What are the current student loan guidelines for a Kentucky FHA, VA, USDA and Fannie Mae Conventional Mortgage loan.


 

aaaf9a21b3b923d060abfeabaaf30469

Kentucky FHA Loan Guidelines for Student Loans:

Must be included in the borrower’s liabilities regardless of the payment type or

status. The payment amount must be either:

▪ The greater of:

· 1% of the outstanding balance on the loan or

· Monthly payment reported on the borrower’s credit report, or

▪ The servicer’s documented payment provided the payment will fully amortize

the loan over the repayment term period

 

Kentucky VA Mortgage Guidelines for Student Loans:

Deferred

A payment does not need to be included if written evidence supports that the

student loan debt will be deferred beyond 12 months of closing.

In Repayment

Include loans with payments starting within 12 months. Calculate threshold

payment as a rate of 5% of outstanding balance divided by 12 months. If credit

report payment is higher, use credit report payment. If current documentation

from student loan servicer reflects actual terms and payment for each loan,

the verified payments may be used even if less than the threshold payment

calculation.

Kentucky USDA Mortgage Guidelines For Student Loans

Fixed Payment

A permanent amortized, fixed payment is used when documentation supports fixed payment, interest and term.

Non-Fixed payment

Use 1% of the loan balance reflected on the credit report. Payment arrangements

that are deferred or non-fixed (Income Based Repayment (IBR), graduated, adjustable, interest only, etc.) may not be used.

Fannie

Loans in Repayment Period

▪ If provided, use the credit report payment

▪ If credit report is incorrect, obtain student loan documentation from the servicer

to verify the payment used for qualification

Income Driven Repayment Plan

Use the student loan documentation to verify the actual monthly payment. Borrower

may be qualified with a $0 payment if the documentation supports it.

Loans in Deferment or Forbearance

▪ A payment equal to 1% of the outstanding student loan balance (even if this

amount is lower than the actual fully amortizing payment) or

▪ A fully amortizing payment using the documented loan repayment terms

Freddie

Loans in Repayment

Use the greater of payment reported on credit report or .5% of the higher of original

or outstanding loan balance as shown on credit report.

Loans in Deferment or Forbearance

Use greater of payment reported on credit report or 1% of the higher of original or

current outstanding loan balance as shown on the credit report.

Loan Forgiveness

Payment may be excluded if file contains documentation that indicates:

▪ Monthly payment is deferred and/or in forbearance and full balance of the loan will be forgiven, canceled, discharged or will be paid if qualified for an employment-contingent repayment program and

▪ Borrower currently meets requirements for the student loan forgiveness/cancelation program

Obtain documentation from the student loan servicer to show the loan will be forgiven, canceled, discharged or that the borrower qualifies and is approved under an employment contingent repayment program that will extinguish the debt.

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

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

 

Guidelines Changes on Student Loans for Conventional Fannie Mae, USDA, FHA, and VA Mortgage loans in Kentucky


aaaf9a21b3b923d060abfeabaaf30469
Agreed, Student loans kill more mortgage loans now more than any other borrower that has good credit than anything else. The mortgage giants, ie, (Fannie Mae, Freddie Mac, USDA, FHA, VA, RHS) use to be very friendly toward student loans and if they were deferred or in forbearance we counted no payment for it.
Now with the massive explosion in student loan debts since the recession of 2008, student loan debt has now passed a lot of forms of debts and it’s growing every day since the cut backs from state and local governments and the increase of education costs being shifted toward the school and borrower.
Student loan debts by 2020 will be the biggest debt out there, surpassing mortgage debt.
They have reigned the requirement to make it more difficult to borrow now due to the increasing debts and fear of the borrower walking away from the house. You cannot walk way from student loan debts but you can a home, so tht is there thinking I am told by the higher-ups.

Recent changes to Fannie Mae and Freddie Mac guidelines have made it easier for some, but not all with student loan debt to still qualify for home mortgage loans.

Both Fannie and Freddie have set underwriting guidelines that if lenders follow, makes the selling of loans to Fannie Mae and Freddie Mac much easier.

Student Loans. How do lenders calculate?

