Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Mortgage loans for Active Duty Milita...: ACTIVE DUTY MILITARY PAY FOR FORT KNOX KY AND FORT CAMPBELL SOLDIERS AND KENTUCKY VA LOAN REQUIREMENTS Kentucky VA Mortgag... Here are 7 reasons why VA loans are the perfect option for veterans: Flexible qualifying and credit requirements. While every mortgage loan has a specific set of underwriting guidelines each applicant must meet in order to qualify for the loan, the qualification requirements for VA loans are more flexible. For example, veterans only need a FICO score of 620 to meet credit score requirements. Zero down payment. It’s a myth that you have to have a 20% down payment to buy a house. While other loan programs feature low down payments, the VA loan program requires zero money down! Yes, you read that correct. When you apply for a VA mortgage loan, you are not required to put any money down (although you could if you wanted). This significantly lowers the amount of money you owe at closing and reduces your upfront investment. No monthly private mortgage insurance (PMI). Typically, when homebuyers have a down payment of less than 20%, lenders will charge the borrower private mortgage insurance each month. This practice is put in place to protect lenders should a borrower default on their loan. However, veterans who obtain VA loans are not required to pay PMI—which can add up to hundreds of dollars in savings each month. Low rates. Although mortgage rates remain near historic lows, interest rates have been steadily increasing over the last year. Interest rates on VA loans are typically a half point lower than conventional loans. While a .5% difference may not seem like much, it can add up to thousands of dollars in interest saved over the life of your loan. Property tax exemption. Last December, the governor of Michigan signed an act into law that exempts disabled veterans from paying property taxes and extended this tax benefit to spouses of veterans in the unfortunate event their significant other should pass away. This greatly reduces the cost of homeownership for disabled military veterans who were honorably discharged and are unable to work. Specially Adapted Housing grant. Under the Specially Adapted Housing (SAH) Grant, disabled veterans can use government funding to make any necessary modifications to their new home. Eligible veterans may receive up to 50% of the total VA loan amount, not exceeding the maximum amount allowed by Congress of $67,500, to use toward home modifications. For example, if your home loan comes to $100,000 and contractors quote modifications at $30,000, you can receive up to 50% of $130,000 (or $65,000 total) for funding. Lower fees. Veterans are also exempt from paying the followingfollowing closing fees if a 1% origination fee is charged at closing: Lender’s appraisal – Veterans can only be charged for one appraisal unless the VA deemed a second appraisal mandatory. Lender’s inspection – If it is not required on the appraisal, it cannot be charged to the veteran Settlement fees, escrow fees or closing fees Document preparation fee Underwriting fee Processing fee Pest inspection fee Attorney fees if for something other than title work Assignment fee Administrative fees, such as copying or emailing fees

How to Qualify for a Kentucky FHA Loan Approval: If you’re looking to buy a home in Kentucky and are considering a Kentucky FHA loan, it’s essential to understand the qualifying criteri…

Applying for a Kentucky Mortgage Soon? Don't Dispute that Account Sounds counterintuitive, I'm sure ... But until you've talked to me (or your own local Mortgage Originator), don't even think about disputing an account found on your Credit Report. Why? Unknowingly, you can be creating real problems for your Mortgage Application and Approval. Consider this: A creditor can refuse to change their disputed rating. Too many disputed accounts on a Credit Report may result in your loan being denied. Is that a really a risk you want to run at such an important time? A formal dispute placed on a car loan, student loan, credit card, collection ... or even worse, a mortgage loan ... can cause havoc for your new Mortgage Application. So ... Slow down. Contact me ... and let's talk. We'll analyze all your options and see what action is appropriate and in your best interest. What is not commonly known: Credit Bureaus and Automated Underwriting systems now reflect an evolution that has taken place over the last few years regarding credit disputes. Both the Bureaus and Underwriting systems have been re-worked to recognize disputes as a negative impact and rating on a Borrower's "approvability" or "credit-worthiness". But these changes have taken place without much fanfare and public recognition. And because of that, hopeful Borrowers have all too often been contributing to the issues faced within their Mortgage Process later. Prospective Mortgage Applicants (and the public in general) must be educated to this fact. The temptation to dispute an account must be avoided, if hoping to finance a home via a Mortgage Loan soon. If a Creditor offers-up a path to formally dispute your account ... just say no! At least prior to our talking. There may be a better course of action available to you. During our conversation we'll weigh your options and best course as it pertains to your Mortgage and your Approval. But providing solid, written proof and evidence regarding your stance on the account in question, WITHOUT placing a formal "dispute" on said account is often the most prudent course of action ... Remember: You must have legitimate data and written proof in order to accomplish your goal successfully. But when you have that proof, your account can be "re-rated" or the derogatory rating can be deleted from your Credit Report. Any "correction" should come from the Creditor (Credit Card company/bank/etc.) and immediately sent to each of the 3 Credit Bureaus (Experian, TransUnion, Equifax). This final step trips-up way too many, as it's assumed that the Creditor(s) will share the new updated information with the 3 Credit Bureaus. They may or may not. Bottomline: It remains YOUR responsibility to inform each of the 3 Bureaus. Play it safe and follow through with this important task, as it's in your best interest to see that it's successfully done. When a correction is reported to the Bureaus, they will, in turn, update your Credit Report. While each case is different (and I do not represent that all results will be successful or as hoped for) ... you may head off potential issues with your Mortgage Approval by acting pro-actively. Consult with a Credit Repair Specialist if uncertain of corrective steps to be taken. In the modern Mortgage Process, the experience level of the Mortgage Originator you choose can't be understated. Successful navigation through the steps of addressing credit disputes and credit analysis is just one example of this fact.

