Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

  • Ordered through a third party source. Interested/vested parties may not initiate the appraisal. I.E> buyers, sellers, realtors, loan officer, family members
  • Property must meet HUD’s minimum property standards. i.e.: permanent heat source, utilities must be on and in working order at time of inspection
  • Flips < 90 days – not allowed Per HUD -If current owner owned less than 90 days FHA will not insure. Sometimes a second appraisal will be required by FHA investor if sold within the last 6 months for a large profit. Receipts of work done may be needed to substantiate  increase in value of home in short-time period.
  • Transferred appraisal – ok
  • Appraisal valid 120 days – 30 day extension possible*
  • Property eligibility – No location restrictions.
  • New Construction Available

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

Pre-Qual-Button-v2

 

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.

 

FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015

FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015.

7 Major FHA Rule Changes – Effective June 15, 2015

As you probably know, HUD has scrapped their old underwriting handbook and has re-written the whole darn thing which they will be implementing on all case numbers order on or after June 15. What they DIDN’T do was indicate which rules were CHANGED significantly from the previous handbook. We compared both the old and the new handbook and found 46 rule changes. Here are seven of them.

Earnest Money

Old Rule – Document source of earnest money if the amount exceeds 2% of the sales price

New Rule – Document source of earnest money if the amount exceeds 1% of the salesprice

CAVIRS

Old Rule – Federal debt makes borrower ineligible

New Rule – VERIFIED federal debt makes the borrower ineligible

Part-Time Income

Old Rule – Underwriter discretion allowed when received less than 2 years

New Rule – Two years uninterrupted part-time income is required. Average income over prior 2 years or use 12-month average of hours at the current pay rate if the lender documents an increase in pay rate.

Rental Income on Retained Primary Residence

Old Rule – Rental income may be counted when relocating outside of reasonable commute distance for job and borrower has 25% equity.

New Rule – Rental income may be counted when relocating and the new residence is at least 100 miles from previous residence. If no history of rental income since the last tax filing, borrower must have 25% equity.

Non-taxable income

Old Rule – Gross up using tax rate evidenced on last tax return. If borrower did not filea return, use tax rate of 25%.

New Rule – Gross up using the greater of 15% or actual tax rate. If borrower did not file a tax return, use tax rate of 15%

Installment Debts Less Than 10 Months

Old Rule – May be excluded from ratios. If manual underwrite—may be excluded if debt will not affect ability to pay the mortgage.

New Rule – May be excluded ONLY if—they have cumulative payment of less than or equal to 5% of the borrower’s gross monthly income AND the borrower may not pay the debts down to achieve this percentage.

Multiple FHA Loans

Old Rule – If relocating for employment, borrower may obtain a second FHA loan for a new principal residence if current residence is more than a reasonable commute to new residence.

New Rule – If relocating for employment, the commuting distance between the old residence and new residence must be more than 100 miles.

Source: Mortgage Currentcy


Joel Lobb (NMLS#57916)
Senior  Loan Officer

 

via FHA STREAMLINES 

EFINANCE GUIDELINES IN KENTUCKY 2015.

Annual MIP Rates for Kentucky FHA Mortgage Loans have been Reduced for 2015

FHA
Annual MIP Rates for Kentucky FHA Mortgage Loans have been Reduced
Per the HUD Mortgagee Letter published January 9th, 2015, there will be a “reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority”. This will be “effective for case numbers assigned on or after January 26, 2015“.

NOTE:  15 YR PREMIUMS ARE REMAINING THE SAME.


Up Front MIP (UFMIP)

UFMIP for all FHA transactions remains unchanged at this time.

MI duration

The duration of MI for FHA loans is also unchanged, remaining effective for life of loan for most transactions.  Refer to ML 2013-04 for details.

images (6)
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 refinance_buttonprequalify_buttonheader-contac-us

What are the 2014 Kentucky FHA Guidelines for credit scores, down payments, cash out, and mortgage insurance requirements for a FHA Mortgage loan?

Kentucky FHA Program guidelines have been updated as follows:

For a Kentucky FHA Purchase Loan, we can go down to a 600 credit score with the minimum down payment of 3.5%.  No bankruptcies or foreclosures in the last 2 years.

If you are getting cash out, then the max loan to value or equity position is limited to 85% of the homes value. For example, if you had a home that was valued at $100,000, then the max loan for a FHA Cash Out in Kentucky would be $85,000.00. You still have to may mortgage insurance for life of loan so think carefully about using FHA for a cashout refinance.

The maximum debt to income ratios will be set by the AUS when we run it, but for a refer, it will be limited to 31% and 43% respectively. For example, if you make $3000 a month gross income, the max house payment would be $930.00 piti, and the maximum monthly payments including the new house payment would be $1290.00. So in the above example, the most you could have left in monthly bills listed on the credit report would be $360.00–If you had child support this would count in the dti calculation on the backend ratio of 43%

The seller can pay up to 6% of the buyer’s closing costs and prepaids (property taxes, home insurance for 1st years escrows) of the sales price. So, if you purchased a home for $100,000.00, the seller could give you a concession at closing to pay your closing costs and prepaids. A lot of Kentucky First Time homebuyers use this to limit their cash to close.

The minimum down payment of 3.5% for Kentucky FHA Loans can come from a family member in the form of a gift, or can be borrowed from a 401k, retirement account, or secured asset like a car.

• Seller must own the property a minimum of 90 days prior to the contract date.

FHA loans do not require a termite or home inspection, but they do require a HUD appraisal by a FHA approved Appraiser.

The following changes are effective for all Kentucky  FHA case numbers assigned on or after June 3, 2013: FHA is changing the duration for the collection of MIP
o For all mortgages with an original principal LTV of 90% or less, regardless of loan term, the annual MIP will be assessed for 11 years.
o For all mortgages with an original principal LTV greater than 90%, regardless of loan term, the annual MIP will be assessed for the entire life of the loan.

Loans of 15 year terms or less with LTV 78% or less will pay an MIP amount of 45 bps.

FHA Streamlines Prior to June 2009
FHA Streamlines with case numbers dated June 11, 2012 or later will have new MIP rules applied. If the loan being refinanced was endorsed on or before May 31, 2009, the new Streamline will receive a flat annual MIP of 55 basis points, regardless of loan amount, and the UFMIP ratio will decrease to 0.01% of the base loan amount.

 

 

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com/

 

FHA loans are secured through the FHA, or Federal Housing Administration
FHA loans are secured through the FHA, or Federal Housing Administration

FHA eases rules for some credit-impaired applicants

FHA eases rules for some credit-impaired applicants.

Kentucky FHA Mortgage Guidelines for Collections in 2014
Kentucky FHA Mortgage Guidelines for Collections in 2014

Handling of Collections and Disputed Accounts

This guidance is effective for all case numbers assigned on or after

October 15, 2013.

Documentation Requirements: Collection Accounts and Judgments

Applicable to Manually Underwritten Loans:

The lender must document reasons for approving a mortgage when the borrower has collection accounts or judgments.

Regardless of the amount of outstanding collection accounts or judgments, the lender must determine if the collection account or judgment was a result of:

 the borrower’s disregard for financial obligations;

 the borrower’s inability to manage debt; or

 extenuating circumstances.

The borrower must provide a letter of explanation with supporting documentation for each outstanding collection account and judgment. The explanation and supporting documentation must be consistent with other credit information in the file.

Applicable to Loans Run Through TOTAL Mortgage Scorecard:

TOTAL Mortgage Scorecard Accept/Approve – There are no documentation or letter of explanation requirements for loans with collection accounts or judgments run through TOTAL Mortgage Scorecard receiving an “Accept/Approve” despite the presence of collection accounts or judgments. These accounts have been already taken into consideration in the borrower’s credit score. If TOTAL Mortgage Scorecard generates a “Refer,” the lender must manually underwrite the loan in accordance with the guidance above applicable to manually underwritten loans with collection accounts and judgments.

Collections – FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage. To mitigate this risk, FHA is requiring a capacity analysis of collection accounts with an aggregate balance equal to or greater than $2,000, as described below.

If the total outstanding balance of all collection accounts for all borrowers is equal to or greater than $2,000, the lender must perform a capacity analysis as detailed below. Unless excluded under state law, collection accounts of a non-purchasing spouse in a community property state are included in the cumulative balance.

All medical collections and charge off accounts are excluded from this guidance and do not require resolution.

Capacity analysis includes any of the following actions:

 At the time of or prior to closing, payment in full of the collection account (verification of acceptable source of funds required).

 The borrower makes payment arrangements with the creditor. If the borrower has entered into a payment arrangement with the creditor, a credit report or letter from the creditor verifying the monthly payment is required. The monthly payment must be included in the borrower’s debt-to-income ratio.

 If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

TOTAL Mortgage Scorecard Accept/Approve/Refer – Regardless of the Accept/Approve/Refer recommendation by TOTAL Mortgage Scorecard, the lender must include the payment amount in the calculation of the borrower’s debt-to-income ratio.

Judgments – FHA requires judgments to be paid off before the mortgage loan is eligible for FHA insurance. An exception to the payoff of a court ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments. The borrower must provide a copy of the agreement and evidence that payments were made on time in accordance with the agreement, and a minimum of three months of scheduled payments have been made prior to credit approval.

Borrowers are not allowed to prepay scheduled payments in order to meet the required minimum of three months of payments. Furthermore, lenders are instructed to include the payment amount in the agreement in the calculation of the borrower’s debt-to-income ratio.

FHA requires judgments of a non-purchasing spouse in a community property state to be paid in full, or meet the exception guidance for judgments above, unless excluded by state law.

Disputed Derogatory Accounts Indicated on the Credit Report

If the credit report utilized by TOTAL Mortgage Scorecard indicates that the borrower is disputing derogatory credit accounts, the borrower must provide a letter of explanation and documentation supporting the basis of the dispute. The lender must analyze the documentation provided for consistency with other credit information in the file to determine if the derogatory credit account should be considered in the underwriting analysis.

Guidance for TOTAL Mortgage Scorecard Accept/Approve loans with disputed accounts.

Disputed Derogatory Credit Accounts greater than or equal to $1,000

If the cumulative outstanding balance of disputed derogatory credit accounts of all borrowers is equal to or greater than $1,000, the mortgage application must be downgraded to a “Refer” and a Direct Endorsement underwriter is required to manually underwrite the loan as described above.

Disputed Derogatory Credit Accounts less than $1,000

If the cumulative outstanding balance of disputed derogatory credit accounts of all borrowers is less than $1,000, a downgrade is not required.

Excluded Accounts

 Disputed medical accounts are excluded from the $1,000 limit and do not require documentation.

 Disputed derogatory credit accounts resulting from identity theft, credit card theft, or unauthorized use are also excluded from the $1,000 limit. However, the lender must provide in the case binder a credit report, letter from the creditor, or other appropriate documentation to support the dispute, such as a police report disputing the fraudulent charges

Disputed derogatory credit accounts are defined as follows:

 disputed charge-off accounts,

 disputed collection accounts, and

 disputed accounts with late payments in the last 24 months.

Disputed derogatory credit accounts of a non-purchasing spouse in a community property state are not included in the cumulative balance for determining if the mortgage application is downgraded to a “Refer”.

Non-derogatory disputed accounts are excluded from the $1,000 cumulative total.

Non-Derogatory Disputed Accounts and Disputed Accounts Not Indicated on the Credit Report.

Non-derogatory disputed accounts include the following types of accounts:

 disputed accounts with zero balance,

 disputed accounts with late payments aged 24 months or greater, and

 disputed accounts that are current and paid as agreed.

If a borrower is disputing non-derogatory accounts, or is disputing accounts which are not indicated on the credit report as being disputed, the lender is not required to downgrade the application to a “Refer.” However, the lender must analyze the effect of the disputed accounts on the borrower’s ability to repay the loan. If the dispute results in the borrower’s monthly debt payments utilized in computing the debt-to-income ratio being less than the amount indicated on the credit report, the borrower must provide documentation of the lower payments.

 


 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

Back to Work Program for FHA Borrowers in Kentucky

 fha back to work program in kentucky
fha back to work program in kentucky
Kentucky FHA Mortgage Guidelines for Previous short sale or foreclosure

• FHA permits loans to Kentucky Home-buyers  whose credit history indicates a short sale within the most recent three years prior to loan application, provided all of the following conditions are met:

– The borrower must have made all mortgage payments within the month due for  the 12 months prior to the short sale

• Borrowers who executed a short sale after completing a permanent  modification are eligible for Kentucky FHA financing, provided the borrower made at  least 12 payments on the permanent modification and all payments on the  permanent modification were made within the month due for the 12 months  prior to the short sale

• Borrowers who completed a short sale on a loan that was under a temporary  modification plan at the time of the short sale are ineligible for Kentucky FHA financing  for three years after the short sale
– The short sale must serve as payment in full on the existing liens, and the existing mortgage servicer may not require repayment of the difference between the mortgage balance and the short payoff – Borrowers in default on their mortgages at the time of a short sale are ineligible  for Kentucky  FHA financing for three years after the date of the short sale unless the  borrower experienced significant extenuating circumstances
– For additional information, refer to FHA Mortgagee Letter 2009-52 – Short Sales 

Kentucky FHA Lender for Back to Work Program
Joel Lobb Senior  Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 Company ID #1364 | MB73346

Louisville Kentucky FHA Seller Contributions and Closing Costs

Louisville Kentucky FHA Seller contributions can make a big impact for a first time home buyer struggling to save the required 3.5% down payment let alone all other related fees. A seller who understands the benefit and has the ability to offer assistance could make the difference between purchasing a home now and continuing to rent.

Louisville Kentucky FHA Maximum Seller Contributions

Louisville Ky FHA guidelines allow the seller to contribute up to 6% of the sales price toward the buyers closing costs, discount points, and prepaids. The seller is also allowed to pay the upfront mortgage insurance premium (MIP) which is typically rolled into the cost of the loan.