Student loans can be in active repayment, some sort of reduced repayment (which is typically an income based repayment), or completely deferred.  While a student loan may be deferred for the next year or two, your mortgage loan is typically a 30-year loan. It only makes sense that lenders take current or future student loan payments into consideration when calculating debt ratios and affordability.
To avoid confusion, I’ll just talk about current guidelines for how lenders currently deal with your student loan debt for debt-to-income ratio purposes.

FHA Loans:

FHA loans must use the greater of 1% of the outstanding balance, or the payment listed on the credit report, unless you can document the payment is a fully amortizing payment. No income based repayment, graduated payments, or interest only payments allow

Fannie Mae Loans:

For deferred loans, must use 1% of the outstanding balance. For loans currently in repayment, use the payment listed on the credit report. If payment is listed as $0.00, but $0.00 is an active income based repayment, we must verify with the student loan company that $0.00 is the income based repayment.

Freddie Mac Loans:

For loans in repayment, use the amount listed on the credit report, or at least .50% (1/2%) of the outstanding balance, whichever is greater.
For deferred loans, must use the amount listed on the credit report, or 1% of the outstanding balance as reported on the credit report
.

USDA Rural Housing Loans:

For USDA loans, if the loan is deferred, income based payment, graduated payment, or interest only payment, must use the greater of   .5% of the outstanding balance, or the amount listed on the credit report.

VA Home Loans:

For VA loans, if payment is deferred at least 12 months past the loan closing date, no payment need be listed.
If payment will begin within 12 months of closing, use the payment calculated based on:
  a) 5% of the outstanding balance divided by 12
  b) The payment listed on the credit report if the payment is higher than calculated under (a).
  or
If payment on credit report is less than (a), a letter, dated within the last 60-days directly from the student loan company that reflects the actual loan terms and payment information is required to use the smaller payment.
These updated guidelines primarily help those currently in repayment, but with income based, graduated payment, and interest only payment student loans obtain conventional loans
Student Loans Guidelines for FHA, VA, USDA and FAnnie Mae
The FNMA student loan calculation has been amended to the following
  • If the credit report lists a payment amount, then the listed amount can be used for qualifying purposes
  • If the credit reports lists a $0 payment or no payment at all, either of the following calculations can be used
    • o   1% of the outstanding student loan balance; OR
    • o   A calculated payment that will fully amortize the loan based on the loan repayment terms
 
Note: This applies to deferred student loans as well, no matter the length of deferment.
text or call my phone: (502) 905-3708
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

 

6 options for buying a home with little or no money down


download-6

 

 

You’ve got great credit, a stable job, low debt, and money in the bank — but just not enough to make a down payment. Fortunately, there are many programs out there designed to give you that dream home with little to no money down.

Source: 6 options for buying a home with little or no money down

 

 

hgvcvvv

Getting a Home Inspection In Louisville Kentucky- List of Home Inspectors Louisville, KY


A home inspector’s job consists of three main points:

Evaluate a property’s physical and structural condition
Identify items in need of repair or replacement
Assess the remaining useful life of major systems
It is a good idea for you, or your real estate agent, to be present during the inspection. This allows you to ask questions, better understand the reasons or causes of certain issues, and learn what you need to do to fix them. The inspector can also point out areas of potential trouble and offer maintenance tips that can be very useful in the future. You can expect an inspection to take 2-5 hours, or a little longer for an older home, and to cost $200-$500 depending on size.

Louisville Kentucky Home Inspections Things to Look for

Fill out my form!

Services Directory
Home Inspectors

A Best Home Inpection Inc.
Lonnie Combs
502-261-1443

A1 Quality Home Inspections
Jeff Branham
502-262-4527
jeff@a1homeinsp.com
http://www.a1homeinsp.com

AAA Professional Home Inspectors
Jack McNear
License # HI-4072
502-776-4663
aaa.phi.ky@gmail.com
phi-louisville.com

AAA Professional Home Inspectors
Jack McNear
License # HI-4072
502-776-4663
aaa.phi.ky@gmail.com
phi-louisville.com

ABI Home Services
Ben Hendricks
License # HI-3039
502-938-5190
ben@abihomeservices.com
abihomeservices.com

Ace Home Inspections
502-599-1815
Bob Oliver
License # HI-2047
ra.oliver@live.com
229 Eastern Wood Ct.
Louisville, KY 40243

