Category Archives: tip income

Kentucky Home Buyers. Purchase a Home No Money Down.

         Kentucky Home Buyers Program Summary below use to purchase their first home.   Conventional Loan • At least 3%-5% down • Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back […]
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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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Kentucky FHA Loan Requirements for 2019

Originally posted on Kentucky FHA Mortgage Loans Guidelines :
Kentucky FHA Loan Requirements The requirements for Kentucky FHA loans are set by HUD. Borrowers must have a steady employment history of the last two years within the same industry or line of work. Recent college graduates can use their transcripts to supplant the 2 year work…

Kentucky FHA Mortgage Loan Updates For You

Kentucky FHA Mortgage Loan Updates For You Full commissioned buyer with 1 year on the job pre-approved:  FHA will allow for a borrower to only be commissioned sales for 1 year! FHA’s new student loan guideline:  FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan […]
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Kentucky Fannie Mae Mortgage Guideline Changes for 2015

Fannie Mae Kentucky Conforming Guideline Changes The following guideline changes are effective immediately for all Kentucky Fannie MaeF Conventional loans; however DU will not be updated to reflect these changes until August 15th 2015 Conversion of Currently Primary Residence Requirements for conversion of a borrower’s current primary residence to secondary or investment have been removed. […]
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