Common FHA Closing Costs:

Below is a list of customary fees associated with an Kentucky FHA loan. This is only an example of costs the seller may pay on your behalf and does not include all allowable costs per Kentucky FHA guidelines. Make certain your lender provides you with an itemized list known as a Good Faith Estimate.

  • Origination fee – The maximum origination fee is 1 percent of your loan amount, or 2 percent of the loan amount if it’s a home equity conversion loan.
  • Appraisal fee to determine the value of the home
  • Costs associated with your mortgage credit report
  • Attorney’s fees, title search fees, title insurance – Attorney’s fees are not typical in Colorado, but title fees are and can range from $250 to $1,500 depending on the home’s location.
  • Prepaid interest – You will pay interest accrued between the closing date and the end of the month.
  • Upfront premium for your Kentucky FHA mortgage insurance. This will be 1.5 percent of the loan amount, but you may be able to roll it into your loan.
  • Escrow amounts for future taxes and insurance – You will be required to pay 1 year of homeowner’s insurance and a few months of your property taxes.
  • Discount points (if applicable)
  • Up Front Mortgage Insurance Premium (MIP)
  • Buy Downs (cost incurred for a permanent or temporary interest rate buy down)While the total amount of your closing costs might seem like a hefty price to pay, keep in mind what you’re getting in return:A home you can call your very own.

Louisville Ky FHA Mortgage Loans

NMLS #57916

Louisville Ky FHA  Mortgage loans

Free Credit Report and Pre-Approval within 1 hour. Click my Picture

 If you are looking to step into the benefits of homeownership in the Louisville Ky area  then we can help you. Let us guide you to the best Louisville Ky mortgage, Louisville Ky mortgage refinance, Louisville Ky  home loans, or any other mortgage program in the city as per your requirements. Our reliable mortgage lenders provide you best terms at cheap rates.

Louisville Ky  Mortgage Loans

Do you have the ability to repay your Louisville Ky mortgage loans? Your banks and lenders are sure to ascertain that. You have to give them enough reasons to agree that you are indeed capable of repaying mortgage loans in Louisville. Start the “confidence building measure” by reducing your debts. Pay all the credit card balances in order to get qualified for Louisville Ky  mortgage loans. If you have too many debts, try to delay your loan application. A positive certification by your credit bureau would ensure that you obtain mortgage loans in the  Louisville Kentucky area.

Best terms and rates on a Louisville Ky home loans is now just a mouse click away. Apply now and secure the best terms and rates on your preferred mortgage program. We deal in a variety of Louisville home loans, including Louisville first residential mortgage, Louisville home loan refinance, and more…

Louisville Home Loans

Purchasing Louisville Home Loans can be a difficult task especially if you are new to the mortgage jargon. Let our reliable mortgage professionals help you in obtaining home loans in Louisville at best possible terms and prices. Key to receiving best terms on your Louisville home loan lies in comparing multiple offers and identifying a reliable state mortgage lender offering best terms and condition at lowest possible interest rates. Prior to applying for mortgage loans in Louisville you should figure out how much mortgage you can afford. Make sure you have sufficient savings to make required levels of down payments. There are many home loan programs in Louisville that require only a low down payment or no down payment, with less or no closing costs. There are also numerous options to choose from in the event you are looking to purchase a second mortgage or refinance existing mortgage.

Let us help you find offering best mortgage plans in tune with your requirements. Spare a few seconds to fill out our simple no obligation mortgage quote. We will study your needs and will find you excellent Louisville home loans at lowest possible rates.

Mortgage brokers in Louisville deal exclusively with mortgage loans. kentucky Louisville mortgage brokers not only have professional expertise but also access to various lenders and Kentucky Louisville mortgage bankers. Access to lenders and top Kentucky Louisville mortgage bankers give them access to variety of loan products, too. Experienced brokers in Louisville provide the most cost effective financing options. The best Louisville mortgage broker pays attention to both your financial and personal goals. See that your mortgage brokers in Louisville also provide individualized attention to your needs.

Act on the recommendations from your friends and co-workers while selecting Louisville mortgage lenders. They have a variety of financing options like Louisville mortgage loans, Louisville home loans etc… After selecting your kentucky Louisville mortgage lenders, contact them and appraise them about your financial situation and plans for your property. Check out the various loan programs suggested by your mortgage company in Louisville. Also note your lenders’ fees for each loan program. Compare rates and fees of different Louisville mortgage lenders to ascertain the competitiveness. Try to negotiate with the mortgage company in Louisville in case their rates and fees are not competitive.

A Louisville mortgage company can answer your questions about mortgage rates in Louisville only after you have decided on Louisville mortgage. If you want best mortgage rates, you have to satisfy your lender about your credit score and credit history. Remember that lenders will not commit to mortgage rates in Louisville until you have set a closing date. You may keep asking your lenders for mortgage rates but note that those rates are hypothetical. Lenders are not going to commit themselves unless you commit yourself.

 

Kentucky FHA Streamline Refinance

Our Kentucky FHA lenders can help you buy a home with no money down or refinance to the lowest rates possible!

via Kentucky FHA Streamline Refinance.

Kentucky FHA Streamline Refinance

Welcome to the Kentucky FHA Streamline Refinance program! Our KY FHA lenders can help you save money each month on your FHA mortgage.  Want to take advantage of the current low rates?  No problem!  We service all areas of The Bluegrass State and we’re here to help!

This FHA Streamline Refi process is so simple that it’s been called “Streamline” because it allows you to refinance the interest rate on your current home mortgage rather quickly. Appraisals are usually not required and there is also less paperwork involved – saving both you and the lender time and money!

***Starting June 11, 2012 if you currently have an FHA loan you may qualify for a refinance that will reduce your upfront mortgage premium to only .01 percent and your annual premium of .55 percent!***

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

Louisville Ky  homeowners looking to for a  FHA refinancing offers benefits for current real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage (s). 


Some advantages of using a Louisville KY FHA mortgage for your mortgage refinance are as follows:

  • Cash-Out up to 85% of your properties value.
  • Consolidate first and second mortgages into single loan.
  • Bill consolidation programs.
  • Easier credit and income qualifications.
  • FHA  regulated closing costs.
  • Rate and Term Mortgage Refinancing up to 96.5% of your homes value.
  • Consolidate first and second mortgages* into a single loan.
  • min. 640 credit score.
  • Competitive rates for borrowers with a Bankruptcy older than two years.
  • Competitive rates for borrowers with a Foreclosure older than three years.
  • Easier credit and income qualifications.
  • FHA regulated closing costs.
  • No Cost Interest Rate Reductions programs.
  • No Income or Credit Qualifications*.
  • Zero cost refinance options available.
  • Easily switch amortization for adjustable to fixed or vice versa.
  • Easily shorten or lengthen term of your existing loan.
  • Easier credit and income qualifications.

What Are the New Changes That Make FHA Streamline Loans Even Better?

These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.

At least until now…

New changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.

In an effort to assist more Kentucky homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.

This new change alone means thousands of dollars in savings for most borrowers.

According to the FHA, based upon a $200,000 30 year mortgage with a loan-to-value higher than 95%, those who took out loans on or before May 31st, 2009, will now realize the following savings:

Before June 11th, 2012

After June 11th, 2012

Mortgage Premium at Closing

$3,500

$20

Monthly MI Premium

$208.33

$91.67

Upfront MI Premium Percentage

1.75%

0.01%

Annual MI Premium Percentage

1.25%

0.55%

 



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Kentucky FHA loans have new guidelines for collections, judgements, and disputed accounts on credit report.

Kentucky FHA loans have new guidelines for collections, judgements, and disputed accounts on credit report. 

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I. ML 2013-25 (and 2013-24) – Collections, Judgments and Disputed Accounts
This guidance amends the TOTAL Scorecard User Guide (FHA’s guide for
using AUS) and is effective for all case numbers assigned on or after October
15, 2013. It applies to all FHA loans with the exception of non-credit
qualifying streamline refinance transactions.
A. FHA does not necessarily require collection accounts to be paid off for
approval, but it is recognized that collection efforts by the creditor could
affect the borrower’s ability to repay the mortgage. To that end, FHA is
requiring lenders to follow these guidelines when collection accounts are
present with an aggregate balance equal to or greater than $2000. When
the loan is rated approve/eligible or accept/accept by TOTAL:
1. If the cumulative outstanding balance of all collections is LESS than
$2000, then no further consideration is required.
2. If the cumulative outstanding balance of all collections of ALL
borrowers is equal to or greater than $2000 the lender must include
monthly payments in the borrower’s debt to income ratio for accounts
that will remain open after closing. This means that you will need to
document payment arrangements with the creditor and count the
payment or use 5% of the outstanding balance.
Note 1: Collections accounts of a non-purchasing spouse in a community
property state are included in the cumulative balance.
Note 2: Medical collections and charge offs are excluded from this
guidance.B. Judgments – Loans for borrowers with outstanding judgments are
generally not acceptable unless the following documentation is obtained.
a. Judgment must be on the credit report that is linked to the TOTAL
Scorecard findings and the findings must be “approve/eligible” or
“accept/accept.”
b. If the judgment will not be paid off and released prior to the
closing, evidence of a payment agreement may be considered. The
payment agreement must be in writing and provided at the time of
underwriting. Crescent will require evidence that 12 months
satisfactory payments have been made as scheduled. Borrowers
may not pre-pay scheduled payments in order to meet this
requirement. The monthly payment must be considered in the
borrower’s debt-to-income ratio for qualifying.
c. Any judgments that are discovered in the processing of the loan
that ARE NOT on the credit report linked to the TOTAL findings
require the loan to be manually downgraded to “refer” status.
Crescent does not approve loans that must be manually
downgraded.
d. A subordination agreement will be required for any judgment that
is also a lien against the borrower and/or the subject property.
C. Disputed Accounts – Because disputed accounts are not generally
considered in the borrower’s credit report FHA will now require loans of
borrowers who have derogatory disputed accounts with cumulative
balances of $1000 or more (excluding medical) to be downgraded to
“refer” findings and manually underwritten. As you are aware, Crescent
does not approve loans that require manual underwriting.
NOTE 1: Disputed derogatory credit account of a non-purchasing spouse
in a community property state are not included in the cumulative balance
for purposes of determining if the mortgage application must be
downgraded to a “refer.”
NOTE 2: Disputed medical collections are excluded from the $1000 limit
as are derogatory credit accounts resulting from identity theft, credit theft
unauthorized use, etc. However, documentation must be provided to
conclusively support the disputed status. Documentation might entail
police reports, letters from the creditor, etc.
II. ML 2013-26 – Back to Work-Extenuating Circumstances
The guidance provided in ML 13-26 requires loans to be manually
underwritten. For this reason Crescent cannot approve loans that need these
credit underwriting leniencies. III. ML 2013-29 – Application of Unused Funds from Escrow Account on
Refinance Transactions
This guidance is effective with case numbers assigned on or after November
1, 2013.
A. Unused funds from an escrow account that are not sent directly to the
borrower must be used for a purpose authorized by the borrower.
B. If the current servicer nets the escrow balance out of the payoff, it does not
change the way the new loan amount is calculated. You must still start
with the unpaid principal balance on the current loan, NOT the payoff
amount.
C. When the borrower has determined that they want the unused funds to be
applied to costs associated with the new FHA loan the lender is required
to:
a. Obtain a written authorization from the borrower to apply the funds
from an existing mortgage for any purpose prior to using them. The
borrower’s written authorization must clearly state the purpose for
which the authorization is provided.
b. The credit must show on the HUD-1 when the funds are applied to
settlement charges or to the new escrow account.
IV. Reminder: Loan officers are not to sign the initial 92900a (addendum to the
loan application for sponsored originator cases. This includes lenders who
have their FHA approval, but have not completed the test case phase of the
process.
A link to the FHA mortgagee letters is provided here > Mortgagee Letters.

Louisville Kentucky FHA Update Collections, Judgments, Disputes, Escrow Credits
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

kentuckyloan@gmail.com

--  Joel Lobb (NMLS#57916) Senior  Loan Officer 502-905-3708 cell 502-813-2795 fax kentuckyloan@gmail.com
– Collections, Judgments and Disputed Accounts for Kentucky FHA Loans

Back to Work Program in Kentucky for home buyers with previous short sale or foreclosure less than 2 years

Do you qualify for the Back to Work Program in Kentucky for home buyers with previous short sale or foreclosure less than 2 years?Back to Work Program, bad credit, Bankruptcy, FHA Back to work, foreclosure, job loss, Short Sales

 

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Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com 

Kentucky First Time Home Buyer Programs for 2016 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

FHA changes may aid those who lost homes.

Kentucky FHA changes may aid those who lost homes

The Federal Housing Authority has shortened the mandatory waiting periods for an Kentucky  FHA-insured mortgage loan for those who have undergone foreclosure, deed-in-lieu, taken a short sale or declared bankruptcy during the economic recession.

 

Through its new program, Back to Work—Extenuating Circumstances, the waiting period for most borrowers is now just 12 months instead of the typical three, seven or 10 years. Both first-time and repeat home-buyers can apply. “Most people do not know this program has been released, and are only renting because

If you feel like you qualify for this and live in Kentucky, please call or email me with your questions and I would be glad to see if you qualify for the new Kentucky FHA Program for free.

 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste…

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KHC Loan Programs

KHC Loan Programs.

via KHC Loan Programs.

