Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.


Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial
Compensating factors may affect the loan decision for a Kentucky VA Mortgage. These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio. They cannot be used to compensate for unsatisfactory credit.
Valid compensating factors to over turn a Kentucky VA Mortgage loandenial should represent unusual strengths rather than mere satisfaction of basic program requirements. For example, the fact that an applicant has sufficient assets for closing purposes, or meets the residual income guideline, is not a compensating factor.
Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan. For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.
502-905-3708
Compensating factors include, but are not limited to the following:

· excellent credit history,
· conservative use of consumer credit,
· minimal consumer debt,
· long-term employment,
· significant liquid assets,
· sizable downpayment,
· the existence of equity in refinancing loans,
· little or no increase in shelter expense,
· military benefits,
· satisfactory homeownership experience,
· high residual income,
· low debt-to-income ratio,
· tax credits for child care, and
· tax benefits of home ownership.
If you looking to get approved for a Kentucky VA Mortgage, give us a call today. We can go down to 640 credit scores for VA loans in Kentucky, and the maximum debt to income ratio on some cases can go as high as 50% with the above compensating factors.

click to apply

Louisville Kentucky Mortgage Loans

via Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial

Compensating factors may affect the loan decision for a Kentucky VA Mortgage.  These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income…

View original post 216 more words

Advertisements

Mortgage Insurance Rates Increasing on Louisville Kentucky FHA Loans


Mortgage Rates Kentucky « Kentucky First Time Home Buyer Mortgage Loan

Kentucky FHA Mortgage Loans Guidelines

Mortgage Insurance Rates Increasing on FHA Loans.

Mortgage Insurance Rates Increasing on FHA Loans in Louisville Kentucky

by MERIDITH DOUCETTE on MARCH 21, 2012


FHA Mortgage Insurance Rates Will Be Going Up on All New FHA loans in Louisville Kentucky Assigned April 9, 2012 and After.

FHA Loans are loans insured by the Federal Housing Administration (FHA). These insured loans minimize the risk lenders face by allowing buyers a down payment less than 20% of the price of the home. FHA Loans offer features that are attractive to many home buyers such as:

  • Low Down Payment – as low as 3.5% of the purchase price of the home
  • Low Closing Costs – closing costs, mortgage insurance and other fees can be included in the loan
  • Easier Credit Qualifications – those who don’t have the credit score or history to qualify for a conventional loan may qualify for FHA financing

View original post 428 more words

Fed Raises Mortgage Interest Rates and Projects Three More Hikes in 2018 & 2019


Kentucky Mortgage Rates for FHA, VA, KHC, USDA,
FHA, VA, USDA, Fannie Mae and KHC Mortgage Rates in Kentucky 30 year fixed, 15 year fixed, 10 year fixed rate mortgage loans in Kentu
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
Phone: 5029053708 http://mylouisvillekentuckymortgage.com
Current Interest Rates

Fixed Rate Programs
[ Adjustable Rate Programs ]

Rates as of January 24, 2018 11:27:20 AM Old Date? Lock
days Qualifying
Ratios
Program Rate Points APR
Conforming 30 year FRM 3.750 1.000 4.987 30 35 / 45
rates subject to underwriting credit criteria-
Conforming 15 year FRM 3.375 1.000 3.984 30 35 / 45
rates subject to underwriting credit criteria-
FHA 30 year FRM 3.250 1.000 4.874 30 35 / 50
rates subject to underwriting credit criteria-
FHA 20 year FRM 3.500 1.000 4.425 30 28 / 50
rates subject to underwriting credit criteria-
FHA 15 year FRM 3.250 1.000 4.187 30 35 / 50
rates subject to underwriting credit criteria-
VA 30 Year FRM 3.250 1.000 4.379 30 41 / 41
rates subject to underwriting credit criteria-
VA 15 Year FRM 3.250 1.000 4.987 30 0 / 0
rates subject to underwriting credit criteria-

Adjustable Rate Programs

Rates as of January 24, 2018 11:27:20 AM Old Date? Lock
days Qualifying
Ratios
Program Rate Points APR Index Margin Caps
Please note:
This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.
APR calculations based on a loan amount of $200,000 for conforming loans, $500,000 for jumbo loans and a maximum loan-to-value ratio of 80%.
Rates, points and programs are subject to change without notice and cannot be guaranteed.
Rates Last Updated: 1/6/2018 10:50:17 AM

This web page is designed and maintained by Mortgage-X.com

Rates expected to upsurge to 4.6% in 2018 and over 5% in 2019 and 2020.

