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Financing in Kentucky : Real Estate Advice

  • All117
  • Local Info6
  • Home Buying69
  • Home Selling13
  • Market Conditions0

Activity 108
Thu Jul 6, 2017
A VA loan should not take any longer than any other type of loan.
0 votes 1 answer Share Flag
Sat May 27, 2017
Kathy Burgreen answered:
Hi Cassey

I'm a retired realtor still in contact with lenders so let me educate you on what is really going on - none of it is your fault.

1. The law was changed last Oct. that requires lenders to use 1% of the student loan balance to be added to the buyer's debt to income ratio. This is for Fannie Mae loans. I understand that Freddie Mac does not require 1% to be added to the buyer's DTI. So you need to find a lender that can do a Freddie Mac loan.

2. If your loan amount is less than $80,000. it will be very difficult to find a lender. You need to understand that there are lender costs to give you a loan. Most lenders will not do loans below $100,000. Very few will go down to $80K. Below that - forget it. Because of Federal laws, guidelines and strict regulations, it is not worth the lender's time and expense to get involved with loans below $80,000. Lenders will not make a profit on your loan. After all, lenders need to earn a living and don't work for free.

3. For all loans, lenders will use the credit score and income for each buyer applying for the loan. Lenders cannot use one buyer's credit score and another buyer's income. It's either the credit score and income for 1 buyer or both buyers - you cannot separate it.

My advice to you is either get a 2nd job or increase your income somehow. Continue renting and work on paying off some debts so your credit score can improve. Then you will be ready to buy. There is no rush to buy now. You can always rent.
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Fri Feb 17, 2017
Sam Rector asked:
Sat Sep 10, 2016
Mariyaluci answered:
Gree with the other recommendations about Burlington/Florence, KY Federal as a source, but I'm guessing that few, if any, lenders are going less than 20% down on construction loans these days.

Of course if this were a purchase, an FHA rehab loan would get you what you are after, potentially.
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Fri Sep 2, 2016
Jordan Thacker asked:
Buying first home and unsure about any first time buyer schemes
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Thu May 12, 2016
Jules Williams Metcalfe asked:
My husband & I will be looking for houses starting next year, but I was curious if we can get closing costs financed into the total loan amount? I know there's no way we could come…
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Thu Apr 28, 2016
Doug.king asked:
If credit is good but living on retirement income. How hard is it to finance a new home ? We will have 1/3 down
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Mon Apr 25, 2016
Unfortunately that sounds accurate. In order to count income towards qualifying it needs to be stable, verifiable, and LIKELY TO CONTINUE. If he's in line for an income reduction upon retiring then that needs to be taken into account. After all, how will he pay the mortgage? ... more
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Fri Apr 8, 2016
Paul answered:
Let help you answer the Rent v Buy v Invest question for yourself and your unique situation re: Your monthly rent expense option v house purchase price You would like to buy + all its associated costs like closing/title/mortgage interest/RE taxes/HO insurance/utilities + maintenance costs/broker selling commission/capital gains taxes/and more! is educational, in-depth, and easy to understand for first-time homebuyers. ... more
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Thu Mar 31, 2016
Gawoommavovah asked:
Thu Mar 24, 2016
Jaafarlending44 answered:
Need 24 hours fast cash loan?

0 votes 1 answer Share Flag
Wed Feb 3, 2016
Raven Dunn asked:
I'm a first time homebuyer interested in rural property and the USDA Single Family Housing Guaranteed Loan Program. There's not many lists of local USDA lenders (the USDA site only lists…
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Wed Jan 20, 2016
Five Stars answered:
We can offer up to 95% Jumbo up to 850K loan amounts as of 2016. Please contact us below to discuss your situation in detail, we would be happy to help.

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
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Mon Dec 28, 2015
Jessandgina65 asked:
Tue Dec 8, 2015
Five Stars answered:
Contact us below we can assist you ..

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
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Thu Nov 19, 2015
1, Student loan considerations
2. New refinance definition
3. Grossing up of non-taxable income
4. 100 mile rule
5. Authorized user of credit card
6. Streamline financing…
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