Self-Employed Guidelines for Getting a Mortgage Approved In Kentucky


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Self Employed Income Guidelines for a Getting a Kentucky Government FHA, VA, USDA Mortgage Loan in Kentucky
  • 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:
  • Sole Proprietorships
  • Corporations
  • Limited Liability Company (LLC)
  • Partnerships
Notes:
  • Tax Returns are always required for a self employed borrower. Depending on the business structure, the borrower may have business returns in addition to their personal tax returns.
  • 1099, Sole Proprietorships, and LLC self employed borrowers typically file Schedule C on their personal tax returns.
  • Corporations and Partnerships will file Business Tax Returns in addition to their personal returns. The business returns will include K1’s listing the borrower’s ordinary business income and percentage of ownership.
  • Corporation and Partnerships may also have W2 income in addition to their K1’s.
  • All self employed income is calculated per agency guidelines.
  • Self employed income requires a 2 year history. 
  • Declining self employed income typically cannot be used unless allowed by specific agency or loan program.

 

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.

 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364
 
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

 

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans effective 10/1/2012:


Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans effective 10/1/2012:.

via Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans effective 10/1/2012:.

 

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans:

More Info on Kentucky RHS – Support Rural Definition Amendment for Kentucky  USDA Programs – Please read carefully and ACT NOW!!!
On July 31, 2012 Congress passed a 6-month Continuing Resolution (CR) to fund the government through March 31, 2013, avoiding a messy fight over the FY13 Appropriatios bills.  At this time, the Continuing Resolution (CR) is our best opportunity to enact a solution to USDA’s “rural” definition issue before the October 1, 2012 deadline for RHS.
PLEASE CALL OR EMAIL YOUR REPRESENTATIVES TODAY AND EVERY DAY and ask them to sign on to Rep. Fortenberry’s letter to Appropriations Chairman Hal Rogers, urging the Committee to address the “rural” definition issue in the Continuing Resolution (CR).
The CR is our best opportunity to address these issues before the October 1st deadline.  If the House does not enact a solution to the “rural” definition issue, USDA will move forward with the below changes on October 1st.  The Senate already has a provision in their appropriations bill.  Now, we need the House to act. When you call or email your Representative make sure they know that without this CR, the October 1st changes will serve a massive blow to affordable housing in rural communities.
Please, don’t think that someone else will make the calls or send the emails.  It is up to YOU! Also contact all the Realtors and Builders that you know because it affects them too!  Ask them to call their Representatives as well. 

Here are the cities in Kentucky that will no longer be eligible for RHS mortgage loans:

Bardstown, city 

Burlington, city

Elizabethtown, city

Gerogetown, city

Independence, city

Nicholasville, city

Shelbyville, city

Shepherdsville, city

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