Thursday, July 11, 2019

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: What is the minimum Credit Score Needed to Buy a H...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: What is the minimum Credit Score Needed to Buy a H...: What is the minimum Credit Score Needed to Buy a House and get a Kentucky Mortgage Loan? What kind of credit score do I need for...

Monday, July 8, 2019

Louisville Kentucky VA Home Loan Mortgage Lender: VA Loans in Kentucky

Louisville Kentucky VA Home Loan Mortgage Lender: VA Loans in Kentucky:  The U.S. Department of Veterans Affairs is not a direct lender. The loan is made through a private lender (like Churchill Mortgage) and par...

Sunday, July 7, 2019

Credit Scores Required for FHA, VA, KHC and USDA Loans in Kentucky


Credit Score Requirements First TIme Home Buyer In Kentucky



Credit Scores Required for FHA, VA, KHC and USDA Loans in Kentucky



Question:
What is the current minimum credit scores needed to qualify for a Kentucky FHA, VA, KHC, USDA and Fannie Mae  mortgage Loan  in 2019? 
Answer:
The minimum credit score needed to qualify for a Kentucky mortgage depends on the type of loan program you are looking to obtain, this could be the reason that you have received conflicting answers. The most common types of mortgage are Conventional, FHA, USDA, VA, nd KHC mortgage loans in Kentucky. I’ll explain each briefly below and the minimum credit score needed to qualify for each loan program. Keep in mind these are continuously changing and can vary by lender do to credit overlays. 
First Time Home Buyer Kentucky Home Loan Programs

Kentucky Conventional or Fannie Mae  



Conventional loans make up the majority of mortgages in the US. They are also known as conforming loans, because they conform to specific guidelines set by Fannie Mae and Freddie Mac.
  • Minimum Credit Score is 620
  • The maximum loan amount varies by Geographical Area , for 2019 it is between $484,500 and $679,650
  • You can use a conventional loan to buy a primary residence, second home, or rental property
  • Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years
  • Down payments as low as 3% and 5% depending on Home Ready or straight conventional loan.
  • No monthly mortgage insurance with a down payment of at least 20%
  • Max Debt to Income Ratio of 50%

KENTUCKY FHA MORTGAGE



FHA Mortgage Guidelines for Kentucky Home buyers

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
  • Minimum Credit Score is 500 with at least 10% down
  • Minimum Credit Score is 580 if you put less than 10% down
  • The maximum loan amount varies by Geographical Area, for 2019 it is between $314,720 and $679,650
  • Upfront and Monthly Mortgage Insurance is required regardless of the Loan to Value
  • FHA Loans are only available for financing primary residences
  • Maximum Debt to Income Ratio of 50% (unless mitigating factors justify allowing a higher DTI) up to 57% in some instances with strong compensating factors. 
KENTUCKY USDA RURAL HOUSING LOAN 



Kentucky Rural Housing Lender Guidelines for Credit Score, Income


    • 100% Financing
    • Cities and towns located outside metro areas-see link (https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
    • Do NOT have to be a Kentucky First Time Home Buyer
    • No Down Payment
    • 30 year low fixed rate loans
    • No Prepayment Penalty
    • Great Low FIXED Interest Rates
    • No minimum loan amounts.
    • Possible to Roll Closing Costs into Loan if Appraises Higher
    • No Cash Reserves Required
    • UNLIMITED Seller Contribution toward Closing Costs
    • 100% Gifted Closing Costs allowed
    • Primary Residents only (no rentals/investment properties)
    • Debt to income ratios no more than 45% with GUS approval and 29 and 41% with a manual underwrite.
    • Only Need a 580 Credit Score to Apply*** Most USDA loans need a 620 or score higher to get approved through their automated underwriting system called GUS. 640 usually required for an automated approval upfront. 
    • No bankruptcies (Chapter 7) last 3 years and no foreclosure last 3 years. If Chapter 13 bankruptcy possible to go on after 1 year 