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VA Loan Basic Qualifications in NC: You Can buy a second home, using partial entitlement, credit score requirements, mortgage tax credits

Kentucky VA Mortgage Loans Kentucky Veteran looking to secure a VA mortgage loan? Kentucky looking to secure a VA mortgage loan? How to Apply for a

Minimum credit score Qualifying for Veteran Home Loans The Veteran Loan program is designed for veterans who meet the minimum number of days of completed service. Some of the other eligibility requirement for the VA loan program[5] and some specific home loan benefits include the length of service or service commitment, duty status and character of service. The program does allow for benefits to Surviving Spouses. The VA does not have a minimum credit score used for pre-qualifying for a mortgage loan, however, most Lenders require a minimum credit score of at least 620.[6] A Veteran who has used their entitlement to previously purchase a home, may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits then you might still have some of that “Entitlement” available to you for the purchase a new home. To Calculate Maximum Entitlement available, consider the following: If your previous home was purchased using a VA Loan, and that loan was paid off by the new owners, the full entitlement may have been restored. If you sold your home to someone, and allowed them to assume your VA Loan, then you might have the full entitlement restored, if one or more of the purchasers were also Veterans. If you still own the home, and you are renting it out – you might be able to purchase a new home using your partial entitlement, but there are several restrictions. Allowable Income Sources used to qualify for a VA Loan include: Retirement Income, Social Security Income, Child Support, Alimony and Separate Maintenance, BAH, BAS and Disability Income. Dependency and Indemnity Compensation (DIC) for a Surviving Spouse can also be included. In addition, stable, documented income from employers remains the best income source for VA loans. Requirements VA Loan application The VA loan application is a standardized loan application form 1003 issued by Fannie Mae also known as Freddie Mac Form 65. It is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements on a VA loan application under the provisions of Title 18, United States Code, Section 1001, et seq. You will need the following paperwork to apply: Copies of your W2 statements for the past two years, so your gross household income can be confirmed, Copies of your previous two pay stubs, Documentation of other assets (checking accounts, savings accounts, financial investments, trust funds, etc.), If self-employed, two years of consecutive tax returns will be required. The Veteran also needs to supply their DD 214 and Certificate of Eligibility (COE) On June 25, 2019, the Blue Water Navy Vietnam Veterans Act of 2019 was signed into law temporarily increasing the VA funding fee for active duty service members and veterans starting January 1, 2020. The law removed VA county loan limits for homebuyers with full VA loan entitlement and made Purple Heart recipients exempt from paying the VA funding fee.[3] Several members of Congress were displeased after the passing of the act, writing an open letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy asking that future bills not be paid for by increasing VA loan fees.[4] Funding fees A funding fee must be paid to VA unless the veteran is exempt from such a fee because he or she receives a minimum of 10% VA disability compensation. If a veteran is awarded disability compensation after paying a funding fee, he/she can apply for a refund of this funding fee, so long as the beginning date of the disability is prior to the closing date of the home mortgage. In August 2012, Congress passed a bill that allows a Veteran to receive the benefits of having Veteran Disability while it is still pending. The amount paid for the funding fee can be refunded back to the Veteran when a determination is made and the paperwork is received. The VA Funding fee may be paid in cash or included in the loan amount. Closing costs such as VA appraisal, credit report, loan processing fee, title search, title insurance, recording fees, transfer taxes, survey charges, or hazard insurance may not be included in the loan. However, the seller may pay these on behalf of the VA borrower. Purchase and construction loans Due to the Blue Water Navy Vietnam Veterans Act of 2019, the VA funding fee is equalized for all branches of service starting January 1, 2020. For active duty military members and veterans, this means an increase in VA funding fee costs for a period of 2 years. If you have a service-connected disability that you are compensated for by the VA or if you are a surviving spouse of veteran who died in service or from service-connected disabilities, the funding fee is waived. Type of Veteran Down Payment First Time Use Subsequent Use Regular Military, Reserves/National Guard None 5%-9.99% 10% or more 2.3% 1.65% 1.4% 3.6%* 1.65% 1.4% The VA funding fee can be financed directly into the maximum loan amount for the county in which the home is located. For subsequent use VA loans, if the sales price and the financed VA funding fee total more than maximum loan amount for that county, the borrower or seller must pay for the fee out of pocket. All VA loans require an impound account for property taxes and homeowners insurance which makes the monthly payment of VA loans calculated as a PITI payment.** Cash-out refinancing loans Type of Veterans Percentage for First Time Use Percentage for Subsequent Use Regular Military, Reserves/National Guard 2.3% 3.6%* The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan. Other types of loans Type of Loan Percentage for Either Type of Veteran Whether First Time or Subsequent Use Interest Rate Reduction Refinancing Loans .50% Manufactured Home Loans 1.00% Loan Assumptions .50% Veterans who previously lived in a home they had to then rent out will typically qualify for a no appraisal Interest Rate Reduction Refinance. The Veteran's Administration also allows Veteran Homeowners to refinance from a Conventional loan to a VA mortgage Loan. This process, however, does require an appraisal. 0% DOWN PAYMENT 580 or Higher Credit Score with most lenders I work with even though VA does not have a minimum credit score. 2.30% Upfront Mortgage Insurance Premium (First-Time Use) Financed into Loan Amount Will Vary Depending on Down Payment and Subsequent Use No Mortgage Insurance Required No Maximum Loan Amount Higher Loan Amounts Available with Down Payment Great Option for Veterans or Active Military

Kentucky FHA Mortgage Changes on Gifts and Deposits for Mortgage Loan ApprovalKentucky FHA Mortgage has announced changes to its guidelines for gifts and deposits for mortgage loan approval. The tw…

