FHA insured loan – Kentucky USDA Mortgage Lender for Rural Housing Loans

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

Kentucky USDA RHS Rural Housing Mortgage Loans for 2013 (kentuckyusdaloan.com)
Louisville Kentucky Mortgage Rates (louisvillekentuckymortgagerates.com)
Kentucky First Time Home Buyer Down Payment Assistance thru Kentucky Housing (trulia.com)
FAQ: How Will a Government Shut-down Delay My Mortgage Loan Application? (kentuckyfirsttimehomebuyer.com)
How to get a No Money Down USDA mortgage loan in Raleigh (kentuckyusdaloan.com)
How to Close on Time – Assets Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans! (kentuckyusdaloan.com)
USDA area changes delayed again!!! (kentuckyusdaloan.com)

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.

Kentucky USDA and Rural Housing Eligible Rural Area Change October 1, 2013 (trulia.com)
Kentucky USDA and Rural Housing Eligible Rural Area Change October 1, 2013 for Etown, KY and Hardin County KY (trulia.com)
New Census counts could make these areas ineligible for USDA lending starting in October. (trulia.com)
Kentucky USDA and Rural Housing Eligible Rural Area Change October 1, 2013 to include Shepherdsville, KY and Bullitt County (trulia.com)
Kentucky Rural Development and Rural Housing USDA Loan Program (kentuckyusdaloan.com)
Kentucky USDA Rural Housing Loans : Kentucky USDA and Rural Development Housing Guid… (louisvillekentuckyvamortgage.blogspot.com)
Kentucky USDA Rural Housing Loans : Eligible Properties for KY USDA Rural Development … (louisvillekentuckyvamortgage.blogspot.com)
08-26-13 US Senator Bennet to Spotlight Benefits of USDA Rural Development Grants and Loans in Haxtun… (brianallmerradionetwork.wordpress.com)
2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY (kentuckyusdaloan.com)
October 1, 2013, which will modify the eligible rural areas for the Kentucky USDA and Rural Development RHS housing programs. (trulia.com)

How do you qualify for a USDA Mortgage if you are self-employed?

USDA Home Loans for the Self-Employed

Kentucky USDA Rural Housing Mortgage Loans

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

(NMLS#57916)

American Mortgage Solutions, Inc.

800 Stone Creek Pkwy, Ste 7,

Louisville, KY 40223

phone: (502) 905-3708

Fax: (502) 327-9119

kentuckyloan@gmail.com

Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com

Rural Housing Mortgage Loans in Kentucky

What Are USDA Loans? (louisvillekentuckymortgagerates.com)
Kentucky USDA Rural Development Mortgage (kentuckyusdaloan.com)
Kentucky VA Loan Guidelines (trulia.com)
New lower minimum credit score requirements for our Kentucky Conforming Government and USDA programs (trulia.com)
Compensating Factors to Overturn a Mortgage Denial on a Kentucky Fha and Usda Mortgage Loan: (mylouisvillekentuckymortgage.com)

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 Rural Housing Mortgage Lender call/text 502-905-3708-NMLS ID. 57916 Equal Housing Lender -Not a Commitment To Lend. Not Part of or endorsed by USDA Government Agency or any other government agency. nmlsconsumeraccess.org

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.

I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally, as opposed to banks that will offer you their one set of loan products. I work for you not the bank. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank’s program due to credit, income, or other underwriting issues.

You will not get lost in the shuffle like most borrowers do at the mega banks; you’re just not a number at our company, you are a person and we will treat you like one throughout the entire process.

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

Customer Testimonials

We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.

Angela Forsythe

“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016

Monica Leinhardt

“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definetly recommmend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin

“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010

Tim Beck

“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010

Nancy Nalley

“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012

Jon Clark

“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011

RICHARD VOLZ , Residential Sales , Remax Foursquare Realty

“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010

Stacie Drake

“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”

Melody Glasscock March 2014

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn’t expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.

Cee Bellisle August 2017

Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.

Anderson Johnson April, 2018

We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!

Patty Kingston July 2018

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Website Fine Print
The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of his employer.

Joel Lobb or his employer assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916.
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.

Tag: FHA insured loan

USDA Lending Tip; Eligible Homes Locator Map

Changes for USDA rural development housing loans – kentucky rhs loan

How do you qualify for a USDA Mortgage if you are self-employed?

Who are considered self-employed when applying for a USDA loan?

What are the USDA guidelines for the self-employed?

What are the USDA home loan income limits for the self-employed?

Understanding and Improving Your Credit Scores

4 Ways You Might Be Hurting Your Credit Score (And What You Can Do About It)

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