Best Mortgage Lenders in Kentucky with Joel Lobb

Best Mortgage Lenders in Kentucky with Joel Lobb

Are you a prospective homebuyer in Kentucky searching for the best mortgage lenders? Look no further than Joel Lobb, a trusted mortgage broker with a proven track record of helping clients secure competitive mortgage rates and financing options. With Joel Lobb by your side, you can access top-notch mortgage lenders in Kentucky and make your dream of homeownership a reality.

Joel Lobb has established strong relationships with a network of reputable mortgage lenders in Kentucky, offering a wide range of loan programs to suit your unique needs and financial goals. Whether you’re a first-time homebuyer, a seasoned investor, or looking to refinance your existing mortgage, Joel Lobb can connect you with the best mortgage lenders that offer:

1. Competitive Interest Rates: Access mortgage loans with competitive interest rates that can save you money over the life of your loan.
2. Flexible Loan Programs: Choose from a variety of loan programs, including FHA, VA, USDA, conventional, jumbo loans, and more, tailored to your specific requirements.
3. Personalized Guidance: Receive personalized guidance and support throughout the mortgage process, from pre-qualification to closing, ensuring a smooth and stress-free experience.
4. Quick and Efficient Approval: Benefit from efficient loan processing and quick approval times, allowing you to close on your new home faster.
5. Transparent and Honest Service: Experience transparent and honest communication throughout your mortgage journey, with full transparency on loan terms, fees, and requirements.

When it comes to finding the best mortgage lenders in Kentucky, Joel Lobb stands out as a trusted advisor and advocate for his clients’ best interests. With Joel Lobb’s expertise and industry knowledge, you can navigate the complex world of mortgage lending with confidence and achieve your homeownership goals.

Contact Joel Lobb today to learn more about the best mortgage lenders in Kentucky and start your journey towards owning the perfect home for you and your family.

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

 

 

Kentucky USDA Loans | Rural Housing Loans Kentucky

 

 

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574

 

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.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

 

 

 

 

Understanding Credit Score Requirements for Mortgage Loans in Kentucky

Are you considering buying a home in the beautiful state of Kentucky? Securing a mortgage loan is a crucial step in the homebuying process, and one of the key factors lenders evaluate is your credit score. Understanding the credit score requirements for mortgage loan approval in Kentucky can help you prepare and improve your chances of securing financing for your dream home.

Importance of Credit Scores

Your credit score is a numerical representation of your creditworthiness based on your credit history. Lenders use this score to assess the risk of lending to you. A higher credit score typically indicates lower risk to lenders, making you more likely to qualify for a mortgage loan and secure better terms and interest rates.

Credit Score Requirements in Kentucky

While specific credit score requirements can vary among lenders and mortgage programs, there are some general guidelines to consider when applying for a mortgage loan in Kentucky.

1. Conventional Loans: Conventional mortgage loans are not insured or guaranteed by the government. Many lenders prefer borrowers to have a credit score of at least 620 to qualify for a conventional loan. However, some lenders may require higher scores, especially for competitive interest rates.
2. FHA Loans: The Federal Housing Administration (FHA) offers loans with more lenient credit score requirements compared to conventional loans. In Kentucky, borrowers may be eligible for an FHA loan with a credit score as low as 500, provided they can make a 10% down payment. A credit score of 580 or higher may qualify for a lower down payment option of 3.5%.
3. VA Loans: If you’re a veteran, active-duty service member, or eligible spouse, you may qualify for a VA loan guaranteed by the Department of Veterans Affairs. VA loans typically have more flexible credit score requirements, and some lenders may consider borrowers with credit scores below 620.
4. USDA Loans: The U.S. Department of Agriculture (USDA) offers loans to eligible rural and suburban homebuyers with low to moderate incomes. Credit score requirements for USDA loans in Kentucky can vary, but many lenders prefer scores of 640 or higher.

Tips for Improving Your Credit Score

If your credit score is below the desired threshold for a mortgage loan, don’t despair. There are steps you can take to improve your creditworthiness over time:

• Check Your Credit Report: Obtain a free copy of your credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—and review them for errors or discrepancies.
• Pay Bills on Time: Your payment history is one of the most significant factors affecting your credit score. Make sure to pay all your bills, including credit cards, loans, and utilities, on time.
• Reduce Credit Card Balances: Aim to keep your credit card balances low relative to your credit limits. High credit utilization can negatively impact your credit score.
• Avoid Opening New Credit Accounts: While having a mix of credit accounts can be beneficial, opening multiple new accounts within a short period can lower your credit score.

Conclusion

In Kentucky, credit score requirements for mortgage loans can vary depending on the type of loan and lender you choose. While higher credit scores generally improve your chances of loan approval and favorable terms, there are loan programs available for borrowers with less-than-perfect credit.

Before applying for a mortgage loan, it’s essential to review your credit report, understand your credit score, and take steps to improve it if necessary. By demonstrating responsible financial behavior and maintaining a good credit history, you can increase your likelihood of securing a mortgage loan and achieving your homeownership goals in Kentucky.

Credit scores required for A Kentucky Mortgage Loan Approval for FHA, VA, USDA and Conventional Fannie Mae

What credit score is needed to buy a house in Kentucky?

Ultimately, there is no singular credit score that can guarantee you a mortgage approval. Each lender is free to set their own credit score requirements.

But many loan types are insured by government organizations. And lenders cannot accept borrowers with credit scores below the minimum these organizations set. The four most popular home loan types are:

Conventional: Not backed by any government agency, but must meet the Fannie Mae and Freddie Mac underwriting guidelines

FHA: Loans backed by the Federal Housing Administration

VA: Loans backed by the US Department of Veterans Affairs (for military members)

USDA: Loans backed by the US Department of Agriculture (for low- to moderate-income families who buy homes in rural areas)

And here are the minimum credit score requirements for each of these loan types:

Conventional: 

620 SCORE NEEDED. BUT TO GET APPROVED FOR A FANNIE MAE LOAN MOSTLY LIKE YOU WILL NEED A 720 SCORE OR HIGHER IF YOU HAVE LESS THAN 20% EQUITY POSITION OR LESS THAN 20% DOWN PAYMENT DUE TO PRIVATE MORTGAGE INSURANCE

FHA: 

580 for a 3.5% down payment
500 for down payments of at least 10%

**MOST FHA LENDERS WILL WANT A 580 to 620  CREDIT SCORE NOWADAYS

VA: 

No minimum BUT MOST VA LENDERS WILL WANT A 580 to 620 CREDIT SCORE

USDA: 

No minimum, but with a credit score of at least 620 to 640 you could qualify for streamlined credit analysis and chances of approval goes way down if score is below 640…

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

phone: (502) 905-3708

 Fax:     (502) 327-9119

kentuckyloan@gmail.com

 

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com/

Kentucky FHA Mortgage Guidelines Changes for 2015

Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015? • Job Changes – FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability. And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she: –is employed in the current job for six months or longer, and –can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs. Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce. • Employment Gaps – For borrowers with gaps – FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must: –explain any gaps in employment that span one or more months, and –indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers. When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record –qualifications for the position –previous training and education, and –the employers confirmation of continued employment Joel Lobb Senior Loan Officer (NMLS#57916)   phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com http://www.mylouisvillekentuckymortgage.com/

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.