VA Updated Guidance for Borrowers Affected Financially by COVID-19

Here are all the $0 Mortgage options in Kentucky

VA – available to veterans, surviving spouses and active military. • VA Mortgages are always $0 down.• FICO Score – 620 preferable.• Need DD214 (honorable discharge) and Certificate of Eligibility.• Seller can pay up to 4% of closing costs.

USDA: the location of the property determines the $0 Down.• Seller can pay 6% of closing costs. • Income Limitations – Any primary home.

. FHA $0 Down – one of my lenders offers FHA Down Payment Assistance by way of a 2nd Mortgage.• FICO Score 620. • Ideal for First Time Home Buyers. • 2 Mortgages: 1 for 96.5% and 2nd for 3.5%.• Largest loan size based on county: $356,362• Seller can pay closing costs up to 6% of price

FHA

• Minimum credit score
• 580 AUS Approved
• 580 Manual
• Non-Credit Qualifying Streamline refinances allowed
• Gift funds allowed for down payment and closing costs
• Cash out 80% LTV

VA

• Minimum credit score
• 600AUS approved
• 620 manual
• Cash-out up to 90% LTV
• Foreclosure/Short Sale/Bankruptcy <2 years allowed with AUS Approval

USDA

• Minimum credit score:620
• 100% maximum LTV
• Manual Underwrites
• No maximum loan amount
• USDA Streamlined, Streamlined-Assist, and Rate/Term refinances allowed

CONVENTIONAL

• Minimum credit score:620
• Fannie Mae
• Freddie Mac
• Standard and High Balance
• HomeReady
• HomePossible

FHA announces major changes in in Mortgagee Letter 2021-13. We can now calculate your student loan payments based on 0.5% of the balance or take a Income Based Repayment Plan! FHA Updates the rules on Student Loan monthly payments deferred or Income Based Repayment plan… (4) Calculation of Monthly Obligation For outstanding Student Loans, regardless of payment status, the Mortgagee must use: • the payment amount reported on the credit report or the actual documented payment, when the payment amount is above zero; or • 0.5 percent of the outstanding loan balance, when the monthly payment reported on the Borrower’s credit report is zero.

BREAKING NEWS: FHA & STUDENT LOANS

Starting August 16th 2021 a lot more clients will be able to qualify to buy the home of their dreams.(Possibility for immediate usage of the guideline)Finally FHA has came to their senses and lowered the guidelines on Student Loan payment calculations

Check out this link for direct access to the guideline change : https://www.hud.gov/…/OCHCO/documents/2021-13hsgml.pdf* No More 1% of amount owed as payment automatically * If you are on income base repayment we can use that payment amount