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Louisville Kentucky mortgage rates September 1, 2011

281 Votes

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Current Louisville Kentucky mortgage rates today

(Current FHA/VA KHC Rates) Kentucky today

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Louisville Kentucky Mortgage Rates for today
Mortgage Product Mortgage Rates & (APR)

15 Year Fixed Conventional               3.500%           3.784% apr
30 Year Fixed Conventional             4.125%            4.497% apr
30 Year Fixed FHA 4.250%           4.871% apr
30 Year Fixed USDA                                4.250%           4.697% apr
30 year Fixed VA                                        4.250%           5.189% apr
30 year Fixed KHC                                   4.500%      5.377% apr

Current Louisville Kentucky Mortgage Rates today
Rates are subject to qualifying criteria
Rates are subject to change without notice.
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Louisville Kentucky Mortgage Rates are updated daily at this blog

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This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA

Key Financial Mortgage of KY is a licensed mortgage broker in the state of Kentucky (NMLS#1800). Key Financial Mortgage of KY is not a part of, nor are we affiliated with, the VA, FHA/HUD, USDA. These entities are a government agencies, not a lender. These Government agencies simply insure the mortgages; they do not loan the money. Joel Lobb (NMLS#57916) is a licensed loan officer in the state of Kentucky.

Louisville Kentucky FHA Seller Contributions and Closing Costs (louisvillemortgageguide.com)
9 items Kentucky homebuyers want (louisvillemortgageguide.com)
FHA Loans in louisville, kentucky (louisvillemortgageguide.com)
What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage Louisville Kentucky (louisvillemortgageguide.com)
Credit Scores for Kentucky Mortgages (louisvillemortgageguide.com)
Kentucky Hud Reo Properties Eligible for the $100 Down Payment Incentive (louisvillemortgageguide.com)

Written by Louisville Kentucky Mortgage Edit

September 1, 2011 at 9:45 am

Posted in Kentucky Mortgage Rates FHA VA KHC, Rates

Tagged with current louisville mortgage rates, Fannie Mae, Federal Housing Administration, interest rates, Kentucky, Kentucky Housing Corporation, kentucky rates mortgage, Louisville Kentucky, louisville rates, Mortgage, Mortgage broker, mortgage interest, Mortgage loan, Mortgages, Refinancing, Rural housing, United States Department of Agriculture

4 Things Needed to Get Approved for a Mortgage Loan In Kentucky

with 15 comments

40 Votes

I wish it were that easy. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage in Kentucky. Each category has so many what ifs and sub plots that each box can read as it’s own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you’re pretty much dead in the water:

Income

You need income. You need to be able to afford the home. Without it, forget it! But what is acceptable income? Basically, it all depends on the type of loan that a borrower applies for. Jumbo, V.A., USDA, FHA, Conventional, Super Jumbo? Let’s just say that there are two ratios:

First Ratio – 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. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.
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. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 43% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.

What qualifies as income? 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. What’s not acceptable?????? Cash income, short term income and income that’s not likely to continue.

Assets

For the most part this is fairly simple. Do you have enough assets to put the money forth to qualify for the downpayment that the particular program asks for. USDA says that there can be no money down. FHA, for now, has a 3.5% downpayment. Some loans require 20% down. These assets need to be validated through bank accounts and sometimes gifts. Can you borrower the down payment? Sometimes. Generally if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. TALK TO YOUR LOAN OFFICER FIRST when discussing what’s acceptable?

Credit

Whewwwwwwwwwwwwwwwwwwwwwwwwwwww. This can be the bane to every borrower, every loan officer and every lender……and yes, to every realtor. How many times has a borrower said my credit’s good, only to find out that it’s not nearly as good as a borrower thinks or nearly as good as the borrower needs. Big stuff for sure. 620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 700 is when you really start to get in the “as a lender we love you” credit score. 720 is even better. Watch your credit!!!!! Check out my post:

Appraisal

In many ways this is the easiest box. Why????? Generally, there’s nothing you can do to affect this. Bottom line here is…..”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the

Lower of the value or the contract price!!!

That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues….Talk to your loan officer.

For each one of these boxes, there are over 1,000 things that can effect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on!

Written by Louisville Kentucky Mortgage Edit

August 29, 2011 at 8:33 am

Credit Scores for Kentucky VA, FHA, USDA , Fannie Mae Home Loans

with 9 comments

2 Votes

502 905 3708 or kentuckyloan@gmail.com

Credit Scores for Kentucky VA, FHA, USDA , Fannie Mae Home Loans

The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by Fair Isaac Co. and is called the FICO score. FICO produces scoring models that are most commonly used, and which are installed at and distributed by the three largest national credit repositories in the U.S (TransUnion, Equifax and Experian) and the two national credit repositories in Canada (TransUnion Canada and Equifax Canada). FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market.

In the United States, FICO risk scores range from 300-850, with 723 being the median FICO score of Americans in 2010. The performance definition of the FICO risk score (its stated design objective) is to predict the likelihood that a consumer will go 90 days past due or worse in the subsequent 24 months after the score has been calculated. The higher the consumer’s score, the less likely he or she will go 90 days past due in the subsequent 24 months after the score has been calculated. Because different lending uses (mortgage, automobile, credit card) have different parameters, FICO algorithms are adjusted according to the predictability of that use. For this reason, a person might have a higher credit score for a revolving credit card debt when compared to a mortgage credit score taken at the same point in time.

The interpretation of a credit score will vary by lender, industry, and the economy as a whole. While 620 has historically been a divider between “prime” and “subprime”, all considerations about score revolve around the strength of the economy in general and investors’ appetites for risk in providing the funding for borrowers in particular when the score is evaluated. In 2010, the Federal Housing Administration (FHA) tightened its guidelines regarding credit scores to a small degree, but lenders who have to service and sell the securities packaged for sale into the secondary market largely raised their minimum score to 640 in the absence of strong compensating factors in the borrower’s loan profile. In another housing example, Fannie Mae and Freddie Mac began charging extra for loans over 75% of the value that have scores below 740. Furthermore, private mortgage insurance companies will not even provide mortgage insurance for borrowers with scores below 660. Therefore, “prime” is a product of the lender’s appetite for the risk profile of the borrower at the time that the borrower is asking for the loan.

Kentucky Mortgage Credit Scores Are Vital to Your Financial Health

CAll 502 905 3708 or email us at kentuckyloan@gmail.com for your free Kentucky Mortgage Application and Credit Report

A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then in your credit report.

Why Do Your Scores Matter?

Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit.

Want to rent an apartment? Without good scores, your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay for telephone, electricity or natural gas service.

Lenders look at your scores all the time. They look at your scores when deciding, for example, whether to change your interest rate or credit limit on a credit card, or whether to send you an offer through the mail. Having good credit scores makes your financial dealings a lot easier and can save you money in lower interest rates. That’s why they are a vital part of your financial health.

