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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.
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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.
Assets are not required; however, any assets disclosed must be supported with appropriate documentation
Satisfactory explanation and documentation should be provided for large deposits or increases in liquid assets
Cash on hand is not acceptable
Bank accounts require Verification of Deposit with average 2 month balance, or 2 consecutive months statements dated within 45 days of loan application
Earnest money deposit may be considered an asset if deposit is not already reflected in liquid assets
Asset amount of retirement accounts is 60% of the vested account balance
Gifts must be documented through gift donor letter and establish that gift does not have to be repaid
For sale proceeds of real property, provide HUD-1 or equivalent closing statement to indicate the actual amount of cash proceeds realized by the borrower
Stocks and bonds must be documented by a statement provide by stockbroker or financial institution managing the portfolio
Households with net family assets of greater than $5,000 require that the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate be considered when calculating income.
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.
1) FHA– 3.5% of the purchase price is required for a down payment. The 3.5% down has to come from buyerfunds 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
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.
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.
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.