Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans

Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans

Louisville Kentucky Mortgage Loans

via Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans

Repair Escrows for FHA, USDA, VA and Fannie Mae Mortgage Loans in Kentucky
When are repair escrows allowed for a FHA, VA, USDA and Fannie Mae Loan in KY?
  • Agency owned properties (FHA, Fannie, VA, or RHS owned)
  • New Construction seed and sod (depending on weather conditions)
  • Energy Efficient Mortgages (EEM’s are only for FHA and VA loans)
When are repair escrows not allowed?
  • Voluntary improvements to the home unrelated to EEM’s
  • If the nature of the repair impacts the safety, structural integrity, or livability of the property
How much can you escrow for repairs?
  • $5,000 which must include the cushion
  • $6,000 for EEM’s which much include the cushion
  • $11,000 for FHA REO properties which must include the cushion
  • For FHA loans a 10% cushion must be added to any repair amount being escrowed
  • For all other loan…

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 FHA Mortgage Loans- Gifts to Pay off Debt to Qualify for a FHA Home Loan.

 

FHA Loans in Kentucky  – Gifts to Pay off Debt

Do you know that a gift can be used to pay off Borrower’s debts to qualify on an Kentucky FHA Loan?

A regular gift (this does not include a gift of equity) may be used to pay off a Borrower’s debt(s) for qualifying purposes as long as both the gift funds and the debt(s) being paid off with the gift funds are accurately disclosed and assessed by AUS TOTAL Scorecard. Whenever a gift is received on an Kentucky FHA loan, regardless of what it is being used for, it carries certain risks that must be assessed by TOTAL Scorecard for qualifying purposes.

When a gift is received to pay off debt(s), follow the steps below to ensure that TOTAL Scorecard accurately assesses the risk of using gift funds in paying off debt for qualifying:

  • Verify that evidence of the debt(s) having a zero balance has been obtained,
  • Enter the gift funds received separate from any account balances and check “will be paid off” for debts in loan origination system (not “paid off”), and
  • Submit the loan to TOTAL Scorecard
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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.

Foreclosure Guidelines for FHA Mortgage Loans in Kentucky

 

FHA Loans in Kentucky with Foreclosure in the Past:
  • 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
  • An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure.  If the exception is granted, the loan must meet all manual underwriting guidelines.
  • Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed.
  • Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance
  • 3 years from transfer of title.   Case number assignment cannot be ordered until the wait period has elapsed
  • Same Extenuating Circumstance criteria as Foreclosures
  • Pre-Foreclosure (Short Sale) exception for Borrower Current at the Time of Short Sale
  1. All mortgage payments on the prior mortgage were made within the month due for the 12 month period preceding the Short Sale;and
  2.  All installment debt payments for the same time period were also made within the month due
  • Exceptions to the 3 year wait time must follow manual guidelines

 


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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#57916 http://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.

What is a Kentucky USDA Rural home loan?

What are the current student loan guidelines for a Kentucky FHA, VA, USDA and Fannie Mae Conventional Mortgage loan.

Fannie Mae, FHA loan, kentucky mortgage student loans, student loan mortgage, STUDENT LOANS, USDA, VA loan, va mortgage

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

aaaf9a21b3b923d060abfeabaaf30469Kentucky FHA Loan Guidelines for Student Loans:

Must be included in the borrower’s liabilities regardless of the payment type or

status. The payment amount must be either:

▪ The greater of:

· 1% of the outstanding balance on the loan or

· Monthly payment reported on the borrower’s credit report, or

▪ The servicer’s documented payment provided the payment will fully amortize

the loan over the repayment term period

Kentucky VA Mortgage Guidelines for Student Loans:

Deferred

A payment does not need to be included if written evidence supports that the

student loan debt will be deferred beyond 12 months of closing.

In Repayment

Include loans with payments starting within 12 months. Calculate threshold

payment as a rate of 5% of outstanding balance divided by 12 months. If credit

report payment is higher, use credit report payment. If current documentation

from student loan servicer reflects actual terms and payment for…

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How Can I Keep the House After the Chapter 7 Bankruptcy Discharges?

Things to Think About When Filing Bankruptcy and Getting a New Mortgage again in Kentucky.

Bankruptcy Attorney in Chicago

What happens to my house and credit after the Chapter 7 bankruptcy discharge? There are a few different answers to this question depending on the choice made during the bankruptcy. If the filer decided to reaffirm their property during the Chapter 7 bankruptcy, the filer retains the property as if the bankruptcy never happened. The payments made on the reaffirmed debt will be reported to the credit bureau helping the filer rebuild their credit.

Now, let’s discuss the other option. What happens to my house and credit if the property is not reaffirmed? First, the filer can continue to live in the house as long as the monthly mortgage payment is made. Once all the payments are made and the debt is satisfied the bank or lien holder will release the lien. The drawback is for the filer who did not reaffirm the debt and trying to rebuild their credit…

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Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?

Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?

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

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Self Employed Income for FHA, VA, USDA and KHC Mortgage Loans Guidelines
 
• A borrower is considered self employed if they have 25% or more ownership in a business.
 
• Contract or 1099 employees are self employed borrowers
 
• There are 4 types of self employed business structures
o  Sole Proprietorships
o  Corporations
o  Limited Liability Company (LLC)
o  Partnerships
 
Tax Returns are always required for a self employed borrower.  Depending on the business structure, the borrower may have business returns in addition to their personal tax returns.
 
1099, Sole Proprietorships, and LLC self employed borrowers typically file Schedule C on their personal tax returns
 
Corporations and Partnerships will file Business Tax Returns in addition to their personal returns.  The business returns will include K1’s listing the borrower’s ordinary business income and percentage of ownership.
 
Corporation and Partnerships may also have W2 income…

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