Consider a couple who is looking to buy their first house.

Let’s say they want a thirty-year mortgage loan and their FICO credit scores are 720. They could qualify for a mortgage with a low 5.5 percent interest rate*. But if their scores are 580, they probably would pay 8.5 percent* or more — that’s at least 3 full percentage points more in interest. On a $100,000 mortgage loan, that 3 point difference will cost them $2,400 dollars a year, adding up to $72,000 dollars more over the loan’s 30-year lifetime. Your credit scores do matter.*Interest rates are subject to change. These rates were offered by lenders in 2005.

What is a Good Score?

When lenders talk about “your score,” they usually mean the FICO® score developed by Fair Isaac Corporation. It is today’s most commonly used scoring system. FICO scores range from 300-850, and most people score in the 600s and 700s (higher FICO scores are better). Lenders buy your FICO score from three national credit reporting agencies (also called credit bureaus): Equifax, Experian and TransUnion.

In the eyes of most lenders, FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders and could lead lenders to charge you much higher rates or turn down your credit application.

Not Just One Score

There are many types of credit scores. They are developed by independent companies, credit reporting agencies, and even some lenders. As a rule, the higher the score, the better.

Each credit reporting agency calculates your score and each score may be different because the credit history each agency has about you may be different. Lenders may make a credit card or auto loan decision based on a single agency’s score, although others such as mortgage lenders often will look at all three scores.

Your credit score changes when your information changes at that credit reporting agency. This is good news! It means you can improve a poor score over time by improving how you handle credit.

Many insurance companies use something similar when setting your insurance rates, called a “credit-based insurance score.” You may be able to improve your insurance score by improving how you handle credit, which in turn may lower your premium payments on auto or homeowners insurance.

Some credit scores offered to consumers are just estimates and are different from the credit risk scores lenders actually use, although they may appear similar. Consumer reporting agencies and other companies sometimes use an estimated score to illustrate a consumer’s general level of credit risk. How might you tell whether a score is estimated? Ask the company if the score is used by most lenders. If it isn’t, it is likely to be an estimated score.

Five Parts to Your FICO Credit Scores

As a rule, credit scores analyze the credit-related information on your credit report. How they do this varies. Since FICO scores are frequently used, here is how these scores assess what is on your credit report.

1.	Your payment history – about 35% of a FICO score Have you paid your credit accounts on time? Late payments, bankruptcies, and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.
2.	How much you owe – about 30% of a FICO score FICO scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.
3.	Length of your credit history – about 15% of a FICO score A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.
4.	New credit – about 10% of a FICO score If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score.
5.	Other factors – about 10% of a FICO score Several minor factors also can influence your score. For example, having a mix of credit types on your credit report – credit cards, installment loans such as a mortgage or auto loan, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.

What’s NOT In Your Scores

By law, credit scores may not consider your race, color, religion, national origin, sex and marital status, and whether you receive public assistance or exercise any consumer right under the federal Equal Credit Opportunity Act or the Fair Credit Reporting Act.

Learn Your Scores Soon

It’s now easy to get your credit scores to check your financial health. Different sources provide credit scores to consumers via the Internet, telephone or U.S. Mail. For most scores, you will need to pay a small amount. You also will be asked to prove your identity to make sure your financial information isn’t given to the wrong person.

Here are recommended places you can get your scores:

Source	Cost	Description	Score range
ANNUAL CREDIT REPORT SERVICE Congress recently established this outlet to make it easier for consumers to get their credit reports and credit scores from the three national credit reporting agencies.Web:www.annualcreditreport.com Phone: 1 877 322 8228 U.S. Mail: Annual Credit Report Request Service P. O. Box 105281 Atlanta, GA 30348-5281	The price for credit scores is being determined by the Federal Trade Commission Credit Reports and Scoring.One free credit report per year from each credit reporting agency.	Each credit reporting agency offers a different type of credit score to consumers.	FICO score via: Equifax 300-850 Experian score 330-830 TransUnion score 150-934
MYFICO.COM The consumer Internet site of Fair Isaac Corporationwhich developed the FICO score.Web: www.myfico.com	$14.95 for one FICO score and credit report. $44.85 for all three FICO scores and credit reports from the three credit reporting agencies (2005 pricing).	This score is most often used by lenders. It lets you see how prospective lenders would evaluate your credit history.	FICO score from Equifax, Experian and/or Trans Union 300-850
INDIVIDUAL CREDIT REPORTING AGENCIES:Equifax Web: www.equifax.com Phone:1 800 685 1111Experian Web: www.experian.com Phone:1 866 200 6020TransUnion Web: www.transunion.com Phone: 1 800-888-4213	Prices for credit scores with credit reports vary from $14.95 to $34.95 (2005 pricing).	Each credit reporting agency offers a different type of credit score to consumers.	FICO score via: Equifax 300-850 Experian score 330-830 TransUnion score 150-934
MORTGAGE LENDERS	Credit Score is free when applying for mortgage or home equity loan.	This score will likely be the actual score used to evaluate your application. Ask your lender to be sure.	FICO score from Equifax, Experian or Trans Union 300-850

Want Examples?

Meet Vera, A Single Mother

Behavior of action	Change in score	Vera’s current FICO score
March 2004 Vera and husband Dave have been married for 10 years. They have one daughter April, age 4. Financially they are making payments on time for two car loans, one mortgage and four credit cards which have low balances. But sadly, their marriage has deteriorated and they agree to divorce. In the settlement Vera retains custody of April. Dave takes one of the cars and responsibility for its loan. He also takes two of their four credit cards, and agrees to pay 50 percent of the monthly mortgage payments.	—	780
May Dave struggles financially following the divorce and runs up his two credit cards to nearly their limit. Vera doesn’t realize her name is still on the card accounts Dave is using.	-80	700
July Dave continues to struggle and misses payments on both cards. Both cards still are nearly maxed out.	-100	600
August Vera gets a call from her bank about the missed payments. Once she understands what has happened, she contacts Dave and asks him to roll over the balances on both cards to a new card that he opens in his name only, which he does. Paying off the two accounts improves her score.	+80	680
February 2005 Vera continues to manage her money carefully, paying her bills on time and keeping her two card balances low. Meanwhile the two missed payments get older on her credit file and have less impact to her score. Dave lands a better job and makes his part of the mortgage payments on time.	+40	720
March Vera’s car breaks down. Since she relies on it to get to work and to take April to preschool, she has no choice but to have it repaired. To pay the garage she maxes out one of her credit cards.	-80	640
April Since Vera needs a reliable car, she asks her bank about auto loan rates. They tell her that her credit score is too low to qualify her for their best rate. Since money is tight, she waits to buy a car.	—	640
July Vera has steadily paid down her high credit card balance and monitored her score. When her score has improved, Vera applies and is approved for an excellent rate on an auto loan. She buys a used car and feels good about how she has managed her credit.	+40	680

