Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage

Mortgage Rates Louisville, Kentucky

2012-02-18T09:15:00.000-05:00

Louisville Kentucky Mortgage Rates Today FHA, VA, KHC, USDA, Conventional Mortgage Rates

Mortgage Rates Louisville, Kentucky
Current Louisville Kentucky Mortgage Rates Today

Mortgage Product Mortgage Rates (APR)

15 Year Fixed Conventional 3.250% 3.474% apr

30 Year Fixed Conventional 4.000% 4.278% apr
30 Year Fixed Kentucky FHA 3.750% 4.329% apr

30 Year Fixed Kentucky USDA 3.875% 4.287% apr

30 year Fixed Kentucky VA 3.750% 4.625% apr

30 year Fixed KHC 3.375% 4.787% apr

Rates are subject to qualifying criteria and Mortgage Rates can change without notice

Free Credit Report and Pre qualifications available anytime.

Key Financial Mortgage of KY is a licensed mortgage company in the state of Kentucky (NMLS#1800) Key Financial Mortgage of KY is not a part of, nor are we affiliated with, the VA, FHA/HUD, USDA. 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

FREE MORTGAGE PREQUALIFICATIONS SAME DAY

Kentucky Housing Corporation (KHC) has FHA, VA and Rural Housing 30 year fixed rates as low as 3.375%. This is for Kentucky purchases by first time homebuyers (defined as not owning a home in last 3 years). Down payment assistance up to $6000 is available to qualified buyers. They have a repeat homebuyer program too. The rate is 3.875%. They also will do down payment assistance up to $6000. Tell everyone. Interested buyers need to call me to apply. There are not many lenders that have the authority to originate, process, underwrite and close KHC loans. Note: if the buyer needs down payment assistance, the rate is slightly higher. Equal Housing Lender

Using your 401k as a down payment on a Kentucky Home Loan

2012-02-15T07:50:00.001-05:00

Using your 401k as a down payment on a Kentucky Home Loan

Many Kentucky home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you can't take money from your 401(K) plan unless you retire, leave the company or become disabled, but many company plans permit certain “hardship withdrawals” when there is an immediate and heavy financial need, including the purchase of the employee's principal residence.

The drawback to a hardship withdrawal is that you will pay taxes and penalties on the amount withdrawn from your plan, which often must be paid in the year of withdrawal. And while hardship withdrawals are allowed by law, your employer is not required to provide them in your plan. Check with your employer’s human resources department if you're not sure if your 401(K) plan allows hardship withdrawal.

Another approach may be to borrow against your 401(K) – often as much as 50 percent of your account balance. You pay interest on the loan, but the interest goes back into your account. The money you receive is not taxable as long it is paid back and plans can give you anywhere from five to 30 years to pay back your loan.

There are risks involved in borrowing from your 401(K). If you lose your job or leave your employer, you must pay back the loan in full within a short period, sometimes as little as 60 days. If the money is not paid back in that time, it is considered a withdrawal from your plan and subjected to the same taxes and penalties. And while 401(K) accounts can usually be rolled over into a new employer’s 401K without penalties, loans from a 401K cannot be rolled over.

In addition, because the funds withdrawn from your account are no longer earning compound interest, your account will be smaller when you retire. And you’ll be replacing pretax money with after-tax money.

Some lenders will count the money you borrowed from your 401(K) as an additional debt that will go along with your car payments, student loans and credit cards. While it may seem unfair since you are borrowing your own money, most lenders view it as a payment obligation that affects your debt-to-income ratio in qualifying for a home loan. It may be a factor in whether you decide to make a hardship withdrawal from your 401(K) and pay tax penalties or borrow against it.

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

2012-02-14T08:58:00.000-05:00

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

FHA VA KHC, Conventional, Fannie Mae, Freddie Mac

4 Things Every Borrower Needs to know to Get Approved for a Loan!!!!

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 640, 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...Call 502-905-3708 or kentuckyloan@gmail.com

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

What is minimum credit score for a FHA Loan in Kentucky?

2012-02-13T08:52:00.001-05:00

What is minimum credit score for a FHA Loan in Kentucky?

article by Bill Zielinski

The FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers in Kentucky. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010.

To be eligible for maximum financing, borrowers will need a minimum credit score of 580 or higher.

Kentucky FHA Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction.

All Kentucky FHA borrowers with a credit score below 500 will not be eligible for FHA-insured mortgage financing in Kentucky.

HUD’s newly introduced minimum credit score and loan to value requirements will apply to all single family loan programs, except for Reverse Mortgages (Home Equity Conversion Mortgages) and Hope for Homeowners.

The new credit requirements are not expected to dramatically change the number ofKentucky FHA mortgage approvals. Most lenders had already imposed a minimum credit score requirement of 640 or higher for Kentucky FHA borrowers. In limited cases, borrowers with scores between 620 and 639 could still obtain mortgage approval.

Many potential Kentucky FHA borrowers with scores below 640 who cannot obtain mortgage approval may be left wondering why this is the case if the FHA has established a minimum score of only 580. The explanation for this is that the FHA does not make mortgage loans but rather insures FHA loans made by lenders. Despite the FHA insurance, banks do not have an iron clad protection from loss.

To protect themselves from loss exposure, FHA lenders impose various requirements that may include establishing higher minimum credit scores. Some of the factors that influence banks in their assessment of risk on FHA loans are discussed below.

More and more banks are increasing the minimum credit score on FHA loans to attract a better overall execution (sales price) on their securities which improves profitability. Nonetheless, the increase in the minimum credit score isn’t always about protecting the bank on a potential future loss. In a lot of cases a bank feels more comfortable with a profit model that positions itself as a mortgage seller with a higher weighted average credit score on their pool for many other factors.

A credit score is an 18 month predictive measure of future performance but is not as reliable when a state or region is hit by some unpredictable negative economic factor. An increase in the minimum credit score can be used as an override to protect against losses resulting from a sudden downturn in the economy.

article by Bill Zielinski

Fill out my form by clicking here for a free mortgage preapproval on FHA loans in Kentucky!

KHC Loan Programs

2012-02-13T08:52:00.000-05:00

KHC Loan Programs

KHC Loan Programs

MRB
All MRB Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest.
The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding.
To qualify, you must meet KHC’s regular MRB income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history.
Some MRB KHC loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years. However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006. The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.

Conventional
Insured by approved mortgage insurance company.
Minimum credit score of 660 or better.
Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA
Insured by the Federal Housing Administration.
Down payments as little as 3.5 percent.
Can use DAP for 3.5 percent down payment requirement.
Upfront and monthly mortgage insurance.
Minimum credit score of 640.

VA
Guaranteed by the Veterans Administration for qualified military veterans.
No down payment if the property appraises for the sale price or greater.
Credit underwriting is flexible.
Minimum credit score of 640.
No monthly mortgage insurance payments.

RHS
Guaranteed by Rural Housing Services (RHS).
Home must be located in a rural area as defined by RHS.
No down payment if the property appraises for the sale price or greater.
Minimum credit score of 640.

Mortgage Credit Certificates (MCC)

A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax. One-time fee of $500 or reduced to $200 if through KHC's GNMA Secondary Market First Mortgage Program. Not valid with MRB loan programs.

Special First Mortgage Loan Programs

New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis.
Guidelines
Interest rate determined by the families’ ability to repay the loan.
For new homes with a purchase price of $115,000 or less.
Eligible borrowers:
Single parents (at least one dependent under the age of 18 must live in the home.)
Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.).
Households where at least one of the home buyers is age 62 or older.
Income guidelines:
$28,000 for a household of 1 or 2 people; or
$33,000 for a household of 3 or more people.

Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance.
Applying for a Kentucky Housing loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing loan.

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 needs.

Regular Down payment Assistance Program (DAP)

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 6 percent. A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61.

Available to all KHC first-mortgage loan recipients.

HOME-DAP

Purchase price up to $195,700.

Assistance up to $4,500

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

HOME Special Program

Purchase price up to $195,700.

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Eligible borrowers include:

Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).

Households where at least one of the home buyers is age 62 or older.

