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

Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. Customer Testimonials 😍😍😍 We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel's website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services. Angela Forsythe "We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel's website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him." September 2016 Monica Leinhardt "We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definetly recommmend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan. Kayle Griffin “Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010 Tim Beck “Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010 Nancy Nalley “I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012 Jon ClarK “Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011 RICHARD VOLZ , Residential Sales , Remax Foursquare Realty “When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say's they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010 Stacie Drake "We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else." Melody Glasscock March 2014 Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn't expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS. Cee Bellisle August 2017 Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours. Anderson Johnson April 2018 Wow, what a great loan officer. I was referred to him by our agent and he was great to work with. We used him for a USDA no money down loan in Shelby County and we were really impressed. We were afraid we could not buy a home since we did not have money saved for a down payment, but Joe l was able to get us a zero down loan and we even got our appraisal fee and good faith deposit back at closing. We actually got money back at closing!!! I Can't think him enough. Our family moved from our apartment in the south end of town to get our own home with 5 acres for our kids and 2 dogs, at a payment that is equal to our rent payment also. .Thanks Again Joel. May god bless you Patty Locker We contacted Joel about buying a house on our move from Ohio for my husband's job transfer with Ford. We put a lot of trust in him since we were new to the area and first time home buyers in the Louisville KY market, and he always delivered on what he said. It took us a while to find a home due to the lack of homes, but once we got one, he was always quick to respond our questions via text or email ,and kept us informed through the process. We got to meet him at the closing and he was super nice and even got us a closing gift for our home which we didn't expect at all. Super nice guy 😀!!! I would definitely recommend him for a local Home loan in the Louisville area. pam dolby I got a VA loan with Joel and he was great. He is an ex-army guy so he could relate to my past experiences of being a veteran and moving around the country a lot. I had some credit issues that required a little extra work but Joel was able to find A VA lender to approve my situation as far as having past bad credit problems and a lower credit score. We closed yesterday on our home here in Louisville and we could not be happier. We finally have a home of our own thanks to Joel . I would definitely recommend him for a mortgage loan. Great experience and closed 8 days before expected close date so we were able to move in early. larry summit I contacted Joel about the $10,000 KY Housing Grant last month and we were able to get it and I just closed on my home. He was great to work with and if you are a first time home buyer here in Louisville, I would definitely contact him. I met him at his office and he was very nice and knowledgeable and kept me informed through the process. No surprises either so I was very happy. I am new homeowner thanks to Joel . Joel Lobb Senior Loan Officer 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/ Company ID #1364 | MB73346E This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. http://www.nmlsconsumeraccess.org/ Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. NMLS#57916 http://www.nmlsconsumeraccess.org/ . The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

11 thoughts on “Kentucky Fannie Mae HomePath Mortgage Loan”

  1. Reblogged this on Kentucky First Time Home Buyer Programs for 2014 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky and commented:

    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.

  2. Fannie Mae Homepath and tagged Adjustable-rate mortgage, Co-signing, Credit history, Credit score, Down payment, Fannie Mae, Fannie Mae HomePath, Federal Housing Administration, Kentucky, kentucky fha rates, kentucky housing corp, ky first time home buyer, Lexington Kentucky, Loan, Loan-to-value ratio, Louisville Kentucky, Mortgage denied, Mortgage insurance, Mortgage loan, Rates Today, United States Department of Agriculture.

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