Now Meet Don and Doris

Behavior of action	Change in score	Don and Doris’s current FICO score
March 2004 Don and Doris are married and in their 50s. They have twin sons who graduated from college a year ago, have good jobs and live in different states. Don and Doris have been managing their money carefully for 30 years. They are making payments on a mortgage, three credit cards with large balances, and a $50,000 bank loan that paid for their sons’ college. Now that their sons are on their own financially, Don and Doris focus on paying down their credit card balances by making larger monthly payments and using their cards sparingly.	—	690
March 2005 After a year of steady payments, their credit card balances are significantly lower. They continue to manage their credit well and haven’t opened any new accounts.	+50	740
June The couple decides to go on an extended vacation, taking leaves of absence from the jobs to so they can tour the U.S. in a motor home. They buy their motor home with help from a new bank loan at a favorable rate, thanks to their good credit scores. But opening the new loan lowers their scores a bit. Since their plans will keep them on the road for three months, they put one of their sons in charge of paying their monthly bills.	-20	720
September They have a wonderful vacation. When they return, they find they had neglected to tell their son about the bank loan. He didn’t open the invoices they received from the bank thinking they were monthly account statements. Now their bank loan payment is 60 days late.	-75	645
October Doris calls the bank, explains the mix-up and sends in the overdue payments immediately. A couple of weeks later their bank conveys their new account information to the credit reporting agencies, where it is available to influence their credit scores.	+20	665
April 2006 After six more months of on-time payments, their credit scores have steadily improved. Although the late payment will remain on their credit reports for seven years, it will impact their scores less as time passes. Don and Doris are on track once again to regain their good FICO credit scores in the 700s.	+30	695
* Don and Doris have separate FICO score, but in this example, they would rise and fall together.

Helpful Tips

1.	When you get your credit scores, make sure you also learn the highest and lowest scores possible, as well as the most important factors that influenced your scores. These factors can give you an idea of how you can improve your scores.
2.	Getting your own credit scores or credit reports won’t affect your scores, as long as you order them from one of the sources we list here.
3.	Review your credit reports for accuracy. Mistakes and omissions on your credit reports probably will affect your credit scores. If you spot an error, contact the credit reporting agency and the creditor whose information is wrong.
4.	If you have questions or problems with your credit scores, contact the company that provided them to you.

Boosting Your Scores

Your credit scores change when new information is reported by your creditors. So your scores will improve over time when you manage your credit responsibly.

Here are some general ways to improve your credit scores:

Pay your bills on time.Delinquent payments and collections can really hurt your score.
Keep balances low on credit cards.High debt levels can hurt your score.
Pay off debt rather than moving it between credit cards.The most effective way to improve your score in this area is to pay down your revolving credit.
Apply for and open new credit accounts only when you need them.
Check your credit report regularly for accuracyand contact the creditor and credit reporting agency to correct any errors.
If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score.

Improving your credit scores can help you:

Lower your interest rates
Speed up credit approvals
Reduce deposits required by utilities
Get approved for apartments
Get better credit card, auto loan and mortgage offers

This publication has been prepared by Consumer Federation of America and FICO, and was reviewed by the Federal Citizen Information Center. These materials may be reproduced for educational purposes only.

Website Fine Print

The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of Key Financial Mortgage .Neither Joel Lobb nor Key Financial Mortgage assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky

Legal Disclaimer

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

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Written by Louisville Kentucky Mortgage Edit

August 29, 2011 at 8:28 am

Louisville and Jefferson County Kentucky Real Estate Home Info Links

with 2 comments

1 Vote

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Louisville and Jefferson County Kentucky Real Estate/Home Info Links

Property Transfers: Recent home sales in Jefferson, Bullitt and Oldham Kentucky Counties in Kentucky

Vacant Jefferson County Kentucky properties

Bank properties owned in Louisville Ky Repossed Homes

OTHER RESOURCES

Jefferson County Kentucky PVA property search

Jefferson County Ky Online Land Records System

Jefferson County ky Sheriff property tax search

Single-family Kentucky HUD homes for sale

Fill out my form!

Jefferson County Kentucky Foreclosures Information (louisvillekentuckymortgagerates.com)
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Jefferson County Kentucky Foreclosures (louisvillekentuckymortgagerates.com)
First Time Home Buyer Programs Louisville Kentucky (kentuckyfirsttimehomebuyer.com)
Kentucky FHA Mortgage Guidelines (louisvillemortgageguide.com)
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Written by Louisville Kentucky Mortgage Edit

August 21, 2011 at 2:15 am

Posted in 2011Louisville and Jefferson County Kentucky Real Estate/Home Info Links

Tagged with Bullitt, Federal Housing Administration, home loan, homes, hud, Kentucky, Louisville Kentucky, Mortgage loan, Oldham County Kentucky, pva, Real Estate, Real estate broker/agent, taxes, United States, zero down

What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage

with 6 comments

18 Votes

What Credit Score do You Need to Buy a Home?

Call me today for a free credit report–502-905-3708 or email me at kentuckyloan@gmail.com

When it comes to mortgages and credit scores, there are two really important questions to ask:

–What credit score do I need to qualify for a mortgage?

–What credit score do I need to get the lowest interest rate on a mortgage?

These different but related questions are important if you are looking to buy a home. And the second question is particularly important. With a high FICO score, you can literally save tens of thousands of dollars in interest over the life of a home loan. So let’s take a look at both questions. And if you don’t know you score, be sure to get you free credit score.

What credit score do you need to qualify for a mortgage?

The first thing to keep in mind is that qualifying for a mortgage involves a lot more than just a credit score. While your FICO score is a very important ingredient, it is just one factor. Lenders also look at your income and level of debt, among other things.

As a rule of thumb, however, a credit score below 620 will make buying a home very difficult. A FICO score below 620 is considered sub-prime. In the past there were mortgage companies that specialized in sub-prime mortgages. Because of the challenges in the credit market over the last year or so, however, sub-prime loans have become difficult if not impossible to obtain.

A FICO score between 620 and 650 is considered fair to good credit. But keep in mind, this range of credit scores does not guarantee you will qualify for a mortgage, and if you do qualify, it won’t get you the lowest interest rate possible. Still, to buy a home aim for a score of at least 620, recognizing that other factors weigh in the decision and that some banks may require a higher score.

What credit score do you need to get a low rate mortgage?