HOME Family Program

Purchase price up to $195,700.

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Eligible borrowers include:

Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).

More about down payment and closing costs

No liquid asset review and no limit on borrower reserves for Regular DAP.

Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.

Specific credit underwriting standards may apply to down payment programs.

Kentucky VA Streamline Refinance Guidelines

2012-02-13T08:51:00.001-05:00

Kentucky VA Streamline Refinance Guidelines

The Kentucky VA streamline refinance is fairly simple when compared to qualifying for a VA loan in Kentucky.
The VA does not require an appraisal, credit information, or underwriting, but your VA approved lender may require these.
It is possible to roll your closing costs into your Kentucky VA streamline refinance – meaning you will be required to bring zero money to closing.
With the kentucky VA streamline, your new monthly payment must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
Your new interest rate must be lower than the interest rate you had with your previous loan. /li>
The VA streamline allows for a fixed rate or variable rate mortgage.
With the VA streamline, you can finance energy efficient improvements into your loan, up to $6000.
No cash out is allowed with the Kentucky VA streamline refinance.
You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.

Fill out my form here for your VA Mortgage Refinance in Kentucky !

Louisville Kentucky VA Home Mortgage Loans: Home Loans hard to come by

2012-02-08T17:37:00.000-05:00

Louisville Kentucky VA Home Mortgage Loans: Home Loans hard to come by: Home Loans hard to come by : 25 percent of the consumers who apply for home loans are turned down Louisville, KY (WDRB News) -- Interest ra...

Mortgage rates for the past 52 weeks, at a glance - WAVE 3 News - Louisville, Kentucky

2012-02-05T22:44:00.000-05:00

Mortgage rates for the past 52 weeks, at a glance - WAVE 3 News - Louisville, Kentucky

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First Time Home Buyer Louisville Kentucky Mortgage Programs

2012-02-04T22:05:00.000-05:00

First Time Home Buyer Louisville Kentucky Mortgage Programs

All Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest. The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding. To qualify, you must meet KHC’s regular income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history. Some Kentucky Housing loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years. However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006. The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.

FHA Insured by the Federal Housing Administration. Down payments as little as 3.5 percent. Can use DAP for 3.5 percent down payment requirement. Upfront and monthly mortgage insurance. Minimum credit score of 640.

VA Guaranteed by the Veterans Administration for qualified military veterans. No down payment if the property appraises for the sale price or greater. Credit underwriting is flexible. Minimum credit score of 620. No monthly mortgage insurance payments.

RHS Guaranteed by Rural Housing Services (RHS). Home must be located in a rural area as defined by RHS. No down payment if the property appraises for the sale price or greater. Minimum credit score of 640. No monthly mortgage insurance payments.

Mortgage Credit Certificates (MCC) A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an

income tax deduction

for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.

Special First Mortgage Loan Programs New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis. Guidelines Interest rate determined by the families’ ability to repay the loan. For new homes with a purchase price of $115,000 or less. Eligible borrowers: Single parents (at least one dependent under the age of 18 must live in the home.) Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.). Households where at least one of the home buyers is age 62 or older. Income guidelines: $28,000 for a household of 1 or 2 people; or $33,000 for a household of 3 or more people. Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance. Applying for a Kentucky Housing loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing loan.

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Documents Needed For a Kentucky Mortgage in 2012

2012-02-04T22:04:00.000-05:00

Documents Needed For a Kentucky Mortgage in 2012

ALL BORROWERS:

Copies of W-2's for the last two years;

Copies of paycheck stubs for the last 30 days (most current);

Copies of checking and saving account statements for last three months (all pages);

Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;

Copy of sales contract when ratified;

Employment history for the last two years (address any gaps of employment);

Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.

Canceled earnest money check when it clears or corresponding bank statement, if applicable;

Commissioned or bonused income -- if 25% or more of base, must have tax returns;

Check for the expense of appraisal & credit report;

Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;

Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;

If paid off mortgage in the last 2 years, need copies of HUD1;

Copy of drivers license for applicant and co-applicant.

SELF-EMPLOYED BORROWERS:

Copies of most recent 2 years tax returns (with all schedules including k-I's if applicable);

Copy of current profit & loss statement and balance sheet;

Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company -- copies of W-2's and/or 1099 forms.

DOCUMENTS WHICH MAY BE REQUIRED FOR A KENTUCKY MORTGAGE:

Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;

Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;

Divorce Decree if applicable;

Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.

DOCUMENTS NEEDED FOR KENTUCKY FHA/VA LOANS:

FHA: Copy of social security card and drivers license for each applicant and co-applicants;

VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;

VA: Name and address of nearest living relative

Fill out my form for your free mortgage preapproval by clicking this link here. !

KENTUCKY USDA RURAL HOUSING BORROWERS REFINANCE MORTGAGES, GET LOWER INTEREST RATES

2012-02-03T07:31:00.000-05:00

KENTUCKY USDA RURAL HOUSING BORROWERS REFINANCE MORTGAGES, GET LOWER INTEREST RATES

Lexington, KY, Feb 01, 2012 -- Agriculture Secretary Tom Vilsack today announced that the U.S. Department of Agriculture is launching a pilot program to help KENTUCKY USDA RURAL HOUSING BORROWERS refinance their mortgages to reduce their monthly payments. This initiative is part of the Administration’s ongoing efforts to help middle class families, create jobs, and strengthen the economy. The Single Family Housing Guaranteed Rural Refinance Pilot Program will operate in 19 states for homeowners who have loans that were made or guaranteed by USDA Rural Development. These states are among those hardest hit by the downturn in the housing market.

“Through initiatives like the one we are announcing today, the Obama Administration is taking aggressive steps to fight for middle class homeowners who have played by the rules and are trying to get ahead,” said Vilsack “This pilot program will help homeowners’ to take advantage of historically low interest rates, and by working closely with lenders, we are helping rural homeowners protect one of the most important investments they will ever make.”

USDA Rural Development estimates 235,000 homeowners will be eligible to refinance their loans, which is expected to save them considerable time and money. To be eligible under this pilot, borrowers must have made their mortgage payments on time for 12 consecutive months. They do not have to obtain new credit reports, property inspections or home appraisals. Refinanced loans must be at rates below the original interest rate. Terms cannot exceed 30 years. No cash out is permitted to the borrower.

Tom Fern, Kentucky State Director for Rural Development, applauded the announcement; “There are 17,528 rural Kentucky homeowners who have home loans guaranteed by USDA. We are pleased to extend the opportunity to refinance their loan at a better rate which would save them money on their mortgage payments and make it more affordable for them to own their own home.”

The two-year pilot is open to homeowners in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. The performance of the pilot will be reviewed after two years to evaluate whether to continue it, terminate it or make it permanent.

The pilot expands upon USDA’s ongoing help for rural homeowners. In 2010, USDA Rural Development established an aggressive modification policy for Guaranteed Loans that helps homeowners who are delinquent on their mortgages. These homeowners can lower their monthly payments through a loan modification that reamortizes their payments over a term of up to 40 years, lowers their interest rate, or both. USDA also has a “Mortgage Recovery Advance” program in which the Department provides guaranteed lenders up to 12 months of mortgage payments on behalf of borrowers who have fallen behind on their payments due to job loss or other hardships.

Allowing rural homeowners in good standing that have home loans that were made or guaranteed by USDA to refinance their homes will bring increased capital to rural America and ease the financial burdens on homeowners. This pilot program will not cost taxpayers additional dollars.

All kENTUCKY USDA Rural Development housing loans meet rigorous underwriting standards and are made only to qualified borrowers. These are not subprime loans.

John Boel investigates Louisville's vacant home crisis

2012-02-02T20:46:00.000-05:00

John Boel investigates Louisville's vacant home crisis: A WAVE 3 News investigation finds the vacant home problem has gone from an eyesore to a staggering public safety issue.