Fed Raises Mortgage Interest Rates and Projects Three More Hikes in 2018 and 2019.

2017 has been quite a ride for Mortgage Interest rates in the US. While some months, saw a decrease in rates, others saw an increase owing to the rate hikes by the FED. The US economy saw the third interest hike of 2017 with the Federal Reserve raising interest rates by a quarter of a percentage point on Wednesday (Dec 13) and is projecting three more hikes in 2018 and two more in 2019. Also, according to a recent Housingwire article, top economists at the Mortgage Bankers Association (MBA) predict purchase mortgage volume will grow, while refinances will decrease as interest rates continue to rise. Mortgage interest rates are expected to upsurge to 4.6% in 2018 and exceed 5% by 2020.  This does raise a question about borrowers’ ability to handle growing rates as well…

View original post 338 more words

2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing


Fannie Mae Mortgage Student Loan Solutions Frequently Asked Questions


Fannie, Fannie Mae, Fannie Mae Homepath, Fannie Mae New Lending Guidelines for Kentucky, First Time Home Buyer in Kentucky Zero Down, First Time Home Buyer Loans–Kentucky, First Time Home Buyer Programs Louisville Kentucky, Kentucky Fannie Mae REO Homes For Sale – HomePath.com, Louisville First Time Buyer Mortgages, Louisville First Time Buyers, Louisville Kentucky First Time Home Buyer, Refinance Fannie Mae Loan, STUDENT LOANS and tagged 2017 fannie mae student loan changes, conventional loan guidelines student loans, kentucky student loans, STUDENT LOANS

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, RHS, Fannie Mae Home Mortgage Loans in Kentucky for 2018

aaaf9a21b3b923d060abfeabaaf30469

Fannie Mae Student Loan Solutions Frequently Asked Questions
Listed below are common questions about Fannie Mae’s Student Loan Solutions.
Q1. How does Fannie Mae anticipate Student Loan Solutions will benefit
borrowers?
Forty-four million Americans today have student loan debt; seven in 10 graduates
of public and nonprofit colleges in 2015 had student loan debt; and recent
graduates averaged $34,000 in student loan debt.*
The Student Loan Solutions referenced in the Announcement address
challenges and obstacles to homeownership due to a significant increase in
student loan debt over the past decade and provide access to credit for qualified
borrowers. The new solutions give homeowners the opportunity to pay off one or
more student loans with a lower cost mortgage refinance, allow borrowers to
exclude certain monthly obligations paid by others from debt-to-income (DTI)
ratio, and make it more likely for borrowers with student debt to qualify for a
mortgage loan by…

View original post 961 more words

Fannie Mae recently announced some changes to student loans that will help more Kentucky Home Buyers Qualify.


Fannie Mae recently announced some changes to student loans that will help more Kentucky Home Buyers Qualify.

Louisville Kentucky Mortgage Loans

aaaf9a21b3b923d060abfeabaaf30469

Fannie Mae recently announced some changes to the Selling Guide. The following changes are effective immediately for loans submitted to Crescent under Fannie Mae’s requirements.
Student Loan Payments

If a payment is provided on the credit report, that amount can be used for qualifying purposes. If the credit report does not identify a payment amount (or reflects $0), the lender may use either 1% of the outstanding balance, or a calculated payment that will fully amortize the loan based on documented loan repayment terms.
Debts Paid by Others
Documentation requirements to exclude a NON-MORTGAGE debt from qualifying ratios have been simplified. Non-mortgage debts included installment loans, student loans, and other monthly debts as defined in the Fannie Mae Guide. When documentation is provided to show the debt has been satisfactorily paid by another party for the past 12 months, then the debt can be excluded from the debt-to-income ratio calculation…