Kentucky VA Mortgage Lender in Louisville, Kentucky

Louisville Kentucky VA Approved Condos for Jefferson County KY

Gaps in Employment and getting approved for a KY FHA and Conventional Mortgage Loan A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment. Fannie: Fannie does not address gaps in employment in their guidelines. We must ensure that DU’s income documentation can be met. This will typically require the borrower’s most recent paystub and a W-2 from the most recent year. FHA: borrower must be employed at their current job for 6 months or more at the time of case number assignment and a 2 year work history prior to the gap can be documented. Can income from employment that has not begun be considered effective income? Expected income refers to income from cost-of-living adjustments, performance raises, a new job, or retirement that has not been, but will be received within 60 days of mortgage closing. The Mortgagee must verify and document the existence and amount of expected income with the employer in writing and that it is guaranteed to begin within 60 days of mortgage closing. Income is calculated in accordance with the standards for the type of income being received. The Mortgagee must also verify that the borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between mortgage closing and the beginning of the receipt of the income. For additional information see Handbook 4000.1 II.A.4.c.xii.(L) or II.A.5.b.xii.(L) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh How does FHA view borrowers who change jobs frequently? If the borrower has changed jobs more than three times in the previous 12-month period, or has changed lines of work, the Mortgagee must take additional steps to verify and document the stability of the borrower’s employment income. The Mortgagee must obtain: • transcripts of training and education demonstrating qualification for a new position; or • employment documentation evidencing continual increases in income and/or benefits. For additional information see Handbook 4000.1 II.A.4.c.xi.(A) or II.A.5.b.xi.(A) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh How does FHA view borrowers who change jobs frequently? If the borrower has changed jobs more than three times in the previous 12-month period, or has changed lines of work, the Mortgagee must take additional steps to verify and document the stability of the borrower’s employment income. The Mortgagee must obtain: • transcripts of training and education demonstrating qualification for a new position; or • employment documentation evidencing continual increases in income and/or benefits. For additional information see Handbook 4000.1 II.A.4.c.xi.(A) or II.A.5.b.xi.(A) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916 American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364 Text/call: 502-905-3708 fax: 502-327-9119 email: [email protected] https://kentuckyloan.blogspot.com/ Mortgage loans only offered in Kentucky. 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 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). Fill out my form!

Kentucky FHA Mortgage Credit Score Requirements FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers in Kentucky. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010. To be eligible for maximum financing, borrowers will need a minimum credit score of 500 or higher. Kentucky FHA Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction. All Kentucky FHA borrowers with a credit score below 500 will not be eligible for FHA-insured mortgage financing in Kentucky. The new credit requirements are not expected to dramatically change the number of Kentucky FHA mortgage approvals. Get used to the term credit overlays. You may call several FHA lenders and a lot of them will tell you that even though FHA will insure lower credit scores, most lenders had already imposed a minimum credit score requirement of 580 to 620 or higher for Kentucky FHA borrowers. In limited cases, borrowers with scores between 580 and 639 could still obtain mortgage approval with compensating factors such as large down payment (more than 3.5% minimum), low debt to income ratios, and substantial reserves in the bank with a verifiable pay history of no late payments in the last 12 months of rent and on credit report. A late is considered 30 days late in the credit rating world. Ultimately, there is no singular credit score that can guarantee you a mortgage approval. Each lender is free to set their own credit score requirements. But many loan types are insured by government organizations. And lenders cannot accept borrowers with credit scores below the minimum these organizations set. The four most popular home loan types are: Conventional: Not backed by any government agency, but must meet the Fannie Mae and Freddie Mac underwriting guidelines FHA: Loans backed by the Federal Housing Administration VA: Loans backed by the US Department of Veterans Affairs (for military members)USDA: Loans backed by the US Department of Agriculture (for low- to moderate-income families who buy homes in rural areas) The minimum credit score requirements for each of these loan types: Conventional: 620 SCORE NEEDED. BUT TO GET APPROVED FOR A FANNIE MAE LOAN MOSTLY LIKE YOU WILL NEED A 720 SCORE OR HIGHER IF YOU HAVE LESS THAN 20% EQUITY POSITION OR LESS THAN 20% DOWN PAYMENT DUE TO PRIVATE MORTGAGE INSURANCE FHA: 580 for a 3.5% down payment 500 for down payments of at least 10% **MOST FHA LENDERS WILL WANT A 580 to 620 CREDIT SCORE NOWADAYS VA: No minimum BUT MOST VA LENDERS WILL WANT A 580 to 620 CREDIT SCORE USDA: No minimum, but with a credit score of at least 620 to 640 you could qualify for streamlined credit analysis and chances of approval goes way down if score is below 640... Which credit score is used to qualify for a Mortgage loan in Kentucky? For example if you have a 598, 625, 604 on each of the main three reporting agencies, then your qualifying fico score would be 604. If you’re planning to apply for a mortgage, be aware that the credit score you see on your application might differ slightly from the one you’re used to. It might even be different than what comes up when you monitor your credit, or even when you apply for a car loan. Banks use a slightly different credit score model when evaluating mortgage applicants. Below, we go over what you need to know about credit scores you’re looking to buy a home. The scoring model used in mortgage applications While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion) As you can see, each of the three main credit bureaus (Equifax, Experian and TransUnion) use a slightly different version of the industry-specific FICO Score. That’s because FICO tweaks and tailors its scoring model to best predict the creditworthiness for different industries and bureaus. You’re still evaluated on the same core factors (payment history, credit use, credit mix and age of your accounts), but the categories are weighed a little bit differently. The FICO 8 model is known for being more critical of high balances on revolving credit lines. Since revolving credit is less of a factor when it comes to mortgages, the FICO 2, 4 and 5 models, which put less emphasis on credit utilization, have proven to be reliable when evaluating good candidates for a mortgage. Mortgage lenders pull all three reports,from all three bureaus, but they only use one when making their final decision. “A bank will use all three bureaus,”--- “It’s called a tri-merge.” If all three of your scores are the same, then their choice is simple. But what if your scores are different? If two of the three scores are the same, lenders use that one, regardless of whether it’s higher or lower than the other one. And if you are applying for a mortgage with another person, such as your spouse or partner, each applicant’s FICO 2, 4 and 5 scores are pulled. The bank identifies the median score for both parties, then uses the lowest of the final two. Joel Lobb Mortgage Loan Officer NMLS 57916 Text/call: 502-905-3708 email: [email protected] http://www.mylouisvillekentuckymortgage.com/ NMLS 57916 | Company NMLS #173846 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).