It use to be that a score of about 720 would yield the lowest mortgage rates available. Today, the best rates kick in with a FICO score of 760. And interest rates go up significantly as your credit score drops. To give you an idea, the following table shows current rates by credit score and calculates a monthly principal and interest payment based on a $300,000 loan:

FICO Score & 30-year Fixed Rate Mortgage

FICO Score APR Monthly Payment
760-850 4.643% $1,546
700-759 4.865% $1,586
680-699 5.042% $1,618
660-679 5.256% $1,658
640-659 5.686% $1,739
620-639 6.232% $1,844

Of course, the interest rates change daily, but the above table gives you an idea of the importance of a high score when you apply for a mortgage.

Contact me today and I will pull your credit for free. 502-905-3708 or email me at kentuckyloan@gmail.com

Louisville Kentucky First Time Home Buyer (kentuckyfirsttimehomebuyer.com)
>Current Mortgage Rates in KY: Louisville Kentucky Mortgage Rates for today 03/31/2011 (louisvillemortgagerates.wordpress.com)
What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage Louisville Kentucky (louisvillemortgageguide.com)
Kentucky FHA, VA, KHC, Rural Housing First Time Homebuyers Kentucky (kentuckyfirsttimehomebuyer.com)

Written by Louisville Kentucky Mortgage Edit

August 2, 2010 at 8:54 am

Posted in Uncategorized

Tagged with Business, Closing costs, Credit and Collection, Credit score, Debt, Down payment, Federal Housing Administration, Financial services, Freddie Mac, Interest rate, Kentucky, Kentucky Housing Corporation, Loan, Mortgage, Mortgage loan, Refinancing, United States Department of Housing and Urban Development, Zero down home loans

Kentucky FHA Mortgage Loans—updated Guidelines

with 9 comments

5 Votes

By LYNNLEY BROWNING–New York Times Article

Published: November 24, 2010

Kentucky FHA Mortgage Loans—updated Guidelines

Kentucky home buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration.

New rules that went into effect this month adjust the two types of mortgage insurance paid by consumers for loans insured by the F.H.A., which is part of the Department of Housing and Urban Development.

One change raises the annual insurance premium, paid monthly by the borrower, setting it at 0.85 percent to 0.9 percent of the loan balance, depending on the down payment or equity owned; the amount used to be 0.5 percent to 0.55 percent. The other change lowers the one-time upfront insurance premium that borrowers must pay, to 1 percent of the loan balance from 2.25 percent.

The upfront premium is paid in a lump sum at closing or added to the loan balance, unlike the monthly premium, which is paid over the life of the loan in addition to the interest and principal.

The decrease in the upfront premium, welcome though it might seem to some customers, does little to offset the effects of the monthly increase, called “really pretty hefty.”

Kentucky F.H.A. loans are usually taken out by buyers who cannot qualify under the stiffer down-payment requirements of Fannie Mae or Freddie Mac, the government-controlled buyers of loans. F.H.A. requires 3.5 percent, while Fannie Mae typically requires 5 to 15 percent or more, depending on the type of loan.

The changes, under an example provided by the F.H.A., mean that a borrower who puts 3.5 percent down on a $154,000 house with a 30-year fixed-rate mortgage at 5 percent (such a consumer typically earns a gross annual income of $54,000, according to the agency) and who finances the upfront premium into the loan will see monthly mortgage payments, including taxes, interest and the two insurance premiums, rise to $1,238 from $1,205. The example is based on median data, including property taxes put at about 2.5 percent of home value. That increase includes the drop in the upfront mortgage insurance, to $1,486 from $3,344 — but also includes the rise in the monthly insurance premium, to $111 from $68.

Last August, President Obama signed into law a bill authorizing the F.H.A. to increase premiums to shore up its insurance funds; the agency had been authorized to raise the annual premium to as much as 1.55 percent.

Conventional loans, which conform to Fannie and Freddie underwriting guidelines, do not require upfront mortgage insurance. But some may require monthly private mortgage insurance, if the borrower puts less than 20 percent down toward the purchase, or has less than 20 percent equity in a refinancing.

Kentucky F.H.A. borrowers, meanwhile, can stop paying the monthly mortgage insurance only after five years and when their loan-to-value ratio reaches 78 percent, at which point they have 22 percent equity in their home.

Kentucky F.H.A. loans are typically offered by niche direct lenders, and because of the insurance, they often carry interest rates equal to or slightly below those of conventional loans.

In October, the F.H.A. set a minimum FICO score of 500 for borrowers who want an Kentucky F.H.A.-insured loan — the first time a minimum was set. It also introduced a new minimum down payment of 10 percent for borrowers with FICO scores below 580. (Those above 580 still pay a minimum 3.5 percent.)

The issue for the F.H.A, Mr. Harriott said, is that the realm of borrowers has widened. “We see executives of little companies, teachers, people making $200,000 a year, doing an F.H.A. loan, because they’ve gotten into a financial situation,” he said, adding that Kentucky F.H.A. loans are perceived as safe by investors because of the insurance.

A version of this article appeared in print on November 28, 2010, on page RE9 of the New York edition.

Kentucky FHA Mortgage Loans—updated Guidelines

Type of Kentucky FHA loans available (louisvillemortgageguide.com)
>FHA to increase the FHA monthly mortgage insurance (Kentucky) (louisvillemortgagerates.wordpress.com)

Written by Louisville Kentucky Mortgage Edit

December 14, 2010 at 9:14 am

How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

How to get a VA home loan in Louisville, Kentucky (Kentucky)

with 3 comments

2 Votes

Call us today for your free credit report and pre approval for Kentucky VA loan 502-905-3708

Kentucky VA Home Loan Program

Some benefits of using the Kentucky VA Home Loan Program are:
(1) Zero Down Option
(2) No Monthly Mortgage Insurance
(3) 620 Minimum Credit Score
(4) Reasonable Underwriting Decisions

Steps To A Kentucky VA Home Loan

1. Apply for Certificate of Elibibility (VA Form 26-1880)

2. Fax a copy of the DD214

3. Get VA Pre-Approved With Me
4. Contact your realtor to begin looking at homes in your price range(if you do not have an agent, I would be happy to refer a great VA agent).
5. Order an appraisal from VA. (this is done by Kentucky Lender or Me)
6. Close the loan and you move into your new HOME!