 

KHC’s First Mortgage Loan Products
Federal Housing Administration (FHA)
•Minimum 640 credit score required.
•Financing to 96.50% of lesser of sales price or appraised value.
•All KHC DAPs and other KHC-approved secondary financing may be used.
•Maximum 6% seller-paid items.
•Maximum ratios of 40/45 with AUS approval.
•FHA’s Appraiser Independence rules apply. (see page 4)
•All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.
•Lender must follow the FHA maximum mortgage limits for particular area – see
Upfront and Annual Mortgage Insurance Premiums
30-Year Loan Term
LTV less than or equal to 95% 1.75% annual 1.20 monthly
LTV greater than 95% 1.75% annual 1.25 monthly
Conventional
• Minimum 660 credit score required
• Maximum loan-to-value (LTV) ratio is 80%.
• Maximum ratios 40/45 with AUS approval.
• No down payment assistance products may be used. Borrower must meet down payment requirements with their own
funds or a gift.
• Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement. Must be entered as
subordinate financing in DU/LP.
• Pre-purchase education required as per AUS findings.
• Not available for manufactured housing.
• Appraiser Independence required (see page 4).
• KHC does not presently have a product for 81% LTV or greater.
Rural Housing Services (RHS)
 Minimum 640 credit score required.
• Financing to 100% of the appraised value, plus guarantee fee of 2.0%/0.3% annual fee.
• All KHC DAP programs and other KHC-approved secondary financing may be used.
• No maximum on seller-paid items.
• Ratio requirements and guarantee fee per agency guidelines.
• KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with
approval, expanded ratios up to 40/45.
Veteran’s Administration (VA)
•Minimum 640 credit score required.
•Financing to 100% of the lesser of the appraised value or sale price.
•All KHC DAP programs and other KHC-approved secondary financing may be used.
•Maximum 4% seller-paid items.
•Ratio requirements and funding fee per agency guidelines
•Maximum ratios of 40/45% with AUS Approval

 

FHA loan requirements Louisville Kentucky Mortgage

FHA loan requirements – 2010 – 7 tips – Louisville Kentucky Mortgage.

A Complete Guide to Closing Costs

A Complete Guide to Closing Costs.

via A Complete Guide to Closing Costs.

Five different types of Mortgage Loans avaialbe for first-time homebuyers in Kentucky

1) FHA–  3.5% of the purchase price is required for a down payment. The 3.5% down has to come from buyer funds or a buyer’s family member as a gift.

2)  VA- No money down required.  You have to be a veteran, spouse of deceased veteran, or active duty military to qualify for a VA loan.

3) USDA (aka Rural Housing)- No money down required.  You have to purchase a home outside of Jefferson County and buy in an approved USDA county.  Typically, most of the counties that surround Jefferson County are approved for USDA.

4) Conventional- As little as 5% down payment is required.  20% down payment might be required if the borrower/buyer has a lower credit score.  When putting personal money down along with gift money on a conventional loan, the buyer must have 5% personal funds verified before any gift funds can be received.  Gift funds can be used on top of the 5% personal funds to increase down payment or contribute to closing costs.  The only exception to this rule with a conventional loan would be if the buyer is getting a 20% gift. If the buyer receives a 20% gift they would not be required to provide 5% of their own funds.

5) KHC or Kentucky Housing-

Down Payment and Closing Costs Assistance

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Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular DAP

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent.  A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
  • Available to all KHC first-mortgage loan recipients.

Affordable-DAP

  • Purchase price up to $243,000.
  • Assistance up to $4,500
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP Household Income Limits.

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.

Kentucky FHA HUD Back to Work Program for FHA Borrowers in Kentucky

Kentucky FHA HUD Back to Work Program for FHA Borrowers in Kentucky 

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What is Back to Work?
FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances.
Many borrowers experienced periods of recession related financial difficulty and/or credit impairment resulting from unemployment or a severe reduction in income. FHA recognizes the hardships faced by these borrowers, and that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.
 
For Purchase transactions with case numbers assigned on or after August 15, 2013 
 The Good Neighbor Next Door Sales Program

 

 

 

 

Are borrowers with a foreclosure, short sale, or bankruptcy eligible for Back to Work?

Important Back to Work Definitions

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

 

New FHA Program Seeks to Return Foreclosed Borrowers to Homeownership

New FHA Program Seeks to Return Foreclosed Borrowers to Homeownership.

That’s good news for borrowers who lost their home due to specific financial hardships but can now demonstrate they have regained previously lost financial ground. The list of eligible financial hardships reads like a list of housing crisis woes:

• Chapter 7 or Chapter 13 bankruptcy

Deed-in-lieu

Forbearance

• Foreclosure

Loan modification

• Loss of income, employment or both that totaled at least 20 percent of previous earnings for at least six months – including copies of applicable termination notices or changes in employment status

Pre-foreclosure sales

Short sales

Additionally, consumers must also meet other verifiable measures to participate in the program:

• Proof of borrower’s current income – usually W-2 forms or federal tax returns that show the desired mortgage would be affordable and sustainable;

Credit history before and after the eligible hardship event that is free from late payments or other major credit issues, including rental housing payments and accounts delinquent by 30 days or more;

Credit score of at least 500;

• Housing counseling by a HUD-approved counselor at least 30 days but no more than six months before submitting an FHA application.

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Legal Disclaimer

This website 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.

FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan

FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan.

via FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan.

FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan

Most borrowers have heard of FHA home loans. They are very common. You hear about them mostly as loans for first time borrowers, which is common. However, most people don’t realize that FHA loans can also be does for refinancing. They are not only for purchasing a house.HUD owns and operates FHA, which is a program designed to help borrowers who might have difficulty buying a house. If the borrower falls within FHA’s requirements FHA insures the loan for the lender, which makes the loan very low risk for the lender, which is very good for the borrower. It could mean a lower interest rate, better terms and just an overall better loan.FHA’s requirements are; a down payment of 3-5%, the home must be under the FHA’s set loan limit for the county that the borrower lives in and a few other small requirements.The main advantage to an FHA loan, is if you can fall within their requirements, your credit history or income level, will not hold you back from getting a home loan. If you are getting turned down from other lenders because of a high debt to income ratio or because your credit is bad. You may want to consider applying for an FHA loan, where those requirements are either non-existent or much more flexible.If the idea of down payment is holding you back, consider also, that FHA loans allow the use of a non-profit organization as a source for the down payment, which opens up the option of using down payment assistance programs like Neighborhood Gold.To view our list of recommended mortgage lenders online, who offer FHA
programs, visit this page: Recommended Lenders
for FHA Loans Online.

FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage

FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire
FHA has issued 3 mortgagee letter out this week, with big changes coming on October 15th! FHA will now allow serious job loss or income reduction (20% reduction in income)to be counted as an extenuating circumstance. Buyer might be eligible to purchase a new home after a 12 month waiting period with excellent re-established credit and documentation of income loss and credit counseling. Stay tuned! More info to come but this will certainly help get more buyers into the market in our area.
According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.
The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements.
FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” the letter says.
Besides the burden of proof on the borrower to demonstrate a recovery from the “economic event,” the potential homeowner must also complete housing counseling. This event would need to result in a minimum loss of 20% of the household income.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire
FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

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FHA cuts mortgage wait times after hard times

FHA cuts mortgage wait times after hard times.

FHA cuts mortgage wait times after hard times



FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire.

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.

The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements.

FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” the letter says.

Besides the burden of proof on the borrower to demonstrate a recovery from the “economic event,” the potential homeowner must also complete housing counseling. This event would need to result in a minimum loss of 20% of the household income.

The FHA is requiring lenders to verify at least a year has passed since the foreclosure and the economic event is responsible for the loss of the home or bankruptcy.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

Steps for refinancing FHA Mortgage Loans

Steps for refinancing FHA Mortgage Loans.

via Steps for refinancing FHA Mortgage Loans.

Steps for refinancing FHA Mortgage Loans

Steps for refinancing FHA Mortgage Loans

26Step 1: Get in touch with your local FHA mortgage lender / bank and make clear that you would like to refinance the present FHA mortgage loan. You don’t require working with the loaner /the bank that’s presently servicing the loan. You’re able to shop about for lenders to put forward the least fees / the speediest turnaround time.

Conditions needed to get a FHA Loan:

•    stable employment record, not less  than 2 years of service history

•    Consistent revenue over the last 2 years

•    Any Chapter seven bankruptcy on documentation must be not less than 2 years old with excellent credit for the 2 successive subsequent years.

•    Any foreclosure have to be not less than 3 years old

•   Inquire the lender regarding streamlined FHA refinance. This kind of refinance happens to only be for homeowners who by now contain an FHA loan. FHA Streamline mortgage refinance have need of a good deal less documentation compared to a refinance that isn’t traditional. You are only going to be qualified for streamlined refinancing in the event of you currently being in a FHA Loan.

Step 2: have the lender sent by mail, fax, or e-mail, based on first choice, all documents that mortgage lender asks for.

Step 3: Provide the lender with authorization to verify your credit & to evaluate your house. Both are significant for the mortgage refinance (or Mortgage Refinancing) process. Lenders depend on customer’s credit score – anything over 720 is thought to be good, even as scores beneath 620 is thought to be bad – to establish if they are going to lend you cash and what ROI. They would be sending an appraiser for ensuring that your home worth has sufficient equity. The majority of lenders & banks require you to have not less than 90% equity in your residence.

FHA house Mortgage Loans happen to be backed by the Federal Housing management and is a more and more popular option for house buyers. This happens to be partly for the reason that the FHA Refinance need just a 3.5 advance in the house purchase cost, as the majority of mortgage lenders need 20% down payment. Find an FHA accepted Mortgage Lender.

The benefits of Streamline FHA Mortgage Refinance Loans:

1. The house owner is able to get a lesser ROI and this is going to assist them to decrease their monthly mortgage imbursement.

2. They are able to alter the terms of their present loans like loan length.

3. Rapid processing and abridged paperwork & documentation. This is the way in which they obtain the name “streamlined”. It is going to be taking less time to close up and you would be spending less time attempting to get all the paperwork & information together.

4. Closing prices are able to be chosen to incorporate them in the fresh loan if there’s sufficient equity in the house or they are able to opt to have no closing prices but that possibly will bring about a higher ROI.

5. The house owner doesn’t have to authenticate income /employment status.

Certainly there’re some qualifications which you must meet to be able to get the Streamlined FHA Refinance loan.

Steps for refinancing FHA Mortgage Loans

Steps for refinancing FHA Mortgage Loans

Louisville Kentucky FHA Streamline Mortgage Refinance Progra,

How to Get Qualify for FHA Streamline Mortgage Refinance Program

 

Eligibility Requirements
Oddly enough, the FHA Streamline mortgage refinance program is one of the easiest to qualify for. All one has to have is a current FHA-insured mortgage loan. To refinance it, one does not need a new appraisal of his home; the FHA will count the original value of the house as its existing worth. The only homeowners who cannot qualify for this program are those whose conventional loans are owned or serviced by Sallie Mae or Freddie Mac.
The Streamline Mortgage Refinance Plan
There are official rules for participating in an FHA mortgage Streamline refinance. The first of these is that one must have an excellent payment record that goes back at least three months. Another is that all loans must be current at the time they are closed upon. Also, the FHA mandates that borrowers complete 6 mortgage payments on their FHA mortgages, and that no less than 210 days go by from the most current closing to qualify for Streamline refinance.
What Verification?
Another perk of FHA Streamline mortgage refinance is that there is no verification of … anything, really. A person should be aware of the FHA Streamline refinance mortgage rates, but that’s all he’ll need to know. The FHA does not require income verification, proof of employment, or that one provide income tax returns. It also doesn’t look at one’s credit score because it relies on payment histories to determine future loan functioning. Add to that the fact that there’s no need for an appraisal, and this is a pretty good deal.

Kentucky Mortgage Underwriting Guidelines updated for 2013

Kentucky Mortgage Underwriting Guidelines updated for 2013.

via Kentucky Mortgage Underwriting Guidelines updated for 2013.

Kentucky FHA Streamline Refinance

Image adapted from US fed gov't source nationa...
Image adapted from US fed gov’t source nationalatlas.gov Category:Congressional districts of Kentucky (Photo credit: Wikipedia)

Our Kentucky FHA lenders can help you buy a home with no money down or refinance to the lowest rates possible!

via Kentucky FHA Streamline Refinance.

via Kentucky FHA Streamline

Kentucky FHA Streamline Refinance Calculator

Refinance.

Kentucky FHA Streamline Refinance

Kentucky FHA Streamline Refinance

Kentucky FHA Streamline Refinance

Kentucky FHA Mortgage Guidelines for 2013

Kentucky FHA Mortgage Guidelines for 2013.

via Kentucky FHA Mortgage Guidelines for 2013.

FHA will increase its annual mortgage insurance premium for Kentucky FHA Mortgages beginning in early 2013. For example, for most new Kentucky FHA mortgages by 10 basis points, or 0.10%. Premiums on jumbo mortgages — $625,000 or larger — will also increase by 5 basis points, or 0.5%, to maximum authorized annual mortgage insurance premium. These increases exclude certain Kentucky FHA streamline refinance transactions.

Now the big change. It use to be you only paid the annual mip for 60 months or 78% ltv, but now  FHA will also require most Kentucky FHA  borrowers to continue paying annual premiums for the life of their mortgage loan.

In 2001, the FHA cancelled required MIP on loans when the outstanding principal balance reached 78% of the original principal balance. However, FHA will remain responsible for insuring 100% of the outstanding loan balance throughout the entire life of the loan, a term which often extends beyond the cessation of these MIP payments.

For credit scores below 620 now, FHA is  requiring manual underwriting on loans with decision credit scores below 620 and DTI ratios over 43%, raising down payments on loans above $625,000, access to FHA after foreclosure and continuing efforts to improve risk management. There is still a 3 year waiting period for foreclosures and 2 years for a bankruptcy with no lates after bankruptcies. IF you have lates after bankrupcty , it will be hard to get a mortgage loan again.

The FHA will also step up its efforts for approved lenders with regard to aggressive marketing to borrowers with previous foreclosures, while also reminding lenders of their duty to fully underwrite loan applications. All new loans must meet FHA guidelines.

FHA will announce a proposal to increase down payment requirements for mortgages that have original principal balances above $625,000. The minimum down payment requirement for these mortgages will increase from 3.5% to 5%.