Fill out my form! Kentucky VA Home Loan Lender Text/call: 502-905-3708 fax: 502-327-9119 email: [email protected] https://www.mylouisvillekentuckymortgage.com/

How to Apply for a Kentucky VA Loan Kentucky VA Funding Fee Kentucky VA Home Loan Credit Issues Kentucky VA Loan Credit Score Requirements Kentucky VA Loan Guidelines Kentucky VA Loan…

How to Get Approved for a Kentucky VA Home Mortgage Loan. Basic Understanding of a Kentucky VA Mortgage Loan Approval Process

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WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FHA MORTGAGE HOME LOAN APPROVAL? ? Which credit score is used to qualify for a Mortgage loan in KY?

Louisville Kentucky VA Home Loan Mortgage Lender: Louisville Kentucky Mortgage Lender VA Home Loans: What are the eligibility requirements for a VA Loan in Kentucky? Veterans Affairs loan guidelines use two methods of income qualification i...

There's no shortage of options when it comes to financing your next personal home purchase. The list of potential options includes FHA, VA, USDA, and a myriad of other "low-down-payment" loans available. This category of loans is known as "government insured," meaning that the lender can file an insurance claim through the appropriate government agency, (FHA, VA, etc), if the borrower defaults on the mortgage.

Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?

Calculating Residual Income For a Kentucky VA home loan approval

Kentucky VA Mortgage Loans Kentucky Veteran looking to secure a VA mortgage loan? Kentucky looking to secure a VA mortgage loan? How to Apply for a

Kentucky VA Mortgage Loan Approval Tips Kentucky VA Loan Analysis In order to calculate the residual income, the Kentucky VA loan Analysis must be complete and accurate Include the Square Footage of the property Enter number of dependents (including spouse if applicable) correctly on the 1003 in order to correctly allocate dependents on the VA Loan Analysis Select correct COE eligibility, exemption code, and whether borrower is active or reserves Compensating Factors for a Kentucky VA Mortgage Loan Are used to strengthen a manual underwrite Are used when borrower does not meet 120% of the residual income guideline Compensating factors include: excellent credit history, conservative use of consumer credit, minimal consumer debt, long term employment, significant liquid assets, sizable down payment, the existence of equity in refinancing loans, little or no increase in shelter expense, military benefits, satisfactory homeownership experience, high residual income, low DTI ratio, tax credit for child care, and tax benefits of home ownership Kentucky VA Mortgage Loan Cash-Out Refinances All refinances except IRRL’s are considered Cash Out Refinances At least 6 monthly payments must have been made on the original loan being refinanced; AND The first payment due date of the new loan must be at least 210 days after the first payment due date of the original loan being refinanced VA Cash-Out Refinances greater than 90% LTV Max LTV is 100% The cash-out loan must be paying off a current mortgage loan (VA or otherwise), a second (seasoned or unseasoned) mortgage, and/or any other non-mortgage debt. Minimum Fico 620 Have a DU approval Must have (no manual underwrites) Kentucky VA Guaranteed Loan Requirements What Is a VA Guaranteed Loan? A VA-guaranteed loan can be used to: • Buy a home as a primary residence (This can be either existing or new construction.) • Refinance an existing loan Benefits of a VA Guaranteed Loan • No down payment, unless: o It is required by the lender. • The purchase price is more than the reasonable value of the property • No mortgage insurance • Reusable • One-time VA funding fee (can be included in the loan) o If you receive VA disability compensation, you are exempt from the VA funding fee. • Minimum property requirements o Ensure the property is safe, sanitary and sound • VA staff assistance if you become delinquent on your loan • Can be assumed by qualified persons • Equal opportunity for all qualified Veterans Updated October 2018 2 Who Is Eligible? In general, the following people are eligible: • Veterans who meet service length requirements • Service members on active duty who have served a minimum period • Certain Reservists and National Guard members • Certain surviving spouses of deceased Veterans Apply at www.ebenefits.va.gov to determine your eligibility or call 877-827-3702 for more information. Key Underwriting Criteria • There is no maximum debt ratio. However, the lender must provide compensating factors if the total debt ratio is more than 41 percent. • There is no maximum loan amount. However, VA does limit its guaranty. Veterans can borrow up to $484,350 without a down payment in most of the country. You can find out the limit in any county at www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp. • VA’s residual income guidelines ensure Veteran borrowers can afford the loan. These guidelines establish how much money a Veteran must have left over after all debts and living expenses are considered. • There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile. For more information, see the complete VA credit guidelines at www.benefits.va.gov/warms/pam26_7.asp. How Can You Start the Process? VA provides policy, guidelines and oversight of the program. Lenders provide financing for eligible Veterans. The guaranty allows Veterans to obtain a loan without a down payment or mortgage insurance premiums. Veterans need to obtain a Certificate of Eligibility (COE) to prove entitlement. You can obtain the COE online through eBenefits Updated October 2018 3 at www.ebenefits.va.gov. Lenders also have the ability to request the COE on your behalf. You should talk to several lenders to find the one that fits your needs. They should know the VA loan program. They should also offer competitive rates and terms. Note: The VA appraisal is not intended to be an “inspection” of the property. Before committing to a purchase agreement, you should get expert advice. Talk to a qualified residential inspection service. You should also have radon testing performed. Can VA Help If You’re Having Trouble Making Payments? VA loan technicians may be able to help you retain your home and avoid foreclosure. Call 877-827-3702 to speak to a VA loan technician. For more information, visit www.benefits.va.gov/homeloans/resources_payments.asp. The Department of Veteran Affairs does not set a minimum credit requirement for a VA home loan. However, there may be credit requirements established by the lender who funds it. As a benefit of military service, a VA home loan helps U.S. veterans and their spouses become homeowners without having to make a down payment and regardless of having less than fair credit scores. Lenders all over the country offer these loans, which the United States Department of Veterans Affairs (VA) insures. Aside from having no obligation to make a down payment, there are other significant benefits of a VA mortgage: No Minimum Credit Score Required Each VA home loan gets insured by the VA, and they do not need veterans to have any particular credit score. However, the loans offered by private lenders may have the requirement for a minimum score, which usually ranges from 580 to 620. Veterans need to be eligible for a credit. That is determined when lenders analyze their credit profile. Typically, lenders pull reports from the three primary agencies for credit-reporting: TransUnion, Experian, and Equifax. For qualification, the median or middle rating gets used as your credit score. Since the VA is not funding the loan, it is the lender who sets a specific benchmark for the credit score. Not all vendors use the same parameter, but reports indicate the average credit score requirement is a FICO score of 620. Credit scores aren’t the only things checked within the qualifying credit profile. Also, your past patterns with credit get used in the establishment of your repay willingness. If for at least 12 months, a veteran has made payments on time, he or she shows a readiness to repay any credit obligations to come. Contrarily, a borrowing veteran who has a history of making payments late, delinquent accounts, or judgments, lenders may not consider him or her a satisfactory applicant to receive a loan. Good Credit Means Better Mortgage Rates Today While having a low credit score does not completely disqualify you from getting a VA home loan, but having a higher score is helpful. You can get better loan terms and better mortgage rates today than you would with less than fair credit. It is at the discretion of the lender to decide the percentage offered to each borrower. In general, those individuals with the excellent credit get offered the best rates. However, many homeowners and homebuyers are taking advantage of the current mortgage rates trend which shows the rates retreating. Other Factors Affecting Approval of VA Loans There are other financial considerations lenders make to help them determine if you can repay a VA home loan. They consider various factors, such as current income and employment record. Additionally, there are veteran requirements that need to be met, like the character of service, duty status, and length of service. Having a VA Certificate of Eligibility (COE) is an essential component of your loan application. To qualify for a VA loan, you must meet at least one of these conditions: You are the spouse of a service member who is no longer alive because of a service-related disability or died while in active duty. During wartime, you have served in active service for 90 consecutive days. You have over six years of Reserves or National Guard service. During peacetime, you have served in active service for 181 days. There are six items which could negatively affect your ability to obtain a VA loan and impact your credit profile: Foreclosure If a borrower’s past residence or real property got foreclosed on or you were given a deed-in-lieu of foreclosure in the last two years after the date of disposition, a person would generally not be eligible to receive a VA loan. FHA loan defaults can lead to waiting of three years for a VA loan. If it was a VA loan foreclosure, full entitlement for a new mortgage might not be available. Late Payments on Mortgage In cases unrelated to bankruptcy, a Veteran or spouse and Veteran can have reestablishment to satisfactory credit if for 12 months after the derogatory credit item there were adequate payments made. Having more than one 30-day late payments may be acceptable by some lenders. The policies regarding late payments are different for each vendor. If the court has made a judgment on account balances, it is subject to a plan with timely repayments or it must be paid in its entirety. Judgment policies can vary from lender to lender Federal Debts and CollectionsDerogatory and collection debt may be allowable within a threshold of which the caps would vary by other factors but primarily the lender. There needs to be a history of timely repayments on a plan for federal debt delinquency or default. It is possible for lenders to put a halt to a VA loan until the borrower is no longer in CAIVRS, which is the federal debt database. Chapter 7 Bankruptcy Chapter 7 Bankruptcy According to VA guidelines, at least two years must pass by after the date of discharge for the borrower or spouse’s Chapter Seven bankruptcy. It is not the date it got filed. The borrower would need to provide a detailed explanation of the bankruptcy. Also, he or she must have a stable income, be eligible for the loan financially and have re-established decent credit. Chapter 13 Bankruptcy Under the VA guidelines, a borrower is still paying on a Chapter 13 bankruptcy if it’s verifiable that satisfactory payments got made to the court for one year. To proceed, the court trustee must provide written approval to do so. There needs to be a complete explanation of the bankruptcy, and the borrower must have secure employment, re-established good credit, and financially qualify. No Credit to Report Lenders do not find a lack of established credit history favorable. If a borrower has only one credit score, it must meet the lender’s in-house benchmark for some to see it as permissible. Without a credit score, borrowers will have to spend a lot of time building a credit profile before getting the ability to secure a VA home loan. Consideration of a borrower’s non-traditional credit tradelines may have guidelines that vary by lender. 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 [email protected] If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708. Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. Read more: https://usa.inquirer.net/19880/do-va-home-loans-require-a-minimum-credit-score#ixzz5gvZnc8MI

