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


 

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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.

 

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

 

 

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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

Kentucky Rural Housing USDA – Upcoming Changes – October 2016 Submit your applications beginning Tuesday, September 13, 2016


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The USDA has announced exciting changes that will be implemented in October 2016. USDA is a great product that offers 100% financing, zero down payment for certain rural areas.

Effective in October 2016, there will be two big changes to the USDA product:

  • The Up Front Funding Fee will be reduced to 1%. It currently stands at 2.75%. This reduction can help to reduce the total loan amount. 
  • The Monthly PMI will be reduced to .35%. It currently stands at .50%. 

These two significant changes by the USDA program will certainly be welcomed and will help borrowers to obtain their dream home.

 

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

 

 

How Does Student Loans Affect A Mortgage Loan Approval in Kentucky ?


As more Kentuckians go back to school to further their education, this usually involved for some people student loans to finance their post-secondary high school education. Below I did a summary for the different types of loans for Kentucky Home Buyers and owners for:, FHA, VA, USDA, Fannie Mae and how each loan program effects the borrower and their status of getting a loan approval.

Bottom line is this: They have made it tougher to qualify for a Kentucky Mortgage Loan.

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KENTUCKY FHA MORTGAGE LOAN RULES FOR STUDENT LOANS:

Student Loans: Calculation of Monthly Obligation Regardless of the payment status(including Deferred), the Mortgagee must use either the greater of:

  • 1 percent of the outstanding balance on the loan; or
  • the monthly payment reported on the Borrower’s credit report; or

The actual documented payment, provided the payment will fully amortize the loan over its term.

KENTUCKY FANNIE MAE OR CONVENTIONAL LOAN GUIDELINES FOR STUDENT LOANS

For all student loans, regardless of the payment status (including Deferred), the lender must include a monthly payment in the borrower’s recurring monthly debt obligation when qualifying the borrower.

  • 1% of the outstanding balance; or
  • The Actual Payment that will fully amortize the loan(s) as documented in the credit report, by the student loan lender, or in documentation supplied by the borrower;

Exception: if the actual documented payment is <1% of the outstanding balance, and it will fully amortize the loan with no payment adjustments, the lender may use the lower, fully amortizing monthly payment to qualify the borrower.

KENTUCKY VA MORTGAGE LOANS FOR STUDENT LOANS 

  • If student loan repayments are scheduled to begin within 12 months of the date of VA loan closing, lenders should consider the anticipated monthly obligation in the loan analysis.
  • If the borrower is able to provide evidence that the debt may be deferred for a period outside that timeframe, the debt does not need to be considered in the analysis.

Policy for Income Based Repayment Plans (Student Loans)

  • Lender may use the Income Based Repayment (IBR) payment if it is verified (including $0.00) when the payment is fixed for a minimum of 12 months post-closing date
  • When fixed for less than 12 months post-closing the lender must use the regularly calculated payment that will be due once the IBR ends
  • When no payment is reported or available, the lender must use a payment calculation using 5% of the current report balance as the monthly payment

KENTUCKY USDA MORTGAGE GUIDELINES FOR STUDENT LOANS:

 

STUDENT LOANS Student loans. Lenders must include the greater of one percent (1%) of the outstanding loan balance or the verified fixed payment as reflected on the credit report.

Income Based Repayment (IBR) plans, graduated plans, adjustable rates, interest only and deferred plans are examples of repayment plans that are subject to change. These types of repayment plans are unacceptable to represent a long term fixed payment plan.

 

 

 

 

 

 502-905-3708 text or call with your mortgage questions. 

kentuckyloan@gmail.com

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


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). I lend in the following states: Kentucky

Down Payment Assistance Program for Jefferson County Kentucky Louisville


Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.Regular DAPPurchase price up to $243,000.Assistance in the form of a loan up to $6,000 in $100 increments.Repayable over a ten-year term at 5.50 percent.  A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.Available to all KHC first-mortgage loan recipients.Affordable-DAPPurchase price up to $243,000.Assistance up to $4,500Repayable over a ten-year term at 1.00 percent.Borrowers must meet Affordable DAP Household Income Limits.More about down payment and closing costsNo liquid asset review and no limit on borrower reserves.Specific credit underwriting standards may apply to down payment programs.

via Down Payment Assistance Program for Jefferson County Kentucky Louisville.

via Down Payment Assistance Program for Jefferson County Kentucky Louisville.

Kentucky First Time Buyer Programs for 2015


Kentucky First Time Buyer Programs for 2015.

via Kentucky First Time Buyer Programs for 2015.