Tag: Mount Sterling Kentucky

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

  • Assets:

    • Assets are not required; however, any assets disclosed must be supported with appropriate documentation
    • Satisfactory explanation and documentation should be provided for large deposits or increases in liquid assets
    • Cash on hand is not acceptable
    • Bank accounts require Verification of Deposit with average 2 month balance, or 2 consecutive months statements dated within 45 days of loan application
    • Earnest money deposit may be considered an asset if deposit is not already reflected in liquid assets
    • Asset amount of retirement accounts is 60% of the vested account balance
    • Gifts must be documented through gift donor letter and establish that gift does not have to be repaid
    • For sale proceeds of real property, provide HUD-1 or equivalent closing statement to indicate the actual amount of cash proceeds realized by the borrower
    • Stocks and bonds must be documented by a statement provide by stockbroker or financial institution managing the portfolio
    • Households with net family assets of greater than $5,000 require that the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate be considered when calculating income.
  • Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky (mylouisvillekentuckymortgage.com)
  • Kentucky Housing Corporation (KHC) homeownership programs affected by the current federal government shutdown (mylouisvillekentuckymortgage.com)
  • Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentuck… (mylouisvillekentuckymortgage.com)

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

Email me at kentuckyloan@gmail.com with your questions

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

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

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

Joel Lobb Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
phone: (502) 905-3708
 Fax:     (502) 327-9119
kentuckyloan@gmail.com
Company ID #1364 | MB73346E
EQUAL HOUSING LENDER

Kentucky HUD Homes for Sale with the FHA $100 Down Program

Kentucky HUD Homes for Sale with the FHA $100 Down Program

Buying A HUD Home in Kentucky $100 Down FHA loan

KENTUCKY HUD HOMES SALES INCENTIVES

For a limited time, FHA offers sales incentives on HUD homes that will make these homes more affordable for home buyers when purchasing a property using FHA-insured financing. The incentives VARY from State to State but may include low down payments; sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount; broker bonuses for owner-occupant sales. The benefits of FHA financing are low down payments; competitive interest rates; flexible credit qualifying. To find a HUD-Approved Lender, and for the latest sales incentives in your areas, visit HUDhomestore.com The program incentives are subject to change without prior notice.

Sales Incentives

(subject to change without prior notice)

Participating States

$100 Down Payment! Available to Owner Occupant Homebuyers when purchasing a property using FHA-insured financing.

Kentucky HUD Homes for Sale By FHA

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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

Text/call:      502-905-3708
fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

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.

Kentucky FHA Mortgage Guidelines Changes for 2015

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Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015?

• Job Changes –

FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability.

And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she:
–is employed in the current job for six months or longer, and
–can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce.

• Employment Gaps –

For borrowers with gaps – FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must:
–explain any gaps in employment that span one or more months, and
–indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.

When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record
–qualifications for the position
–previous training and education, and
–the employers confirmation of continued employment

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Joel Lobb
Senior Loan Officer
(NMLS#57916)

 

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

 

 

 

 

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

via The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

Wells Fargo cheered by Realogy, Home Depot leaders for loosening up on FHA loans | Inman News

Wells Fargo cheered by Realogy, Home Depot leaders for loosening up on FHA loans | Inman News.

via Wells Fargo cheered by Realogy, Home Depot leaders for loosening up on FHA loans | Inman News.