 more words

Kentucky Rural Housing USDA Loans

limit for their area.

More simply put, if an applicant’s income is at or below the income limits for their area and they have the ability to repay the loan, they likely meet the income eligibility requirements for the USDA loan.

Many automatically assume that since the program is meant for low to medium income borrowers, there is a limit on what homes they can buy. This is incorrect. The USDA does not have set loan limits as with VA or FHA loans, but bases the maximum loan amount on the borrower’s ability to qualify.

Breaking Down the USDA Loan Income Limits
USDA loan income limits vary by location and household size with a base income-limit for the entire U.S.

The base USDA income limits are:

1-4 member household: $82,700
5-8 member household: $109,150
Households with 1-4 members have different limits as households with 5-8. Similarly, applicants living in high-cost counties will have a higher income limit than those living in counties with a more average cost of living.

Louisville Kentucky Mortgage Loans

if KENTUCKY USDA LOANS | RURAL HOUSING LOANS KENTUCKY Kentucky USDA Mortgage Loans Kentucky Mortgage USDA Loan Requirements What are the Kentucky USDA Mortgage Loan Requirements? To decide if you q…

Source: Kentucky Rural Housing USDA Loans

View original post