100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Score Requirement on Kentucky FHA Loans for people...

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Score Requirement on Kentucky FHA Loans for people...: Lowers Minimum Credit Score Requirement on Kentucky FHA Loans Kentucky FHA Home loan programs for people with bad credit FHA loans are...





Score Requirement on Kentucky FHA Loans for people with bad credit

Lowers Minimum Credit Score Requirement on Kentucky FHA Loans

Kentucky FHA Home loan programs for people with bad credit


FHA loans are designed to make housing more affordable with lower down payment requirements than conventional loans on purchases and less home equity requirements on refinances.  Less stringent qualification guidelines and the security of a government-insured loan makes FHA a popular choice for consumers.



Kentucky FHA Loans with 580 Credit scores and – Low Down Payment – 3.5% which can be gifted from relatives or borrowed off one's retirement account. If your scores is between 500-579, 10% down needed for home loan and subject to underwriting approval.

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Kentucky First Time Home Buyer Programs For Home Mortgage Loans: KENTUCKY FIRST TIME HOME BUYER REQUIREMENTS MORTGA...

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: KENTUCKY FIRST TIME HOME BUYER REQUIREMENTS MORTGA...: 1. Mortgage Rates Change Just like the stock market, mortgage rates change throughout the day. Mortgage rates you see today may not...
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky VA Mortgage Loan Information

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky VA Mortgage Loan Information: Kentucky VA Mortgage Loans What are VA Home Loans? VA Loans provide military veterans and current service members a distinct...
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COVID-19, Kentucky VA Home Loan Benefits

VA Announces Special Relief for those Potentially Impacted by COVID-19


VA issued Circular 26-20-7: Special Relief for those Potentially Impacted by COVID-19 (Circular). Per the Circular, loan holders are encouraged to extend forbearance to borrowers in distress as a result of COVID-19. Servicers should work with impacted borrowers who are unable to make their mortgage payments to ensure they are evaluated for VA Loss Mitigation options. In addition, servicers are encouraged to suspend credit bureau reporting and to adopt policies that waive late charges for affected loans.

Special Relief for those Potentially Impacted by COVID-19

1. Purpose. The Department of Veterans Affairs (VA) is working with other federal partners to assess next steps in response to recent reports of cases of Coronavirus Disease 2019 (COVID-19) in the United States. To keep Veterans and stakeholders safe while continuing the mission of VA Home Loan Program, VA is providing the following information. Please note, VA is continuing with normal program operations and information will be shared as updates are made available regarding the VA Home Loan program.

2. Veterans. If you have an in-person appointment scheduled with your lender, servicer, appraiser, or VA staff and answer “yes” to any of the following questions, please call the point of contact before your scheduled appointment.
a. Are you having flu-like symptoms, such as fever, cough, or shortness of breath?
b. In the last 14 days, have you traveled to a high-risk area for transmission of COVID-19?
c. Have you been in close contact with someone confirmed to have COVID-19 or who is being evaluated for COVID-19?

In lieu of conducting a face-to-face meeting, VA will make every effort to conduct meetings by telephone. However, VA may have to postpone the meeting or Veterans may request to have a meeting postponed based on circumstances.

3. Lenders and Servicers. Lenders should have continuity of operation plans in place to support ongoing ability to conduct business operations in the event of an interruption to business operations and processes. Servicers may employ the following relief for Veterans impacted by COVID-19:

a. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of COVID-19. We understand the impact may be temporary, but it is still a hardship.

 Servicers should work with impacted borrowers who are unable to make their mortgage payments to ensure they are evaluated for VA Loss Mitigation options outlined in Chapter 5 of the VA Servicer Handbook M26-4, https://www.benefits.va.gov/WARMS/M26_4.asp. VA encourages the proper use of authorities granted in VA regulations to provide assistance in appropriate cases.

For example, Title 38, Code of Federal Regulations (CFR), section 36.4311 allows the reapplication of prepayments to cure or prevent a default. Also, 38 CFR 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

Circular 26-20-7 March 16, 2020


b. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans and encourages all servicers to adopt such a policy for any loans that may have been affected.

c. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. Please contact the appropriate Regional Loan Center (RLC) with any questions.

4. Appraisers. Appraisers should continue to conduct business as outlined in Chapter 10 of the M26-
7, Lender’s Handbook, https://www.benefits.va.gov/WARMS/pam26_7.asp.

If you have an appointment scheduled and answer “yes” to any of the following questions, please contact the RLC of jurisdiction or the point of contact for the scheduled appointment to determine whether the appointment needs to be rescheduled or whether the assignment should be reassigned.

a. Are you having flu-like symptoms, such as fever, cough, or shortness of breath?
b. In the last 14 days, have you traveled to a high-risk area for transmission of COVID-19?
c. Have you been in close contact with someone confirmed to have COVID-19 or who is being evaluated for COVID-19?