Acuity Home Inspections, LLC
502-386-8588
Bill Boone
License # HI-4036
acuityhomeinspections@gmail.com

Affordable Home Inspection Today (AHIT)
James Burkhead
License # HI-3080
P – 502-741-9706
P – 502-741-9706
ahit@insightbb.com
burkheadshomespecialist.net

All Check Home Inspections, LLC
502-427-7055
Steve Smith
License # HI-3400
genegriffin@insightbb.com
9260 Storage Way
Louisville, KY 40291

Bear Home Inspections, LLC
502-417-7132
Dominick D’Urso
domdurso@kybhi.com
http://www.bearhomeinspections.com
License # BHIHNOo194756

B-Goff Home Inspectors
502-507-2197
Bradley A. Goff
License # HI-3970
brad@idesigndrafting.com
http://www.bgoffhomeinspections.com
License # BHIHNOo194756

Bluegrass Home Inspections
502-552-2101
Michael Wirth
License # HI-2043
bluegrass@iglou.com
107 Fenley Ave., #0-1
Louisville, KY 40207

Bluegrass Services
502-428-6361
James Tolliver
bluegrass.services@yahoo.com
PO Box 304
Mt Washington, KY 40047
http://www.bluegrassreo.com

Brian Gattenby Home Inspection, LLC
502-991-2706
brian@briangattenbyhomeinspection.com
http://www.briangattenbyhomeinspection.com
License #HI-4022

Butler Home Inspection, LLC
Simmie Butler
502-445-6913
simmiebo@gmail.com
http://www.butlerhomeinspections.net
License #HI-3170

Carney Home Inspection
859-481-1437
Daniel Carney
carneyinspection@gmail.com
http://carneyinspection.com

Cattan Inspections & Engineering
502-299-6572
Joseph Cattan
jcattan@insightbb.com
404 Watch Hill Lane
Louisville, KY 40245

Certainty Home Inspections
866-417-9591
William Troutman
william@certaintyinspections.com
PO Box 144
Salem, IN 47167

Commonwealth Home Inspections
502-635-2266
Kenny Martin
kendm1@aol.com
6427 Appleleaf Ln.
Sellersburg, IN 47172

Curtis Home Inspections
502-428-9629
Chris Curtis
catchchriscurtis@gmail.com
204 Grand Ave.
Shepherdsville, KY 40165

Eagle’s Eye Inspection Services
502-639-9896
George Skeeters – Inspector License No. 3186
george@eagleeyeinspect.com

East End Home Inspections, LLC
502-458-9690
Jim Breslin
License #HI-2481
eastendhome123@gmail.com
4321 Dannywood Road
Louisville, KY 40220

Elite Home Inspections, LLC
502-648-9294
Allan Davis
License # HI-2233
eyeinspecthomes@aol.com
PO Box 277
Greenville, IN 47124
http://www.elitehomeinspections.net

Folk Inspections
502-509-6272
Alex Folk
alex@folkinspections.com
9462 Brownsboro Rd. #158
Louisville, KY 40241

Garr Home Inspection, LLC
502-468-6510
Mark Garr
License # HI-2029
mgarr60@bellsouth.net
14510 Hearthside Court
Louisville, KY 40245

Greenlight Home Inspections, LLC
Member/Owner – Tony Ponte
Phone No. – 502-517-1248
Fax No. – 502-333-9755
ponte.tony@gmail.com
http://www.greenlighthomeinspections.com

Greg Jones Home Inspections & Associates LLC
502-429-9379
Greg Jones
gregjoneshi@gmail.com
7321 New LaGrange Road, Ste 113
Louisville, KY 40222
http://www.gregjoneshomeinspections.com
Member(s) Sunny Jone, Billy Cooper

Haystack Inspection Services
License # HI-3180
Daniel Ayers
License # HI-4019
Daniel.Ayers6@gmail.com
2639 Kings Hwy
Louisville, KY 40205
502-528-9255
eric.hay@haystackinspections.com

Home Inspection, Inc.
502-897-5113
Ken Osborne
License # HI-2065
1025 Skyview Dr.
New Albany, IN 47150