Additionally, the FHA will require lenders to manually underwrite loans of which borrowers have a credit score below 620 as well as a total debt-to-income ratio greater than 43%. Thus, lenders will be required to document compensating factors supporting underwriting decisions to approve loans where parameters are exceeded.

fha_va_home_loan_mortgages.gif

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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Kentucky Fannie Mae HomePath Mortgage Loan

We are an approved Kentucky Fannie Mae   HomePath lender.
We are an approved Kentucky Fannie Mae HomePath lender.
Kentucky Fannie Mae HomePath Mortgage Loan®
We are pleased to  announce the introduction of the Kentucky Fannie Mae HomePath® product 

The HomePath® mortgage provides special financing for loan‐to‐value (LTV) ratios up to 97% when the borrower is
purchasing an eligible Fannie Mae‐owned property. Other key features include financing without mortgage insurance
with LTVs greater than 80% and no appraisal report or cost.Product Overview & Guidelines
 Loan Terms: Fixed Rate Terms only‐ 10, 15, 20 and 30 year terms
 Occupancy: Owner Occupied 1‐4 unit principal residence
 Maximum Loan Amount & LTV Matrix:
Minimum Credit Score Maximum Loan Amount Max LTV Max CLTV Max HCLTV
1
>= 660 $417,000 97% 97% 105%
659‐640 $417,000 80% 97% 105%
1‐ HCLTV: acceptable secondary financing is a Community Second per Fannie Mae guidelines
 Down Payment Requirements:  
o 1 unit principal residence: Minimum 3% (may come from flexible sources per Fannie Mae’s Flexible
Mortgage guidelines)
o 2‐4 unit principal residence: Minimum 5% must come from borrower’s own funds
 Eligible Property Types:
o Single Family Primary Residence
o Site Condo’s
o PUD’s
o All homes eligible for HomePath® financing must be a listed at www.homepath.com, and include the
required HomePath® Mortgage logo

 HomePath® Mortgage ‐ Renovation Mortgage dual logo must be displayed for the property to
be eligible through RMC
 FHA to increase the FHA monthly mortgage insurance #Kentucky#" href="http://louisvillemortgageguide.com/2011/04/19/fha-to-increase-the-fha-monthly-mortgage-insurance-kentucky/">Mortgage Insurance: Not required regardless of the LTV
 Automated Underwriting System: Desktop Underwriter®(DU) must maintain Approve/ Eligible findings and
must be fully documented to the DU findings
o The following DU messages may be disregarded:
 Mortgage insurance is required
 The maximum allowable seller contributions have been exceededPage 2
 Level of fieldwork recommendation
 Property value estimate appears to have an excessive rate of appreciation based on analysis of
recent sale
o My Community Mortgage program is not an acceptable option for DU HomePath® loans
o Loans with a LTV/CLTV greater than 95% must meet the Fannie Mae’s Flexible Mortgage requirements
 Credit Score Requirements:
LTV Credit Score
> 80% 660
80% or less 640
 Reserves: Per DU Findings
 Qualifying Ratios: Debt‐to‐Income: 45%
 Documentation:  
o Standard Full/ Alternative Documentation required
o 4506‐T: properly completed and signed 4506‐T required for all loans‐ Tax Transcript results required
o Reduced documentation is not allowed, regardless of any lesser requirement given by the DU findings
o File documentation must include a printed copy of the home listing from Fannie Mae’s website
www.homepath.com denoting that the property is eligible for HomePath® financing
 HomePath® Mortgage ‐ Renovation Mortgage dual logo is eligible
 HomePath® Mortgage only is not eligible
 HomePath® Renovation Mortgage only is not eligible
 Appraisal Requirements: Not Required
o The LTV ratio will be based upon the sales price
o It is highly recommended that the borrower(s) obtain a home inspection of the property
 Financed Properties: Borrower may finance a maximum of ten (10) properties per Fannie Mae guidelines,
including borrower’s primary residence‐ Refer to the DU findings for more specific requirements
 Escrow Waiver: Permitted for LTV ratios of 80% and less (pricing adjustments will apply)
 Interested Party Contributions: Primary residences‐ 6%
 Pricing: See HomePath® page of daily rate sheets or live pricing at http://mylouisvillekentuckymortgage.com for all applicable
pricing adjustments

homepath louisville ky
homepath louisville ky


Frequently Asked Questions

Where can I get help on the Kentucky HomePath Online Offers Program?

Please click here to access our help materials including webinars, job aides, and FAQs. If you still have questions, please email our support mailbox atHomepath_Online_Offers@fanniemae.com.

I am a real estate broker. Can I sell Fannie Mae REO?

For more information on becoming a Fannie Mae listing agent, click here.

How can I learn more about  Kentucky Fannie Mae homes?

To learn more about Fannie Mae homes, click here

Where can I find home buying tips?

To obtain general information on purchasing a home click here.

Where can I find information on foreclosure prevention?

To obtain information on preventing foreclosures click here

What additional home buying resources are available?

For additional resources about the home buying process click here.

Why does Fannie Mae have properties for sale?

Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.

What kinds of properties are available in the Fannie Mae HomePath database?

Fannie Mae’s HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.

How is buying a home owned or managed by Fannie Mae different from other home purchases?

Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.
When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?

Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.
Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.
Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.
You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

What can you tell me about this house?

If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

What type of sales contract does Fannie Mae use?

Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.

Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?

No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.

Will Fannie Mae accept an offer contingent on the sale of my house?

No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Fannie Mae request a lender’s prequalification statement before negotiating a home purchase offer?

Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.
A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.
You may obtain a loan prequalification or a loan pre-approval at the lender of your choice.  To take advantage of our special financing, we encourage you to work with a HomePath-approved lender.  To find a HomePath-approved lender in your area, please click here.

Does Fannie Mae provide special financing?

Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage. Click here for more information.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?

No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Fannie Mae gets more than one offer?

All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky FHA PMI Changes for 2015

Louisville Kentucky FHA Mortgage Insurance Changescropped-cropped-homes_for_sale_louisville_ky_real_estate_condos_townhouses_patio_homes_louisvilles_choice_realty_banner.jpg

FHA MI Premiums Reduced
*Revised*

Effective 01/26/2015

Submit Your Loans and Take Advantage of the
New Reduced MI Premiums Today!

HUD announced in Mortgagee Letter 2015-01, certain FHA loans will have a reduced monthly MIP factor as reflected in the below table. The rate reduction for annual MIP applies to all FHA mortgages with terms greater than 15 years, excluding streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009.

Loan Amount LTV (%) Previous New
< $625,500 < 95.00% 130 bps 80 bps
< $625,500 > 95.00% 135 bps 85 bps
> $625,500 < 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps

 

  Thanks to previous changes to the FHA program, borrowers now have to pay mortgage insurance premiums longer than ever.

The length of time on which you’ll pay mortgage insurance premiums on your FHA loan is as follows:

Mortgage Term Loan to Value Ratio Length of Mortgage Premium
15 years or shorter Up to 90% 11 years
15 years or shorter Greater than 90% Full loan term
Greater than 15 years Up to 90% 11 years
Greater than 15 years Greater than 90% Full loan term

Source: HUD.gov.

Kentucky FHA PMI Rates Changes 2013

Effective April 1, 2013 these are the new Kentucky FHA PMI Rates. There are two kinds of Kentucky FHA PMI Insurance.  To calculate your FHA PMI Premium for a Kentucky FHA loan – take your Loan Amount and multiply it by the UFPMI rate (which will likely be 1.75%).  Add that PMI Dollar Figure to your loan amount.  That’s what your principal and Insurance is going to be based upon.

Then that that TOTAL Loan Amount (including your Upfront PMI) and multiply that by the Annual FHA PMI Rate.  Divide that number by 12.  You will have THAT amount added to your Principal and Interest Payment with loans that have case numbers pulled after the end of March 2013.

Additionally, you will note that the new effective annual FHA PMI rates for loans with an LTV of less than or equal to 78 percent and with terms of up to 15 years have gone from ZERO to .45%. The new annual FHA PMI changes ONLY for these loans is effective for case numbers assigned on or after June 3, 2013.   

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 95.00% April 1, 2013 1.30 % 1.75%
≤$625,500 > 95.00% April 1, 2013 1.35 % 1.75%
Above $625,500 ≤95.00% April 1, 2013 1.50% 1.75%
Above $625,500 > 95.00% April 1, 2013 1.55% 1.75%
NOTE! Guideline Change. NO MATTER What the LTV is, there is a FHA PMI fee

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 90.00% April 1, 2013

.45%

1.75%
≤$625,500 > 90.00% April 1, 2013

.70%

1.75%
Above $625,500 ≤ 90.00% April 1, 2013

.70%

1.75%
Above $625,500 > 90.00% April 1, 2013

.90%

1.75%
Exception: New Streamline Refinances previously endorsed on or before May 31,2009
Base Loan Amount

LTV

Effective Annual PMI UFPMI
Any Amount

Any

June 11, 2012

.55%

.01%

Note that FHA has also issued guidance regarding how long FHA PMI will be on the loan. Effective June 3, 2013 the following will be in effect:

Previous and New FHA Annual PMI Duration

Term

LTV

Effective Previous New
≤ 15 yrs ≤ 78 April 1, 2013 No annual MIP 11 years
≤ 15 yrs > 78 – 90.00 April 1, 2013 Cancelled at 78% LTV 11 years
≤ 15 yrs > 90.00 April 1, 2013 Cancelled at 78% LTV Loan term
> 15 yrs ≤ 78 April 1, 2013 5 years 11 years
> 15 yrs > 78 – 90.00 April 1, 2013

Cancelled at 78% LTV & 5 yrs

11 years
> 15 yrs > 90.00% April 1, 2013

Cancelled at 78% LTV & 5 yrs

Loan Term
action
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

Louisville Kentucky FHA Loans

Louisville Kentucky FHA Mortgage Loan Calculator

Click image for Mortgage Calculator
Click image for Mortgage Calculator
http://mortgagecalculator.net/embeddable/?id=1Powered By <a href=”http://www.mortgagecalculator.net&#8221; target=”_blank”>Free Mortgage Calculator</a>

We provide a Louisville KY Mortgage FHA calculator to help you understand more about your FHA home loan. Keep in mind the following information as you work with the calculator.

With our FHA calculator you can put in your values and estimate the amount of your loan and get an Estimate on the amount of your monthly payments.

Louisville Kentucky FHA Specialists

This isn’t the only tool we have to help you with an FHA Loan. Our experienced Specialists will work with you one-on-one throughout the entire loan process. Connect with a Specialist to get started on your FHA loan or try our standard mortgage calculator. A FHA loan can allow you to include the costs of your home improvements in your loan. With HUD’ls 203 (k) program you can purchase or refinance a home that needs improvements and include all repair and improvement costs in the loan. Learn more about FHA refinancing or compare FHA vs conventional loans. The Federal Housing Administration is a branch of the Department of Housing and Urban Development and provides lenders with insurance on your loan. The FHA is here to help you become a homeowner. Both theFHA and HUD offer low-interest loans to qualified borrowers so that they may purchase homes. The FHA and HUD also offer mortgage insurance for those who are part of the VA Home Loan Guarantee Program. Contact a loan specialist to see if you are eligible for this type of loan.

Kentucky FHA Streamline Refinance Changes 2012

Kentucky FHA Streamline Refinance Changes 2012

 

 

FHA ANNOUNCES PRICE CUTS TO ENCOURAGE STREAMLINE REFINANCING for Kentucky FHA Homeowners
Millions of Kentucky FHA borrowers  and other borrowers in other states could save big on their monthly payments to FHA 

WASHINGTON – Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to Kentucky FHA’s Streamline Refinance Program that could benefit millions of borrowers whose Kentucky mortgages are currently insured by FHA.   Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.

To qualify, borrowers must be current on their existing FHA-insured mortgages which were endorsed on or before May 31, 2009.  Late last month, FHA also announced it will increase its upfront premiums on most other loans by 75 basis points to 1.75 percent.  In addition, FHA will raise annual premiums 10 basis points and 35 basis points on mortgages higher than $625,500. Read FHA’s new Mortgagee Letter.

“This is one way that FHA can make a real difference to help homeowners who are doing the right thing, paying their bills on time and want to take advantage of today’s low interest rates,” said Galante.  “By significantly reducing costs for these borrowers, we can make certain they cut their monthly mortgage burden which will benefit the housing market and the broader economy in the process.”

Currently, 3.4 million households with loans endorsed on or before May 31, 2009, pay more than a five percent annual interest rate on their FHA-insured mortgages.  By refinancing through this streamlined process, it’s estimated that the average qualified FHA-insured borrower will save approximately $3,000 a year or $250 per month. FHA’s new discounted prices assume no greater risk to its Mutual Mortgage Insurance (MMI) Fund and will allow many of these borrowers to refinance into a lower cost FHA-insured mortgage without requiring additional underwriting.  FHA-insured homeowners should contact their existing lender to determine their eligibility.

Last month, the Obama Administration announced a broad package of actions and legislative proposals to help responsible homeowners save thousands of dollars through refinancing. This includes the changes announced today that will benefit current FHA borrowers – particularly those whose loan value may exceed the current value of their home.  By lowering monthly mortgage costs for home-owners, FHA hopes to help more borrowers stay in their homes, thereby decreasing the potential for future default and reducing losses to the Mutual Mortgage Insurance (MMI) Fund.

The changes outlined in today’s mortgagee letter apply to all mortgages insured under FHA’s Single Family Mortgage Insurance Programs except:

Louisville Kentucky Mortgage Programs 2011

Louisville Kentucky Mortgage Programs 2011

 

Louisville Kentucky Mortgage Programs

As an approved Louisville Kentucky  Fannie Mae (FNMA) and Louisville Ky FHA mortgage professional, I offer a wide array of kentucky loan programs, including Kentucky First Time Home Buyers Programs, Kentucky Refinance Programs, or Louisville Kentucky Renovation Home Programs. We lend on primary, secondary, and investment properties.