BANKRUPTCY Chapter 7 Two years from discharge date; evidence the applicants have demonstrated ability to handle their credit affairs; and that applicants have re-established acceptable credit (or c…

"If you were on any type of foreign soil, more than likely you are eligible," said Grant...

A Kentucky Rural Housing USDA home loan is a zero down payment mortgage offered to rural property owners by the United States Department of Agriculture. With applicants with qualifying incomes, the monthly loan payments are often cheaper than paying rent. We have unrivaled expertise and success rate in securing Rural Development Kentucky USDA loan, click the link below to see if you qualify. It only takes 2 minutes. Want To Be A Kentucky Homeowner but don't have a Downpayment? I have been originating Kentucky USDA Rural Housing Loans for over the last 15 years and have closed over 200 USDA loans for Kentucky Families. It offers zero down payment, and goes down to credit scores as low as 620 with no bankruptcies or foreclosures in the last 3 years. You don't have to be a first time home buyer and typically not make over $80-$103k a year for a Kentucky household family in most Kentucky Counties. Apply for free today. Call or Text 502-905-3708 or Email [email protected] 30 year fixed rates USDA Home Loans since 2000 Qualify for Your loan Kentucky Mortgage USDA Loan Requirements What are the Kentucky USDA Mortgage Loan Requirements? To decide if you qualify for an USDA Mortgage Loan, we will look at: •Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors. •Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans •Your overall pattern rather than to individual problems you may have had. To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval. Joel Lobb Senior Loan Officer (NMLS#57916) Text or call phone: (502) 905-3708 email me at [email protected] http://www.mylouisvillekentuckymortgage.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 views of my employer. Not all products or services mentioned on this site may fit all people CHANGE TO ANNUAL USDA GUARANTEE FEE STRUCTURE and CHANGE IN ELIGIBILITY MAPS As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower’s escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):