Items Needed For Dan To Process Your Loan Application

1. Social Security numbers
2. Residence addresses for the past two years
3. Names and addresses of your employers over past two years
4. Your current gross monthly salary
5. Names, addresses, account #’s and balances on all checking and savings accounts
6. Names, addresses, account #’s, balances and monthly payments on all open loans
7. Addresses and loan information of other real estate owned
8. Estimated value of furniture and personal property
9. Certificate of Eligibility and DD214, (for veterans only)
10. W2’s for the past two years and current check stubs
11. For self-employed individuals, you will need to provide personal tax returns for the past two years, current income statement and balance sheet for the business

How To Request A Copy of Your Certificate of Eligibility and DD214

To Request A Copy of Your VA Certificate of Eligibility:
Complete a VA Form 26-1880, – *form is attached
Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service . In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence

VA Eligibility Center Address and Telephone Number
Please send your request for determination of Eligibility (VA Form 26-1880, along with proof of military service) to:
VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155
Toll free number: 1-888-244-6711

Written by Louisville Kentucky Mortgage Edit

January 25, 2011 at 3:34 pm

Posted in VA loans

Tagged with Business, Credit score, Kentucky, Loan, Mortgage, Mortgage insurance, Mortgage loan, VA loan

Louisville Ky First Time Home Buyer

with one comment

3 Votes

Louisville Ky First Time Home Buyer Loan

Many home loan programs have been specifically created for first time home buyers. These loans feature low down payments and approval guidelines that make it easier to qualify. Some of the more popular first time homebuyer programs are listed below. .

Louisville KY First Time Buyers Loans

What is a First Time Buyer Loan?

Kentucky FHA and VA Loans for First Time Buyers

Who is Eligible for a Kentucky First Time Buyer Loan?

Louisville Ky Community Home Buyer Programs

What is Escrow?

Mortgage Credit Certificates from KHC

What is a First Time Buyer Loan?

Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.

FHA and VA Loans for First Time Buyers Apply Online

First time homebuyers often experience the most difficulty amounting a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Kentucky Federal Housing Administration (FHA) and the Kentucky Veteran’s Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. Kentucky FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.

AWho is Eligible for a First Time Buyer Loan?
Kentucky First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.

Community Home Buyer Programs
Kentucky Community homebuyer programs reduce the down payment the borrower must pay to 3%, which must be the borrower’s own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.

What is Escrow?

Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.

Mortgage Credit Certificates
A Mortgage Credit Certificate or MCC from KHC -Kentucky Housing Corp is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC but in special cases that you may discuss with your home loan advisor this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with your home loan representative.

Louisville Ky First Time Buyers Program
First time buyer programs in Louisville can make securing a Louisville home loan easier and more affordable. Contact us at 502-905-3708 for your Louisville Ky mortgage to begin your first time buyer loan.

Kentucky Fannie Mae and Freddie Mac First Time Home Buyer Education Requirements (via Louisville Ky Mortgage Rates) (kentuckyfirsttimehomebuyer.com)
Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: KENTUCKY USDA RURAL DEVELOPMENT LOANS ZERO DOWN (louisvillekentuckymortgagerates.com)

Written by Louisville Kentucky Mortgage Edit

June 22, 2011 at 1:29 am

Posted in First Time Home Buyer Loans–Kentucky

Tagged with Down payment, Federal Housing Administration, FHA insured loan, FHA loan, Kentucky, Kentucky Housing Corporation, kentucky usda lenders, Kentucky-Louisville, Loan, Louisville Kentucky, louisville kentucky home buyer grants, louisville kentucky home loans, louisville ky first time home buyer, louisville ky mortgage rates, Mortgage Credit Certificate, Mortgage loan, Zero down home loans

Kentucky USDA/ KENTUCKY RURAL HOUSING LOAN 2011

with 5 comments

6 Votes

Why use USDA financing for your next home purchase?

There are very few ways to purchase a home these days without a typical 3.5% down payment that is required for an FHA loan. Many home buyers are surprised to find that a USDA Home Loan offers a lower payment than an FHA loan, even with NO DOWN PAYMENT! “How can this be?” you ask. The reason is because a USDA home loan requires NO MORTGAGE INSURANCE.

FHA Loan vs. USDA Loan Comparison

FHA	USDA


$150,000 purchase price	$150,000 purchase price

4.75% 30 year fixed rate	4.75% fixed rate

1.00% up front mortgage insurance (financed)	3.5% Guarantee Fee (financed)
****new FHA mortgage insurance requirements effective 10/4/10
$871.19 P&I monthly payment with monthly mortgage insurance (not including taxes and insurance)	$809.86 P&I monthly payment (not including taxes and insurance

$5250.00 required down payment	$0 down payment

A USDA loan saved this client $46.74 per month and they made NO DOWN PAYMENT!

Kentucky USDA/ KENTUCKY RURAL HOUSING LOAN Other benefits

Low up front closing costs
In some cases closing costs can be financed
Minor credit problems OK
No maximum loan amounts
Fixed Rates Only

we strive to find anyway possible to approve your loan, however there are some cases where a USDA Loan is not an option; a previous bankruptcy must be discharged 3 years, you must occupy the home being purchased as your primary residence, the home may not be used for income producing purposes (farm, rental, etc.), streets and roads must be paved or have an all-weather surface and the home may not be located in a flood zone. There may be other factors in preventing your loan application from being approved, however these are the most common. If you have a question on determining your eligibility, don’t hesitate to contact us. Never assume you don’t qualify without speaking to a loan officer first!

Kentucky USDA/ KENTUCKY RURAL HOUSING LOAN 2011

APPLY BELOW/FREE PREQUALIFICATION AND GUARANTEE CALL BACK WITHIN 1 HOUR OF RECEIPT

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Written by Louisville Kentucky Mortgage Edit

March 9, 2011 at 1:39 am

Posted in Kentucky USDA Loans

Tagged with Down payment, Federal Housing Administration, Kentucky Housing Corporation, kentucky rural housing loan, kentucky usda lenders, kentucky usda loan, Kentucky-Louisville, Loan, Loan officer, Mortgage insurance, Mortgage loan, United States Department of Agriculture, VA loan, Zero down home loans

Kentucky Rural Development Kentucky Guaranteed Housing Zero Down

with 3 comments

9 Votes

502 905 3708 or email kentuckyloan@gmail.com

Kentucky Rural Development

Kentucky Guaranteed Housing

Home Financing Options for Lenders

Think Guaranteed First!

Do you have clients with no down payment? Do you have clients with some cash but they do not wish to exhaust all of it to buy a home? How many times have you pre-qualified an applicant only to realize that the mortgage insurance or higher interest rates keep them out of the price range needed to accommodate their family? The Rural Development guarantee may be able to help!

Generous income limits
Flexible credit and qualifying ratios can help open up a new market of homebuyers.
Competitive 30 year fixed rates – no monthly mortgage insurance allows you to offer affordable payments to all homebuyers.
No down payment and no cash reserve requirements help you qualify more clients.
No maximum purchase price or mortgage limit.
Become an expert in Guaranteed Rural Housing financing to gain more clients and close more loans in small communities and rural areas.

Rural Development assists thousands of clients annually to become homeowners. This year we want you as our partner!