Kentucky Home Purchase Programs

Whether you’re a first-time homebuyer, upgrading to a new home, or buying an additional property, we offer a wide array of mortgage loan programs – many requiring a limited down payment (0 to 3%) for qualified individuals, both repeat and first time buyers.

Mortgage Program Highlights:
  • Fixed and adjustable rate options
  • $0 down payment options available
  • Up to 6% seller concessions
  • Down payment assistance and gifts permitted
  • Credit scores as low as 580
  • Debt to income ratios to 55.00% with automated approval
We specialize in the following Kentucky Home Mortgage Programs:
Conforming Agency (Conventional): Loans that conform to Fannie Mae and Freddie Mac guidelines, including maximum loan amount, borrower credit and income levels, down payment, and eligible properties.
Kentucky FHA: Loans insured by the Federal Housing Administration, a federal assistance program that promotes home ownership by offering low down payment options, lower interest rates and easier qualifications.
Kentucky VA: Loans guaranteed by the Department of Veterans Affairs for military service members with benefits like no down payment (100% financing) and competitive (and usually lower) interest rates.
Kentucky USDA: (United States Department of Agriculture) Government-insured rural development loans for the purchase of homes in rural areas with no down payment (100% financing), no monthly mortgage insurance and low interest rates.

KEntucky FHA 203(k): Loan program insured by the Federal Housing Administration (FHA) where purchase price and renovation costs are rolled into one loan amount. Two types:
  1. Standard (k) loan– no maximum for repairs, which can include structural renovations, room additions, roof repairs and replacement of plumbing.
  2. Streamline (k) loan – maximum of $35,000 for repairs including simple and cosmetic renovations like new flooring, kitchen/bathroom updates and gutter repair.
    See details of Stonegate’s Home Improvement Program (HIP) loans under Home Renovation Programs below.

Kentucky Housing Corporatino: KHC housing program for qualified first-time home buyers offering down payment and closing costs assistance up to $10,000 and lower rates.

Apply for a home loan by clicking the link below: It’s free and takes less than 5 minutes Or call us at 502-905-3708 for your free application over the phone

Type of Kentucky FHA loans available

FHA loans are government-backed, which protect lenders against defaults, making it possible to offer prospective borrowers lower interest rates. Keep in mind that the FHA doesn’t actually lend money to borrowers, nor does the agency set the interest rates on FHA loans, it simply insures them.

Because FHA loans are government-insured, they have easier credit qualifying guidelines than most lenders, as well as relatively low closing costs and down payment requirements.

With an FHA loan, your down payment can be as low as 3.5% of the purchase price, and closing costs can be bundled with the loan amount.

Types of FHA Loans

The FHA has a variety of loan programs for first-time homebuyers, along with reverse mortgages for senior citizens, and has insured more than 34 million mortgages since 1934.

FHA loans are available for both purchases and refinances, including cash out refinances. FHA loans can be used to finance residential 1-4 unit properties, including condominiums, manufactured homes and mobile homes (provided it is on a permanent foundation), but you can hold only one FHA loan at any given time.

FHA loans can be either adjustable-rate mortgages or fixed-rate mortgages. If the interest rate is adjustable, it will be based on the 1-Year Constant Maturity Treasury Index, which is the most widely used mortgage index.

 

FHA Mortgage Insurance Premium Costs

If the loan-to-value (LTV) is greater than 80%, mortgage insurance is required. FHA loans have an upfront mortgage insurance premium equal to 1% of the loan amount. This is typically bundled into the loan amount and paid throughout the life of the loan.

You must also pay an annual mortgage insurance premium if you take out an FHA loan.

Beginning October 4, 2010, if the loan-to-value is less than or equal to 95%, you will have to pay an annual mortgage insurance premium of 0.85% of the loan amount.  For FHA loans with an LTV above 95%, the annual insurance premium is 0.90%.

FHA Credit Score Requirements

Borrowers with credit scores of 580 and above are eligible for maximum financing, or just 3.5 percent down.

If your credit score is between 500 and 579, your FHA loan is limited to 90 percent loan-to-value (LTV), meaning you must put down 10%.

If your credit score is below 500, you are not eligible for an FHA loan.

The FHA, like any other bank or mortgage lender, has guidelines that need to be met, but generally makes it easy for potential homeowners to qualify for a loan.

Since the mortgage crisis struck, FHA loans have become increasingly popular, essentially replacing subprime lending, largely because of their relatively easy underwriting requirements and government guarantee.

But make sure you compare FHA loans with conventional loans as well. There will be cases when the benefit of one outweighs the other.

FHA loans are not guaranteed to be a better deal than other mortgages, so take the time to shop around. And watch out for unscrupulous FHA-qualified lenders who may attempt to misinform you.

2011 Kentucky FHA Mortgage Loan Limits

2011 Kentucky FHA Mortgage Loan Limits

 

Kentucky FHA Mortgage Limits List – FHA Forward

Message: MORTGAGE LIMITS SUCCESSFULLY COMPLETED

Mortgage maximums as of Wednesday November 30, 2011
(120 records were selected, records 1 through 50 displayed)

MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
NON-METRO 99999   ADAIR 001 KY $271,050 $347,000 $419,425 $521,250 $73,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   ALLEN 003 KY $271,050 $347,000 $419,425 $521,250 $89,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
FRANKFORT, KY (MICRO) 23180   ANDERSON 005 KY $271,050 $347,000 $419,425 $521,250 $115,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
PADUCAH, KY-IL (MICRO) 37140   BALLARD 007 KY $271,050 $347,000 $419,425 $521,250 $83,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
GLASGOW, KY (MICRO) 23980   BARREN 009 KY $271,050 $347,000 $419,425 $521,250 $105,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MOUNT STERLING, KY (MICRO) 34460   BATH 011 KY $271,050 $347,000 $419,425 $521,250 $85,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MIDDLESBOROUGH, KY (MICRO) 33180   BELL 013 KY $271,050 $347,000 $419,425 $521,250 $67,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   BOONE 015 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LEXINGTON-FAYETTE, KY (MSA) 30460   BOURBON 017 KY $271,050 $347,000 $419,425 $521,250 $161,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) 26580   BOYD 019 KY $271,050 $347,000 $419,425 $521,250 $115,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
DANVILLE, KY (MICRO) 19220   BOYLE 021 KY $271,050 $347,000 $419,425 $521,250 $114,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   BRACKEN 023 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   BREATHITT 025 KY $271,050 $347,000 $419,425 $521,250 $51,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   BRECKINRIDGE 027 KY $271,050 $347,000 $419,425 $521,250 $60,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   BULLITT 029 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   BUTLER 031 KY $271,050 $347,000 $419,425 $521,250 $85,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CALDWELL 033 KY $271,050 $347,000 $419,425 $521,250 $58,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MURRAY, KY (MICRO) 34660   CALLOWAY 035 KY $271,050 $347,000 $419,425 $521,250 $95,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   CAMPBELL 037 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CARLISLE 039 KY $271,050 $347,000 $419,425 $521,250 $69,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CARROLL 041 KY $271,050 $347,000 $419,425 $521,250 $92,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CARTER 043 KY $271,050 $347,000 $419,425 $521,250 $74,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CASEY 045 KY $271,050 $347,000 $419,425 $521,250 $54,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CLARKSVILLE, TN-KY (MSA) 17300   CHRISTIAN 047 KY $271,050 $347,000 $419,425 $521,250 $136,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LEXINGTON-FAYETTE, KY (MSA) 30460   CLARK 049 KY $271,050 $347,000 $419,425 $521,250 $161,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CLAY 051 KY $271,050 $347,000 $419,425 $521,250 $20,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CLINTON 053 KY $271,050 $347,000 $419,425 $521,250 $33,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CRITTENDEN 055 KY $271,050 $347,000 $419,425 $521,250 $46,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   CUMBERLAND 057 KY $271,050 $347,000 $419,425 $521,250 $59,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
OWENSBORO, KY (MSA) 36980   DAVIESS 059 KY $271,050 $347,000 $419,425 $521,250 $48,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
BOWLING GREEN, KY (MSA) 14540   EDMONSON 061 KY $271,050 $347,000 $419,425 $521,250 $153,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   ELLIOTT 063 KY $271,050 $347,000 $419,425 $521,250 $60,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   ESTILL 065 KY $271,050 $347,000 $419,425 $521,250 $80,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LEXINGTON-FAYETTE, KY (MSA) 30460   FAYETTE 067 KY $271,050 $347,000 $419,425 $521,250 $161,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   FLEMING 069 KY $271,050 $347,000 $419,425 $521,250 $30,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   FLOYD 071 KY $271,050 $347,000 $419,425 $521,250 $68,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
FRANKFORT, KY (MICRO) 23180   FRANKLIN 073 KY $271,050 $347,000 $419,425 $521,250 $115,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
UNION CITY, TN-KY (MICRO) 46460   FULTON 075 KY $271,050 $347,000 $419,425 $521,250 $55,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   GALLATIN 077 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   GARRARD 079 KY $271,050 $347,000 $419,425 $521,250 $92,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   GRANT 081 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MAYFIELD, KY (MICRO) 32460   GRAVES 083 KY $271,050 $347,000 $419,425 $521,250 $71,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   GRAYSON 085 KY $271,050 $347,000 $419,425 $521,250 $76,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   GREEN 087 KY $271,050 $347,000 $419,425 $521,250 $57,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) 26580   GREENUP 089 KY $271,050 $347,000 $419,425 $521,250 $115,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
OWENSBORO, KY (MSA) 36980   HANCOCK 091 KY $271,050 $347,000 $419,425 $521,250 $48,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
ELIZABETHTOWN, KY (MSA) 21060   HARDIN 093 KY $271,050 $347,000 $419,425 $521,250 $125,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   HARLAN 095 KY $271,050 $347,000 $419,425 $521,250 $50,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   HARRISON 097 KY $271,050 $347,000 $419,425 $521,250 $70,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   HART 099 KY $271,050 $347,000 $419,425 $521,250 $84,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
EVANSVILLE, IN-KY (MSA) 21780   HENDERSON 101 KY $271,050 $347,000 $419,425 $521,250 $154,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   HENRY 103 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   HICKMAN 105 KY $271,050 $347,000 $419,425 $521,250 $29,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MADISONVILLE, KY (MICRO) 31580   HOPKINS 107 KY $271,050 $347,000 $419,425 $521,250 $80,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   JACKSON 109 KY $271,050 $347,000 $419,425 $521,250 $62,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   JEFFERSON 111 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LEXINGTON-FAYETTE, KY (MSA) 30460   JESSAMINE 113 KY $271,050 $347,000 $419,425 $521,250 $161,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   JOHNSON 115 KY $271,050 $347,000 $419,425 $521,250 $79,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   KENTON 117 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   KNOTT 119 KY $271,050 $347,000 $419,425 $521,250 $73,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   KNOX 121 KY $271,050 $347,000 $419,425 $521,250 $79,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
ELIZABETHTOWN, KY (MSA) 21060   LARUE 123 KY $271,050 $347,000 $419,425 $521,250 $125,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LONDON, KY (MICRO) 30940   LAUREL 125 KY $271,050 $347,000 $419,425 $521,250 $88,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   LAWRENCE 127 KY $271,050 $347,000 $419,425 $521,250 $61,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   LEE 129 KY $271,050 $347,000 $419,425 $521,250 $59,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   LESLIE 131 KY $271,050 $347,000 $419,425 $521,250 $66,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   LETCHER 133 KY $271,050 $347,000 $419,425 $521,250 $56,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MAYSVILLE, KY (MICRO) 32500   LEWIS 135 KY $271,050 $347,000 $419,425 $521,250 $104,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
DANVILLE, KY (MICRO) 19220   LINCOLN 137 KY $271,050 $347,000 $419,425 $521,250 $114,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
PADUCAH, KY-IL (MICRO) 37140   LIVINGSTON 139 KY $271,050 $347,000 $419,425 $521,250 $83,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   LOGAN 141 KY $271,050 $347,000 $419,425 $521,250 $70,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   LYON 143 KY $271,050 $347,000 $419,425 $521,250 $68,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
RICHMOND-BEREA, KY (MICRO) 40080   MADISON 151 KY $271,050 $347,000 $419,425 $521,250 $133,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MAGOFFIN 153 KY $271,050 $347,000 $419,425 $521,250 $68,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MARION 155 KY $271,050 $347,000 $419,425 $521,250 $59,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MARSHALL 157 KY $271,050 $347,000 $419,425 $521,250 $97,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MARTIN 159 KY $271,050 $347,000 $419,425 $521,250 $80,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MAYSVILLE, KY (MICRO) 32500   MASON 161 KY $271,050 $347,000 $419,425 $521,250 $104,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
PADUCAH, KY-IL (MICRO) 37140   MCCRACKEN 145 KY $271,050 $347,000 $419,425 $521,250 $83,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MCCREARY 147 KY $271,050 $347,000 $419,425 $521,250 $43,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
OWENSBORO, KY (MSA) 36980   MCLEAN 149 KY $271,050 $347,000 $419,425 $521,250 $48,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   MEADE 163 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MOUNT STERLING, KY (MICRO) 34460   MENIFEE 165 KY $271,050 $347,000 $419,425 $521,250 $85,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MERCER 167 KY $271,050 $347,000 $419,425 $521,250 $102,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
GLASGOW, KY (MICRO) 23980   METCALFE 169 KY $271,050 $347,000 $419,425 $521,250 $105,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MONROE 171 KY $271,050 $347,000 $419,425 $521,250 $30,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
MOUNT STERLING, KY (MICRO) 34460   MONTGOMERY 173 KY $271,050 $347,000 $419,425 $521,250 $85,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   MORGAN 175 KY $271,050 $347,000 $419,425 $521,250 $71,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CENTRAL CITY, KY (MICRO) 16420   MUHLENBERG 177 KY $271,050 $347,000 $419,425 $521,250 $70,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   NELSON 179 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   NICHOLAS 181 KY $271,050 $347,000 $419,425 $521,250 $37,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   OHIO 183 KY $271,050 $347,000 $419,425 $521,250 $67,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   OLDHAM 185 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   OWEN 187 KY $271,050 $347,000 $419,425 $521,250 $80,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   OWSLEY 189 KY $271,050 $347,000 $419,425 $521,250 $45,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) 17140   PENDLETON 191 KY $337,500 $432,050 $522,250 $649,050 $187,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   PERRY 193 KY $271,050 $347,000 $419,425 $521,250 $69,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   PIKE 195 KY $271,050 $347,000 $419,425 $521,250 $40,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   POWELL 197 KY $271,050 $347,000 $419,425 $521,250 $72,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
SOMERSET, KY (MICRO) 43700   PULASKI 199 KY $271,050 $347,000 $419,425 $521,250 $86,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
 The Nov 18, 2011 – Dec 31, 2011 basic standard mortgage limits for FHA insured loans are:
      One-family   Two-family   Three-family   Four-family  
  FHA Forward   $271,050.00   $347,000.00   $419,425.00   $521,250.00  
  HECM   $625,500.00      
  Fannie/Freddie   $417,000.00   $533,850.00   $645,300.00   $801,950.00  

High cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits
The ceilings for Nov 18, 2011 – Dec 31, 2011 are:
      One-family   Two-family   Three-family   Four-family  
  FHA Forward   $729,750.00   $934,200.00   $1,129,250.00   $1,403,400.00  
  HECM   $625,500.00      
  Fannie/Freddie   $625,500.00   $800,775.00   $967,950.00   $1,202,925.00  

 
      One-family   Two-family   Three-family   Four-family  
  FHA Forward   $1,094,625.00   $1,401,300.00   $1,693,875.00   $2,105,100.00  
  Fannie/Freddie   $938,250.00   $1,201,150.00   $1,451,925.00   $1,804,375.00  

MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
NON-METRO 99999   ROBERTSON 201 KY $271,050 $347,000 $419,425 $521,250 $77,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
RICHMOND-BEREA, KY (MICRO) 40080   ROCKCASTLE 203 KY $271,050 $347,000 $419,425 $521,250 $133,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   ROWAN 205 KY $271,050 $347,000 $419,425 $521,250 $37,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   RUSSELL 207 KY $271,050 $347,000 $419,425 $521,250 $73,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LEXINGTON-FAYETTE, KY (MSA) 30460   SCOTT 209 KY $271,050 $347,000 $419,425 $521,250 $161,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   SHELBY 211 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   SIMPSON 213 KY $271,050 $347,000 $419,425 $521,250 $89,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   SPENCER 215 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CAMPBELLSVILLE, KY (MICRO) 15820   TAYLOR 217 KY $271,050 $347,000 $419,425 $521,250 $77,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   TODD 219 KY $271,050 $347,000 $419,425 $521,250 $87,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CLARKSVILLE, TN-KY (MSA) 17300   TRIGG 221 KY $271,050 $347,000 $419,425 $521,250 $136,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) 31140   TRIMBLE 223 KY $302,500 $387,250 $468,100 $581,750 $229,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   UNION 225 KY $271,050 $347,000 $419,425 $521,250 $40,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
BOWLING GREEN, KY (MSA) 14540   WARREN 227 KY $271,050 $347,000 $419,425 $521,250 $153,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   WASHINGTON 229 KY $271,050 $347,000 $419,425 $521,250 $103,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   WAYNE 231 KY $271,050 $347,000 $419,425 $521,250 $69,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
EVANSVILLE, IN-KY (MSA) 21780   WEBSTER 233 KY $271,050 $347,000 $419,425 $521,250 $154,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
CORBIN, KY (MICRO) 18340   WHITLEY 235 KY $271,050 $347,000 $419,425 $521,250 $36,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
NON-METRO 99999   WOLFE 237 KY $271,050 $347,000 $419,425 $521,250 $52,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011
LEXINGTON-FAYETTE, KY (MSA) 30460   WOODFORD 239 KY $271,050 $347,000 $419,425 $521,250 $161,000 11/30/2011 Nov 18, 2011 – Dec 31, 2011

 

 

This is a listing of the FHA single family mortgage limits. This listing was downloaded from the Department’s Computerized Home Underwriting Management System. Since mortgage limits are updated constantly, please contact the Homeownership Center if you believe this information is in error.

Louisville Mortgage Programs

Louisville Mortgage Programs

Louisville Conforming Loans
The term “conforming” specifically refers to the loan amount. FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac) are the government agencies that set this limit. The current loan limit is $417,000. If you borrow an amount less than or equal to $417,000, then your loan amount will be considered “conforming”, since you will be conforming to the FNMA and FHLMC guidelines. Please contact one of our professional Loan Consultants to discuss your personal situation.  Learn more and View rates.

Jumbo Loans
A jumbo loan is any loan amount greater than $417,000, which is the limit set by FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac). A “super jumbo” loan is any loan amount greater than $650,000. The qualifying guidelines for these mortgages can be strict, so be sure to contact one of our professional Loan Consultants to discuss your personal situation.  
Learn more and View rates.

Refinancing
If you would like to refinance your current Louisville Mortgage Programs mortgage, it would be our pleasure to assist you. There are many reasons why it might be to your benefit to refinance you rLouisville Mortgage Programs mortgage. In most cases, it would make sense to refinance if you could lower your rate, shorten the number of years remaining on your term or take out some of your equity. Perhaps you have an adjustable rate mortgage now, and would like the security of a fixed rate mortgage. One of our professional Loan Consultants can help you by showing you the cost to obtain a new mortgage and assess the overall savings to you.

You can make an application to refinance in one of three ways: 1) complete the on-line application through our secure website Apply Now, 2) via telephone (502) 905-3708 with one of our professional Loan Consultants, or 3) download and print the application and fax it to our office at (502)813-2795. We want the application process to be fast, easy, and convenient for you.  Learn more and View rates.

Debt Consolidation
Debt Consolidation loans use the equity in your home to reduce your overall indebtedness. Generally, you can reduce you monthly payments significantly by using equity to pay off high interest debts such as credit cards and personal loans. This is an excellent way to ‘unlock’ the equity in your home and put it to work saving you money!

Bruised Credit
If this is your situation, you must let us quote you a rate. We offer programs not found anywhere else. We have some of the best Louisville Mortgage conforming rates for every situation. Call us today! We make it easy, quick and totally confidential–you will not be sorry. Call toll free 1-502-905-3708.

Louisville FHA Loans
An Louisville  FHA loan is a loan for residential real estate guaranteed by the Department of Housing and Urban Development (HUD). FHA permits loans up to 96.5% of your purchase price and 97.75% of your homes value for a streamlined refinance or up to 95% of your homes value for a cash-out refinance. Loan limits are set by county in each state. Click the following link to determine the FHA loan limit for your area https://entp.hud.gov/idapp/html/hicostlook.cfm.

Louisville FHA loans permit flexible qualifying and rates that are comparable to conforming loan rates and fees. We offer Adjustable Rate and Fixed Rate loans in all of Kentucky Counties.  Learn more and View rates.

Louisville VA Loans
VA loans (or Veteran Administration Loans) guaranteed by the Department of Veterans Affairs, to assist our Louisville Veterans of military service with 100% financing for the purchase or refinance of their homes. Veterans may obtain financing in all 50 states and our rates are comparable to conforming fixed rate loans.  Learn more and View rates.

For VA eligibility information, click here.

Second Mortgage
Second Mortgages are called by many different names. They are sometimes called ‘Home Equity Loans’ or ‘Home Improvement Loans’. Regardless of the name, the loan is characterized by a second lien on your home. Second mortgages can typically be used to get ‘cash in hand’ to use for any reason.

There are basically two types of Second Mortgage Loans: Closed End and Open End.  Closed End Second Mortgages have an amortization period, and generally, a fixed rate. They pay off in a preset term.  Open End Second Mortgages are often called Home Equity Lines of Credit or HELOCs for short. They offer the ability to reuse the money as you repay the line. It works just like a credit card except the rate of interest is much lower. 

For both types of Second Mortgages, the interest you pay is usually tax deductible. To determine deductibility of mortgage interest, contact your tax advisor.

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 Home Inspector Louisville – Independent Non-Biased Opinion

FHA Mortgage Loan Limits for Kentucky (KY) 2011

FHA  Mortgage Loan Limits for Kentucky (KY) 2011

County
1 Family
2 Family
3 Family
4 Family
Adair County, KY
$271,050
$347,000
$419,400
$521,250
Allen County, KY
$271,050
$347,000
$419,400
$521,250
Anderson County, KY
$271,050
$347,000
$419,400
$521,250
Ballard County, KY
$271,050
$347,000
$419,400
$521,250
Barren County, KY
$271,050
$347,000
$419,400
$521,250
Bath County, KY
$271,050
$347,000
$419,400
$521,250
Bell County, KY
$271,050
$347,000
$419,400
$521,250
Boone County, KY
$271,050
$347,000
$419,400
$521,250
Bourbon County, KY
$271,050
$347,000
$419,400
$521,250
Boyd County, KY
$271,050
$347,000
$419,400
$521,250
Boyle County, KY
$271,050
$347,000
$419,400
$521,250
Bracken County, KY
$271,050
$347,000
$419,400
$521,250
Breathitt County, KY
$271,050
$347,000
$419,400
$521,250
Breckinridge County, KY
$271,050
$347,000
$419,400
$521,250
Bullitt County, KY
Butler County, KY
$271,050
$347,000
$419,400
$521,250
Caldwell County, KY
$271,050
$347,000
$419,400
$521,250
Calloway County, KY
$271,050
$347,000
$419,400
$521,250
Campbell County, KY
$271,050
$347,000
$419,400
$521,250
Carlisle County, KY
$271,050
$347,000
$419,400
$521,250
Carroll County, KY
$271,050
$347,000
$419,400
$521,250
Carter County, KY
$271,050
$347,000
$419,400
$521,250
Casey County, KY
$271,050
$347,000
$419,400
$521,250
Christian County, KY
$271,050
$347,000
$419,400
$521,250
Clark County, KY
$271,050
$347,000
$419,400
$521,250
Clay County, KY
$271,050
$347,000
$419,400
$521,250
Clinton County, KY
$271,050
$347,000
$419,400
$521,250
Crittenden County, KY
$271,050
$347,000
$419,400
$521,250
Cumberland County, KY
$271,050
$347,000
$419,400
$521,250
Daviess County, KY
$271,050
$347,000
$419,400
$521,250
Edmonson County, KY
$271,050
$347,000
$419,400
$521,250
Elliott County, KY
$271,050
$347,000
$419,400
$521,250
Estill County, KY
$271,050
$347,000
$419,400
$521,250
Fayette County, KY
$271,050
$347,000
$419,400
$521,250
Fleming County, KY
$271,050
$347,000
$419,400
$521,250
Floyd County, KY
$271,050
$347,000
$419,400
$521,250
Franklin County, KY
$271,050
$347,000
$419,400
$521,250
Fulton County, KY
$271,050
$347,000
$419,400
$521,250
Gallatin County, KY
$271,050
$347,000
$419,400
$521,250
Garrard County, KY
$271,050
$347,000
$419,400
$521,250
Grant County, KY
$271,050
$347,000
$419,400
$521,250
Graves County, KY
$271,050
$347,000
$419,400
$521,250
Grayson County, KY
$271,050
$347,000
$419,400
$521,250
Green County, KY
$271,050
$347,000
$419,400
$521,250
Greenup County, KY
$271,050
$347,000
$419,400
$521,250
Hancock County, KY
$271,050
$347,000
$419,400
$521,250
Hardin County, KY
$271,050
$347,000
$419,400
$521,250
Harlan County, KY
$271,050
$347,000
$419,400
$521,250
Harrison County, KY
$271,050
$347,000
$419,400
$521,250
Hart County, KY
$271,050
$347,000
$419,400
$521,250
Henderson County, KY
$271,050
$347,000
$419,400
$521,250
Henry County, KY
$271,050
$347,000
$419,400
$521,250
Hickman County, KY
$271,050
$347,000
$419,400
$521,250
Hopkins County, KY
$271,050
$347,000
$419,400
$521,250
Jackson County, KY
$271,050
$347,000
$419,400
$521,250
Jefferson County, KY
Jessamine County, KY
$271,050
$347,000
$419,400
$521,250
Johnson County, KY
$271,050
$347,000
$419,400
$521,250
Kenton County, KY
$271,050
$347,000
$419,400
$521,250
Knott County, KY
$271,050
$347,000
$419,400
$521,250
Knox County, KY
$271,050
$347,000
$419,400
$521,250
Larue County, KY
$271,050
$347,000
$419,400
$521,250
Laurel County, KY
$271,050
$347,000
$419,400
$521,250
Lawrence County, KY
$271,050
$347,000
$419,400
$521,250
Lee County, KY
$271,050
$347,000
$419,400
$521,250
Leslie County, KY
$271,050
$347,000
$419,400
$521,250
Letcher County, KY
$271,050
$347,000
$419,400
$521,250
Lewis County, KY
$271,050
$347,000
$419,400
$521,250
Lincoln County, KY
$271,050
$347,000
$419,400
$521,250
Livingston County, KY
$271,050
$347,000
$419,400
$521,250
Logan County, KY
$271,050
$347,000
$419,400
$521,250
Lyon County, KY
$271,050
$347,000
$419,400
$521,250
McCracken County, KY
$271,050
$347,000
$419,400
$521,250
McCreary County, KY
$271,050
$347,000
$419,400
$521,250
McLean County, KY
$271,050
$347,000
$419,400
$521,250
Madison County, KY
$271,050
$347,000
$419,400
$521,250
Magoffin County, KY
$271,050
$347,000
$419,400
$521,250
Marion County, KY
$271,050
$347,000
$419,400
$521,250
Marshall County, KY
$271,050
$347,000
$419,400
$521,250
Martin County, KY
$271,050
$347,000
$419,400
$521,250
Mason County, KY
$271,050
$347,000
$419,400
$521,250
Meade County, KY
$271,050
$347,000
$419,400
$521,250
Menifee County, KY
$271,050
$347,000
$419,400
$521,250
Mercer County, KY
$271,050
$347,000
$419,400
$521,250
Metcalfe County, KY
$271,050
$347,000
$419,400
$521,250
Monroe County, KY
$271,050
$347,000
$419,400
$521,250
Montgomery County, KY
$271,050
$347,000
$419,400
$521,250
Morgan County, KY
$271,050
$347,000
$419,400
$521,250
Muhlenberg County, KY
$271,050
$347,000
$419,400
$521,250
Nelson County, KY
$271,050
$347,000
$419,400
$521,250
Nicholas County, KY
$271,050
$347,000
$419,400
$521,250
Ohio County, KY
$271,050
$347,000
$419,400
$521,250
Oldham County, KY
$271,050
$347,000
$419,400
$521,250
Owen County, KY
$271,050
$347,000
$419,400
$521,250
Owsley County, KY
$271,050
$347,000
$419,400
$521,250
Pendleton County, KY
$271,050
$347,000
$419,400
$521,250
Perry County, KY
$271,050
$347,000
$419,400
$521,250
Pike County, KY
$271,050
$347,000
$419,400
$521,250
Powell County, KY
$271,050
$347,000
$419,400
$521,250
Pulaski County, KY
$271,050
$347,000
$419,400
$521,250
Robertson County, KY
$271,050
$347,000
$419,400
$521,250
Rockcastle County, KY
$271,050
$347,000
$419,400
$521,250
Rowan County, KY
$271,050
$347,000
$419,400
$521,250
Russell County, KY
$271,050
$347,000
$419,400
$521,250
Scott County, KY
$271,050
$347,000
$419,400
$521,250
Shelby County, KY
$271,050
$347,000
$419,400
$521,250
Simpson County, KY
$271,050
$347,000
$419,400
$521,250
Spencer County, KY
$271,050
$347,000
$419,400
$521,250
Taylor County, KY
$271,050
$347,000
$419,400
$521,250
Todd County, KY
$271,050
$347,000
$419,400
$521,250
Trigg County, KY
$271,050
$347,000
$419,400
$521,250
Trimble County, KY
$271,050
$347,000
$419,400
$521,250
Union County, KY
$271,050
$347,000
$419,400
$521,250
Warren County, KY
$271,050
$347,000
$419,400
$521,250
Washington County, KY
$271,050
$347,000
$419,400
$521,250
Wayne County, KY
$271,050
$347,000
$419,400
$521,250
Webster County, KY
$271,050
$347,000
$419,400
$521,250
Whitley County, KY
$271,050
$347,000
$419,400
$521,250
Wolfe County, KY
$271,050
$347,000
$419,400
$521,250
Woodford County, KY
$271,050
$347,000
$419,400
$521,250