Home Inspection of Kentuckiana
502-897-1450
Mary Anne Tonini
License # HI-2034
toninima@insightbb.com
PO Box 1564
New Albany, IN 47151

Home Inspections Services, LLC
502-423-7575
Jean Filer-Smith
License # HI-3642
jeans@hiswebsite.org
102 Daventry Lane #8
Louisville, KY 40223
Member(s) Douglas Smith

HomeMD Inspection Services LLC
502-290-3935
Robb Johnson and Sharon Johnson
License # HI-2225
rjohnson@homemd.com
http://www.homemd.com

Home Sweet Home Inspections, LLC
502-509-1878
Rich Fisher
License # HI-3963
rjohnson@homemd.com
1919 Rutherford Ave.
Louisville, KY 40205
http://www.homemd.com

Home Team Inspection Service
502-357-0813
Brian O’Rear
License # HI-3024
louisville@hometeam.com
3505 Hedgewick Place
Louisville, KY 40245
Mike Dryer
License # HI-3137
hometeam-louisville.com

HomeWerx
502-303-1782
Matthew Loeser
homewerxlouisville@gmail.com
5 Maple Court
Louisville, KY 40214

HomeWise Inspection Services
502-408-9007
Giles Lanham
gileslanham@insightbb.com
3000 Piedmont Drive
Louisville, KY 40205

House Master Home Inspection
502-423-7789
David Scott
License # HI-2164
david.scott@housemaster.com
8806 Swan Hill Road
Louisville, KY 40241
http://www.housemaster.com

Inspect & Detect, LLC
Eric Smith
License # HI-4025
12417 Aquarius Road
Louisville, KY 40243
http://www.inspectanddetect.com
502-653-9924
eric@inspectanddetect.com

InspectHomes4u, LLC
502-894-8644
Ms. Lorri Keeney
License #HI-2055
inspecthomes4u@aol.com
5208 Moccasin Trail
Louisville, KY 40207-1634

Inspections Plus
502-664-0237
Bill Beasey
bbeasy@housemaster.com

JM Home Inspections
Joe Mooney
2702 Trumpetvine Rd.
Louisville, KY 40220
http://jmhiky.com
502-533-9362
joe@jmhiky.com

KPC Inspections, LLC
502-653-3688
Danny Willoughby
License #HI-3014
kpcinspections@hotmal.com
http://www.kpcinspections.com

Kentuckiana Building Solutions
502-600-2210
Eric D. Gentry
ericd.gentry@gmail.com

Lee’s Home Inspections
502-376-0856
Lee Wiard
License #HI-2230
lwiard@bellsouth.net
501 Palisades Court
Louisville, KY 40223

M Squared Home Inspections
Mike Meurer
2040 Fox Tail Dr.
LaGrange, KY 40031
http://www.msquaredhi.com
502-909-7126
mike@msquaredhi.com

Mark Hunter Home Inspector
Mark Hunter
8313 Pine Grove Ct.
Louisville, KY 40214
502-744-1967
mark.hunter67@twc.com

Mark Oerther Associates, Inc.
502-459-1446
Mark Oerther
License # HI-2045
moerther@att.net
markoetherinspector@gmail.com
http://www.markoertherassociates.com
2021 Tyler Lane
Louisville, KY 40205

National Property Inspections
John Gazerro
1118 Beechwood Circle
Mt. Washington, KY 40047
502-599-1901
john.gazerro@npiinspect.com

Northstar Property Inspections
Stephen Williams
11304 Vista Greens Dr.
Louisville, KY 40241
https://www.northstarinspections.com
502-377-4126
steve.williams@northstarinspection.com

On Your Side Home Inspections
Dale Miller
2041 Bashford Manor Lane
LaGrange, KY 40018
http://www.onyoursidehomeinspections.com
502-439-1148
onyoursidehomeinspections@gmail.com

Pillar to Post
502-228-9880
John O’Nan
License #HI-2076
jonan@ptphome.com
P.O. Box 97
Goshen, KY 40026

Prochek Home Inspections, LLC
502-802-6336
Darryl Willoughby
License #HI-2038
darryl@procheklou.com
8404 McKenna Way
Louisville, KY 40291