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Kentucky USDA Loans and Rural Housing Loan Program 2012

2012-02-01T14:13:00.000-05:00

Kentucky USDA Loans and Rural Housing Loan Program 2012

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Obama Administration Announces Pilot Program to Help Rural Borrowers Refinance Mortgages, Get Lower Interest Rates for Kentucky Mortgage Holders

WASHINGTON, Feb. 1, 2012 – Agriculture Secretary Tom Vilsack today announced that the U.S. Department of Agriculture is launching a pilot program to help rural borrowers refinance their mortgages to reduce their monthly payments. This initiative is part of the Administration's ongoing efforts to help middle class families, create jobs, and strengthen the economy. The Single Family Housing Guaranteed Rural Refinance Pilot Program will operate in 19 states for homeowners who have loans that were made or guaranteed by USDA Rural Development. These states are among those hardest hit by the downturn in the housing market.

"Through initiatives like the one we are announcing today, the Obama Administration is taking aggressive steps to fight for middle class homeowners who have played by the rules and are trying to get ahead," said Vilsack "This pilot program will help homeowners' to take advantage of historically low interest rates, and by working closely with lenders, we are helping rural homeowners protect one of the most important investments they will ever make."

USDA Rural Development estimates 235,000 homeowners will be eligible to refinance their loans, which is expected to save them considerable time and money. To be eligible under this pilot, borrowers must have made their mortgage payments on time for 12 consecutive months. They do not have to obtain new credit reports, property inspections or home appraisals. Refinanced loans must be at rates below the original interest rate. Terms cannot exceed 30 years. No cash out is permitted to the borrower.

The two-year pilot is open to homeowners in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. The performance of the pilot will be reviewed after two years to evaluate whether to continue it, terminate it or make it permanent.

The pilot expands upon USDA's ongoing help for rural homeowners. In 2010, USDA Rural Development established an aggressive modification policy for Guaranteed Loans that helps homeowners who are delinquent on their mortgages. These homeowners can lower their monthly payments through a loanmodification that reamortizes their payments over a term of up to 40 years, lowers their interest rate, or both. USDA also has a "Mortgage Recovery Advance" program in which the Department provides guaranteed lenders up to 12 months of mortgage payments on behalf of borrowers who have fallen behind on their payments due to job loss or other hardships.

Allowing rural homeowners in good standing that have home loans that were made or guaranteed by USDA to refinance their homes will bring increased capital to rural America and ease the financial burdens on homeowners. This pilot program will not cost taxpayers additional dollars.

All USDA Rural Development housing loans meet rigorous underwriting standards and are made only to qualified borrowers. These are not subprime loans.

Rural Development's housing loans and grants make a significant difference in the lives of thousands of rural Americans across the nation. These investments boost rural economies and create jobs.

The SFHG Rural Refinance Pilot Program complements President Obama's recent announcement to help responsible homeowners and heal the housing market. The measures the President and USDA are taking will help stabilize communities and help middle class families across the country.

Since taking office, President Obama's Administration has taken historic steps to improve the lives of rural Americans, put people back to work and build thriving economies in rural communities. From proposing the American Jobs Act to establishing the first-ever White House Rural Council – chaired by Agriculture Secretary Tom Vilsack – the President wants the federal government to be the best possible partner for rural businesses and entrepreneurs and for people who want to live, work and raise their families in rural communities.

Fill out my form by clicking here for your USDA loan in Kentucky!

What kind of credit scores are needed for a Kentucky Mortgage in 2012

2012-01-31T11:14:00.000-05:00

What kind of credit scores are needed for a Kentucky Mortgage in 2012?

How Is Your Credit Score Calculated?
Credit scores are calculated by plugging the data from your credit report into software that analyzes it and cranks out a number. The three major credit reporting agencies don’t necessarily use the same scoring software, so don’t be surprised if you discover that the credit scores they generate for you are slightly different.

Which parts of a credit history are most important?

Here is an approximate percentage value that each aspect of your credit report adds to a credit score calculation:

35% – Your Payment History
30% – Amounts You Owe
15% – Length of Your Credit History
10% – Types of Credit Used
10% – New Credit

Your Payment History Includes:
Number of accounts paid as agreed
Negative public records or collections
Delinquent accounts: 1)total number of past due items; 2)how long you’ve been past due; 3)how long it’s been since you had a past due payment
Amounts Owed:

How much you owe on accounts and the types of accounts with balances
How much of your revolving credit lines you’ve used — are you over-extended?
Amounts you owe on installment loan accounts vs. their original balances — are you paying them down consistently?
Number of zero balance accounts
Length of Credit History:

Total length of time tracked by your credit report
Length of time since accounts were opened
Time that’s passed since the last activity
The longer your good history, the better your scores (so keep your old accounts active)
New Credit:

Number of accounts you’ve recently opened and the proportion of new accounts to total accounts
Number of recent credit inquiries
The time that’s passed since recent inquiries or newly-opened accounts
If you’ve re-established a positive credit history after encountering payment problems
In general, checking to make sure you aren’t attempting to open numerous new accounts
Types of Credit Used:

Total number of accounts and types of accounts (installment, revolving, mortgage, etc.)
A mixture of account types usually generates better scores than reports with only numerous revolving accounts such as credit cards
Credit scoring software only considers items on your credit report. Lenders typically look at other factors that aren’t included in the report, such as income, employment history and the type of credit you are seeking.

What’s a “Good” Credit Score?
Credit scores (usually) range from 340 to 850. The higher your score, the less risk a lender believes you will be. As your score climbs, you are offered better (lower) interest rates.

Borrowers with a credit score over 760 are typically offered better interest rates and more financing options, but there are mortgage products available for nearly everyone.

The minimum credit scores needed now for an FHA, VA, USDA or KHC loan in Kentucky is 640.

Some lenders for a Conventional Fannie Mae or Freddie Mac loan in Kentucky will go down to a 620 score but you must have at least 20% down or 20% equity in your home.

Multiple Credit Scores
Your bank will pull credit reports and scores from all three major credit reporting agencies: Transunion, Equifax and Experian. They’ll probably use the middle score to work your loan application. Ask your lender to explain which credit scores will be used and how they affect your loan application.

To see if you qualify and have the right credti score to get a mortgage in Kentucky, fill-out my form below or call me at 502-905-3708 for a free credit analysis.

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2012 FHA Loan Limits in Kentucky

2012-01-30T10:12:00.000-05:00

2012 FHA Loan Limits in Kentucky

Here are the 2012 FHA loan limits for each county in Kentucky:

County	State	One Family Unit	Two Family Unit	Three Family Unit	Four Family Unit
Edmonson	Kentucky	271050	347000	419425	521250
Warren	Kentucky	271050	347000	419425	521250
Taylor	Kentucky	271050	347000	419425	521250
Muhlenberg	Kentucky	271050	347000	419425	521250
Boone	Kentucky	337500	432050	522250	649050
Bracken	Kentucky	337500	432050	522250	649050
Campbell	Kentucky	337500	432050	522250	649050
Gallatin	Kentucky	337500	432050	522250	649050
Grant	Kentucky	337500	432050	522250	649050
Kenton	Kentucky	337500	432050	522250	649050
Pendleton	Kentucky	337500	432050	522250	649050
Christian	Kentucky	271050	347000	419425	521250
Trigg	Kentucky	271050	347000	419425	521250
Whitley	Kentucky	271050	347000	419425	521250
Boyle	Kentucky	271050	347000	419425	521250
Lincoln	Kentucky	271050	347000	419425	521250
Hardin	Kentucky	271050	347000	419425	521250
Larue	Kentucky	271050	347000	419425	521250
Henderson	Kentucky	271050	347000	419425	521250
Webster	Kentucky	271050	347000	419425	521250
Anderson	Kentucky	271050	347000	419425	521250
Franklin	Kentucky	271050	347000	419425	521250
Barren	Kentucky	271050	347000	419425	521250
Metcalfe	Kentucky	271050	347000	419425	521250
Boyd	Kentucky	271050	347000	419425	521250
Greenup	Kentucky	271050	347000	419425	521250
Bourbon	Kentucky	271050	347000	419425	521250
Clark	Kentucky	271050	347000	419425	521250
Fayette	Kentucky	271050	347000	419425	521250
Jessamine	Kentucky	271050	347000	419425	521250
Scott	Kentucky	271050	347000	419425	521250
Woodford	Kentucky	271050	347000	419425	521250
Laurel	Kentucky	271050	347000	419425	521250
Bullitt	Kentucky	302500	387250	468100	581750
Henry	Kentucky	302500	387250	468100	581750
Jefferson	Kentucky	302500	387250	468100	581750
Meade	Kentucky	302500	387250	468100	581750
Nelson	Kentucky	302500	387250	468100	581750
Oldham	Kentucky	302500	387250	468100	581750
Shelby	Kentucky	302500	387250	468100	581750
Spencer	Kentucky	302500	387250	468100	581750
Trimble	Kentucky	302500	387250	468100	581750
Hopkins	Kentucky	271050	347000	419425	521250
Graves	Kentucky	271050	347000	419425	521250
Lewis	Kentucky	271050	347000	419425	521250
Mason	Kentucky	271050	347000	419425	521250
Bell	Kentucky	271050	347000	419425	521250
Bath	Kentucky	271050	347000	419425	521250
Menifee	Kentucky	271050	347000	419425	521250
Montgomery	Kentucky	271050	347000	419425	521250
Calloway	Kentucky	271050	347000	419425	521250
Adair	Kentucky	271050	347000	419425	521250
Allen	Kentucky	271050	347000	419425	521250
Breathitt	Kentucky	271050	347000	419425	521250
Breckinridge	Kentucky	271050	347000	419425	521250
Butler	Kentucky	271050	347000	419425	521250
Caldwell	Kentucky	271050	347000	419425	521250
Carlisle	Kentucky	271050	347000	419425	521250
Carroll	Kentucky	271050	347000	419425	521250
Carter	Kentucky	271050	347000	419425	521250
Casey	Kentucky	271050	347000	419425	521250
Clay	Kentucky	271050	347000	419425	521250
Clinton	Kentucky	271050	347000	419425	521250
Crittenden	Kentucky	271050	347000	419425	521250
Cumberland	Kentucky	271050	347000	419425	521250
Elliott	Kentucky	271050	347000	419425	521250
Estill	Kentucky	271050	347000	419425	521250
Fleming	Kentucky	271050	347000	419425	521250
Floyd	Kentucky	271050	347000	419425	521250
Garrard	Kentucky	271050	347000	419425	521250
Grayson	Kentucky	271050	347000	419425	521250
Green	Kentucky	271050	347000	419425	521250
Harlan	Kentucky	271050	347000	419425	521250
Harrison	Kentucky	271050	347000	419425	521250
Hart	Kentucky	271050	347000	419425	521250
Hickman	Kentucky	271050	347000	419425	521250
Jackson	Kentucky	271050	347000	419425	521250
Johnson	Kentucky	271050	347000	419425	521250
Knott	Kentucky	271050	347000	419425	521250
Knox	Kentucky	271050	347000	419425	521250
Lawrence	Kentucky	271050	347000	419425	521250
Lee	Kentucky	271050	347000	419425	521250
Leslie	Kentucky	271050	347000	419425	521250
Letcher	Kentucky	271050	347000	419425	521250
Logan	Kentucky	271050	347000	419425	521250
Lyon	Kentucky	271050	347000	419425	521250
Magoffin	Kentucky	271050	347000	419425	521250
Marion	Kentucky	271050	347000	419425	521250
Marshall	Kentucky	271050	347000	419425	521250
Martin	Kentucky	271050	347000	419425	521250
Mccreary	Kentucky	271050	347000	419425	521250
Mercer	Kentucky	271050	347000	419425	521250
Monroe	Kentucky	271050	347000	419425	521250
Morgan	Kentucky	271050	347000	419425	521250
Nicholas	Kentucky	271050	347000	419425	521250
Ohio	Kentucky	271050	347000	419425	521250
Owen	Kentucky	271050	347000	419425	521250
Owsley	Kentucky	271050	347000	419425	521250
Perry	Kentucky	271050	347000	419425	521250
Pike	Kentucky	271050	347000	419425	521250
Powell	Kentucky	271050	347000	419425	521250
Robertson	Kentucky	271050	347000	419425	521250
Rowan	Kentucky	271050	347000	419425	521250
Russell	Kentucky	271050	347000	419425	521250
Simpson	Kentucky	271050	347000	419425	521250
Todd	Kentucky	271050	347000	419425	521250
Union	Kentucky	271050	347000	419425	521250
Washington	Kentucky	271050	347000	419425	521250
Wayne	Kentucky	271050	347000	419425	521250
Wolfe	Kentucky	271050	347000	419425	521250
Daviess	Kentucky	271050	347000	419425	521250
Hancock	Kentucky	271050	347000	419425	521250
Mclean	Kentucky	271050	347000	419425	521250
Ballard	Kentucky	271050	347000	419425	521250
Livingston	Kentucky	271050	347000	419425	521250
Mccracken	Kentucky	271050	347000	419425	521250
Madison	Kentucky	271050	347000	419425	521250
Rockcastle	Kentucky	271050	347000	419425	521250
Pulaski	Kentucky	271050	347000	419425	521250
Fulton	Kentucky	271050	347000	419425	521250

2012 FHA loan limits in Kentucky

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2012 KENTUCKY BAH Rates

2012-01-28T12:39:00.000-05:00

2012 KENTUCKY BAH Rates

Basic Allowance for Housing:
MHA: KY110 - FORT KNOX

Make your financial plans carefully when factoring in BAH as a contributing source of income for your house payment. Remember, BAH is calculated on local rents. Mortgage amounts are not used to compute Basic Allowance for Housing. You may be able to offset some or all of your monthly mortgage payments using BAH, but it’s not designed to do so.

Grade

With Dependents

Without Dependents

$900.00

$675.00

$900.00

$675.00

$900.00

$675.00

$900.00

$675.00

$975.00

$735.00

$1254.00

$942.00

$1356.00

$1017.00

$1464.00

$1098.00

$1566.00

$1176.00

$1257.00

$945.00

$1401.00

$1050.00

$1536.00

$1179.00

$1578.00

$1281.00

$1632.00

$1380.00

O1E

$1377.00

$1035.00

O2E

$1515.00

$1137.00

O3E

$1587.00

$1254.00

$1005.00

$822.00

$1248.00

$1020.00

$1530.00

$1182.00

$1650.00

$1368.00

$1734.00

$1431.00

$1752.00

$1536.00

$1770.00

$1566.00

2012 KENTUCKY BAH Rates

Basic Allowance for Housing:
MHA: KY109 - LOUISVILLE

Grade

With Dependents

Without Dependents

$1086.00

$849.00

$1086.00

$849.00

$1086.00

$849.00

$1086.00

$849.00

$1167.00

$951.00

$1263.00

$1014.00

$1344.00

$1089.00

$1431.00

$1188.00

$1560.00

$1215.00

$1266.00

$1053.00

$1380.00

$1185.00

$1488.00

$1218.00

$1587.00

$1284.00

$1707.00

$1365.00

O1E

$1362.00

$1167.00

O2E

$1470.00

$1209.00

O3E

$1605.00

$1263.00

$1179.00

$1002.00

$1260.00

$1140.00

$1482.00

$1230.00

$1752.00

$1353.00

$1947.00

$1461.00

$1965.00

$1488.00

$1986.00

$1518.00

2012 KENTUCKY BAH Rates

Basic Allowance for Housing:
MHA: KY106 - FORT CAMPBELL

Grade

With Dependents

Without Dependents

$900.00

$810.00

$900.00

$810.00

$900.00

$810.00

$900.00

$810.00

$918.00

$858.00

$1125.00

$885.00

$1266.00

$951.00

$1422.00

$1065.00

$1587.00

$1191.00

$1128.00

$894.00

$1329.00

$999.00

$1521.00

$1194.00

$1614.00

$1227.00

$1725.00

$1329.00

O1E

$1299.00

$975.00

O2E

$1491.00

$1119.00

O3E

$1632.00

$1224.00

$942.00

$882.00

$1122.00

$954.00

$1512.00

$1197.00

$1767.00

$1326.00

$1947.00

$1461.00

$1965.00

$1521.00

$1986.00

$1551.00

Apply for your Free Mortgage Prequalification today for A VA Home loan anywhere in Kentucky by clicking link below

Fill out my free mortgage prequalification by clicking this link!

