Wednesday, July 18, 2012

Louisville Kentucky FHA Guidelines 2012


Learn About Louisville Kentucky FHA Loans in 2012

Why Refinance on an Louisville Kentucky FHA Loan?

With an Louisville Kentucky FHA loan, you can finance up to 97.75% of the home value to reduce your current rate or current mortgage term – which is a higher percentage than a conventional loan. Louisville Kentucky FHA loans are often more flexible than other programs – extending funds to people who have had credit challenges and offering competitive rates for people who want to take cash out.

Why Purchase with an  Louisville Kentucky  FHA Loan?

There are many benefits to purchasing with an Louisville Kentucky  FHA loan. You can take advantage of a low-fixed rate and put very little, or in some cases, no money down. With an FHA purchase, less than perfect credit is not a problem. In fact, lower credit scores or no credit scores can be approved. You might have a past bankruptcy and still qualify for an FHA loan! Additionally, a down payment can be a gift. With lower PMI than conventional loans, now might be a good time to take advantage of the benefits of purchasing with an Louisville Kentucky  FHA loan.

What is an  Louisville Kentucky  FHA Streamline Refinance Program?

The Federal Housing Administration has allowed FHA streamline refinances on federally insured mortgages since the early 80’s. Given that, many  Louisville Kentucky  FHA homeowners have utilized this program to lower their interest rate with relatively low or no costs. The  Louisville Kentucky  FHA Streamline Refinance Program has made it easy for borrowers to save thousands of dollars on their mortgage interest. The term “streamline” simply means there is very little documentation and underwriting that needs to be performed by the lender. No appraisal & no income verification required.

Are  Louisville Kentucky  FHA Loans Assumable?

Yes. You can assume an existing FHA-insured loan or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is streamlined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists of a credit check - no property appraisal is required. The borrower must also demonstrate that he or she has enough income to support the mortgage loan. In this way, qualifying to assume is similar to the qualification requirements for a new mortgage loan. We are dedicated to making your Louisville Kentucky   FHA loan as effortless and hassle free as possible. We look forward to helping you save thousands on your  Louisville Kentucky FHA home mortgage.






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Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell