Please forward this low down payment investment property mortgage screen to sharedip-1071804715. Home Affordable Refinance Program HARP 2.

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky Zero Percent Down Home loans on 30 year f: Kentucky Zero Percent Down Home loans on 30 year fixed rates   Get your own backyard for your kids and dogs. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as it’s own novel. You need to be able to afford the home. The first ratio, top ratio or housing ratio.

Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has.

So, it includes housing payment as well as every other debt that a borrower may have. Basically, it’s income that has at least a proven, two year history of being received and pretty high assurances that the income is likely to continue for at least three years. Unverifiable cash income, short term income and income that’s not likely to continue like unemployment income, student loan aid,  VA education benefits,or short term disability are not allowed for a  mortgage loan. What the mortgage underwriter is looking for here is how much can you put down and secondly, how much will you have in reserves after the loan is made to help offset any financial emergencies in the future. Do you have enough assets to put the money forth to qualify for the down payment that the particular program asks for.