View original post 265 more words

New Fannie Mae Homes in Kentucky for Sale On the Homepath Program Foreclosures


Address Location Type Status Price Beds Baths
Previous Next
136 W Main St
Mount Sterling, KY
Single Family Under Contract $60,000 5 2
1660 Ecton Rd
Winchester, KY
Single Family Under Contract $62,500 4 2
328 Hillrise Dr
Monticello, KY
Single Family Under Contract $65,000 3 2
502 E Main St
Vine Grove, KY
Single Family Active $67,900 3 1
103 S Henderson Dr
Fulton, KY
Single Family Active $69,900 3 3
424 E Union St
Hartford, KY
Single Family Under Contract $69,900 4 2
9213 New Maple Rd
Louisville, KY
Single Family Price Reduced $71,900 3 1
6003 Murnan Rd
Newport, KY
Single Family Under Contract $72,500 3 2
1927 Brooklyn Chapel Rd
Morgantown, KY
Single Family Price Reduced $72,900 3 2
112 Valley Brook Dr
Frankfort, KY
Single Family Active $75,000 3 2
520 E 20th St
Covington, KY
Single Family Under Contract $75,500 4 2
10802 Milwaukee Way
Louisville, KY
Single Family Active $76,000 3 2
4421 Mcgill Dr
Louisville, KY
Single Family Active $76,900 4 2 First Look Program
7 Welby Rd
Louisville, KY
Single Family Back on Market $78,500 2 1
120 Ridgemont Rd
Paducah, KY
Single Family Active $79,000 3 3
711 N Lakeview Dr
Louisville, KY
Single Family Active $81,500 2 1
12 Crestwood Ave
Newport, KY
Single Family Active $82,900 2 1
2115 Joyce Ave
Newport, KY
Single Family Active $82,900 2 1
5973 Madisonville Rd
Hopkinsville, KY
Single Family Under Contract $82,900 3 2
102 Poppy Ct
Radcliff, KY
Single Family Under Contract $87,500 3 2
10 Kenil Ct
Louisville, KY
Single Family Under Contract $87,900 3 1
64 Seymour Ln
Horse Cave, KY
Single Family Price Reduced $88,900 3 2
21 Highway 578 N
Annville, KY
Single Family Active $89,900 4 2
488 E Frogtown Rd
Walton, KY
Single Family Just Listed $89,900 2 1 First Look Program
421 Newby Rd
Richmond, KY
Single Family Active $92,900 4 2
3603 Shadyside Dr
Erlanger, KY
Single Family Under Contract $95,000 3 1
3506 Tyrone Dr
Louisville, KY
Single Family Under Contract $96,500 4 1
1983 Cathy Ln
Lexington, KY
Single Family Price Reduced $99,900 3 1
145 Douglas Ave W
Stanford, KY
Single Family Under Contract $105,000 3 2
931 Robin Cir
Radcliff, KY
Single Family Active $107,000 3 2
1520 Bryan Rd
Boaz, KY
Single Family Under Contract $109,000 4 3
3731 Stanton Blvd
Louisville, KY
Single Family Under Contract $115,000 3 2
727 Agawam Rd
Winchester, KY
Single Family Under Contract $117,500 4 3
114 Dakota Cir
Carrollton, KY
Single Family Back on Market $119,900 3 2 First Look Program
1557 Dunbar Leetown Rd
Morgantown, KY
Single Family Active $124,500 3 2
2301 Paris Rd
Mount Sterling, KY
Single Family Just Listed $129,900 3 2 First Look Program
1338 Lewis Creek Ln
Beaver Dam, KY
Single Family Just Listed $129,900 3 2 First Look Program
843 Button Knob Rd
Liberty, KY
Single Family Under Contract $135,000 4 2
313 Shakers Landing Rd
Harrodsburg, KY
Single Family Under Contract $142,500 3 2
145 Copperas Lick Br
Prestonsburg, KY
Single Family Just Listed $142,900 3 2.5 First Look Program
9145 Flagg Springs Pike
Alexandria, KY
Single Family Back on Market $144,500 4 3
926 S Woodland Dr
Radcliff, KY
Single Family Active $144,900 3 2
231 Turkey Run Dr
Bowling Green, KY
Single Family Under Contract $155,000 3 2
46 Summershade Dr
Elizabethtown, KY
Single Family Active $157,500 3 2
10520 Pinoak View Dr
Louisville, KY
Single Family Under Contract $161,000 3 2
2250 Clearwater Dr
Lawrenceburg, KY
Single Family Active $165,000 3 3
10445 Calvary Rd
Independence, KY
Single Family Under Contract $167,500 3 2
2401 Venetian Way
Burlington, KY
Single Family Under Contract $169,900 3 3
147 Owl Creek Ln
Shepherdsville, KY
Single Family Active $179,900 3 2
114 Annette Dr
Richmond, KY
Single Family Under Contract $185,000 5 3