Credit Scores Needed to qualify for a Ky Mortgage.
Credit Scores Needed to qualify for a Ky Mortgage
Tag: FHA insured loan
USDA Lending Tip; Eligible Homes Locator Map
USDA Lending Tip; Eligible Homes Locator Map.
via USDA Lending Tip; Eligible Homes Locator Map.
| Type of Mortgage | Conventional Loan | FHA Loans | Conventional Financed MI | Conventional Lender Paid MI |
| Purchase Price | $300,000 | $300,000 | $300,000 | $300,000 |
| Mortgage Amount W/5% Down | $285,000 | $289,987 | $289,547 | $285,000 |
| Interest Rate W/1.75 points | 5.25% | 4.50% | 5.25% | 5.75% |
| Principal Interest Payment | $1,573.78 | $1,469.90 | $1,626.50 | $1,663.11 |
| Mortgage Insurace Payment | $185.25 | $118.75 | Built into MTG | Built into MTG |
| Total Mortgage Payment-P&I and Mortgage Insurance | $1,759.03 | $1,588.67 | $1,626.50 | $1,663.11 |
| Monthly Saving | Winner against all 3 read below |
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Property Trax: Federal shutdown threatening local mortgages, rental assistance : Wsj USDA Rural Development’s Single Family Housing Guaranteed Loan Program
Property Trax: Federal shutdown threatening local mortgages, rental assistance : Wsj.
via Property Trax: Federal shutdown threatening local mortgages, rental assistance : Wsj.
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural home buyers achieve their dream of home ownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
*Guarantee Fee applies: may be rolled into the loan amount.
*Flexible credit guidelines. Non-traditional credit histories may be accepted.
*Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
*No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
*Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
*Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
*Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
*Eligible repairs and improvements may be included in the loan.
*Applicants apply with an approved lender of their choice.
*Not limited to first time home buyers.
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Changes for USDA rural development housing loans – kentucky rhs loan
Changes for USDA rural development housing loans – Kentucky rhs loan
Rural Development may continue to process applications on hand received prior to the time an area has been determined to be not “rural”. Complete Single Family Home Direct and Guaranteed loan applications submitted on or before Sept. 30, 2013, will not be subject to the new rural area designations, providing the application is complete. Applications received by close of business on Sept. 30, and processed on/after Oct. 1, will be subject to the newly designated rural areas if the application is incomplete.
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- October 1, 2013, which will modify the eligible rural areas for the Kentucky USDA and Rural Development RHS housing programs. (trulia.com)
What You Need To Know About A Mortgage… BEFORE You Get One!!!
What You Need To Know About A Mortgage… BEFORE You Get One!!!.
via What You Need To Know About A Mortgage… BEFORE You Get One!!!.
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How do you qualify for a USDA Mortgage if you are self-employed?
USDA Home Loans for the Self-Employed
Looking for a home loan when you are self-employed can be a bit challenging but a USDA loan may be a great option. Many banks and lenders shy away from this type of loan due to the complex nature and experience that it requires. These scenarios can be complicated but with proper analysis and documentation the outcome can be successful. This short video will explain how to qualify for a USDA home loan if you are self-employed.
via How do you qualify for a USDA Mortgage if you are self-employed?.
Who are considered self-employed when applying for a USDA loan?
• 1099 Contractors are considered self-employed
• W2 Employees who are 100% commissioned
• Converting from a self-employed to a W2 employee can be acceptable
What are the USDA guidelines for the self-employed?
Minimum guidelines require that a self-employed borrower must have 2 years of self-employment history. Common documents that will be needed for verification purposes include articles of incorporation when applicable and at least 2 years of both business and personal tax returns. Also, keep in mind your tax returns should include all pages and schedules. If you filed an extension, make sure to have the signed extension available for underwriting.
Tax return documentation includes but not limited to:
• Business tax returns for corporations
• Schedule C for sole proprietors
• Partnership details if applicable
• Signed extensions when necessary
• Year to Date Profit & Loss Statement
• Year to Date Balance Sheet
What are the USDA home loan income limits for the self-employed?
As with all USDA home loans, income limits will apply and qualifying income for a USDA home loan for the self-employed is based on your adjusted income. The adjusted income is calculated after expenses are deducted. Your qualifying income is not based on gross commissions or your total sales. When following USDA guidelines for self-employment, alternative income documentation such as bank statements showing deposits are not acceptable. Read more about the USDA eligibility requirements for the self-employed.
We realize that qualifying when you are self-employed may seem overwhelming, but we offer the unique experience and expertise to help with each step of the process.
Joel Lobb
Senior Loan Officer
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
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100% Financing in Kentucky for Home Loans
Understanding and Improving Your Credit Scores
Understanding and Improving Your Credit Scores.
via Understanding and Improving Your Credit Scores.
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Kentucky USDA Loans | Rural Housing Loans Kentucky
Kentucky USDA Loans | Rural Housing Loans Kentucky.
via Kentucky USDA Loans | Rural Housing Loans Kentucky.
Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky
Legal Disclaimer
*
This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
**Download Fair Housing Booklet – CLICK HERE
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
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Louisville Kentucky mortgage rates
Louisville Kentucky mortgage rates.
via Louisville Kentucky mortgage rates.
Kentucky Mortgage Current Interest Rates
Fixed Rate Programs
|
Program
|
Calculator
|
Rate
|
||||
|
Conforming 30 year fixed
|
4.375
|
0.000
|
4.671
|
30
|
28 / 41Prequalify
|
|
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Kentucky Mortgage Only- Rates Change w/o notice
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||||||
|
Conforming 20 year fixed
|
4.375
|
0.000
|
4.587
|
30
|
40 / 41Prequalify
|
|
|
kentucky mortgage rates only- change w/o notice
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||||||
|
Conforming 15 year fixed
|
3.500
|
0.000
|
3.881
|
30
|
28 / 41Prequalify
|
|
|
kentucky mortgage rates only- change w/o notice
|
||||||
|
FHA 30 year fixed
|
4.000
|
0.000
|
5.417
|
30
|
35 / 50Prequalify
|
|
|
kentucky mortgage rates only- change w/o notice
|
||||||
|
FHA 15 year fixed
|
3.500
|
0.000
|
3.989
|
30
|
35 / 50Prequalify
|
|
|
kentucky mortgage rates only- change w/o notice
|
||||||
|
USDA 30 year Fixed
|
4.000
|
0.000
|
4.985
|
30
|
31 / 45Prequalify
|
|
|
kentucky mortgage rates only- change w/o notice
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||||||
|
VA 30 Year fixed
|
4.000
|
0.000
|
4.714
|
41 / 41Prequalify
|
||
|
kentucky mortgage rates only- change w/o notice
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|
Kentucky Mortgage Rates are subject to qualifying criteria and Mortgage Rates can change without notice. |
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency.
Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for Kentucky FHA, USDA, KHC, and 620 credit scores for a Kentucky VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required.
A 720 credit score or higher is assumed for a Kentucky Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.
- The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown, but do not include other closing costs.
- The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan. This is not a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
- For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
- These mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.
-
FHA
- Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors.
-
Jumbo
- Kentucky Jumbo Mortgage rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans.,; Please contact your home mortgage consultant for details regarding the criteria or with any other questions.
-
VA LoansKentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling factors.
- USDA Loans
Kentucky USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score, and other factors.
Free Credit Report and Pre qualifications available anytime.
FREE MORTGAGE PREQUALIFICATIONS SAME DAY
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
- This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
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Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA
Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA.
via Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA.
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