100% Financing for Rural Home Loans in Kentucky


100% Financing for Rural Home Loans in Kentucky.

via 100% Financing for Rural Home Loans in Kentucky.

Income Requirements for A Kentucky Rural Housing Loan Approval.


Income Requirements for A Kentucky Rural Housing Loan Approval..

via Income Requirements for A Kentucky Rural Housing Loan Approval..

Kentucky Rural Housing USDA Loan Changes for October 1, 2014 to Annual Guarantee Fee MI


Kentucky Rural Housing USDA Loan Changes for October 1, 2014 to Annual Guarantee Fee MI.

via Kentucky Rural Housing USDA Loan Changes for October 1, 2014 to Annual Guarantee Fee MI.

FHA Mortgage Requirements for Louisville Ky First Time Home Buyers


 FHA Mortgage Requirements for Louisville Ky First Time Home Buyers

         

Kentucky FHA home loans for Louisville Ky First Time Home Buyers . I would like to share some other information with you on this subject. Please click below to go to my Best Kentucky FHA Home Loans page to read on the various kinds of Kentucky FHA Loans available to you  for Louisville Ky First Time Home Buyers

Rent vs Own Comparison

Rent
Own A Home
Program
None
FHA Buydown  30 Year Fixed
30 Year Fixed  No PMI
USDA  30 Yr Fixed
Purchase Price
$0
$150,000
$150,000
$150,000
Down Payment
0%
3.50%
5.00%
0%
Down Payment $
$0
$5,250
$7,500
$0
Total Loan Amount
$0
$147,283*
$142,500
$153,000**
Interest Rate/ Annual Percentage Rate
0%
2.25%/3.56%
3.75%/3.85%
3.25%/3.29%
Monthly Payment
$900
$563***
$660
$666
Taxes
$0
$125
$125
$125
Home Insurance
$0
$50
$50
$50
Mortgage Insurance
$0
$169
$0
$51
Total Payment
$900
$982
$910
$967
Tax Savings****
$0
$179
$182
$184
After-Tax Payment
$900
$824
$749
$804

*Includes 1.75% Financed Mortgage Insurance Premium **Includes 2.00% Financed Funding Fee ***Payment $563 for year one(2.25% rate)-$653 payment for years 2-30(3.25% rate) ****28% tax bracket-Please consult your tax advisor for tax implications. All programs and terms are subject to change without notice.

 

Debt to Income Ratios for A Kentucky Mortgage Loan


Debt to Income Ratios for A Kentucky Mortgage Loan

580. 720, 680, 600, 620 credit score for a Kentucky Mortgage Loan FHA, VA, KHC, USDA
580. 720, 680, 600, 620 credit score for a Kentucky Mortgage Loan FHA, VA, KHC, USDA

There are two debt-to-income (DTI) ratios on every loan: housing or front-end ratio and total or back-end ratio. The housing ratio tells us what percentage of the borrower’s monthly gross income is allocated toward the monthly principal, interest, tax, and insurance (PITI) payment. The total ratio includes the monthly PITI and all other monthly debts including auto loans, credit cards, child support expenses, student loans and more.

PITI / Total Qualifying Monthly Income = Front-end %

(PITI + All other Debts) / Monthly Income = Back-end %

The DTI ratios are one of the cornerstones of mortgage lending. They help us determine the borrower’s ability to repay the mortgage loan. Historically, borrowers with a higher DTI have had a higher default rate, making them a higher risk for lending. As a result, Fannie Mae, Freddie Mac, FHA, private mortgage insurance (PMI) companies, and investors have all set DTI limits based on program, product, property, and loan purpose.

 

As an underwriter or processor, it is our duty to insure the DTI on our automated underwriting system (AUS) findings is correct and matching the Underwriting Transmittal (1008). We should be performing a manual DTI calculation to double check our loan origination systems’ (LOS) calculation.

 

There are times when data is entered incorrectly into the LOS and the ratios are inaccurate. The most common factor that creates a DTI error is when the borrower owns multiple properties. When entering the housing expenses for these properties, you must learn how to properly manipulate your LOS to yield the correct DTI. Performing the manual calculation is the way to “back into” the correct DTI.

 

 

I specialize in First Time Home Buyers and move-up buyers. I have helped over 500 families buy their first home or second home and I would like to help your family. FHA, Rural Housing, KHC( Zero down loans ), VA, Conventional loans. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com- (NMLS# 57916)

 

KHC Loan Programs


KHC Loan Programs.

via KHC Loan Programs.