Louisville Realtors 2011 Home Sales Report

2012-01-25T10:27:00.000-05:00

Louisville Realtors 2011 Home Sales Report

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FHA 203k Rehab Loan Kentucky FHA Loan Guidelines

2012-01-23T15:19:00.000-05:00

FHA 203k Rehab Loan Kentucky FHA Loan Guidelines

FHA 203k Kentucky FHA Loan Guidelines
Frequently asked Questions and Answers on FHA 203k Rehab loans for KentuckyHome buyers. –
203k Streamline Webinar
Q: What is the difference between the streamline 203k and the regular 203k?
a: The streamline 203k has a cap of $35,000 including fees, with no minimum repair cost. It is designed as a "refurbish and rehab" loan for borrowers to finance non-structural and cosmetic repairs only. The full 203k may be used for structural repairs and room additions as well.
Q: Can the $35,000 cap on repairs be exceeded by soft costs?
a: No – the streamline 203k caps at $35,000 including all costs.
Q: Define soft costs?
a: Soft costs are the closing costs associated with the 203k loan – they include up to 2 inspection fees (approx $150/each), and appraisers compliance inspection report (approx $125) a supplemental origination fee (the greater of $350 or 1.5% of the rehab costs, and a contingency reserve of 10% – to be determined by the Underwriter).
Q: Can the borrower bring in cash for repairs that exceed the maximum $35,000 cap?
a: No – if the rehab amount exceeds $35,000 including costs, the loan is not eligible for the streamline 203k – the borrower may not bring in funds that exceed
Q: What are the down payment requirements on the streamline 203k?
a: Standard FHA – Maximum LTV is 96.5% for purchases and 97.75% for Rate & Term Refinances
Q: How do you calculate the loan amount on the streamline 203k for purchases and refinances?
a: Purchases- Use the lesser of the "As-Is" value provided by the appraiser, or the sales price of the property – add the cost of the rehab and soft costs – deduct any seller concessions that exceed 6% – compare this to the "As-Improved" value per the appraisal x 110%. The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 96.5%.
a: Refinances – Use the lesser of the "As-Is" value provided by the appraiser, or the current Mortgage balance – add the cost of the rehab, soft costs and allowable borrower closing costs – compare this to the "As-Improved" value per the appraisal x 110% The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 97.75%.
Q: Can the borrower receive any cash out on this program?
a: No – the streamline 203k loan is for Purchase and Rate & Term
refinances only.
Q: Can the borrower be reimbursed for any funds spent prior to closing the loan?
a: No –
Q: What types of properties qualify under this program?
a: SFR's, condos, PUD's and 2-4 units.
Q: Is this allowed for new construction properties?
a: No the property must be existing at least 1 year old to be eligible for the streamline 203k.
Q: Is there any additional Underwriting time required for this program?
a: Normal Underwriting turn times plus 72 hours additional for a 2nd level review of the 203k paperwork will be required.
Q: Can this loan be used with the FHA high balance loan?
a: Yes
Q: Can this program be used with Down payment assistance programs?
a: Yes – but the DAP must be prior approved by Plaza and their investor
Q: Can this loan be used for someone with a non occupying co borrower?
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a: Yes – the credit piece of this loan is the same as an FHA 203b – standard FHA qualifying.
Q. Can this program be used for investors?
a: No – this is an owner occupied only program. Not allowed for investment properties or 2nd homes.
Q: Can an Energy Efficient Mortgage (EEM) be used in conjunction with the streamline 203k program?
a: Yes the EEM may be used in addition to the $35,000 streamline 203k, the borrowers may finance up to $8000 in approved EEM items (Energy Star appliances, dual pane windows, insulation, etc) on top of the $35,000 allowed for the streamline 203k – for a total of $43,000.
17. Q: Can this loan be used in conjunction with the HUD REO program?
a: Yes – but the use of the streamline 203k must be pre-approved by HUD to be used with their REO program.
18. Q: Is there special verbiage required on the purchase contract for the streamline 203k?
a: No the streamline 203k is not typically part of the purchase contract although it does require the property be available for the inspections to complete the bids for the work to be completed. It is necessary on a purchase that the seller be cooperative with access to the property.
19. Q: Are there any extra fees associated with the streamline 203k?
a: Only the soft costs – which will be approximately $800 – $1,000 plus the contingency reserve.
20. Q: How long does the borrower have to complete the work?
a: The work must begin within 30 days of the loan closing, and be completed no later than 6 months from loan closing.
21. Q:Does the borrower have to occupy during the entire time of the rehab?
a: The borrower can not be displaced from the property for more than 30 days during the allowable 6 month rehab time
22. Q. If the repairs do not allow the borrower to be in the property for 30 days – can the Mortgage payments for the month they are displaced be included in the loan amount:
a: No the streamline 203k does not allow the financing of Mortgage payments –
23. Q: How many draws are there on the streamline 203k and who provides them?
a: There are 2 draws. The first is distributed at 50% of the total rehab costs within 30 days of the loan closing – once the loan is purchased by the servicing lender. The servicing lender will disburse 50% up front, and the remaining 50% once all the work is completed – regardless of how many bids – each will be disbursed in 50% increments
24.Q: How do the borrowers get the draws?
a: The draw will be distributed in 2 parts – 50% of all the bids will be disbursed within 30 days of closing and the remaining 50% will be disbursed after all the work is completed if the borrower is using a contractor – the funds will be disbursed in a 2 party check made out to the borrower and the contractor jointly. The contractor will complete and sign a W9 form prior to docs. It is important for all parties involved to understand that regardless of when their portion of the work is completed – no contractors on the job will receive the 2nd half of the draw until after ALL work on the property is completed and a final inspection is obtained by the servicing lender
25. Q: Can the borrower do their own repairs on the streamline 203k?
a: Only if the borrower is qualified (works in the construction trades, is a licensed contractor, etc) and completes the self help forms .
26.Q: For self help borrowers- would bids be required?
a: Yes – for any materials or outside sub contractors that will be used. The loan amount can not be determined without written bids.
27 Q: Would a borrower that has a history of owning and managing rental units be eligible to do self help?
a: Not necessarily – to be eligible for self help the borrower must be able to document their ability to make the repairs – a do it yourself borrower or someone who spends a lot of time at Home Depot would not be eligible based on that alone.
28.Q What are the requirements for a contractor?
a: Contractors must be licensed and bonded. The contractor will be required to complete a W9 prior to closing..
29. Q: Is a consultant required on the streamline 203k?
a: No – a consultant is not needed because the extent of the work on the streamline 203k is meant to be minor rehab – not room additions
30.Q: Is there a contingency reserve required and what is it for?
a: A 10% contingency reserve will be required anytime there will be actual construction being done to the property, to cover any cost over-runs on the repairs.
31.Q: What happens to any leftover funds after the repairs are complete?
a: Any excess funds after the work is completed will be applied to the principal balance
32.Q: Can this program be used for Mold abatement or termite repairs or asbestos removal?
a: Yes – we have recently confirmed that the program will allow non structural mold abatement, termite repair work (including tenting) and the removal of asbestos provided it is done by a licensed expert.
33 Q: Is flooring allowed to be included in the program:
A: Finish flooring is allowed, however the repair of sub-floors is not because it is considered structural
34. Q: Can the borrower do plumbing and electrical work with this program?
a: Yes – the program can be used for any non-structural repairs – the borrower can upgrade a kitchen or bath, including all fixtures and plumbing, cabinetry, etc.
35. Q: Can the program be used to make improvements for handicapped persons?
a: Yes. Including lowering cabinet height, building ramps for accessibility or widening doorways.
36. Q: Can Well & Septic repairs be done, or can the borrower use this program to connect the property to public water and sewer if available per FHA guidelines.
a: Yes – the program may be used to repair or replace existing Wells and Septic Systems. And the program can be used to permanently connect to public water and sewer- if available –in compliance with FHA guidelines
37. Q: Can this program be used to purchase appliances?
a: Yes – New Appliances only. They may be free standing (such as stoves or refrigerators, washer & dryer) or built in.
38. Q: Can this program be used to repair or build a swimming pool?
a: No- Swimming Pools are considered luxury items, and the construction or repair may not be included in the Streamline 203k
39. Q: Can the program be used for decks, patios and driveways and sidewalks?
a. Decks and Patios are allowed with this program – however the building or rebuilding of a driveway or sidewalk is not.
40. Q: What are some additional items that can be included on the streamline 203k – that may not be on the list of eligible repairs?
a. In addition to the items mentioned above – the borrower may include items such as Water softeners, humidifiers, ceiling fans, air conditioning units – all permanently affixed.
FHA 203k Kentucky FHA Loan Guidelines (203k FHA Loan) Kentucky
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Joel Lobb - About the Author:
I specialize in Kentucky FHA/VA ,USDA, KHC, Conventional mortgage loans (Fannie Mae)in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com NMLS#57916
www.kentuckyloan.blogspot.com