The Centers for Disease Control and Prevention has advised the best way to prevent illness is to take preventative measures. When onsite, appraisers are encouraged to observe the following measures to help prevent the spread of respiratory diseases including the novel COVID-19:

a. Before and after exiting the home, use an alcohol-based hand sanitizer with at least 60 percent alcohol.
b. Avoid close contact with individuals who may be present in the home which includes no handshakes or fist bumps.
c. Avoid touching your eyes, nose, and mouth.
d. Cover your cough or sneeze with a tissue, then throw the tissue in the trash and immediately clean your hands with a hand sanitizer that contains at least 60 percent alcohol.

Please contact the RLC of jurisdiction if you have been impacted by COVID-19 and are unable to complete your appraisal assignments. The email addresses for each of the RLCs are available at: https://www.benefits.va.gov/HOMELOANS/contact_rlc_info.asp.
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Student Loan Guidelines For Qualifying for a Mortg...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Student Loan Guidelines For Qualifying for a Mortg...: Loan type Student Loan Payment Requirement FHA Must be included in the borrower’s liabilities regardless of the payment type or ...
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Mortgage Forbearance: Guidelines for Homeowners - ...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Mortgage Forbearance: Guidelines for Homeowners - ...: Mortgage Forbearance: Guidelines for Homeowners - NerdWallet FORBEARANCES AGAIN I am still getting a lot of questions in regard to fo...



FORBEARANCES AGAIN

I am still getting a lot of questions in regard to forbearances so I am going to repeat and update some information.
  • Who Qualifies for Forbearances? Anyone suffering financial hardship b/c of the COVID-19 crisis. Some servicers will take the borrower’s word but many will request “proof” of some sort. Borrowers who are not in financial peril should be careful about claiming they are, as they risk fraud charges.
  • How Do I Obtain a Forbearance? Borrowers need to contact their servicer and apply for it. They should not simply stop making payments.
  • Do I Have to Pay Back Missed Payments? Yes – without a doubt. Some servicers will want all of the missed payments repaid as soon as the forbearance ends; some will want to restructure entire loans; and some will want to set up repayment over a period of months. Servicers will most likely try to work out the repayment system when borrowers apply for forbearances.
  • Does It Matter What Type of Mortgage I Have? Yes. Forbearances will be easier to obtain for conforming (Fannie/Freddie), FHA and VA loans. Jumbo and non-QM borrowers, however, will have a more difficult time obtaining forbearances b/c the government does not have as much influence over those channels.
  • How Will a Forbearance Affect My Credit? If borrowers obtain a formal approval for a forbearance, it should not affect their credit. If borrowers just stop making payments, however, without getting an approval from their servicer, it will likely impact their credit – severely. There is a caveat here too: while credit reports will not show late payments when borrowers get their forbearances approved, future lenders will be able to see if a borrower obtained a forbearance in many cases, and that could affect credit decisions. This is something we saw with loan modifications after the 2008 crisis.
  • Should I Go Through With My Purchase or Refinance If I Am Likely to Seek a Forbearance? Absolutely not. Not only will it be extremely difficult for borrowers to obtain a formal forbearance approval for a recently funded loan, missing payments on newly funded loans put the originating lender in extreme financial peril.
Here is a short article from Nerd Wallet with additional info.
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Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA MORTGAGE LOANS

Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA MORTGAGE LOANS: KENTUCKY USDA MORTGAGE LOANS KENTUCKY USDA Loans are issued by qualified lenders and are guaranteed by the United States Departme...





KENTUCKY USDA Loans are issued by qualified lenders and are guaranteed by the United States Department of Agriculture. These are not farm loans! They are intended to encourage home ownership in rural areas as defined by the USDA in Kentucky.

Here’s a quick overview of KENTUCKY MORTGAGE USDA loans:
  • No down payment - a true 100% LTV Loan
  • Minimum credit score of 581. Just investors will create overlays and institute a higher minimum credit score-Be aware of this!~!!! 
  • Borrowers that do not have a credit score may be eligible with additional requirements.
  • Kentucky USDA Rural Housing has a Household income limits apply. Avg. limits throughout KENTUCKY are $86,850 for 1-4 people in the home, $114,650 for 5-8. Incremental increases to limits will apply for families with over 8 people.
  • Generally easier to qualify for than a Conventional mortgage and much cheaper mortgage insurance than FHA loans in Kentucky!
  • Property must be located in an eligible rural area as designated by map below 
  • No maximum loan amount unlike FHA and Conventional loans.
  • Eligible Property Types:
    • 1 unit properties only
    • HUD Approved Condos
    • New Manufactured Homes (*There is currently a pilot program in KENTUCKY only that allows for existing homes built after Jan. 2006)
Contact us for an overview of the property eligibility boundaries specific to your area, or look up the eligibility of a specific address here: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

Want to learn more about KENTUCKY USDA loans? Let us know, we are here to help!
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