Kentucky HUD Homes for Sale with the FHA $100 Down Program

HUD HOMES SALES INCENTIVES

For a limited time, FHA offers sales incentives on HUD homes that will make these homes more affordable for home buyers when purchasing a property using FHA-insured financing. The incentives VARY from State to State but may include: low down payments; sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount; broker bonuses for owner-occupant sales. The benefits of FHA financing are low down payments; competitive interest rates; flexible credit qualifying. To find a HUD-Approved Lender, and for the latest sales incentives in your areas, visit HUDhomestore.com. The program incentives are subject to change without prior notice.

Sales Incentives

(subject to change without prior notice)

Participating States

$100 Down Payment! Available to Owner Occupant Homebuyers when purchasing a property using FHA-insured financing.

Illinois, Indiana, Kentucky, Tennessee, S. Carolina,N. Carolina, Georgia, Mississippi, Alabama, Florida, Puerto Rico, Virgin Islands

 

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The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

via The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

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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The Latest Guidelines on Waiting Periods – Valley Business Journal

The Latest Guidelines on Waiting Periods – Valley Business Journal.

 

It might be interesting to update everyone on the latest guidelines on required waiting periods after a Bankruptcy, Foreclosure or Short Sale. The rules seem to change fairly often and, of course, may vary greatly with lenders and mortgage investors.

For conventional financing, basic guidelines at this time show a waiting period of four years after a Chapter 7 or 11 Bankruptcy, two years with extenuating circumstances; after a Chapter 13 Bankruptcy, it would be two years from the Discharge date, four from Dismissal date (two from Dismissal with justifying circumstances). A Foreclosure on your record would mandate a seven-year waiting period, three with extenuating circumstances but with additional restrictions as to the maximum loan-to-value allowed and occupancy of the property. A Short Sale or Deed-in-Lieu on a person’s credit requires a waiting period of at least two years for an 80% loan-to-value and four for 90%, two with mitigating circumstances can be possible up to 90%.

FHA and VA requirements may be considerably different. For example, if a person had a Chapter 7 Bankruptcy, the usual waiting period would be two years for FHA, but under some circumstances it could be moved down to just one, not with VA though. Many factors must be clearly illustrated, including either no new debt since discharge or re-establishment and maintenance of good credit plus a demonstrated ability to manage one’s financial obligations. A new purchase after a Chapter 13 Bankruptcy (where debts are being paid over time) has different guidelines also, primarily being that the Bankruptcy has been in a payout period for at least one year, with satisfactory performance and Court approval. Foreclosures and short sales generally mandate three years with FHA, two with VA.

These are some of the lending policies, but of course a person must also qualify for the new loan – income, stability of same, debt ratios and credit scores are critical. We must measure that with the basic question of whether a person is ready to purchase again and take on ownership responsibilities. Working with an experienced, professional mortgage advisor should be very helpful if you find yourself in this kind of situation.

The snag would come in the underwriting portion of the mortgage application process.

“The IRS office won’t be able to provide the forms to prove income, deal with tax lien information, and the like. Because those documents aren’t available, those loans will be stuck until further notice,’’ Herrera said.

It’s in the intake — the starting of the files — where a backlog could occur, he said.

With the housing recovery in the Inland region still viewed as fragile, any slow-down in sales has a trickle-down effect on the economy.

National Association of Realtors chief economist Lawrence Yun recently pinned the August slow-down in pending home sales — contract signings eased 1.6 percent — on tight inventory conditions, higher interest rates, rising prices and restrictive mortgage credit.

For the three month quarter ended June 2013, nearly 20 percent of the 8,758 mortgage transactions reported to the Inland Valleys Association of Realtors were FHA-insured.

Conventional loans insured by Freddie Mac and Fannie Mae accounted for 34 percent of the transactions; Veterans Administration-backed mortgage applications represented 4 percent of the loan business, Herrera said.

Donavon Ternes, president and chief operating officer of Provident Savings Bank, agreed the FHA-furloughs could end up harming – or bogging down — the number of refinance transactions or purchase money transactions looking for FHA-insurance on the loan.

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

The Good Neighbor Next Door Sales Program

The Good Neighbor Next Door Sales Program was established December 1, 2006. This program as many others are revised and/or clarified periodically by a HUD mortgagee letter. Mortgagee Letter 2013 – 20, dated June 12, 2013 was issued to further clarify the program.

via The Good Neighbor Next Door Sales Program.


Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky 


Legal Disclaimer 



This web site 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.

The Good Neighbor Next Door Sales Program

FHA vs. Conventional Mortgage: Should I Refinance?

FHA vs. Conventional Mortgage: Should I Refinance?.




Federal Housing AdministrationFHA loans, which allow as little as 3.5 percent down, have traditionally been the go-to source for buyers with low down payments.
FHA loans have the advantage of allowing down-payment money from a gift or grant from other agencies.
The rising costs of FHA loans and the mortgage insurance that is required of FHA borrowers, though, have made the loans less attractive. In addition, the insurance premium on new FHA loans, unlike on other loans, is for the life of the loan.
• Veterans AffairsVA loans, which are available to active or honorably discharged veterans and their spouses, require no down payment and no private mortgage insurance
• U.S. Department of AgricultureLike VA loans, USDA loans require no down payment. They are available only in areas considered rural by the federal government, have income restrictions and can carry large upfront fees.
 Conventional loans. Conventional loans have gotten more flexible for those who can’t afford a full 20 percent down.
Many banks will lend up to 90 or even 95 percent of the property’s value. Such loans require a monthly private mortgage insurance fee, but the cost of such insurance has dropped while the cost of FHA insurance has risen, making conventional loans more attractive for those who can’t put 20 percent down.
Generally, the better a borrower’s credit score and the lower the debt-to-income ratio, the more likely a lender will allow a lower down payment.
“Conventional mortgage insurance now is much less expensive than FHA insurance,” Pausche said. “If you have the credit scores to qualify conventionally, it may be cheaper to put down 5 percent instead of going with FHA.”
In addition, Fannie Mae, the federal buyer of home mortgages, offers a program called My Community Mortgage that allows low- to moderate-income buyers to put down as little as 3 percent on a home.
Freddie Mac offers a similar program called Home Possible that allows buyers into homes with as little as 5 percent down, all of which can come from gifts.
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*

 




Posted By Blogger to Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage at 7/28/2013 10:11:00 AM