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Louisville-area home sales on the rebound? - WDRB 41 Louisville - News, Weather, Sports Community

2012-01-23T12:38:00.000-05:00

Louisville-area home sales on the rebound? - WDRB 41 Louisville - News, Weather, Sports Community

Louisville, KY (WDRB News) --Home sales were up in December to the highest level in nearly a year. In the Louisville area, there are signs that the troubled housing market may be improving.
It has been a long time coming, but Louisville realtors are optimistic that 2012 will see an improvement. "The sales in October, November, and December of 2011 are better than 2010," says Louisville Realtor John Fischbach, "but those were easy numbers to compare to after the tax credits had expired."
Despite a strong fourth quarter, fewer homes were sold during 2011 than in the previous year. Last year more than 10,000 homes were sold in the Louisville area -- that's a four percent decline from 2010.
That year homes sales received a boost from government incentives such as the first-time home buyers tax credit. That was not available last year, so home sales went down.
But the most recent numbers show that in December sales were up from the previous December, although the median sale price was still lower at $160,000.
Fischbach believes sales this year will improve over last year, but at a moderate price. He says, "I think it is going to take continued low interest rates like we have right now, a moderate release of bank-owned properties, so there is not too much shock to the system. And that it always comes back to jobs. If it is a healthy job market in the local economy, it is going to be a good housing market."
He says it remains a buyers market, with an eight-month supply of homes.
Since the housing bust four years ago, homes sales have slumped under the weight of foreclosures, tighter credit, and falling prices.
Copyright 2012 WDRB News. All Rights Reserved.

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Fannie Mae and Freddie Mac to increase guarantee fees

2012-01-19T15:54:00.000-05:00

Statement of FHFA Acting Director Edward J. DeMarco

Regarding Implementation of Guarantee Fee Increase

“On Dec. 23, 2011, President Obama signed into law the Temporary Payroll Tax Cut
Continuation Act of 2011. Among its provisions, this new law directs the Federal Housing
Finance Agency (FHFA) to increase guarantee fees charged by Fannie Mae and Freddie Mac
(the Enterprises) by no less than 10 basis points from the average guarantee fees charged by
these companies in 2011 on single-family mortgage-backed securities.

This requirement is effective immediately, meaning that the average guarantee fees charged in
2012 need be at least 10 basis points greater than the average guarantee fees charged in 2011
and that this increase be remitted to the U.S. Treasury, rather than retained as reserves by the
Enterprises. The law also requires FHFA to determine a schedule for guarantee fee increases
over a two-year period that must satisfy other requirements of the law.

To begin implementation of these requirements, today I am directing Fannie Mae and Freddie
Mac to announce before year-end to their seller-servicers that, effective April 1, 2012, the
guarantee fee on all single-family residential mortgages shall increase by 10 basis points.
In early 2012, FHFA will further analyze whether additional guarantee fee increases are
appropriate to ensure the new requirements are being met. FHFA will announce plans for
further guarantee fee increases or other fee adjustments that will then be implemented
gradually over the two-year implementation window, taking into consideration risk levels and
conditions in financial markets. FHFA will monitor closely the increased guarantee fees
imposed as a result of the new law throughout its effective period, which ends Oct. 1, 2021.”

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets
and financial institutions.

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2012 Income Limits Published for Kentucky USDA and Rural Housing Guaranteed Loans in Kentucky

2012-01-18T14:19:00.000-05:00

Kentucky Single Family Housing Guaranteed

2012 Income Limits Published

The 2012 Income Limits for the Single Family Guaranteed Loan Program in Kentucky were published today with an effect date of today, January 18, 2012. The Guaranteed Underwriting System and the Income Eligibility calculator in the Eligibility website http://kentuckyusdaloan.com have been updated to use the new income limits. However, due to technical issues, the PDF version of the income limits will not be updated on the website until tomorrow, January 19, 2012. You will notice that the income limits are again displayed in an 8 tier format, however, the moderate income level is still based on a 2 tier level.

If you have any questions, please contact 502-905-3708

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KHC's Lowest Rates Ever.

2012-01-18T10:49:00.000-05:00

Homeownership Opportunities Still Available Through Kentucky Housing Corporation

Lowest interest rates ever offered through KHC

There is good news for Kentuckians thinking about purchasing a home. Kentucky Housing Corporation (KHC), the state housing finance agency, is offering the lowest rates ever in its 40-year history.

For a limited time, rates are as low as 3.375 percent, with a 30-year, fixed-rate term. KHC also has a program for down payment and closing costs assistance with a special rate of 3.625 percent.

"It has never been a better time to purchase a home through KHC," said Governor Steve Beshear. "With rates this low and down payment and closing costs assistance, Kentuckians who thought they would not be able to own a home now have an opportunity. These low rates will not last; buyers should contact a KHC-approved lender as soon as possible."

Purchasing a home through KHC is easy. Buyers work with a network of KHC-approved lenders and banking institutions that help the buyer throughout the purchasing process. There are also over 1,000 real estate agents who have become KHC-certified and have committed to helping their buyers with affordable home-financing solutions. A list of lenders and real estate agents is available on KHC's Web site. Buyers should ask for a KHC loan.

"Kentuckians can feel comfortable purchasing a home through KHC," said Richard L. McQuady, chief executive officer of KHC. "KHC home loans start with us and end with us. When homeowners make a payment or call about their loan, they are talking to a KHC staff person at our office in Frankfort."

Kentucky Housing is able to offer these low rates through an extension of the New Issue Bond Program (NIBP), a federal bond purchase program provided by the U.S. Department of Treasury.

Click on link below for your free mortgage application.

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Kentucky FHA Mortgage insurance 2012 requirements

2012-01-13T17:23:00.000-05:00

When Mortgagee Letter 2011-10 was issued, it did not address forward mortgage amortization terms of 15 years or less when the loan-to-value (LTV) ratios at loan origination are at 78 percent or less. Currently the annual MIP is canceled for mortgages with amortization terms of 15 years or less when the LTV reaches 78 percent. Therefore, this Mortgagee Letter confirms that Annual Mortgage Insurance Premiums are not charged for all forward mortgages with
Amortization terms of 15 years or less, and
LTVs at or below 78 percent at the time of origination

HUD Handbook 4155.2 will be updated to reflect that the annual MIP terminates for mortgages with amortization terms of 15 years or less when the LTV reaches 78 percent and that no annual MIP is charged when the initial LTV for such mortgages is at or below 78 percent. There are no other changes to the Annual Mortgage Insurance Premiums, and there are no changes to the Upfront Mortgage Insurance Premium (UFMIP).
The chart below is effective for case numbers assigned on or after April 18, 2011 for forward mortgage amortization terms.

