How to Calculate Income for a Kentucky FHA Mortgage Approval?
FHA INCOME CALCULATION FOR OVERTIME, BONUS, TIP INCOME FOR KENTUCKY FHA LOANS
FHA INCOME CALCULATION FOR OVERTIME, BONUS, TIP INCOME FOR KENTUCKY FHA LOANS
FHA has published the following guideline updates, which will be effective for all Kentucky FHA loans
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.
Text or call phone: (502) 905-3708
email me at kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
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.
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All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines
Remember, we are even available this weekend for pre-qualifications or questions. Call our cell phone or email us. If you miss us, leave a message and we WILL call you back
Your debt-to-income ratio, technically speaking, is all of your monthly debt payments divided by your gross monthly income—that is, the percentage of your gross monthly income that goes towards payments for rent, mortgage, credit cards, and other debt. This is how lenders measure your ability to manage the monthly mortgage payments to repay the money you’ll be borrowing.
To calculate your debt-to-income ratio, add up your monthly debts—this includes car payments, credit cards, mortgages, and student loans. Divide this amount by your monthly gross income, and you’ll get your DTI ratio.
For reference, the standard maximum DTI for conventional loans is 45%, and for FHA loans it’s 55%. Of course, the maximum DTI depends on the home loan.
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle Louisville, KY 40223
Company NMLS ID #1364
click here for directions to our office
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
Kentucky FHA Temporary Guideline Changes:
Rental Income & Self-Employment Income
FHA Announces COVID-19 Temporary Guidance for Kentucky FHA Mortgage Loans
Due to the ongoing effect of COVID-19, FHA has announced in ML 2020-03, updates to the following temporary guidelines below effective with case number assignments on or after 8/12/2020 -11/30/2020:
Rental Income for Kentucky FHA Mortgage Loans
Self Employment Income for Kentucky FHA Mortgage loans
Text/call: 502-905-3708