Kentucky Mortgage Rates

                                                               

                                                            Open Today 9:00 am -7:00 pm

Current Interest Rates

Kentucky Fixed Rate Mortgage Programs[

				Lock days	Qualifying Ratios
Program	Rate	Points	APR
Conforming 30 year FRM	3.750	0.000	3.971	30	35 / 45
	Kentucky Mortgage Loans Only- Rates Change
Conforming 20 year FRM	3.625	0.000	3.871	30	40 / 41
	Kentucky Mortgage Loans Only- Rates Change
Conforming 15 year FRM	3.000	0.000	3.391	30	35 / 41
	Kentucky Mortgage Loans Only- Rates Change
FHA/VA 30 year FRM	3.500	0.000	4.814	30	35 / 50
	Kentucky Mortgage Loans Only- Rates Change
FHA 15 year FRM	3.250	0.000	3.789	30	35 / 50
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30 year FRM	4.750	0.000	5.231	30	28 / 36
	Kentucky Mortgage Loans Only- Rates Change
USDA/RHS	3.500	0.000	4.874	30	41 / 41
	Kentucky Mortgage Loans Only- Rates Change

Adjustable Rate Programs

							Lock days	Qualifying Ratios
Program	Rate	Points	APR	Index	Margin	Caps
Conforming 30/5/1 ARM	3.250	2.000	5.814	LIBOR	1.930	2/1/5	30	28 / 41
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30/5/1 ARM	4.250	2.000	5.789	T-Bill	1.960	5/1/10	30	28 / 41
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30/7/1 ARM	4.870	0.000	5.924	CMT	1.930	5/1/10	30	28 / 36
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30/10/1 ARM	4.750	2.000	5.811	CMT	1.930	5/1/10	30	28 / 36
	Kentucky Mortgage Loans Only- Rates Change

Please note assumptions below : Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice. Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only. A 720 credit score or higher is assumed for a Kentucky Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less. The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown for Kentucky Mortgage Rates, but do not include other closing costs. The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a Kentucky Mortgage  loan. This is not a Kentucky mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs. For loans with less than 20% down payment borrower-paid mortgage insurance may apply. These Kentucky  mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing. FHA Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors. All Kentucky FHA loans require a minimum credit score of 640 Jumbo Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans. All Jumbo loans require a 680 or higher score and a maximum loan to value of 80%    VA Loans             Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling   factors. Kentucky VA loans require a minimum credit score of 620 USDA Loans                          Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors. Kentucky USDA loans require a 640 minimum credit score.  Free Credit Report and Pre qualifications available anytime.                                                                   .  Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky. This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency.  Joel Lobb (NMLS#57916)Senior  Loan Officer 502-905-3708 cell 502-813-2795 fax jlobb@keyfinllc.com Key Financial Mortgage (NMLS #1800) 107 South Hurstbourne Parkway* Louisville, KY 40222*

4 Things Every Borrower Needs to Get Approved for a Mortgage or Home Loan In Kentucky

4 Things Every Borrower Needs to Get Approved for a Mortgage or Home Loan In Kentucky

There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as it’s own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you’re pretty much dead in the water:

1. Income

You need income. You need to be able to afford the home. Without it, forget it! But what is acceptable income? Basically, it all depends on the type of loan that a borrower applies for. Jumbo, V.A., USDA, FHA, Conventional, Kentucky Housing KHC Super Jumbo? Let’s just say that there are two ratios:

First Ratio – The first ratio, top ratio or housing ratio. Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe. 

Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 43% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio. 

What qualifies as income? Basically, it’s income that has at least a proven, two year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable?????? Cash income, short term income and income that’s not likely to continue. 

2. Assets

For the most part this is fairly simple. Do you have enough assets to put the money forth to qualify for the downpayment that the particular program asks for. USDA says that there can be no money down. FHA, for now, has a 3.5% downpayment. Some loans require 20% down. These assets need to be validated through bank accounts and sometimes gifts. Can you borrower the down payment? Sometimes. Generally if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. TALK TO YOUR LOAN OFFICER FIRST when discussing what’s acceptable?

3. Credit

Whewwwwwwwwwwwwwwwwwwwwwwwwwwww. This can be the bane to every borrower, every loan officer and every lender……and yes, to every realtor. How many times has a borrower said my credit’s good, only to find out that it’s not nearly as good as a borrower thinks or nearly as good as the borrower needs. Big stuff for sure. 640 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt. Even at 640, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 700 is when you really start to get in the “as a lender we love you” credit score. 720 is even better. Watch your credit!!!!! Check out my post:

Kentucky Housing VA FHA KHC USDA and FNMA all require 640 credit score!

4. Appraisal

In many ways this is the easiest box. Why????? Generally, there’s nothing you can do to affect this. Bottom line here is…..”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the

Lower of the value or the contract price!!!

That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues….Talk to your loan officer.

For each one of these boxes, there are over 1,000 things that can effect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on!



Call me today at Key Financial Mortgage for your free pre-approval for your next home or refinance

I can answer your questions and usually get you pre-approved the same day. 

I can be reached at my Louisville Ky office at 502-905-3708 Ask for Joel

Email: kentuckyloan@gmail.com

Fill out my form!

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Mortgage Broker or Lender at Key Financial Mortgage of Kentucky NMLS #1800

Louisville, KY

License: NMLS #57916

(502) 905-3708

Find me online

KentuckyLoan
http://louisvillemortgageguide.com
http://kentuckyusdaloan.com
Kentucky FHA loan Guide
Kentucky First Time Home Buyer Loan 

  

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

Legal Disclaimer

This website 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.

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