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Louisville Kentucky Mortgage Loans

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Kentucky FHA Loan Changes for 2022

Kentucky FHA Loan Changes for 2022 #fhaloans #fha #fhaloans #mortgage #mortgagebroker #kentuckymortgage #creditandlending #creditandlending #homeloan #homebuyer #mortgagelender

Louisville Kentucky Mortgage Loans

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Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports

Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports
20 MAR 2022~LOUISVILLE KENTUCKY MORTGAGE BROKER OFFERING FHA, VA, USDA, CONVENTIONAL, AND KHC ZERO DOWN PAYMENT HOME LOANS~ EDIT”EQUIFAX, EXPERIAN AND TRANSUNION WILL ALSO NO LONGER INCLUDE MEDICAL COLLECTION DEBT UNDER AT LEAST $500 ON CREDIT REPORTS”
1 Vote

Starting in July, Equifax, Experian and TransUnion will delay medical debt credit reporting for one year and limit the reported balance to $500 and above.
Most medical debt to be removed from credit reports starting in July

The three nationwide credit reporting agencies, Equifax, Experian and TransUnion, announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports.

The companies’ CEOs provided a joint statement on the decision to change their approach to medical collection debt reporting:

“Medical collection debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal wellbeing,” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion. “As an industry we remain committed to helping drive fair and affordable access to credit for all consumers.”

The time period before unpaid medical collection debt would appear on a consumer’s report will be increased from 6 months to one year, according to a press release, “giving consumers more time to work with insurance and/or healthcare providers to address their debt before it is reported on their credit file.”

In the first half of 2023, Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports.

The changes will remove nearly 70% of medical debt in collections accounts from consumer credit reports.

Louisville Kentucky Mortgage Loans

Starting in July, Equifax, Experian and TransUnion will delay medical debt credit reporting for one year and limit the reported balance to $500 and above.

Most medical debt to be removed from credit reports starting in July

The three nationwide credit reporting agencies, Equifax, Experian and TransUnion, announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports.

The companies’ CEOs provided a joint statement on the decision to change their approach to medical collection debt reporting:

“Medical collection debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal wellbeing,” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion. “As an industry we remain committed to helping drive fair and affordable access to credit for all consumers.”

The time period before unpaid medical collection debt would appear on…

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Kentucky Down payment assistance loans are available up to $7,500 for Mortgage

ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!

1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.
KHC is used for mostly applicants in Kentucky that don’t have access to money for a down payment on their home.

​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help.

Regular DAP
Purchase price up to $346,644 with Secondary Market.
Assistance in the form of a loan up to $7,500 in $100 increments.
Repayable over a 10-year term at 3.75 percent.
Available to all KHC first-mortgage loan recipients.
Affordable DAP
Purchase price up to $346,644​ with Secondary Market.
Assistance up to $7,500.
Repayable over a 10-year term at 1.00 percent.
Borrowers must meet Affordable D​AP 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.​
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.

KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs.

The conventional loan requirements at KHC requires 660 credit score.

The max debt to income ratios are set at 40% an 50% respectively.

KHC ELIGIBILITY AND CREDIT STANDARDS OVERVIEW
(Not intended to be an all-inclusive list.)
Home Buyer Eligibility
• KHC can help both first time and repeat home buyers statewide.
• Must be a U.S. citizen or legal status to be in U.S.
• Applicant’s income ONLY through Secondary Market.
• Property must be the borrower’s principal residence.
• Any Borrower that meets both the income and purchase price limit can have access to Down Payment Assistance.
Kentucky Housing Credit Standards
• 620 minimum credit score required for FHA, VA, & RHS.
• 660 minimum credit score required for Conventional.
• Debt ratios: 40/50%
• Collections in most cases do not need to be paid-off in full.
• Bankruptcies and foreclosures must be discharged two to seven years.
• Non-taxable income can be grossed-up.
Property Eligibility
• Both new and existing property.
• Both new & existing Manufactured Housing.
• With RHS only new construction Manufactured housing is allowed.
• Purchase price limit of $346,644 for Secondary Market or $311,997 for Tax Credit.
• Full appraisal required on all KHC loans.
• With Existing Property, VA is the only loan product that requires a termite inspection.
• A termite soil treatment certificate is required on ALL new construction properties except on conventional loans.
.​

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

Joel has worked with KHC for 12 of his 20 years in the mortgage lending business. Joel said, “A lot of my clients would not have been able to purchase a home of their own or possibly delayed their purchase due to lack of down payment but with the $6,000 DAP loan program, this gets them into a house sooner and starts their path to homeownership while building equity instead of throwing their money away.”

When you’re ready to purchase a home in Joel’s area, contact him at:
Phone: 502-905-3708
Email: Kentuckyloan@gmail.com
Website: http://www.mylouisvillekentuckymortgage.com

Text/call 502-905-3708
kentuckyloan@gmail.com

Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/

Louisville Kentucky Mortgage Loans

ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!

1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs

2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)

Realtors: We are here to help you and your clients take advantage of these great opportunities.

Buyers: We are here to answer questions you have regarding this program and qualification requirements.

KHC is used for mostly applicants in Kentucky that don’t have access to money for a down payment on their home.

​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help.

Regular…

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Income Documents Needed for A Kentucky Mortgage Loan Approval

Documents Needed For All Mortgage Loan Applications for FHA, VA, USDAS, Fannie Mae Loans in Kentucky

ALL BORROWERS:
Copies of W-2’s for the last two years;
Copies of paycheck stubs for the last 30 days (most current);
Copies of checking and saving account statements for last three months (all pages);
Copies of quarterly or semi-annual statements for checking, savings, IRA’s, CD’s, money market fund, stock, 401k, profit sharing, etc.;
Copy of sales contract when ratified;
Employment history for the last two years (address any gaps of employment);
Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.
Canceled earnest money check when it clears or corresponding bank statement, if applicable;
Commissioned or bonus income — if 25% or more of base, must have tax returns;
Check for the expense of appraisal & credit report;
Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
If paid off mortgage in the last 2 years, need copies of HUD1;
Copy of drivers license for applicant and co-applicant.
SELF-EMPLOYED BORROWERS:
Copies of most recent 2 years tax returns (with all schedules including k-I’s if applicable);
Copy of current profit & loss statement and balance sheet;
Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company — copies of W-2’s and/or 1099 forms.
DOCUMENTS WHICH MAY BE REQUIRED:
Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
Divorce Decree if applicable;
Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.
DOCUMENTS NEEDED FOR FHA/VA LOANS:
FHA: Copy of social security card and drivers license for each applicant and co-applicants;
VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;
VA: Name and address of nearest living relative

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb
Senior Loan Officer
NMLS#57916

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).
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.

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Kentucky First-Time Homebuyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky

What Income docs do you need?

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural  Housing Kentucky Mortgages: Documents Needed Mortgage Approval in Kentucky

Income Type:

Social Security Awards letter (Current Year)

Prior 1099’s
To Determine if you can gross up (Follow Product guide-FHA/Conv. Etc)
and review 1040 Tax return Line 5.. 5A will show non taxed income and
5B will show taxable portion – you can only gross up non taxable
Pension Benefits Letter – Must show Minimum 3 year continuation – most will be lifetime -letter must state lifetime or other timeframe
2 years W2’s

Self Employed:

2 Years 1040’s with all schedules (These are your personal tax returns).
The tax returns will tell you what other documents are needed
1040 – Page 1 Line 7 will tell you if there is any W2 income.

Self employed
people also pay themselves w2 income often. You will need all w2’s that
when added up match the $ amount entered on line 7 of the 1040
Line 7A…

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