FHA eliminates two unnecessary and outdated lending roadblocks

The Federal Housing Administration has taken steps to reduce some of the regulatory burdens that belabor the lending process, releasing two mortgagee letters Tuesday with updated guidelines on home warranty and inspection requirements for single-family FHA loans. FHA Commissioner Brian Montgomery said the moves align with the administration’s goal streamline and update guidelines in an effort to reduce regulatory barriers.

Source: FHA eliminates two unnecessary and outdated lending roadblocksKentucky FHA Guidelines for Inspections and Warranty's

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>The Kentucky MCC Program

The MCC (Mortgage Credit Certificate) program is a state tax credit program currently available to qualified buyers. It allows a tax credit of up to 25% of the mortgage interest paid each year, not to exceed $2000, for qualified buyers, for each year of ownership during the term of the mortgage. The MCC is available to qualified first-time home buyers in all Kentucky counties and to all qualified homebuyers in certain areas, including Jefferson, Oldham, Bullitt, Nelson, Meade, Hardin and Spencer County

Louisville Kentucky Mortgage Loans

The Kentucky MCC Program!!

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The MCC (Mortgage Credit Certificate) program is a state tax credit program currently available to qualified buyers. It allows a tax credit of up to 25% of the mortgage interest paid each year, not to exceed $2000, for qualified buyers, for each year of ownership during the term of the mortgage. The MCC is available to qualified first-time home buyers in all Kentucky counties and to all qualified homebuyers in certain areas, including Jefferson, Oldham, Bullitt, Nelson, Meade, Hardin and Spencer County

via >The Kentucky MCC Program

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How to get rid of Mortgage Insurance on a Kentucky Mortgage Loan.

Eliminate FHA Mortgage Insurance On Your Kentucky FHA Loan.
 
 
Mortgage insurance premium can add almost $200 to the payment on a $265,000 FHA mortgage.  The decision to get an FHA loan may have been the lower down payment requirement or the lower credit score levels, but now that you have the loan, is it possible to eliminate it?
 
Mortgage Insurance Premium protects lenders in case of a borrower’s default and is required on FHA loans.  The Up-Front MIP is currently 1.75% of the base loan amount and paid at the time of closing.  Annual MIP for loans with greater than 95% loan-to-value is .85% per year. 
 
For loans with FHA case numbers assigned before June 3, 2013, when the loan is paid down to 78% of the original loan amount, the MIP can be cancelled.  The borrower may need to contact the current servicer.
 
However, for loans greater than 90% with FHA case numbers assigned on or after that date, the MIP is required for the term of the loan.
 
Most homeowners with FHA mortgages are not eligible to cancel the MIP because they either originated their loan after June 3, 2013, put less than 10% down payment and/or got a 30-year loan.  If they have at least 20% equity in the home, they can refinance the home with an 80% conventional loan which in most cases, does not require mortgage insurance.
 
With normal amortization on a 30-year loan, it takes approximately 11-years to reduce the original loan to the 78-80% requirement based on normal amortization.  There is another dynamic involved which is the appreciation on the home.  As the home goes up in value and the unpaid balance goes down, the equity increases.
 
If the homeowners believe that they have enough equity that would eliminate the need for mortgage insurance, they can investigate refinancing with a conventional loan.  Borrowers refinancing will incur expenses in starting a new mortgage and the interest rate may be higher than the existing rate.  Analysis will determine how long it will take to recapture the cost of refinancing.
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. 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.

How do Student Loans Affect Your Chances of getting approved for a Kentucky Mortgage Loan?

fha mortgages and student loans,

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

Kentucky Student loans can affect your ability to qualify for a Kentucky mortgage loan. In the chart below, we will point out the main qualifying guideline differences for each loan program that most people choose for their new home loan.

  1. Kentucky Fannie Mae and Freddie Mac Conventional loans: This is by far the easiest loan program on student loans. However, they do require a 620 minimum credit score to be considered for this loan program. They will take the payment listed on the credit report if even the payment is less than 1% of the outstanding student loan balances.

2. Kentucky FHA Loans: This is one of the most difficult programs to qualify for if                  have a large amount of student loan balances. FHA will use 1% of the outstanding               balance which can make it…

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Getting a Home Inspection In Louisville Kentucky- List of Home Inspectors Louisville, KY

List of Home Inspectors Louisville, KY

Louisville Kentucky Mortgage Loans

via Getting a Home Inspection In Louisville Kentucky- List of Home Inspectors Louisville, KY

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Kentucky Approved HUD Home Inspector List below I

HUD’s Inspector Roster was eliminated effective August 2, 2018, as announced in Federal Register Docket No. FR-5457-F-02, dated July 3, 2018.

Inspectors as of 12/21/2018
(45 records were selected, 45 records displayed.)
Name ID Number Address Phone Status Approval State
WILOUGHBY, DANNY G A022 215 CLUB OAK COURT
LOUISVILLE, KY 40223
(502) 653-3688 Active KY
AUBREY, DELMUS A380 3903 BOWMAN LANE
CHATTANOOGA, TN 37416
(423) 954-2655 Active KY
PAPPERT, CHRIS F A901 4880 MARYBROOK DR
KETTERING, OH 45429
(937) 436-3676 Active KY
EPLING, RICHARD J B387 121 NORTH CUMBERLAND ST
MORRISTOWN, TN 37814
(423) 581-5583 Active KY
FLICK, FERDINAND J B637 3771 POWNER RD
CINCINNATI, OH 45248
(513) 574-5784 Active KY
TOLLIVER, JAMES R B931 POST OFFICE BOX 304
MOUNT WASHINGTON, KY 40047
(502) 428-6361 Active KY
JONES, TIMOTHY E C894 6960 US RTE 52
RIPLEY, OH 45167
(937) 392-1561 Active KY
HUFF, TONY D730 2200 AIRPORT RD, SUITE…

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Kentucky Homebuyers Down Payment Grants for 2019

Kentucky Homebuyers Down Payment Grants for 2019
How Much House Can I Afford? [INFOGRAPHIC]
Kentucky VA Mortgage Guidelines for 2019
Kentucky VA Mortgage Guidelines for 2019
2019 Kentucky FHA Mortgage Loan Limits

Louisville Kentucky Mortgage Loans

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