Proven Home Inspection Service
502-689-0221
Neil DeGaris
HI-4027
provenhomeinspection@gmail.com
http://www.provenhomeinspectionservice.com

Ray Williams Inspect & Repair
502-459-9968
rfwill01@louisville.edu
Ray Williams
License # HI-2498
2725 Sheila Drive
Louisville, KY 40220
http://www.rwHomeInspection.com

Rayhill Home Inspectors
Joe Rayhill
214 Buffalo Trail
Shepherdsville, KY 40165
http://rayhillhomeinspections.com
502-299-4106
joe@rayhillhomeinspectors.com

River City Home Inspections
502-338-4404
rhino502@twc.com
Ryan Olson
http://www.rivercityhomeinspections.net

Safe At Home Inspections, LLC
Jay Jackson
4005 Brookfield Ave.
Louisville, KY 40207
502-290-2837
jay@safeathomeinspectionsllc.com

Service USA Home Inspections / Radon Lady
502-895-6430
Ray Sandbek
License # HI-2022
serviceusa@rsandbek.win.net
318 Lanai Court
Louisville, KY 40245
Member(s), Sheila Heller: radonlady@yahoo.com

The Home Inspectors LLC
Scott Barbour
912 Brentwood Ct.
New Albany, IN 47150
502-773-3480
thehomeinspectors@hotmail.com

WIN Home Inspections
502-327-6231
Mike English
License # HI-2160
10213 Linn Station Road
Louisville, KY 40223

WIN Home Inspections
502-426-4635
Bob English
License # HI-2161
benglish@wini.com
10213 Linn Station Rd. #2
Louisville, KY 40223

Wright Choice Home Inspection
Nick Wright
1728 E. Spring St.
New Albany, IN 47150
http://yourwrightchoice.com
502.822.6484
nick@yourwrightchoice.com

Wrubel Home Inspections, LLC
812-945-7478
Joseph Wrubel
License # HI-2291
wrubelhomeinspections@yahoo.com
P.O. Box 1291
3626 St. Joseph Road
New Albany, IN 47150

Semonin Real Estate Blog

Home Inspector

The home buying process can seem like a lengthy one, but each step of the journey is important and should not be bypassed in effort of saving a little time or money. Sometimes it may seem as if a home inspection isn’t necessary, especially if a property appears to be in excellent condition. However, what you see in a house can be very deceiving. Buyers see a crack in a ceiling, immediately assume it is a big problem and get scared off, but a home inspector might say it is just cosmetic and can easily be covered up. A newly renovated home can seem flawless, so buyers opt out of getting a home inspection only to find out after closing that the home has major—meaning expensive—electrical or plumbing problems. Examples like these prove that home inspections are crucial to the home buying process.

A home inspector’s job consists of three…

View original post 254 more words

HomePath listings in Jefferson County, Louisville Kentucky!


Check out the HomePath listings in Jefferson County and Louisville, Kentucky!

Let your clients know these properties are available. Some have special incentives! Select the property address to find out more information.

Click Link to View Property 635 S 44TH ST
LOUISVILLE, KY 40211

3.0 br, 1.0 ba | 1574 sq. ft.
MLS ID: 1457633
 

$31,000
Just Listed
Click Link to View Property 615 S 18TH ST
LOUISVILLE, KY 40203

3.0 br, 2.0 ba | 1248 sq. ft.
MLS ID: 1457948
 

$29,500
Just Listed
Click Link to View Property 541 WARNOCK ST
LOUISVILLE, KY 40217

2.0 br, 1.0 ba | 876 sq. ft.
MLS ID: 1458468
 

$63,000
Just Listed


Click Link to View Property 271 STONE RIDGE DR
FISHERVILLE, KY 40023

4.0 br, 3.0 ba | 2512 sq. ft.
MLS ID: 1451250
 

$239,900
Price Reduced
Click Link to View Property 5919 COUNT TURF DR
LOUISVILLE, KY 40272

3.0 br, 1.0 ba | 925 sq. ft.
MLS ID: 1456218
 

$65,000
Price Reduced
Click Link to View Property 8008 GRENELLE DR
LOUISVILLE, KY 40228