Check your eligibility for the following Kentucky First Time Home Buyer Programs below! Kentucky First Time Home Buyer Common Questions and Answers below:👇 ∘ What kind of credit score do I need to qualify for different first-time home buyer loans in Kentucky? Answer. Most lenders will want a middle credit score of 620 to 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 620 to 640 middle score on their programs. If you have access to 3.5% down payment, you can go FHA and secure a 30-year fixed rate mortgage with some lenders with a 580-credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD. Another popular no money down loan is VA. Most VA lenders will want a 580 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario. A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days. ∘ Does it cost anything to get pre-approved for a mortgage loan? Answer: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application. ∘ How long does it take to get approved for a mortgage loan in Kentucky? Answer: Typically, if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours. They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System. If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios, or lack of down payment, the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer ∘ Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers? Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs ∘ When can I lock in my interest rate to protect it from going up when I buy my first home? Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future. Interest rates are kind of like gas prices, they change daily ∘ How much money do I need to pay to close the loan? Answer: Depending on which loan program you choose the outlay to close the loan can vary. Typically, you will need to budget for the following to buy a home: good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $400-$450 for an appraisal fee, home inspection fees. Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDA, Fannie Mae does not require a termite report, but most borrowers get one done. There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiate the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit. The lender has to issue a breakdown of the fees you will incur on your loan pre-approval. How long is my pre-approval good for on a Kentucky Mortgage Loan? Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval. How much money do I have to make to qualify for a mortgage loan in Kentucky? Answer: The general rule for most FHA, VA, KHC, USDA and Fannie Mae loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios. There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio is the new house payment divided by your gross monthly income. The back-end ratio is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans. Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations. If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio. So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan? Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio. Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio. So now you know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios. There are basically 4 mortgage programs for first time home buyers in Kentucky to consider: 1. FHA LOANS IN KENTUCKY Kentucky FHA loans are a popular choice in Kentucky first time home buyers because they allow the least down payment of 3.5% and can use down payment assistance to meet the 3.5% down payment requirements. The current credit score requirements center around the 580-620 score for most FHA loans in Kentucky, Even though FHA insure a mortgage loan down to a 500 credit score or lower sometimes, it is very difficult to find a lender that will approve the loan with scores below 580.👀 The house payment will need to be around 30% of your gross monthly income. For example, if you gross around $3000 a month, then the maximum mortgage payment you would qualify would be $1000 a month. If the loan comes back as an accept, the debt-to-income ratio can be substantially higher than the 31% rule. All FHA loans are pre-approved through an AUS, an automated underwriting system upfront that will dictate your loan approval. The software underwriting engine looks at your credit, income, assets and figures your loan approval and will recommend an accept, refer/eligible, or refer/ineligible, or out of scope. Most FHA investors will want a Accept on your underwriting findings to do a loan. It it comes back referred, then there are additional conditions or overlays that could stop your loan from being approved. 2. Kentucky VA Home Loans Kentucky VA loans require no down payment, but you must have a VA certificate of Eligibility issued by the Veterans Administration to purchase a home using your VA loan entitlement. The current credit score that most Kentucky VA lenders want is 580-620. There can be no bankruptcies or foreclosures in the last two years with good, reestablished credit. The maximum debt to income ratio is 41% with a residual income of around $1000 a month after you pay all your bills. For example, if you make $4000 gross monthly, then the maximum house payment along with your other household bills would be set at $3000 a month so as you have the $1000 residual income requirement met. There are some variances on the residual income to whereas it is based on the number of people living in the household and which state you live in. 3. Kentucky USDA/Rural Housing: Kentucky USDA or Rural Housing loans are not available in the more highly populated counties in Kentucky. The counties of Jefferson and Fayette Counties, parts of Boone, Kenton and Campbell, parts of McCracken County, and parts of Bowling Green, Richmond, Frankfort, Hopkinsville, and Owensboro and Henderson County. are not eligible for USDA loans. Kentucky USDA loans require no down payment and are subject to income and property eligibility requirements by County. Check Kentucky USDA Income Limits Here"----->>>> Check Kentucky USDA Property Eligibility Limits Here--->>>> All Kentucky Rural Housing Loans are ran through GUS, Guarantee Underwriting System, an online to determine your loan approval The Automated Underwriting engine will come back with an Accept, Refer, or Ineligible. Most Kentucky USDA mortgage investors want an Accept on the initial underwriting approval to do the loan or at least a 620 to 640 score to do a manual underwrite on the loan. 640 is the score that most USDA lenders want, but USDA will go down to a 581-credit score in the guidelines but it is very difficult to get approved. If you have a score below 640 and trying to go USDA, work on getting your credit scores up first. 4. Kentucky Housing Corp or KHC Kentucky Down payment assistance loans are available up to $10,000 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 of $10,000. $10,000 Down Payment assistance from Kentucky Housing Below see details below for restrictions: ​Secondary Market Eligibility To qualify for a Secondary Market KHC loan, you must meet the following requirements: Meet Secondary Mark​et Income​ Limits for your county. Be a U.S. citizen, other national or qualified alien person Have a minimum credit score of 620. Be a first-time or repeat homebuyer. Property Eligibility The home you wish to purchase must meet the following guidelines. Borrower must occupy the home within 60 days of closing and for duration of loan. New or previously occupied detached, single-family home. New or previously occupied condominium, townhouse, or attached unit in a planned unit development. Check with lender for eligible condominiums. New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate ​Must meet loan type's foundation requirements. ​The property purchased must be in Kentucky.​ Borrower must meet KHC's Secondary Market Income Limits Conventional Preferred Program Minimum credit score of 660 3 percent down payment Monthly mortgage insurance (charter coverage) KHC DAP applicable No minimum borrower contribution No reserves required 80 percent AMI in​​come Conventional Preferred Plus 80 Minimum credit score of 660 3 percent down payment Monthly mortgage insurance (standard coverage) KHC DAP applicable No minimum borrower contribution No reserves required Secondary Market Income limits apply FHA Insured by the Federal Housing Administration 3.5 percent down payment KHC DAP applicable Upfront and monthly mortgage insurance Minimum credit score of 620 Refinance Options (Available only through Secondary Market) Credit qualifying Streamline Refinance and Rate/Term Refinance Insured by the Federal Housing Administration Cash back to borrower not to exceed $500 Upfront and monthly mortgage insurance Minimum credit score of 620 VA Guaranteed by the Veterans Administration for qualified military veterans No down payment if the property appraises for the sales price or greater KHC DAP applicable Minimum credit score of 620 No monthly mortgage insurance payments ​ Refinance Options (Available only through Secondary Market) VA IRRRL ​620 minimum credit score No appraisal required 30-year term VA existing loan KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy a home with no down payment. 