The advantages:

Loan up to appraised value plus the guarantee fee.
No monthly mortgage insurance (MI).
Maximum loan amount is the appraised value plus a one time guarantee fee.
No cash contribution or cash reserves required from applicant.
Unrestricted gifts.
Non-traditional credit acceptable.
Streamlined credit documentation available – based upon credit.
No minimum credit score.
Repayment ratios are 29/41. Ratio waivers are allowed with documented compensating factors.
Not limited to first-time home buyers.
Competitive market based fixed interest rates with 30 year term.
Available secondary markets: wholesale lenders as well as Fannie Mae, Freddie Mac, and Ginnie Mae.
Qualifies for Community Reinvestment Act (CRA)
Agency approved lenders underwrite the loan.
Any lender, or broker, may originate loans through an Agency approved lender.
Agency guarantee commitments are issued within 1-2 business days of receipt of the complete package – based on volume of loan requests.
Rural Development provides lender support for questions, training, and outreach assistance.

Choose Rural Development as the first option

A competitive fixed rate combined with no mortgage insurance provides long term savings for the customer.
Home buyers are able to retain their savings since there is no down payment requirement and closing costs can be financed up to the appraised value.
Lenders report an overwhelming preference for the Guaranteed Rural Housing loans for the great value it provides to their customers. Choose the best program for your customers!

Applicant eligibility criteria:

Occupy the property as your primary residence.
Be able and willing to occupy the property.
Be a U.S. citizen, a U.S. non-citizen national or a qualified alien.
Demonstrate an ability and willingness to meet obligations and debts as they become due.
Have a credit history that indicates a willingness to meet obligations as they become due.
Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
Purchase a residential property that is within a Rural Development eligible area.

Checklists and web site links:

Determine if the property is within the Rural Development eligible area.
Use the link “Single Family Housing” under “Property Eligibility”.
Determine if your applicant’s adjusted household income is within the Agency limits,
Use the link “Single Family Housing” under “Income Eligibility”
What is adjusted household income?
Determine income limits by State or particular county
Loan application package checklist
Forms list
- Form RD 1980-21, Request for SFH Conditional Commitment
Useful web links

What is the Rural Development “guarantee“?

Lenders have less risk with the Rural Development guaranteed loans than with conventional loans covered by private mortgage insurance.

Thank you for visiting our web site. We look forward to working with you as partners in providing affordable housing opportunities in rural areas. Let us know how we can further serve you.

Apply today for Free Below:

Apply below for free–I am a USDA Expert and have done over 129 USDA loans in my lifetime in Kentucky

Written by Louisville Kentucky Mortgage Edit

February 13, 2011 at 11:58 pm

Posted in Kentucky USDA Loans, Rural Housing Loans and USDA Loans

Kentucky Housing Corporation (KHC) Interest Rates

with 2 comments

2 Votes

Call me with your questions. Free Approval and Credit Report Same Day!

Interest Rates

KHC Mortgage Interest Rates as of 02/24/2011, 9:00 a.m. ET

Rates subject to change without notice.

700+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

KHC-funded down payment assistance not available with these rates

Loan Type	Regular Rate	Zero-Point Rate
*Government Rates only	4.500%	4.875%

640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

KHC-funded down payment assistance may be utilized with these rates

Loan Type	Regular Rate	Zero-Point Rate
*Government Rates only	4.750%	5.125%

* Government includes FHA, RHS, and VA.

660+ Credit Score Mortgage Revenue Bond (MRB) Conventional Interest Rates

Loan Type	Regular Rate	Zero-Point Rate
*Conventional Rates	4.500%	4.875%

Maximum LTV 80%**
No down payment assistance allowed – must be borrowers’ own funds or gift funds
AUS required
No manufactured housing allowed

**At the present time, KHC is not offering a conventional product at 81% or greater LTV.

Written by Louisville Kentucky Mortgage Edit

March 5, 2011 at 1:00 am

Posted in Kentucky Mortgage Rates FHA VA KHC

Kentucky Fannie Mae HomePath® Buyer Incentive

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.

The HomePath property buyer must meet the following qualifications to be eligible:

Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Note: Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30, 2011.

In a few states, a bonus promotion may be available to selling agents who close on an owner occupant property meeting the above terms & conditions.

Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible.

The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details

Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

Fannie Mae’s innovative First Look marketing period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants who occupy the home as their primary residence, some non profits, and public entities and their partners can submit offers and purchase properties without competition from investor offers.

The First Look period is typically the first 15 days a property is listed on HomePath.com, except Nevada where it is 30 days. Properties within the First Look period include a countdown clock on the property details page, which displays the number of days remaining for negotiation with eligible purchasers.

Investor offers submitted after the expiration of the First Look period will be considered along with all other offers.

Ask a Fannie Mae listing broker for more details

If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, please contact the Fannie Mae Resource Center immediately at 1-800-732-6643.

Need help financing your new home?

Many state and local housing authorities offer financing programs that can assist you with the purchase of your new home. These public funds programs can provide down payment assistance, counseling, and more for those who qualify.

Currently many local housing authorities and non-profit groups are offering HUD’s Neighborhood Stabilization Program funds through special financing programs for homebuyers. For more information about the NSP programs available in your area, please click here.

Fannie Mae is committed to meeting the mortgage and housing needs of communities across the country, therefore buyers using public funds are very important to us. Fannie Mae supports buyers using public funds in many ways, including the following:

The earnest money requirement for individuals using public funds is only $500. Fannie Mae waives the earnest money requirement for public entities using public funds to purchase a Fannie Mae owned property
Once an offer using NSP funds is accepted, Buyers have the opportunity to renegotiate their offer after receiving an NSP required Uniform Residential Appraisal value for the property.
The standard closing period for a public funds offer is 45 days, which allows the time it may take to fulfill the NSP requirements for funding.
During the initial listing and marketing period of a Fannie Mae owned property, Fannie Mae will only consider offers from Buyers using public funds, and Owner Occupants. This period is known as the ‘First Look’ marketing period. The ‘First Look’ period shelters these buyers from competition from investor offers during this time.

Written by Louisville Kentucky Mortgage Edit

April 27, 2011 at 5:41 pm

Posted in HomePath

How do you calculate income for self-employed borrowers Kentucky Mortgage?

with one comment

3 Votes

// How do you calculate income for self-employed borrowers?.

How do you calculate income for self-employed borrowers Kentucky Mortgage?

Written by Louisville Kentucky Mortgage Edit

June 17, 2011 at 3:05 am

Frequently Asked Questions about FHA Kentucky Home Loans

with 10 comments

6 Votes

// Frequently Asked Questions about FHA Kentucky Home Loans

FAQ’s about Kentucky FHA Home Loans

Q. Can only a first time home buyer use the Kentucky FHA loan program?
A. No. You can use FHA home loans as many times as you desire when buying a home or doing a Kentucky mortgage refinance. The onlyKentucky FHA loan requirements is that you cannot have more than one outstanding FHA Kentucky mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing.