3.0 br, 1.0 ba | 1025 sq. ft.
MLS ID: 1457159
 

$114,995
Active
Click Link to View Property 3750 BANK ST
LOUISVILLE, KY 40212

2.0 br, 1.0 ba | 1400 sq. ft.
MLS ID: 1457351
 

$59,500
Active
Click Link to View Property 3501 ILLINOIS AVE APT A9
LOUISVILLE, KY 40213

1.0 br, 1.0 ba | 604 sq. ft.
MLS ID: 1456768
 

$54,000
Active

http://www.mylouisvillekentuckymortgage.com/

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

17eba-jlkh

 

$44,900Just Listed

4125 La Salle Ave
Louisville, KY 40215

2 Beds |1 Baths | 713 sq. ft.

View Property

 

$259,900Just Listed

305 Merriman Rd
Louisville, KY 40207

3 Beds |1 Baths | 1419 sq. ft.

View Property

 

$74,900Just Listed

1053 Bald Knob Rd
Beaver Dam, KY 42320

3 Beds |1 Baths | 1736 sq. ft.

View Property

 

$199,900Back on Market

111 S Peak Ave
Shepherdsville, KY 40165

3 Beds |4 Baths | 2018 sq. ft.

View Property

 

$54,900Price Reduced

6003 Murnan Rd
Newport, KY 41076

3 Beds |2 Baths | 1888 sq. ft.

View Property

 

$59,900Price Reduced

711 N Lakeview Dr
Louisville, KY 40229

2 Beds |1 Baths | 1268 sq. ft.

View Property

 

$109,900Price Reduced

145 Copperas Lick Br
Prestonsburg, KY 41653

3 Beds |2.5 Baths | 2376 sq. ft.

View Property

 

$59,900Price Reduced

522 W Whitney Ave
Louisville, KY 40215

2 Beds |1 Baths | 1320 sq. ft.

View Property

 

$199,900Price Reduced

114 Rabbit Run Rd
Georgetown, KY 40324

3 Beds |3 Baths | 2327 sq. ft.

View Property

 

$14,900Price Reduced

120 Estes Rd
Clay City, KY 40312

1 Beds | Baths

View Property

 

$17,500Price Reduced

3801 Herd Elias Rd
Tyner, KY 40486

3 Beds |2 Baths | 1680 sq. ft.

View Property

 

$29,900Price Reduced

452 Frank Vanhoose Br
Stambaugh, KY 41257

3 Beds |1 Baths | 1072 sq. ft.

View Property

 

What is the difference between the Kentucky Freddie Mac Home Possible and the Fannie Mae Home Ready Loan Program?


Kentucky Home Possible  vs. Kentucky Home Ready Mortgage Loan

This easy to read chart gives you a side by side comparison of these products:

We are an approved Kentucky Fannie Mae   HomePath lender.

 

Enter a caption
1a7ac4_7772d9a86bf64a809f1898f047f29919
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org). We lend in the following states: Kentucky

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 payments effective 6/30/16!  This hurts but there is some good news in the announcement.

When does FHA 3 year foreclosure date start?  FHA allows for a foreclosure to be 3 years ago.  The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.

important information

  • DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this often and it will cause a loan to be denied at the end!
  •  Pay stubs must identify the employer, employee information, and year to date income and deductions
  • Do not deposit cash into your bank account or pay your earnest money deposit in cash!!  It can cause major issues with your loan.
  • Statements may be actual statements or you can access your online account and choose to “view statements” and then print hard copy or print to a pdf.  Must have bank name and account numbers and cannot be a daily history / transaction history
  • All banking, investment, and retirement account statements, must have all pages.  For instance, if the statement says 1 of 7, we would need all 7 numbered pages even if blank.  Often back pages are blank but we don’t know unless we have those pages
  • If you notice generic deposits on your bank statements, please give us proof of the source of funds for the deposit.  Let us know if you have questions on this documentation
  • Make a legible copy of the driver’s license.  For clarity of the small numbers, the picture, and dates, it helps to enlarge the copy.  A fax copy of a license will not be viewable
  • Don’t wait until the end to choose and start talking to your insurance agent.  Do this up-front to prevent surprises or delays in the end
  • As you receive new paystubs or banking statements, send those to us so that we have the most recent ones in the file at all time
 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Fax:     (502) 327-9119
125004__v4098