620 minimum score required for all Kentucky Housing Down Payment Assistance Programs for FHA, VA, USDA and Conventional Mortgage loans. 660 Required for KHC Conventional Loan Programs. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as its own novel. 1. Income You need income. You need to be able to afford the home. But what is acceptable income? Let’s just say that there are two ratios mortgage underwriters look at to qualify you for mortgage payment: First Ratio – The first ratio, top ratio or housing ratio. Basically, that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe. Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony…. basically, any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 45% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio. What qualifies as income? Basically, it’s income that has at least a proven, two-year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable? Unverifiable cash income, short term income and income that’s not likely to continue like unemployment income, student loan aid, VA education benefits, or short-term disability are not allowed for a mortgage loan. 2. Assets What the mortgage underwriter is looking for here is how much can you put down and secondly, how much will you have in reserves after the loan is made to help offset any financial emergencies in the future. Do you have enough assets to put the money forth to qualify for the down payment that the particular program asks for? The only 100% financing or no money down loans still available in Kentucky for home buyers are available through USDA, VA, and KHC or Kentucky Housing Loans. Most other home buyers that don’t qualify for the no money down home loans mentioned above, will turn to the FHA program. FHA loans currently requires a 3.5% down payment. Kentucky Home buyers that have access to putting down at least 5% or more, will usually turn to Fannie Mae or Freddie Mac mortgage programs so they can get better pricing when it comes to mortgage insurance. These assets need to be validated through bank accounts, 401k or retirements account and sometimes gifts from relatives or employer. Can you borrower the down payment? Sometimes. Generally, if you’re borrowing a secured loan against a secured asset, you can use that. But rarely can cash be used as an asset. FHA will allow for gifts from relatives for down payments with little as 3.5% down but Fannie Mae will require a 20% down payment when a gift is being used for the down payment on the home. The down payment scenarios listed above are for Kentucky Primary Residences only. There are stricter down payment requirements for investment homes made in Kentucky. 3. Credit 620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt with most FHA, VA, Fannie Mae and USDA Lenders that we deal with. I do deal with some lenders that offer a FHA loan down to a 560-credit score, but most FHA and VA lenders will want a 580 to 620 score. Fannie Mae or Conventional loans will not go below 620. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 740 is even better. Watch your credit scores carefully. You have three credit scores from Experian, Equifax and Transunion, and the lender will take your middle score. For example, Experian comes back with a 598, Transunion a 620 score, and Equifax a 615 score, then your qualifying middle credit score would be 615. Your scores will have to come from the mortgage company’s credit report bureau they use so please be aware that sites like Credit Karma and Credit Sesame will show different estimates of your scores that could vary once the lender pulls your true fico scores. Getting your fico scores costs money, so you can always pay and get your score first or have the lender pull it for free. Credit score Models used in mortgage lending Which FICO Score Generation Do Mortgage Lenders Use? The only way to know for sure is to ask the lender which credit report and which credit score version it plans to check, but that isn’t a guarantee that they’ll tell you. The mortgage industry is different. Because of the aforementioned FHFA mandate, mortgage lenders must use the following versions of FICO’s scoring models: Experian: FICO Score 2, sometimes referred to as FICO V2 or FICO-II TransUnion: FICO Score 4, sometimes referred to as FICO Classic 04 Equifax: FICO Score 5, sometimes referred to as BEACON 5.0 For a bank to sell a mortgage to Fannie Mae or Freddie Mac, the loan has to meet certain guidelines. Some of these guidelines require borrowers to have a minimum credit score under specific FICO Score generations. If a lender uses a different scoring model other than what the GSEs approve when it underwrites a mortgage, it probably won’t be able to sell that mortgage after it issues the loan. This limits the lender’s ability to write new loans because it will have less money available to lend to future borrowers. As far as previous Bankruptcies and foreclosures: Kentucky FHA Mortgage Loans currently requires 3 years removal from a foreclosure or short sale and 2 years on a bankruptcy with good, reestablished credit. Kentucky Fannie Mae Mortgage Loans currently requires 4 years removal from a bankruptcy, and 7 years on a foreclosure. Kentucky VA Mortgage Loans currently requires 2 years removal from a bankruptcy or foreclosure with good, reestablished credit. Kentucky USDA loans require 3 years removal from bankruptcy and foreclosure with good, reestablished credit. 4. Appraisal Generally, there’s nothing you can do to affect this. Bottom line here is….”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally, you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the lower of the value or the contract price!!! That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues…. Talk to your loan officer. For each one of these boxes, there are over 1,000 things that can affect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on! If you have questions about qualifying as first-time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval. 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 Lienhardt "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 were taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish, I would definitely recommend 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, but he was also extremely knowledgeable 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 2018 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 Wow, what a great loan officer. I was referred to him by our agent and he was great to work with. We used him for a USDA no money down loan in Shelby County and we were really impressed. We were afraid we could not buy a home since we did not have money saved for a down payment, but Joe l was able to get us a zero down loan and we even got our appraisal fee and good faith deposit back at closing. We actually got money back at closing!!! I Can't think him enough. Our family moved from our apartment in the south end of town to get our own home with 5 acres for our kids and 2 dogs, at a payment that is equal to our rent payment also. .Thanks Again Joel. May god bless you Patty Locker We contacted Joel about buying a house on our move from Ohio for my husband's job transfer with Ford. We put a lot of trust in him since we were new to the area and first time home buyers in the Louisville KY market, and he always delivered on what he said. It took us a while to find a home due to the lack of homes, but once we got one, he was always quick to respond our questions via text or email ,and kept us informed through the process. We got to meet him at the closing and he was super nice and even got us a closing gift for our home which we didn't expect at all. Super nice guy 😀!!! I would definitely recommend him for a local Home loan in the Louisville area. Like Pam Dolby I got a VA loan with Joel and he was great. He is an ex-army guy so he could relate to my past experiences of being a veteran and moving around the country a lot. I had some credit issues that required a little extra work but Joel was able to find A VA lender to approve my situation as far as having past bad credit problems and a lower credit score. We closed yesterday on our home here in Louisville and we could not be happier. We finally have a home of our own thanks to Joel . I would definitely recommend him for a mortgage loan. Great experience and closed 8 days before expected close date so we were able to move in early. Mandy Dickerson I contacted Joel about the $10,000 KY Housing Grant last month and we were able to get it and I just closed on my home. He was great to work with and if you are a first time home buyer here in Louisville, I would definitely contact him. I met him at his office and he was very nice and knowledgeable and kept me informed through the process. No surprises either so I was very happy. I am new homeowner thanks to Joel . Chad Klein Joel Lobb, American Mortgage Solutions (Statewide) Phone/ call or text 502-905-3708 Email: [email protected] Website: www.mylouisvillekentuckymortgage.com American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364 | MB73346 Text/call 502-905-3708 [email protected] If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708. Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