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Shut-down Slams Door on USDA Mortgages

As Always, No Admin Fee On VA Loans!
ü FHA/VA Purchase Transactions and FHA Full Credit Qualifying No Cash Out Refinances
• FHA only: Credit qualifying no cash out finances are included.
• VA purchase transactions only.
• FRM, single family primary residence only.
• Loan must receive an AUS approve/accept.
• DTI maximum is 49. 99%, regardless of AUS approve/accept


Shut-down Slams Door on USDA Mortgages.

Kentucky USDA Rural housing mortgage loans for 2014
Kentucky USDA Rural housing mortgage loans for 2014

The week-old federal government shutdown is a disaster on many levels. For rural America, one major impact is in the area of housing.

For the near future, low- and moderate-income homebuyers who have applied for mortgages guaranteed or made directly by the U.S. Department of Agriculture (USDA) Rural Housing Service are out of luck. So are very low-income homeowners seeking repair grants or loans.

The financing these homebuyers need cannot close because no USDA rural housing staff are working at the local level. Banks make the guaranteed loans, which are like the mortgages insured by the Veterans Administration or the Federal Housing Administration. But USDA staff have to approve the guarantees and provide the necessary paperwork to the lender before the loan can be issued. With no staff, there can be no approvals.

In FY 2012 USDA guaranteed about 145,000 of these loans worth $19.2 billion, helping substantially with the housing recovery. USDA made almost 8,000 direct homeownership loans totaling just under $900 million.

Plus USDA Rural Development local offices also make a number of other grants and loans for housing, community facilities, businesses and utilities. But not this week. Since October 1 and the shutdown, none — zero — of the 3,336 USDA Rural Development field office staff have been working. All were declared “non-essential” and are furloughed. So no loans or grants in any programs can move forward.

Mainstream media institutions, which usually pay little attention to rural concerns, are beginning to cover this issue:

  • A poignant summary of the problems comes in a letter-to-the-editor in the October 8Washington Post from a woman in Maine who is pre-approved for a USDA mortgage:
    Each day that the government shutdown continues means that I am closer to losing the chance to buy my first home. … Losing this home would crush our spirits. It’s been a long road to homeownership for us, and to even consider that we will lose this home because of politics in Washington makes me sick to my stomach.
  • On October 5 the Washington Post had a page-one article on the stalling of federally insured home loans due to the shutdown. The article uses as a prime example a young Virginia couple’s likely loss of their USDA-backed first-home purchase.
  • Huffington Post blog on October 4 made similar observations about USDA loans.
  • Bloomberg news story October 8 calls the stoppage of USDA loans “an early warning of how the government’s first partial closing in 17 years could put a drag on the wider housing market.”
  • And the St. Louis Post-Dispatch’s article on the impact of the government closure on the housing industry leads with a mortgage broker who says USDA loans account for 12-13% of his company’s business.

Much of the Department of Agriculture appears to have disappeared during the shutdown. USDA’s web site shows nothing but a short notice about the closure. Housing and Urban Development’s site has more information but no entries after September 30. Some HUD FHA-insured home loans may also be slower to close during the shutdown. Veterans Affairs-insured mortgages are not affected so far. VA home-loan offices are currently open. (Politicians panic at the thought of cutting services to veterans.)

Photo by Bob Nichols/USDAChristopher, Hope, Makenna and Natasha Goetz play on the deck of their home in Garnett, Kansas. The Goetz’s used a USDA Rural Development loan guarantee to purchase their home.

The Office of Management and Budget’s posted contingency plans show that 100% of USDA Rural Development local and state office staff were furloughed on October 1. A total of 53 Rural Development staff in the agency’s Washington, D.C., headquarters and the St. Louis finance office, out of 1,394 normally in those locations, are still on the job. At HUD, 337 of 8,709 employees are still working.

The plan for USDA Rural Development said no new loans or guarantees would be made without an appropriation, and all offices would close except for Washington, D.C., and the St. Louis finance office. St. Louis is the contact for servicing on existing loans.

So check back later. They may be open; they may not. For now, that’s all homebuyers and the housing industry can do.

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com 

 

 Louisville Kentucky Mortgage Rates for FHA, VA, KHC, USDA, Rural Housing Mortgag Kentucky First time home buyer, 100% financing Zero Down Loans Ky Rural Housing Loans, $100 Down FHA Loans in Ky, Ky VA Loans, USDA

Louisville Kentucky Mortgage Rates for FHA, VA, KHC, USDA, Rural Housing Mortgag
Kentucky First time home buyer, 100% financing Zero Down Loans Ky Rural Housing Loans, $100 Down FHA Loans in Ky, Ky VA Loans, USDA