“Do I Qualify for a Mortgage Loan?” – RealEstate.com Flowchart
Exceptions to flowchart above.
1. Having a DTI ratio over 36% will not prevent a borrower from qualifying. A Kentucky household can comfortably afford a mortgage with a DTI ratio up to 45% or 55% with a VA or FHA loan with compensating factors such as high credit scores (740+),reserves equal to 12 months or more, large down payment or savings.
2. Down Payment.
There are several loan programs in Kentucky that allow a borrower to buy a home with little to $0 down payment. In fact, the USDA loan has a lower payment even when they have no down payment than compared to using an FHA loan with 3.5% down payment. Also there is VA loans which require no down payment if you are a veteran or active duty military, and last but not least, there is KHC or Kentucky Housing which offers down payment assistance on FHA loans in Kentucky so you can buy a home with zero down payment. Questions about qualifying for a mortgage loan?
Contact me below:
Joel Lobb Senior Loan Officer (NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com
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