Category Archives: Income limits

Acceptable Income and Job History for a Mortgage Loan Approval in Kentucky


Mortgage Underwriters must follow both DU and agency guidelines when it comes to documenting and calculating qualifying income for a loan transaction. Income guidelines may vary slightly depending on the loan program and the borrower’s employment profile. Below are some general tips for W2 income.      Documentation that may be required Paystub with year […]
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Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?


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  […]
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What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?


Income and your job history  plays a significant role when applying for a mortgage loan and getting approved for one for Kentucky Homebuyers . Mortgage Underwriters from FHA, VA, USDA and Fannie Mae  must follow both Fannie Mae  and agency guidelines when it comes to documenting and calculating qualifying income for a loan transaction. Income guidelines […]
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Part-time earnings or second jobs may not count when seeking a mortgage loan approval in Kentucky


Part-time earnings may not count when seeking a mortgage.     The two-year rule for counting part-time income has been an industry standard for years and was recently incorporated into regulations adopted by the Consumer Financial Protection Bureau. The rationale is straightforward: If part-time income hasn’t been established for an extended period of time, it may […]
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Qualifying for a mortgage while you’re self-employed


Qualifying for a mortgage while you’re self-employed. via Qualifying for a mortgage while you’re self-employed.  www.mylouisvillekentuckymortgage.com   Contact Me for a FREE Mortgage Consultation   Ready to Apply for your Mortgage?    There is no denying that the mortgage borrowing landscape is changing. One of the product lines that saw repeated revisions was the self-employed mortgage […]
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Underwriting rules stacked against independent contractors | Inman News


Underwriting rules stacked against independent contractors | Inman News.

Kentucky Mortgage Approval Process | How much income do I need qualify for Kentucky Home


Lender’s Criteria: Debt-to-Income Ratios From a Kentucky Mortgage lender’s perspective, your ability to purchase a home depends largely on the following factors:  Front-End Ratio The front-end ratio is the percentage of your yearly gross income dedicated toward paying your mortgage each month. Your mortgage payment consists of four components: principal, interest, taxes and insurance (often collectively referred to asPITI) (see Understanding the Mortgage […]
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