Louisville Ky Mortgage Rates

Louisville Ky Mortgage Rates FHA, VA, KHC, USDAKentucky Housing Loans Jefferson County KentuckyKentucky FHA loansKentucky FHA Mortgage LendersFirst Time Home Buyer Louisvill eKy100_percent_financing Louisville Kentucky

Louisville Ky Mortgage Rates, a set on Flickr.

FHA, VA, KHC, Rural Housing, USDA, Fannie Mae Mortgage Loans
Current Louisville Kentucky mortgage rates today 06/04/2011
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Current Louisville Kentucky mortgage rates today

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Louisville Kentucky Mortgage Rates for today
Mortgage Product Mortgage Rates & (APR)
15 Year Fixed Conventional 3.750% 4.135% apr
30 Year Fixed Conventional 4.375% 4.834% apr
30 Year Fixed FHA 4.250% 5.275% apr
30 Year Fixed USDA 4.625% 5.288% 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.
Free Credit Report and Pre qualifications available anytime.

Louisville Kentucky Mortgage Rates are updated daily at this blog

Louisville KY Home Loans

 Louisville KY Home Loans

Whether you are looking for great 30 year mortgage rates for a home in the Bonnycastle neighborhood of the Highlands District, low 5 year ARM rates for a place in Werne’s Row in Old Louisville, or unbelievable fha mortgage rates for a house in the South End, American Financial Resources is your low rate leader. Louisville, the county seat of Jefferson County, has grown into the largest city in Kentucky and offers its residents a laundry list of cultural and entertainment outlets. Whether you enjoy relaxing in the Louisville Waterfront Park, attending a show at the Kentucky Center, rooting for your favorite horse at the derby, or cruising on the Ohio River, Louisville offers something for everyone. If you are considering buying a home or refinancing your existing mortgage in the River City, give us a call. We can help you find the KY home loan you are searching for and some of the lowest Louisville mortgage rates anywhere.

Request Louisville Mortgage Rates and Program Information (3 options)

Louisville FHA Loan Options
Louisville KY Mobile Home Loans

Find Kentucky mortgage loan information for other parts of the state.
Lexington
Owensboro
Bowling Green

Kentucky Mortgage Rates updated Tuesday, June 08, 2011

Kentucky Mortgage Rates updated Tuesday, June 08, 2011

Kentucky Mortgage Type Today Last Week  APR
30 yr fixed 4.375 4.500    4.754%
15 yr fixed 3.750 3.625   3.784%
30 yr FHA 4.250 4.375   5.178%
30 yr USDA 4.750 4.625     5 .478%

30 yr VA                                                     4.250                     4.250                              5.273

Current Louisville Kentucky Mortgage Rates Today 06/05/2011


Louisville Kentucky Mortgage Rates are subject to qualifying criteria
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  loanofficer in the state of Kentucky.Current Louisville Kentucky Mortgage Rates are updated daily at this blog

Kentucky FHA Mortgage Guidelines

FHA Guidelines for Loan in Kentucky iQuantcast

>FHA Guidelines for Loan in Kentucky on a home

Guidelines for an FHA loan in Kentucky.Getting a Federal Housing Authority (FHA) sponsored loan in Kentucky requires several criteria to be met before an applicant can receive mortgage funds. Since the FHA is a federal agency, the qualification requirements for a mortgage loan are similar in most states. However, depending upon relevant financial considerations and cost of living indexes, the maximum FHA loan limit fluctuates from state to state and within regions of a state. Each FHA home loan application is considered on an individual basis.

FHA Loan Limits

In order to qualify for an FHA loan in Kentucky, the final negotiated selling price of the home an applicant is interested in buying must fall below the state’s FHA loan limits. According to FHA Home Loan Mortgage and Lender 411, in most counties in Kentucky, the FHA loan limit as of 2010 is $271,050. In the Louisville area including Bullitt, Henry, Jefferson, Meade, Nelson, Oldham, Shelby and Trimble counties, the FHA loan limit is $302,500. Additionally, in the Cincinnati area including Boone, Bracken, Cambell, Gallatin, Kenton and Pendleton counties, the FHA loan limit is $337,500.

Judgements Must be Paid

One of the guidelines to get an FHA loan in Kentucky is that there can not be any outstanding monetary judgments in the applicant’s name. According to 1st Continental Mortgage, judgments must be paid off before an FHA mortgage loan is eligible for insurance. 1st Continental Mortgage also states that exceptions can be made if an applicant has shown a strong payment history on his judgment and has been making his payments on time. Documents proving these acceptable payments and a creditor’s willingness to subordinate the judgment to the insured mortgage are necessary in this case.

Previous Foreclosure

In order to meet the FHA guidelines for a loan in Kentucky, a borrower does not qualify if she has had a recent foreclosure on another property. According to 1st Continental Mortgage, an applicant who has a real estate property that was foreclosed on within the past three years, or an applicant who was given a deed-in-lieu of foreclosure within the previous three years, is not generally eligible. Once again, exceptions can be made on an individual application basis if there are extenuating documented circumstances that a loan officer feels were beyond the applicant’s control.

Bankruptcy

In Kentucky, bankruptcy does not automatically disqualify an an applicant from receiving an FHA mortgage loan. states that with a Chapter 7 Bankruptcy, an FHA applicant will not be disqualified if at least two years have passed since the bankruptcy was discharged. In the case of a Chapter 13 Bankruptcy, a borrower may qualify for an FHA loan if at least one year of the pay-out period has been completed and the applicant can show a satisfactory payment history during that one year timeframe.

Down Payment

The guidelines for an FHA loan in Kentucky require a minimum down-payment of about 3.5 percent of the price of the home. Gifts from family and financial assistance from acceptable outside resources can satisfy the down-payment amount if an applicant does not have the cash on hand. According toMortgage, the seller can not pay the down payment, but he can pay up to 6 percent of the price of the home in closing costs.

Pest Inspection

A home inspection is not required to borrow money in the form of an FHA loan in Kentucky, even though it is a positive home buying practice. However, the FHA’s guidelines do require an acceptable pest inspection before the property can be purchased.

Down Payment Assistance Programs in Kentucky

Down Payment Assistance Programs in Kentucky

By Timothy Bodamer , eHow Contributor

 
  1. in Kentucky with down payment assistance programs.
    • In the Bluegrass State of Kentucky, there are a variety of programs to financially assist potential homeowners. These programs are based on a variety of criteria, including income and demographics. Kentucky residents can use these programs to fulfill the American dream for their family.

    American Dream Downpayment Initiative

    • The American Dream Downpayment Initiative is provided in Kentucky to help potential homeowners with down payments and closing costs. The ADDI is provided to first-time homeowners who make less than 80 percent of the median income of the area in Kentucky. Up to $10,000 or 6 percent of the purchase price (whichever is greater), can be used for down payments, closing costs and rehabilitation efforts to fix up the purchased home. Repairs must be completed within one year of the home purchase.

      U.S. Department of Housing and Urban Development
      451 7th Street S.W.
      Washington, DC 20410
      202-708-1112
      hud.gov

    REACH Kentucky

    • REACH Kentucky is a down payment program used for new or existing homes. The REACH program offers loans that serve as a second mortgage repayable at zero to 2 percent. The home buyer must be the primary resident. Clients must meet low to moderate income standards. This income varies from county to county. To qualify, the first-time homeowners must complete a home buyer education course and provide $500 of their own money.

      REACH Inc.
      733 Red Mile Rd.
      Lexington, KY 40504
      859-455-8057
      reachky.com

    The Kentucky Housing Corporation

    • The Kentucky Housing Corporation was founded in 1972 as part of the Commonwealth of Kentucky‘s Finance and Administration Cabinet. Kentucky Housing provides down payment and closing cost assistance to Kentucky residents. The regular down payment assistance plan is available to all potential homeowners who reside in Kentucky. The program provides up to $2,500 in $100 increments. This loan is repayable over five years at 6 percent interest. Other down payment options are available for low-income residents. Down payment assistance is available up to $10,000 and is forgiven after the home buyer stays in the home for five years. This assistance is provided based on income guidelines. These guidelines are based on a county-by-county basis.

      The Kentucky Housing Corporation
      1231 Louisville Rd.
      Frankfort, Kentucky 40601
      502-564-7630 ext. 291
      kyhousing.org

Read more: Down Payment Assistance Programs in Kentucky | eHow.com http://www.ehow.com/list_6518335_down-payment-assistance-programs-kentucky.html#ixzz1O1jSel5B

FHA Loan Qualifying Summary

FHA Loan Qualifying Summary
…………………………………………………………………….

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Basic FHA loan requirements.

  • Two Years of steady employment,
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or in some cases no credit score at all.
  • Bankruptcy’s must be at least two years old, with perfect credit since discharge.
  • Foreclosure’s must be at least three years old, with perfect credit since.
  • Your new mortgage payment should be approximately 30% of your gross (before taxes)  income.

These are some of the most basic of FHA loan requirements  for qualifying for a FHA loan.  If   you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

Get prequalified for a FHA loan >> Here – or-  Apply now for a FHA loan >> Here.

If you are unsure about your credit score or credit report, you can get a free credit score and view your credit report online instantly.

Following are some hyperlinks to some more detailed descriptions of FHA guidelines for qualifying for a FHA loan. Please click on the item that you require additional information on FHA requirements.

Credit Scores For Kentucky FHA Loans

Credit Scores For Kentucky FHA Loans

 

By KAREN BLUMENTHAL  Wall Street Journal

Are you keeping score?

Credit scores have been getting a lot of attention lately, as lenders tighten credit standards and contend with new legislation that has, among other things, reined in how credit-card issuers can raise rates.

Meanwhile, several firms, preying on our insecurities, are pushing credit scores and credit-score-tracking services for a monthly fee.

For all the attention they generate, though, credit scores are largely misunderstood. For instance, your precise score matters only when you’re in need of new debt, like a home, auto or education loan or a new credit card, which should be a fairly rare occurrence.

You don’t have just one score, but many. Your FICO score, the one developed by Fair Isaac Corp. that runs from a low of 300 to a high of 850, will vary depending on which credit bureau is reporting it and the kind of lender that requested it.

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So the score that costs you $15.95 at MyFico.com may not be the score your lender sees. Beyond that, the three credit bureaus— Equifax, Experian and TransUnion— sell their own proprietary scores.

Confused about what to believe? Here are some common myths about credit scores:

My credit score is a good reflection of my financial smarts and good behavior.

Not really. Your score doesn’t reflect your income, employment history or your assets, which should be a part of your overall financial picture. It also doesn’t show whether you pay your rent or utilities on time. As a result, a credit score is less like a report card and more like an SAT score—your results on a particular date that seek to predict your future credit success or failure.

I pay my card off every month, so I must be a low credit risk.

True, your financial habits are excellent. But they won’t affect your score. That’s because the credit bureaus don’t have a clue whether you pay your bill in full or carry a balance on your cards each month. All they know is the amount you owed on your most recent statement.