Mortgage Insurance Premiums

The chart below is effective for case numbers assigned on or after April 18, 2011 for forward mortgage amortization terms. Mortgage Insurance Premiums

Loan Terms > 15 years

UFMIP = 100 basis points (bps)
Annual Premium

≤ 95.00 percent
85 bps
110 bps

> 95.00 percent
90 bps
115 bps

Loan Terms ≤ 15 years

UFMIP = 100 bps
Annual Premium

≤ 78.00 percent
None
None

78.01 percent - 90.00 percent
None
25 bps

> 90.00 percent
25 bps
50 bps

Fill out my form for your free prequalification for a FHA Kentucky Mortgage by clicking here!

KEntucky Home Affordable Refinance Program (HARP) - Freddie Mac

2012-01-10T09:09:00.001-05:00

Home Affordable Kentucky Refinance Program (HARP) - Freddie Mac

Kentucky Home Affordable Refinance Program (HARP)
If Freddie Mac owns your mortgage and you are timely with your mortgage payments but unable to refinance because you have little or no equity in the home, you may be able to refinance to a lower interest rate or more stable mortgage through the federal Home Affordable Refinance Program (HARP). This program is designed for homeowners who have not been able to refinance due to a decline in the value of their home. Visit our secure Loan Look-up tool to see if Freddie Mac owns your loan.
Freddie Mac's implementation of HARP may help you obtain a monthly payment you can afford, and must result in one or more of the following:
A reduction in your interest rate and or your monthly principal and interest mortgage payment.
A fixed-rate mortgage in place of an adjustable-rate, interest-only, or balloon/reset mortgage.
A reduction in the term of your mortgage (e.g., from 30 years to 15 years).
View our list of the most frequently asked questions about this program.
Two Options
If your loan is owned by Freddie Mac, there are two options to help you if you are making timely mortgage payments, but have been unable to refinance due to declining property values:
Refinance through your existing lender (the company to which you send your monthly mortgage payments) if they are participating*. Since your lender already has the necessary files and documents, there are fewer requalification steps unless your principal and interest payment goes up more than 20 percent. No new appraisal is required in certain cases.
Refinance through a different participating lender. You may choose to pursue a refinance from a participating lender different than your existing lender. Because a different lender will not have your information or documents, they will need to requalify and re-underwrite your new loan. A new appraisal may not be required in certain cases.
General Eligibility Key Criteria
You may be eligible for HARP through your existing lender or a different participating lender if you owe more than 80 percent of the home's current value, and you:
Own a 1- to 4-unit home as your primary residence, a 1-unit second home, or a 1- to 4-unit investment property.
Are timely making your mortgage payments.
Choose a fixed-rate mortgage or an adjustable-rate mortgage for your new mortgage. For adjustable-rate mortgages only, you cannot finance more than 105 percent of your home's current value.
Choose a mortgage solution that can improve the long-term affordability or stability of your mortgage with the refinance.
If you have a Freddie Mac-owned mortgage and owe less than or equal to 80 percent of your current home's value, you may be eligible for other refinancing opportunities that offer many of the same benefits of HARP with different or additional requirements. Reach out to your lender to discuss the best refinancing option to fit your personal and financial needs.
Features of the New Mortgage
Mortgage insurance is not required if your existing mortgage does not have mortgage insurance, regardless of whether the loan-to-value ratio (ratio of the amount being borrowed to the market value of the property) is greater than 80 percent on the new mortgage.
Program Availability
If you are interested in refinancing your Freddie Mac-owned loan under HARP, there are many lenders who can help you. You should check with your existing lender to determine if they are participating in this program. If not, you may contact other lenders that participate to discuss your options and eligibility. Refer to our interactive map to find a list of participating lenders that conduct business in your area.
Next Steps
Contact your current lender.
Check to see if Freddie Mac owns your mortgage by using Freddie Mac's secure Loan Look-up tool.
The mortgage being refinanced must have been sold to Freddie Mac on or before May 31, 2009.
* This material is meant to provide general information about Freddie Mac's implementation of HARP and is not a comprehensive summary of the program. Specific additional terms, conditions, and limitations apply. Please contact your lender for more detailed information about the program and eligibility requirements. Also note that some servicers may choose not to offer these mortgages, or they may choose not to implement all of the flexibility available through the Home Affordable Refinance Program component of the changes.

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Louisville Ky Mortgage Rates FHA VA USDA KHC

2012-01-10T07:50:00.001-05:00

Louisville Ky Mortgage Rates FHA VA USDA KHC's photostream on Flickr.

Louisville Kentucky Mortgage Rates posted daily. FHA, VA, KHC, USDA, and Conventional Loans.
Free preapprovals the same day and free credit reports offered.

Call today at 502-905-3708

NMLA#57916

We are not affilited with any Government Agency, including, FHA, HUD, USDA, State Housing agency, VA or other government agency

Real Estate Calculator

KHC Loan Programs

2012-01-10T07:50:00.000-05:00

KHC Loan Programs

KHC Loan Programs

MRB
All MRB Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest.
The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding.
To qualify, you must meet KHC’s regular MRB income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history.
Some MRB KHC loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years. However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006. The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.
Conventional
Insured by approved mortgage insurance company.
Minimum credit score of 660 or better.
Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.
FHA
Insured by the Federal Housing Administration.
Down payments as little as 3.5 percent.
Can use DAP for 3.5 percent down payment requirement.
Upfront and monthly mortgage insurance.
Minimum credit score of 640.
VA
Guaranteed by the Veterans Administration for qualified military veterans.
No down payment if the property appraises for the sale price or greater.
Credit underwriting is flexible.
Minimum credit score of 640.
No monthly mortgage insurance payments.
RHS
Guaranteed by Rural Housing Services (RHS).
Home must be located in a rural area as defined by RHS.
No down payment if the property appraises for the sale price or greater.
Minimum credit score of 640.
GNMA Secondary Market
All GNMA KHC first mortgage loans are for a 30-year term at a fixed rate of interest.
The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding.
To qualify, you must meet KHC's GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history.
FHA
Insured by the Federal Housing Administration.
Down payments as little as 3.5 percent.
Can use DAP for 3.5 percent down payment requirement.
Upfront and monthly mortgage insurance.
Minimum credit score of 640.
VA
Guaranteed by the Veterans Administration for qualified military veterans.
No down payment if the property appraises for the sale price or greater.
Credit underwriting is flexible.
Minimum credit score of 640.
No monthly mortgage insurance payments.
RHS
Guaranteed by Rural Housing Services (RHS).
Home must be located in a rural area as defined by RHS.
No down payment if the property appraises for the sale price or greater.
Minimum credit score of 640.
Two FHA Refinance Options
Credit qualifying Streamline Refinance and Rate/Term Refinance
Insured by the Federal Housing Administration
Cash back to borrower not to exceed $500
Upfront and monthly mortgage insurance
Minimum credit score of 640
Mortgage Credit Certificates (MCC)
A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax. One-time fee of $500 or reduced to $200 if through KHC's GNMA Secondary Market First Mortgage Program. Not valid with MRB loan programs.
Special First Mortgage Loan Programs
New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis.
Guidelines
Interest rate determined by the families’ ability to repay the loan.
For new homes with a purchase price of $115,000 or less.
Eligible borrowers:
Single parents (at least one dependent under the age of 18 must live in the home.)
Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.).
Households where at least one of the home buyers is age 62 or older.
Income guidelines:
$28,000 for a household of 1 or 2 people; or
$33,000 for a household of 3 or more people.
Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance.
Applying for a Kentucky Housing loan is easy.

Louisville Kentucky Mortgage Programs 2012

2012-01-09T22:58:00.000-05:00

Louisville Kentucky Mortgage Programs 2012

As an approved Louisville Kentucky Fannie Mae (FNMA) and Louisville Ky FHA mortgage professional, I offer a wide array of kentucky loan programs, including Kentucky First Time Home Buyers Programs, Kentucky Refinance Programs, or Louisville Kentucky Renovation Home Programs. We lend on primary, secondary, and investment properties.

Kentucky Home Purchase Programs

Whether you’re a Louisville Kentucky first-time homebuyer, upgrading to a new home, or buying an additional property, we offer a wide array of mortgage loan programs – many requiring a limited down payment (0 to 3.5%) for qualified individuals, both repeat and Louisville Kentucky first time buyers.

