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joel lobb (Kentucky Loan)
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Louisville Kentucky Mortgage Loan Officer for USDA, FHA, VA, KHC, Fannie Mae and Jumbo Mortgage Loans
Louisville Kentucky Mortgage Loan Officer for USDA, FHA, VA, KHC, Fannie Mae and Jumbo Mortgage Loans

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2018 Kentucky USDA Rural Development County Specific Income and Location Guidelines


Have more questions or want to get the application process started? The USDA Loan Agency is here to help. Contact us today for assistance with your Kentucky USDA Home Loan.
Kentucky USDA Guaranteed Loan Income Limits
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What Can Hurt Your Credit Scores
Certain actions and items on your credit report can have a greater negative impact on your credit score than others. Harmful information falls into the following basic categories:

Failure to Repay a Debt as You Originally Agreed to Do
Failure to repay a debt can take on many forms, and all of them can negatively affect credit scores. Failure to pay may be:

Missed payments — Even if you start paying again right away, the fact that you skipped a payment at all looks bad on your credit report. Late or missed payments remain on credit reports for up to seven years from the original delinquency date
Charge-off — When a creditor charges off a debt, it means they’ve basically decided they won’t be able to get the money you owe, and wrote your account off as a loss. The charged off account is closed for any future use and the creditor may continue to report the past due amount and balance owed. Most lenders will also sell these charged off accounts to a collection agency.
Collections — When a creditor feels they can no longer recoup a debt, they may ask a collection agency to try to get you to pay. Or, they may sell the debt to a collection agency. Either way, collections are a type of negative information that stays on credit reports for seven years.
Settled accounts — A creditor may agree to accept less than the total amount you owe, in which case your debt is considered settled. However, because you didn’t repay the debt as originally agreed, settled accounts are still considered to be negative information on credit reports.
Repossession — When a creditor reclaims collateral for a secured loan, such as the vehicle you purchased with an auto loan, the repossession appears on credit reports. A repossession tells potential lenders you failed to repay an important debt as agreed.
Voluntary Surrender – When a lender agrees to take a vehicle back at your request, your voluntary surrender will appear on your credit report as a derogatory item. If there is a balance remaining from the surrender, and you fail to pay that amount, then that debt could be turned over to a collection agency.
Foreclosure — The home loan equivalent to repossession, foreclosure means you haven’t paid your mortgage as agreed and the mortgage lender takes possession of your house. Foreclosures remain on credit reports for seven years.
Bankruptcy — When you’re no longer able to manage all your debt, you may declare bankruptcy. When you file Chapter 7 bankruptcy, none of the debt included in the filing gets repaid, so the notation of the bankruptcy will remain on your credit report for 10 years. If you file Chapter 13, you’ll repay a portion of the total debt you owe, so the information will cycle off your credit report in just seven years.
Credit Use Decisions
Certain actions you take can negatively affect your credit scores, even if you’re paying your bills on time. These include:

Closing accounts — Closing a credit account reduces the total amount of credit you have available, which can affect your credit utilization ratio. It can also affect your credit history if the account you close happens to be the oldest one on your credit report.
Opening new credit accounts — Opening multiple new credit accounts in a short period of time can affect your credit scores in multiple ways. It may generate a concerning number of hard inquiries associated with multiple credit applications, indicating that you may be potentially taking on more debt than what you could manage.
Using only credit cards — If you have only credit cards and no other types of loans, that lack of credit diversity in your mix may be a negative factor in credit scoring.
Public Information
Certain public information can negatively affect credit scores, including tax liens, bankruptcies, and civil judgments.

What Can Improve Your Credit Scores
The good news is many of the factors that could negatively affect a credit score are things you can positively influence. It is possible to take actions to help improve your credit scores, including:

Paying all your bills on time, every time, as agreed under the terms of your contract with the lender. Positive payment history is the single most important factor in many credit scoring models determining credit scores.
Pay down your debt to help improve your credit utilization ratio.
Only apply for and open credit accounts when you really need them. This can help positively affect your credit history and reduce hard inquiries.
What to Do if You Don’t a Have Credit Score
While most adults have a credit report and credit scores, it’s possible for your credit report to have little or no information on it if you haven’t used credit before. In order to establish a positive payment history, you’ll need to begin using credit wisely. Steps that can help you establish credit include:

Becoming an authorized user on the credit card of someone who already has good credit can be a good way to establish credit. Most credit scoring models will consider authorized user accounts in credit score calculations. However, because the authorized user isn’t responsible for payments, the account will have less impact on credit scores, as compared to a joint account holder or individual account holder.
Open a joint account with someone who has good credit. This can help build your credit history faster, since you will share responsibility for repaying the debt.
Open a credit card and use it to make purchases you can repay immediately. Pay the balance in full every month to help build a good payment history. If you have trouble qualifying for an unsecured credit card, you could get a secured credit card and use it the same way.
Remember that your financial and credit-related actions contribute to your credit scores, so the ability to get higher scores over time is yours. The most important thing you can do to build your credit and improve your credit scores is to review your credit report and request your scores. When you check your credit score from Experian, you’ll find out the factors that are having the biggest impacts, so you’ll know exactly what steps to take to improve your credit score.
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Understanding the FICO® Score Ranges
Your FICO Score powered by Experian data can range from 300 to 850 and can influence what credit is available to you, how much interest you’ll pay and even things such as your utilities and mobile phone options.

Knowledge – about your credit, about the impact it has on your future, about the world in general – is powerful. If you’re on the lookout to be better versed about your credit, consulting your FICO Score could be a great place to start. A FICO Score is a powerful measure of your creditworthiness as a lender might see it.

FICO Scores are used in 90% of credit decisions, so they’re a very good barometer of how your credit can look to potential lenders. Scoring ranges are just one of the tools lenders can use to link ranges of values with associated characteristics and metrics at-a-glance, allowing them to make more informed lending decisions quickly and fairly.

Credit Score Range Definitions
800 +: Indicates an exceptional FICO Score and is well above the average credit score. Consumers in this range may experience an easy approval process when applying for new credit. Approximately 1% of consumers with a credit score of 800+ are likely to become seriously delinquent in the future.
740 to 799: Indicates a very good FICO Score and is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. Approximately 2% of consumers with a credit score between 740 to 799 are likely to become seriously delinquent in the future.
670 to 739: Indicates a good FICO Score and is in the median credit score range. Consumers in this range are considered an “acceptable” borrower. Approximately 8% of consumers with a credit score between 670 to 739 are likely to become seriously delinquent in the future.
580 to 669: Indicates a fair FICO Score and is below the average credit score. Consumers in this range are considered subprime borrowers and getting credit may be difficult with interest rates that are likely to be much higher. Approximately 28% of consumers with a credit score between 580 to 669 are likely to become seriously delinquent in the future.
579 and lower: Indicates a poor FICO Score and is considered to be poor credit. Consumers may be rejected for credit. Credit card applicants in this range may require a fee or a deposit. Utilities may also require a deposit. A credit score this low could be a result from bankruptcy or other major credit problems. Approximately 61% of consumers with a credit score under 579 are likely to become seriously delinquent in the future.
Other Factors to Consider About Your Overall Credit
Your FICO Score is one part of what a lender considers when judging credit-worthiness.
Your FICO Socre does not factor in income, length of employment, alimony or child support payments, and other things that lenders will typically consider.
Having little payment history, or having only new credit can result in a lower FICO Score. It is not always from missed payments or maxed-out credit cards.
How Credit Scores are Calculated
35%: Payment history
30%: Amounts owed on credit and debt
15%: Length of credit history
10%: New credit
10%: Types of credit used
FICO is a registered trademark of the Fair Isaac Corporation.
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What is Title Insurance and Why Do I Need It?
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joel lobb (Kentucky Loan) commented on a post on Blogger.

Fannie Mae Forms 1004/ 2055 1004c 1025 1025 1025 1073/ 1075 1004d Appraiser State Single Family Mfg. Home Duplex Triplex 4 Plex Condo Repair Inspection Timeliness

Kentucky $475 $475 $625 $625 $625 $475 $150 10 Business Days
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Fannie Mae Forms 1004/ 2055 1004c 1025 1025 1025 1073/ 1075 1004d Appraiser State Single Family Mfg. Home Duplex Triplex 4 Plex Condo Repair Inspection Timeliness

Kentucky $475 $475 $625 $625 $625 $475 $150 10 Business Days
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