Instead, the crucial fact is how much available credit you have used. Steve Ely, president of personal-information solutions at Equifax, says you should keep your credit use to less than half your credit limit to minimize the impact on your score.

Taking advantage of reward cards shouldn’t affect my creditworthiness.

Unfortunately, about 30% of your FICO score is based on “credit utilization,” a broad term that includes how much you’ve used of each credit limit, how much you’ve borrowed as a percentage of your total available credit and even how big the dollar balances actually are.

If you’re a rewards junkie like I am, charging groceries, charitable contributions and just about everything else to get points, you may be jeopardizing your score. Based on reports I paid for, my TransUnion score was 11 points lower than my Equifax score, apparently because of my vacation-enhanced balance, even though I used less than 10% of my available credit.

Luckily, there’s an easy solution: Cut back your credit-card use for two or three months before you plan to seek a car loan or mortgage so that your balances will be more modest.

Scored Straight

Credit scores, while crucial to one’s financial health, are widely misunderstood. Some oft-forgotten points to consider:

  • They don’t reflect your whole financial picture, but a snapshot of your debt at a point in time.
  • It doesn’t matter whether you carry a balance, but it does matter if you pay on time.
  • The score you buy isn’t necessarily the score lenders see.
  • You don’t need to apply for new credit for credit inquiries to show up on your report.

I was late on a payment, but the debt is now paid off. So I’m good, right?

Afraid not. The single most important factor in your score, accounting for 35% of the total, is whether you have paid your bills on time. One late payment will ding your score for up to a year, very late payments can hurt you for two or three years, and collections and bankruptcies can sting for up to seven years.

What counts as late? In theory, one day. But because credit-card companies know that people move, get sick or misplace their bills, they commonly wait to report your late payment to credit bureaus until about 30 days have passed, or you have missed two due dates. (You will likely be assessed a late fee right away, however.)

If you have missed a payment, pay it as soon as possible and consider calling and doing the honorable thing: groveling. Many companies will waive or reduce fees the first time a good customer makes a mistake, and they may even agree to withhold reporting the infraction to the credit bureau.

Information stays on my credit report for no more then seven years.

That’s largely true for bad news, including late payments. But good news hangs around—and pays dividends—a lot longer. My credit report reflects the 30-year history of the credit card I got back in college.

In addition, closed accounts in good standing will stay on your record for a decade, says Barry Paperno, FICO consumer-operations manager. Both old and closed accounts can help your score because the length of your credit history is another, if smaller, piece of the formula.

Getty ImagesYour credit card behavior affects your overall credit score.

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Preserving your credit history is one reason that Kenneth Lin, CEO of Creditkarma.com, recommends that you don’t formally close an account but let the issuer close it for lack of activity. The longer the account stays open, he says, the more you’ll add to your credit history and the longer you’ll benefit from the additional available credit.

I haven’t gotten a loan in a while, which should boost the “new credit” part of my score.

You don’t have to get new credit to show a so-called hard inquiry on your credit report. If you have opened a new checking account, the bank may have checked your score. Last year, I bought a car and the dealer, unbeknownst to me, checked my credit. I never applied for a loan, but that one inquiry knocked 15 points off my Equifax score—and that’s typical.

For that reason, Curtis Arnold, founder of Cardratings.com, suggests you ask up front if a bank, insurer or car dealer plans to check your credit record. Luckily, shopping around for a car or education loan or mortgage counts only as one inquiry as long as you do it within a few weeks. Otherwise, multiple inquiries may knock your score back for a year.

That said, when you check your score, when your current card company keeps tabs on your credit or when someone pre-approves you for a credit-card—all so-called soft inquiries—your score won’t be affected.

The score I pay for or get for free is my real score.

Most free scores are not the FICO scores that lenders request. You can buy FICO scores from Equifax and TransUnion—but not Experian—on MyFico.com for $15.95 each, but even then, they may not be the exact score the lender actually sees. You can, however, see each of your three credit reports—which include all the activity that is used to determine your score, but not the score itself—for free once a year by going to AnnualCreditReport.com. Because your scores aren’t likely to vary by much, ongoing tracking services are usually unnecessary.

I should aspire to a score above 800.

Sadly, a score of 800 or more—the holy grail for “high achievers” on online FICO forums—won’t make you thinner, smarter, richer or more attractive to lenders or anyone else. True, every 20 points in your score can mean a slightly lower mortgage rate or better car loan, but only up to the mid-700s.

That means it’s worthwhile to take steps to improve a score in the 600s or low 700s, and in the high 700s, you’ll have plenty of room for score fluctuation. Beyond that, a higher score is meaningless.

$10,000 DOWN PAYMENT ASSISTANCE GRANT FOR LOUISVILLE KENTUCKY HOME BUYERS BEGINNING SEPTEMBER 1ST 2016

$10,000 DOWN PAYMENT ASSISTANCE GRANT FOR LOUISVILLE KENTUCKY HOME BUYERS BEGINNING SEPTEMBER 1ST 2016

Kentucky First Time Home Buyer Programs for 2016 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

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Get Ready Louisville Kentucky First Time Home Buyers. KHC is offer $4 million in funding available with new reservations on or after Thursday, September 1, 2016. This will go super fast so I recommend have a house under contract before that date so you can attempt to secure the $10,0000 Downpayment Assistance Grant. First come, First Serve basis. The last grant like this one was gone within first few hours.

You must have a house under contract and meet the following guidelines below:

  • Zero percent interest rate for Louisville Kentucky first-time home buyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
  • Applicants must meet secondary market income and buying limits.
  • Minimum 640 Credit Score
  • Max Purchase Price Limit of $283,000
  • Max Household Income Limits of $117,250
  • Must provide 3 years tax returns to prove a first…

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Can you do a Kentucky VA Cashout Refinance Mortgage Loan Up to 100% of the home’s value?

2016 Kentucky VA Mortgage Changes, credit score, debt ratio, fico score, Fort Knox VA loans, Funding Fee Chart, Guide to Kentucky VA Loans, Kentucky VA Homes for Sale, Kentucky VA Mortgage Calculator, kentucky va mortgage refinance guidelines, refinance, refinance cashout, VA Funding Fee, VA Guidelines, VA mortgage refinancing

Kentucky VA Mortgage Home Lender

Does VA allows 100% equity  Cash-Out on Refinances for Kentucky VA Mortgages?

Yes is the simple answer, but a lot of VA lenders will only go to 90%, so be careful shopping out there for quotes and qualifying info.

VA allows Kentucky VA Mortgage holders and veterans to finance 100% of the purchase price of a home, but they also allow Kentucky VA Mortgage veterans to take cash-out up to 100% of the value of their home! You are still subject to the funding fee unless disabled, and the cash out maybe limited in hand depending on your credit score.

  • Cash-Out Refinance up to 100% .Higher Credit Scores may be needed to get cash in hand after paying off existing mortgage. Subject to debt to income limits and acceptable appraisal. VA termite required again.
  • Min FICO 620 with no bankruptcies or foreclosure last 2 years
  • Max Loan Amount subject to VA…

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Kentucky Housing Offering 2% fixed 30 year fixed rate home loans for Kentucky First Time Home Buyers with household incomes less than $35,000

Down payment, Fannie Mae, Federal Housing Administration, FHA loan, First-time buyer, Freddie Mac, Interest rate, Kentucky, Kentucky-Louisville, khc, KHC’s (Kentucky Housing ) First Mortgage Government, Loan, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage loan, Real Estate, USDA, VA loan, Zero down home loans.

Kentucky First Time Home Buyer Programs for 2016 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

KHC is offering a very low fixed rate on a first-come, first-serve basis for Kentucky Home Buyers.  It can be used for FHA, VA, USDA  and still go no money down with this low rate.

The $6000 and $4500 Down Payment Assistance Funds can be used in conjunction with this 30 year fixed rate loan of 2%.

See details below:

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Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program

502 Guaranteed LoanAppraisalsGuaranteed Section 502 LoansHomes for Sale (Foreclosures owned by USDA/RHS KYHomes for Sale in Kentucky by USDAkentucky first time home buyerProperty EligilibityProperty/Appraisal Requirements for USDA LoanRural Development loanseptic testUSDAwell test

Louisville Kentucky Mortgage Loans

    Sites must be modest and developed in accordance with any standards imposed by a State or local government. Therefore, the lender must verify that the following requirements are met at the…

Source: Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program

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Kentucky FHA Mortgage Guidelines Update – Student Loan Debt Policy

Kentucky FHA Mortgage Guidelines Update – Student Loan Debt Policy
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FHA recently announced changes to the existing student loan policy that will positively effect FHA mortgage loan approvals going forward in regards to borrowers with student loans that are deferred.. The changes can be found outlined in Mortgagee Letter 2016-08. Highlights to the changes include:

  • Outstanding balance of student loan calculation utilizing 1% instead of the previously posted 2% in the 4000.1
  • Must use the greater of the outstanding balance, payment listed on the credit report, or the documented fully amortized payment (this means income based repayment on loans currently in default may not be used unless the payment is fully amortized and must be documented as such by the lender).

 

The guidelines below will replace the existing section of our student loan guidance:

Required Documentation

If the payment used for the monthly obligation is:

  • Less than 1% of the outstanding balance reported on the borrower’s credit report, and
  • Less than the monthly payment reported on the borrower’s credit report;

The lender must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor.

Calculating the Student Loan Obligation

Regardless of the payment status, the lender must use either:

  • The greater of:
    • 1% of the outstanding balance on the loan; or
    • The monthly payment reported on the borrower’s credit report; or
  • The actual documented payment, provided the payment will fully amortize the loan over its term.

If you have any questions about these new guidelines, please give us a call.

 

 

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Kentucky FHA Mortgage Loan Updates For You

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

Kentucky First Time Home Buyer Programs for 2016 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

Kentucky FHA Mortgage Loan Updates For You

Full commissioned buyer with 1 year on the job pre-approved:  FHA will allow for a borrower to only be commissioned sales for 1 year!
FHA’s new student loan guideline:  FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan payments effective 6/30/16!  This hurts but there is some good news in the announcement.

When does FHA 3 year foreclosure date start?  FHA allows for a foreclosure to be 3 years ago.  The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.

important information

  • DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this…

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Student Loans and their Impact in the Total Debt Ratio for a Kentucky Rural Housing USDA Loan Approval

Kentucky USDA/Rural Development Changes for Student Loans in 2016
Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky

Louisville Kentucky Mortgage Loans

Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky Recent updates to the 3555 Handbook intended to simplify guidance for the delivery of the guarante…

Source: Student Loans and their Impact in the Total Debt Ratio for a Kentucky Rural Housing USDA Loan Approval

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Deferred Student Loans for FHA Loans for a Kentucky FHA Mortgage loan approval.

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FHA recently change the guidelines for getting a Kentucky mortgage loan approved with student loans. This works to your advantage versus the old guidelines.

Mortgagees must use the guidance in Mortgagee Letter (ML) 16-08 for case numbers assigned on or after June 30, 2016.

The Mortgagee must include the monthly payment shown on the credit report, loan agreement or payment statement to calculate the Borrower’s debts.

If the credit report does not include a monthly payment for the loan, the Mortgagee must use the amount of the monthly payment shown in the loan agreement or payment statement.

If the monthly payment shown on the credit report is utilized to calculate the monthly debts, no further documentation is required.

 

Mortgagees must use the guidance in Mortgagee Letter (ML) 16-08 for case numbers assigned on or after June 30, 2016.

The Mortgagee must include the monthly payment shown on the credit report, loan agreement or payment statement to calculate the Borrower’s debts.

If the credit report does not include a monthly payment for the loan, the Mortgagee must use the amount of the monthly payment shown in the loan agreement or payment statement.

If the monthly payment shown on the credit report is utilized to calculate the monthly debts, no further documentation is required.

If the credit report does not include a monthly payment for the loan, or the payment reported on the credit report is greater than the payment on the loan agreement or payment statement, the Mortgagee must obtain a copy of the loan agreement or payment statement documenting the amount of the monthly payment.

If a student loan is not deferred, the debt is considered an installment loan and FHA will count the actual monthly payment for the obligation.

This includes the actual monthly payment for the obligation that is being paid under an income-based repayment plan, which may include an actual monthly payment of $0.

FHA and HUD just came out with an updated Mortgagee Letter 16-08 in regards to Deferred Student Loans for FHA Loans for a Kentucky FHA Mortgage loan approval.
 
Previously had to count 2% of balance against DTI,  it is changed to 1% of balance against DTI.  See below from the Letter.  
 
Student Loans
(4) Calculation of Monthly Obligation
Regardless of the payment status, the Mortgagee must use either:
the greater of:
– 1 percent of the outstanding balance on the loan; or
– the monthly payment reported on the Borrower’s credit report;   or
the actual documented payment, provided the payment will fully amortize the loan over its term.

 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

 

 

KY USDA Rural Housing Update 2016

Kentuckykentucky rhs loankentucky rural development loanky first time home buyerRefinancingrhsRural housingUnited States Department of AgricultureUSDA Rural Developmentzero down kentucky home loan

Kentucky USDA Rural Housing Mortgage Loans

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RHS Guideline Handbook Update
Effective for all loan commitments issued on or after March 9th, RHS is publishing an updated version of their 3555 handbook. The new handbook includes additional guidance and clarification on many previously vague subjects, including the following changes
  • If the credit report on a loan with RHS approval will expire prior to loan closing, a new credit report outside of GUS can be pulled. If the new report shows no changes to credit, then the loan does not need to be resubmitted to RHS for re-approval.
  • RHS considers a loan as qualifying for conventional credit if all of the following are true
    • Borrower has eligible assets to meet a 20% down payment AND reasonable closing costs; AND
    • The loan meets all current FNMA guidelines
  • Assets should be calculated using the lesser of a two month average balance or the current bank statement/recent VOD.
  • Debts…

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