Home Loan Bad Credit Kentucky With No Lender Overlays

This BLOG On Home Loan Bad Credit Kentucky With No Lender Overlays Was PUBLISHED On March 21st, 2019

When other states like New York is losing residents due to high taxes and cost of living, Kentucky is flourishing.

  • New York has one of the highest taxes in the country
  • Many residents are leaving the state of New York to other states like Kentucky
  • Kentucky has lower than average home prices
  • Kentucky also has very low property taxes and income/sales taxes
  • Residents of the state are enjoying the lower cost of living
  • The Kentucky Treasury has a surplus of funds and jobs are ample to welcome new residents
  • Kentucky also has a large concentration of active and retired members of the U.S. Armed Services
  • A large percentage of our borrowers at Gustan Cho Associates are Kentucky borrowers

We will discuss qualifying for Home Loan Bad Credit Kentucky With No Lender Overlays in this blog.

Qualifying For Home Loan Bad Credit Kentucky

There are many folks in high taxed states like New York that want to sell their homes and relocate to lower taxed states like Kentucky.

  • This holds true for homeowners with low mortgage balance or no balance with free and clear mortgages
  • Many just cannot afford the high property taxes, sales taxes, income taxes, and other taxes in their state
  • There are people with bad credit and worry about getting home loan bad credit Kentucky
  • Gustan Cho Associates are experts in helping borrowers qualify for home loan bad credit Kentucky
  • Gustan Cho Associates at Loan Cabin Inc. are direct lenders with no overlays on government and conventional loans
  • Many borrowers may visit their local bank or credit union and are told they do not qualify
  • Most lenders have overlays

We will discuss what lender overlays are on the following paragraph.

Lender Overlays Versus Agency Guidelines

All lenders mandate borrowers meet agency mortgage guidelines.

  • Each agency (FHA, VA, USDA, Fannie Mae, Freddie Mac) has its own agency mortgage lending requirements
  • However, lenders can have their own lending requirements that are above and beyond of agency guidelines called overlays
  • Due to lender overlays, not all lenders have the same lending requirements on FHA, VA, USDA, and Conventional Loans
  • Just because a borrower does not qualify with one lender does not mean they cannot qualify with a different lender
  • Gustan Cho Associates at Loan Cabin Inc. has no overlays on FHA, VA, USDA, and Conventional Loans
  • Over 75% of our borrowers are folks who either got a last-minute mortgage denial or are stressing during the mortgage process due to overlays

If you are seeking Home Loan Bad Credit Kentucky and need a direct lender with no overlays, contact us at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. 

Can I Qualify For Mortgage With Bad Credit And Collections?

Borrowers can qualify for Home Loan Bad Credit Kentucky with prior bad credit. They cannot qualify for Home Loan Bad Credit Kentucky with current bad credit. Gustan Cho Associates does not require borrowers to pay past outstanding collections and charged off accounts. However, all lenders require timely re-established credit in the past 12 months. One or two late payments in the past 12 months are not deal killers if borrowers can get an approve/eligible per automated underwriting system. Borrowers can qualify for home loans after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale. However, on government and conventional loans, there are mandatory waiting period after bankruptcy and/or housing event. Waiting period after bankruptcy and/or housing event depends on the particular loan program. FHA, VA, USDA, Conventional Loans has its own separate waiting period requirements. Gustan Cho Associates Mortgage Group offers nonqm loans where there is no waiting period after bankruptcy, foreclosure, deed in lieu, short sale. Borrowers can qualify for nonqm mortgages one day out of foreclosure. For more information in qualifying for Home Loan Bad Credit Kentucky, please contact us at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. The Gustan Cho Team at Loan Cabin Inc. is available 7 days a week, evenings, weekends, and holidays.

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