  • KENTUCKY VA Mortgage


  • 100% Financing Available up to $484,500
  • Must be eligible veteran with Certificate of Eligibility. We can help get this for veterans or active duty personnel. 
  • No Down Payment Required
  • Seller Can Pay ALL Your Closing Costs
  • No Monthly Mortgage Insurance
  • Minimum 580 Credit Score to Apply--VA does not have a minimum credit score but lenders will create credit overlays to protect their interest.
  • Active Duty, Reserves, National Guard, & Retired Veterans Can Apply
  • No bankruptcies or foreclosures in last 2 years and a clear CAVIRS 
  • Debt to income ratios vary, but usually 55% back-end ratio with a fico score over 620 will get it done on qualifying income and if it is a manual underwrite, 29% and 41% respectively
  • Can use your VA loan guaranty more than once, and in some cases, can have two existing va loans out at they sametime. Call or email for more info on this scenario. 
  • Cost of VA loan appraisal in Kentucky now costs a  minimum $475 with a termite report needed on all purchase and refinance transactions unless a condo. 
  • 2 year work history needed on VA loans unless you can show a legitimate excuse, ie. off work due to injury, schooling, education etc. 
  • You cannot use your GI Bill for income qualifying for the mortgage payment. 

https://www.mylouisvillekentuckymortgage.com/2018/12/kentucky-first-time-home-buyer-programs.html



KENTUCKY HOUSING DOWN PAYMENT ASSISTANCE 100 FINANCING 



Kentucky Housing Down Payment Assistance Programs

Thursday, June 27, 2019

Louisville Kentucky VA Home Loan Mortgage Lender: 5 reasons why veterans should take advantage of VA...

Louisville Kentucky VA Home Loan Mortgage Lender: 5 reasons why veterans should take advantage of VA...: 5 reasons why veterans should take advantage of VA loans | Federal News Network There are several advantages of utilizing a VA loan. Fir...

NAR Applauds Legislation Eliminating VA Home Loan Cap, Protecting Vital Veteran Benefit

NAR Applauds Legislation Eliminating VA Home Loan Cap, Protecting Vital Veteran Benefit: The VA home loan guarantee program encourages private lenders to offer favorable home loan terms to qualified veterans without requiring a down payment.

Bill eliminating VA loan cap signed into law for Kentucky VA Home Buyers

Bill eliminating VA loan cap signed into law:





The Department of Veterans Affairs can now back loans that exceed the conforming loan limit, as a bill eliminating this cap was signed into law by President Donald Trump on Tuesday night. The Blue Water Navy Vietnam Veterans Act allows home-buyers to borrow above the 2019 limit of limit of $484,350 for most counties without any down payment.



The Department of Veterans Affairs can now back loans that exceed the conforming loan limit, as a bill eliminating this cap was signed into law by President Donald Trump on Tuesday night.
The Blue Water Navy Vietnam Veterans Act allows homebuyers to borrow above the 2019 limit of $484,350 for most counties without any down payment.
Earlier this month, the Senate unanimously approved the bill, and now President Trump’s signature makes it official.
The move comes after a decades-long fight for veterans to receive health care benefits for diseases related to Agent Orange exposure, according to military.com, which said the bill will “fast-track disability compensation” for as many as 90,000 affected former service members.
In an earlier draft of the bill, the cost of these benefits were to be financed by raising VA loan fees 0.35% to 0.5% for non-disabled veterans, according to military.com.
But trade groups like the National Association of Realtors lobbied against such an increase, and lawmakers opted to raise the loan cap as a way to raise funds to support benefits instead.
NAR president John Smaby said the association teamed with other housing industry trade groups to ensure veteran benefits would be extended without increasing VA loan fees.
“Realtors support efforts to boost veteran participation in this program, but we also believe VA loan guarantee fees should be based on the risk of the loan made, not the costs of other VA programs or benefits,” Smaby said.
“As we aim to ensure our nation’s veterans have every possible opportunity to achieve the American Dream of homeownership, the National Association of Realtors has remained a strong supporter of the VA home loan guaranty program,” said Smaby. “This vital tool encourages private lenders to offer favorable home loan terms to qualified veterans and provides a much-needed resource to those who have sacrificed so much for this country.”

Kentucky VA Loan Limit Changes for 2019





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

-- 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.




Thursday, June 20, 2019

Kentucky USDA Rural Housing Loans : How to get a USDA Rural Housing Loan in Kentucky?

Kentucky USDA Rural Housing Loans : How to get a USDA Rural Housing Loan in Kentucky?: How to get a Rural Housing Loan in Kentucky?  Kentucky RHS USDA loans are a government-backed mortgage program that sponsors zero do...