Q. Can FHASecure refinance Kentucky FHA loans help me save my house from foreclosure?
A. Yes. The newly released FHA Secure loan program is designed to help people with subprime loans that have adjusted after June 2005 who currently have mortgage late payments or facing foreclosure can refinance using the FHA home loan program, FHASecure.

Q. Does FHA use a FICO credit score for loan qualifying in Kentucky ?
A. No. FHA is one of the only types of real estate mortgage loans that currently does not require a FICO credit score to obtain a loan but those who do have a score should have a credit score of 580 or higher. FHA requires the last two years of credit history to determine your FHA loan qualification.

Q. Can I streamline refinance my Kentucky FHA loan at any time?
A. Yes, you can do a FHA streamline refinance assuming that the you are lowering your monthly payments or converting the loan to a fixed rate mortgage.

Q. Can I buy a 4 Unit Home with FHA loan financing?
A. Yes, you may use a FHA mortgage for buying a 2,3, or 4 unit home assuming that the Kentucky FHA mortgage amount does not exceed the maximum FHA loan limits for where the property is located.

Q. Can I buy a home with no down payment and get 100% financing using a Kentucky FHA loan?
A. Yes. Using a FHA insured real estate first mortgage in combination with other specialized no down payment and first time home buyer loan programs, such as , you may be able to buy a home with no money down.

Q. How long after a bankruptcy can I use a FHA loans for buying a home or mortgage refinance in
Kentucky ?
A. You may buy a home or do a refinance mortgage using FHA loans two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the discharge of the bankruptcy with a FHA streamline refinance loan.

Q. How long after a Foreclosure can I use a Kentucky FHA mortgage loan for buying a home or aKentucky FHA refinance mortgage?
A. FHA loans may be used for buying a home or Kentucky FHA mortgage refinance three years after the final date of foreclosure assuming that your credit since the foreclosure has been perfect.

FHA Home Loans in Kentucky (kentuckyfhaloan.wordpress.com)
FHA Guidelines for Loan in Kentucky on a home (kentuckyfhaloan.wordpress.com)
Basic FHA Home Mortgage Requirements for Louisville Ky First Time Home Buyers (kentuckyfirsttimehomebuyer.com)
Louisville Ky FHA Loans (louisvillekymortgage.net)
9 items Kentucky homebuyers want (louisvillemortgageguide.com)
Kentucky FHA Mortgage Insurance Premiums 2011 (louisvillemortgageguide.com)

Written by Louisville Kentucky Mortgage Edit

July 2, 2011 at 5:52 am

Posted in FAQ’s about Kentucky FHA Home Loans

Tagged with Credit and Collection, Credit score, Federal Housing Administration, FHA insured loan, FHA loan, Foreclosure, Kentucky, kentucky fha loan, Kentucky Housing Corporation, Kentucky-Louisville, Loan, Louisville Kentucky, Mortgage loan, Mortgages, Refinancing, Zero down home loans

FHA Loan Qualifying Summary

with one comment

5 Votes

// FHA Loan Qualifying Summary.

Written by Louisville Kentucky Mortgage Edit

May 30, 2011 at 9:40 am

Posted in FHA Loans, FHA Loans Kentucky Housing First time home buyer

Monday , June 20, 2011 Kentucky State Mortgage Rates

with 2 comments

2 Votes

Monday , June 20, 2011 Kentucky State Mortgage Rates

Current Louisville Kentucky Mortgage Rates Today 06/20/2011

Open Today to get you pre approved for free…Call or us email below..Same day loan approval

Current Louisville Kentucky Mortgage Rates Today 06/19/2011

Current Louisville Kentucky Mortgage Rates Today 06/19/2011

Current Louisville Kentucky Mortgage Rates for today
Mortgage Product Mortgage Rates (APR)

15 Year Fixed Conventional            3.750%       4.135% apr
30 Year Fixed Conventional             4.500%        4.834% apr
30 Year Fixed Kentucky FHA         4.250%         5.155% apr
30 Year Fixed Kentucky USDA      4.625%         5.288% apr
30 year Fixed Kentucky VA            4.250%        5.189% apr
30 year Fixed KHC                        4.500%      5.477% apr

Louisville Kentucky Mortgage Rates are subject to qualifying criteria and Louisville Mortgage Rates can change without notice
Free Credit Report and Pre qualifications available anytime.

Key Financial Mortgage of KY is a licensed mortgage company in the state of Kentucky (NMLS#1800) Key Financial Mortgage of KY is not a part of, nor are we affiliated with, the VA, FHA/HUD, USDA. These entities are a government agency, not a lender. They simply insures the mortgages; they do not loan the money. Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky.

Current Louisville Kentucky Mortgage Rates are updated daily at this blog

Current Louisville Kentucky Mortgage Rates

Kentucky Mortgage Interest Rates (louisvillemortgageguide.com)
10>Current Mortgage Rates in KY today : Louisville Kentucky Mortgage Rates for today 06/17/2011 (louisvillekentuckymortgagerates.com)
What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage Louisville Kentucky (louisvillemortgageguide.com)
10>Current Mortgage Rates in KY today : Louisville Kentucky Mortgage Rates for today 06/18/2011 (louisvillekentuckymortgagerates.com)

Written by Louisville Kentucky Mortgage Edit

June 20, 2011 at 10:18 am

Credit Fico Score for a Kentucky Mortgage FHA VA KHC

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2 Votes

// Credit Fico Score for a Kentucky Mortgage FHA VA KHC.

Written by Louisville Kentucky Mortgage Edit

June 22, 2011 at 2:37 am

Louisville Ky FHA Loans

with 7 comments

2 Votes

Louisville Ky FHA Loans

The Federal Housing Administration (FHA) is a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA’s primary objective is to assist in providing housing opportunities for lo to moderate income families. FHA has both single family (1-4 unit homes) and multi-family (5 or more units) mortgage lending programs. The agency does not generally provide funds for the mortgages, but rather insures home mortgage loans made by private industry lenders such as mortgage bankers, savings and loans and banks.

Is there a Loan Limit on Louisville Ky FHA Loans?
FHA Maximum Loan Amounts are set by HUD for every county in the United States. Maximum loan amounts vary from one county to another. It is critical that the borrower’s loan amount, including financed closing costs, not exceed the maximum set by FHA for the county in which the subject property is located. There are no income limits on Louisville Ky FHA Loans . Check with you Loan Consultant for the maximum Mortgage amount allowed in the county you are considering purchasing a home in.

Is Mortgage Insurance Required On Louisville Ky FHA Loans?
FHA is a government insured program with a unique mortgage insurance program. Although not as expensive monthly, you have an up front MIP fee. FHA requires a mortgage insurance premium on the 203(b) program. An up front premium of 1.0% of the loan amount is paid at closing and can be financed into the mortgage amount. In addition there is a monthly MIP amount included in the PITI of 1.15% . Condos do not require up front MIP, only monthly MIP.

Can I Use Gift Funds for the Down Payment for a Louisville Ky FHA Loans ?

One of the most popular aspect of FHA financing is the ability to receive your down payment as a gift. It just needs to be from a relative. The down payment can be 100% gift funds. This is one of the key benefits to the Louisville Ky FHA Loans and FHA program. Most conventional mortgages do not allow 100% gift funds. Generally the borrower must have 5% of the funds.

Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower’s bank account, or in an escrow account, prior to underwriting approval. Proof of deposit is required.

Gift donors are restricted primarily to a relative of the borrower. They can also be certain organizations, such as a labor union or charitable organization. Contact your Loan Consultant for complete information.

What are the Rules Regarding Bankruptcy for a Louisville Ky FHA Loans?
FHA may have the most lenient policies towards bankruptcy, but you still must have a valid reason and re-established credit. Generally, a bankruptcy will not necessarily disqualify a potential borrower. Guidelines are as follows:

Chapter 7: Two years must have passed since the bankruptcy was discharged. (Note: Discharge, not Filing Date) The borrower must have re-established good credit without delinquencies for two years (or has chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs. If the borrower does not incur new credit, such thing as, Car Insurance, Telephone, Cable, Utilities, Medical Payments, Etc. will be used to demonstrate re-established credit.

Chapter 13: A borrower currently paying off debts through this process may qualify if a minimum of one year of the pay out period had elapsed and payment performance has been satisfactory with no new derogatory credit and the borrower must receive court approval to enter into the mortgage transaction.

Louisville Ky FHA Loans

Call me for your next Louisville Kentucky FHA Loan; I have closed over 300 FHA loans in my career

Basic FHA Home Mortgage Requirements for Louisville Ky First Time Home Buyers (kentuckyfirsttimehomebuyer.com)
>FHA to increase the FHA monthly mortgage insurance (Kentucky) (louisvillekentuckymortgagerates.com)
Kentucky FHA Mortgage Guidelines (louisvillemortgageguide.com)

Written by Louisville Kentucky Mortgage Edit

June 30, 2011 at 2:30 pm

We now offer Financing down to a 620 credit score on Kentucky FHA loans

with one comment

2 Votes

We now offer Financing down to a 620 credit score on Kentucky FHA loans

Call today for your FHA loan. 502-905-3708

• Purchase, Rate & Term, & Cash-out OK! • No Manual Underwrites. AUS Approvals Only • Acceptable properties 1 Unit -SFD, Condos (FHA approved), PUD’s,

& Rural properties • 2-4 Units not allowed • 203K loans not allowed • Max DTI 50% Escrow Holdbacks ineligible • Non-Arm’s length transactions – Not allowed

• Max Cash in hand is 50,000

• 0 x 30 Mortgage history required last 12 months

• Deed restricted properties ineligible

Louisville Ky FHA Loans (louisvillekymortgage.net)
Frequently Asked Questions about FHA Kentucky Home Loans (louisvillekymortgage.net)
Current Louisville Kentucky mortgage rates today 07/09/2011 (louisvillekymortgage.net)
Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: KENTUCKY USDA RURAL DEVELOPMENT LOANS ZERO DOWN (louisvillekentuckymortgagerates.com)

Written by Louisville Kentucky Mortgage Edit

July 9, 2011 at 7:00 pm

Address	Property Type	Status	Bed	Bath	Price	HomePath Financing
7712 Hall Farm Dr Louisville, KY 40291	Single-Family	Active	4 br	4 ba	$344,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
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8716 Bost Ln Louisville, KY 40219	Single-Family	Active	3 br	2 ba	$80,000	] body=[This property is eligible for HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
6706 Cindy Dr Louisville, KY 40258	Single-Family	Active	3 br	2 ba	$80,000	] body=[This property is eligible for HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
9816 Creek View Estate… Louisville, KY 40291	Single-Family	Active	3 br	2 ba	$189,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
10207 Deer Vista Dr Un… Louisville, KY 40291	Condo/Co-op	Active	2 br	2 ba	$84,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save
3710 Stratton Ave Louisville, KY 40211	Single-Family	Active	3 br	2.5 ba	$121,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
10410 Leddenton Way Louisville, KY 40241	Single-Family	Active	4 br	3 ba	$214,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
3501 Algonquin Pkwy Louisville, KY 40211	Single-Family	Active	3 br	2 ba	$84,900	] body=[This property is eligible for HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
11120 Brookley Dr Louisville, KY 40229	Condo/Co-op	Active	2 br	2 ba	$79,990	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
1803 Flagstaff Ct Louisville, KY 40223	Single-Family	Active	3 br	2 ba	$104,900	“>YE

Address	Property Type	Status	Bed	Bath	Price	HomePath Financing
9113 Loch Lea Ln Louisville, KY 40291	Single-Family	Just Listed	4 br	2 ba	$103,990	] body=[This property is eligible for HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
4405 Stony Brook Dr Louisville, KY 40299	Single-Family	Back on Market	4 br	3 ba	$116,900	] body=[This property is eligible for HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
334 Circle Valley Dr Louisville, KY 40229	Single-Family	Back on Market	3 br	3 ba	$124,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
3003 Lencott Dr Louisville, KY 40216	Single-Family	Back on Market	3 br	3 ba	$89,990	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
4209 Manner Gate Dr Louisville, KY 40220	Single-Family	Price Reduced	4 br	3 ba	$139,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
4513 Greymont Dr Louisville, KY 40229	Single-Family	Price Reduced	3 br	2 ba	$109,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
6713 Sunny Vale Way Louisville, KY 40272	Single-Family	Price Reduced	3 br	3 ba	$104,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
1006 Cherokee Rd Unit 6 Louisville, KY 40204	Condo/Co-op	Price Reduced	2 br	2 ba	$349,500	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
7108 Wood Briar Rd Louisville, KY 40241	Single-Family	Price Reduced	4 br	4 ba	$294,900	] body=[This property is eligible for both HomePath Mortgage and HomePath Renovation Mortgage.] delay=[0] fadespeed=[0.4] fade=[on]“>YES
Save Map
12008 Rock Spring Ct Louisville, KY 40245	Single-Family	Active	3 br	1 ba	$119,900	“>YES

Jefferson County, Louisville, KY – Fannie Mae REO Homes For Sale

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Published: November 24, 2010

A version of this article appeared in print on November 28, 2010, on page RE9 of the New York edition.

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Why use USDA financing for your next home purchase?

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Interest Rates

KHC Mortgage Interest Rates as of 02/24/2011, 9:00 a.m. ET

700+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

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Need help financing your new home?

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