Does FHA require a minimum credit score for Kentucky Mortgage loans and how is it determined? ANSWER When a credit score is available, it must be used to determine eligibility for FHA insure…

The VA, has offered 100% mortgage loan financing to Veterans for many years. It is one of the best benefits a Soldier has. If you are serving in time of

Chapter 4. Credit Underwriting Overview In this Chapter This chapter contains the following topics. Topic Topic Name See Page 1 How to Underwrite a VA-Guaranteed Loan 4-2 2 Income 4-6 3 Income…

I specialize in Kentucky USDA Rural Housing mortgage loans in KY. Apply for free today for a Rural Housing loan Pre-Approval Letter. Same day approvals. I offer the USDA Rural Development Guaranteed Housing Loans for all counties in Kentucky that are eligible. Put my expert advice to use. Call or text 502-905-3708 or email [email protected] This website is not affiliated with USDA or any other government agency. NMLS# 57916 NMLS# 1738461 Equal Housing Lender

Potential homeowners in rural areas often struggle to accumulate enough funds for down payments and closing costs, but there are several programs to help. Krista Mettscher, a single family housing specialist for USDA Rural Development promoted a few of those programs last week during a visit to Chadron, noting that communities need a successful housing market to thrive. USDA Rural Development offers two programs for individuals looking to purchase single family homes, both of which offer 100 % financing, thereby making a large down payment unnecessary. In conjunction with a lack of available housing, a down payment and the availability of financing are the largest barriers to home ownership, Mettscher said. Her agency works to provide financing and find ways for homeowners to be successful by staying in their homes long-term. “We do give our homeowners a lot of different options to stay in their homes,” she said. USDA Rural Development’s Direct Loan Program offers 100% financing with no down payment and a current interest rate of 3.5%. Subsidies for low-income levels can make the interest rates as low as 1%. “This program works really well for people on a fixed income,” she said. There are income qualifications, but many people in rural areas fall within the guidelines. A household of up to four people can earn $54,400, while a household of five to eight individuals can earn up to $71,800 to qualify for the Direct Loan. A credit score of 640 and above requires less documentation, but the agency doesn’t ask for potential home buyers to have perfect credit for the Direct Loan Program. In fact, there is no credit score requirement at all, Mettscher said, as financial ability is determined on a case-by-case basis. The maximum mortgage allowed under the Direct program is $195,000, and home buyers are encouraged to keep their mortgage at no more than 30% of their income. The payment assistance subsidy, which can decrease the interest rate down to as low as 1%, can help home buyers who may struggle with their payments, but the goal is to remove the subsidy as soon as possible, Mettscher said. A portion of the subsidy – generally 20%- must be repaid to USDA Rural Development as soon as the home buyer sells the house, pays off the loan or no longer occupies the home. The Direct program is a 33-year loan term and requires a whole-home inspection. Home buyers who qualify can use the loan for any modest (2,000 square feet), residential home in good condition, of either existing or new construction. USDA Rural Development’s other program is its Guaranteed Loan Program, which does require some fees but is still cheaper than most traditional financing options. It’s not available for first-time home buyers, but still provides 100% financing with no maximum mortgage limits. Income guidelines are in place for this program as well. A family of up to four individuals can earn up to $82,700, while a family of five to eight individuals can earn up to $100,150. This program, however, requires a minimum credit score of 580, Mettscher said, but a whole-home inspection of the to-be-purchased property is not necessary. Instead, an appraiser must certify that it meets HUD standards. The Guaranteed Loan Program also allows potential purchasers to consider buying acreages, but they must be residential, non-income producing properties. Finally, USDA Rural Development can also help elderly homeowners (age 62 and above) with its Repair Loan Program and Repair Grant Program. The loan program allows homeowners to secure up to $20,000 in financing at 1% interest to make any repairs and improvements to their home. The income guidelines for this program are lower than those for the loans, set at $34,000 and $44,900. The grant program has the same income requirements, but is targeted to repair health and safety issues only by providing up to $7,500 in forgivable financial assistance. “(The repair/grant programs) are very low-income categories,” Mettscher said. Other assistance is available in Dawes, Sheridan, Sioux, Box Butte and Morrill counties through the High Plains Community Development Corporation, which is located in Chadron. Rita Horse said home buyers in those counties who meet certain eligibility requirements may qualify for closing cost assistance and down payment assistance. Horse also serves as a loan packager for USDA Rural Development, assisting prospective buyers with all of the paperwork to determine if they are eligible for the Direct or Guaranteed loans through the agency. https://rapidcityjournal.com/community/chadron/news/rural-development-offers-assistance-to-home-buyers/article_0474eb02-933d-5ec2-S

Who is eligible for a VA Mortgage loan in Kentucky?