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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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 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…

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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…

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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

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Bankruptcy

SURRENDERING YOUR HOME IN BANKRUPTCY – Louisville Kentucky Mortgage Loans

Types Of Bankruptcy

Bankruptcy is a status of a person when he cannot repay his debts. Bankruptcy is initiated by the debtor but is imposed by a court order. It is not only the legal status of an insolvent person that is the reason it is not only similar to insolvency. It is applied in broader way to the procedure of formal insolvency. If you are filling the case of bankruptcy then you should be aware of all the things. That what types of bankruptcy you should fill? What is their work? What things are involved?  So you should be aware of everything before filing any type of bankruptcy it is advisable to consult a lawyer. He can judge your condition in a much better way. As the lawyers has the experience of many years and solved many cases of same type.

There are two types of bankruptcy filings:

  • Chapter 7
  • Chapter 13

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Kentucky Rural Housing USDA – Upcoming Changes – October 2016 Submit your applications beginning Tuesday, September 13, 2016

Kentucky Rural Housing USDA Guarantee Upfront and Annual Fee Changes

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, RHS, Fannie Mae Home Mortgage Loans in Kentucky for 2018

th
The USDA has announced exciting changes that will be implemented in October 2016. USDA is a great product that offers 100% financing, zero down payment for certain rural areas.

Effective in October 2016, there will be two big changes to the USDA product:

  • The Up Front Funding Fee will be reduced to 1%. It currently stands at 2.75%. This reduction can help to reduce the total loan amount. 
  • The Monthly PMI will be reduced to .35%. It currently stands at .50%. 

These two significant changes by the USDA program will certainly be welcomed and will help borrowers to obtain their dream home.

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…

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2017 KY USDA Rural Housing Income Limits for Kentucky Counties Kentucky Rural Development Mortgage Guide

2018 Kentucky USDA Rural Housing County Income Limits

Louisville Kentucky Mortgage Loans

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What are the property requirements for a USDA Rural Housing Loan in Kentucky?

home loan, kentucky usda lenders, Loan, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage, Rural housing, United States Department of Housing and Urban Development, USDA, Zero down home loans

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, RHS, Fannie Mae Home Mortgage Loans in Kentucky for 2018

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