Mortgage Program Highlights:

Fixed and adjustable rate options

$0 down payment options available

Up to 6% seller concessions

Down payment assistance and gifts permitted

Credit scores as low as 640

Debt to income ratios to 55.00% with automated approval

We specialize in the following Kentucky Home Mortgage Programs:

Conforming Agency (Conventional): Loans that conform to Fannie Mae and Freddie Mac guidelines, including maximum loan amount, borrower credit and income levels, down payment, and eligible properties.

Kentucky FHA: Loans insured by the Federal Housing Administration, a federal assistance program that promotes home ownership by offering low down payment options, lower interest rates and easier qualifications.

Kentucky VA: Loans guaranteed by the Department of Veterans Affairs for military service members with benefits like no down payment (100% financing) and competitive (and usually lower) interest rates.

Kentucky USDA: (United States Department of Agriculture) Government-insured rural development loans for the purchase of homes in rural areas with no down payment (100% financing), no monthly mortgage insurance and low interest rates.

Kentucky Housing Corporation: KHC housing program for qualified first-time home buyers offering down payment and closing costs assistance up to $10,000 and lower rates.

Apply for a home loan by clicking the link below: It’s free and takes less than 5 minutes Or call us at 502-905-3708 for your free application over the phone

Related articles

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Down Payment and Closing Costs Assistance (louisvillekentuckymortgagerates.com)

Kentucky FHA Loan Qualifying Summary (louisvillekymortgage.net)

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2012 BAH Rates for Kentucky (Fort Knox, Ky and Fort Campbell, Ky)

2012-01-08T11:17:00.000-05:00

2012 BAH Rates for Kentucky (Fort Knox, Ky and Fort Campbell, Ky)

BAH RATES
The basic housing allowance is determined by rank and can be used to purchase a home or rent a dwelling near Fort Knox. KY. The Fort Knox , Ky housing office can offer more guidance concerning available properties in the surrounding Fort Knox communities. Call 502-905-3708 with any specific housing questions.

Rank	BAH w/o Dependent	BAH w/ Dependent
E-1	$675	$900
E-2	$675	$900
E-3	$675	$900
E-4	$675	$900
E-5	$735	$975
E-6	$942	$1254
E-7	$1017	$1356
E-8	$1098	$1464
E-9	$1176	$1566
W-1	$945	$1257
W-2	$1050	$1401
W-3	$1179	$1536
W-4	$1281	$1578
W-5	$1380	$1632
O-1E	$1035	$1377
O-2E	$1137	$1515
O-3E	$1254	$1587
O-1	$822	$1005
O-2	$1020	$1248
O-3	$1182	$1530
O-4	$1368	$1650
O-5	$1431	$1734
O-6	$1536	$1752
O-7	$1566	$1770

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Ask your accountant: Congress Messing With Mortgage Market...Again

2012-01-07T23:38:00.000-05:00

Ask your accountant: Congress Messing With Mortgage Market...Again: Washington lawmakers, who began 2011 with sweeping plans to shrink the U.S. government’s role in mortgage finance, are heading into 2012 aft...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Louisville home sales likely down for 2011 | Derby City Cents

2012-01-06T23:15:00.001-05:00

Louisville home sales likely down for 2011 Derby City Cents

Louisville home sales likely down for 2011
Posted on January 3, 2012 by Chris Otts

A photo I shot in off Greenbelt Highway in southwest Jefferson County in October
Official figures are not available yet, but it looks like Louisville-area Realtors sold 4 percent fewer houses and condos in 2011 than in 2010, when the now-expired $8,000 tax credit for first-time buyers was available.
Re/Max agent Bob Sokoler reports on his sitethat 860 homes were sold in December, which would bring the annual total to 10,975, down from 11,442 last year.
That is in line with what the Greater Louisville Association of Realtors expected, according to the group’s November sales report.
The sales dip comes despite the average 30-year mortgage rate being below 5 percent for nearly the entire year.
Sales did pick up in the final five months of the year, and the number of houses and condos on the market has been coming down (though it is still pretty high).
The Realtors’ group last sales report, posted last week, pretty well sums up the stagnant state of the market:
“GLAR members continue to sell homes and move inventory in a challenging market. Realtors® continue to absorb a barrage of housing news and data, likewise, buyers and sellers are also saturated with headlines relative to the housing market, whether a bottom has been reached, the depth of foreclosures and low mortgage interest rates. The fact remains that Metro Louisville home prices have retreated from 2010 levels, but remain above lows posted in the current year.”

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corelogic october foreclosure (Derby City Cents)
Where Louisville-area foreclosures sting the most (Derby City Cents)
Drivers run over about 15 posts placed on Kennedy Bridge (The Courier-Journal)
Louisville Realtors sold more homes in November but overall sales for year likely to be down (The Courier-Journal)
Greg Scruggs blogs apologies to U of L fans (Eric Crawford)

Kentucky VA Jumbo Mortgage Loan

2012-01-06T22:35:00.000-05:00

Kentucky VA Jumbo Mortgage Loan

· The Kentucky VA Jumbo Program is for total loan amounts that exceed $417,000. Total loan amount is the base loan amount + VA funding fee. To be eligible, borrowers must meet all VAguidelines as well as the guidelines below.

MAX LOAN AMOUNT

Max total loan amount allowed is $650,000.

MAX LTV

· Purchases up to 100%/100% LTV on loan amounts up to $650,000 (Including financed VA funding fee) are allowed as long as the VA Guaranty plus the veteran’s down payment and/or equity equal 25% of the lesser of the sales or notice of value (NOV).

· Rate/Term and Cash-out refinance transactions are limited to 90%/90% LTV/CLTV of the property value shown on the CRV or NOV as long as equity plus VA Guaranty equals at least 25% of the NOV.

MINIMUM CREDIT SCORE

Minimum FICO score = 720

HOUSING HISTORY

No housing payments 30 days or more past due in the last 12 months.

DEBT RATIO

41% - May be exceeded up to 45% max with AUS approval

RESERVES

· Minimum 6 months PITI reserves are required.

· Cash out received from transaction cannot be used to meet the minimum reserve requirements.

VA GUARANTY

Regardless of loan amount, the VA Guaranty plus cash/equity must be equal to a minimum 25% of the purchase price or value, whichever is less on purchases and non-IRRRL refinances.

ELIGIBLE PROPERTY TYPES

· Primary Residence only.

· Single family residence, PUD or VA approved condominiums only.

APPRAISAL REQUIREMENTS

VA required appraisal only.

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Freddie Mac Now Permits Up To 12 Months Forbearance To Unemployed Borrowers - Jan 6, 2012

2012-01-06T16:22:00.000-05:00

Freddie Mac Now Permits Up To 12 Months Forbearance To Unemployed Borrowers - Jan 6, 2012

Freddie Mac Now Permits Up To 12 Months Forbearance To Unemployed Borrowers
MCLEAN, Va., Jan. 6, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today announced it is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed borrowers without Freddie Mac's prior approval and up to an additional six months with prior approval. This means unemployed borrowers may be eligible for up to 12 months of forbearance. Freddie Mac's forbearance options are being expanded at the direction of the Federal Housing Finance Agency and will take effect on February 1, 2012.
News Facts:
Mortgage servicers can now approve unemployed borrowers with Freddie Mac owned- or guaranteed-loans for six months of forbearance without prior approval from Freddie Mac.
Servicers can extend the forbearance period up to an additional six months with prior Freddie Mac approval, giving eligible unemployed borrowers with Freddie Mac owned- or guaranteed-mortgages up to one year of forbearance.
The expanded forbearance options will take effect on February 1, 2012.
Delinquent borrowers in an existing short term forbearance plan can be evaluated for an extended forbearance under the new policy.
Previously Freddie Mac allowed servicers to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval. Longer forbearance required prior approval and was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies.
According to the latest statistics, nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.
Quote:
Attribute to Tracy Mooney, Senior Vice President, Single-Family Servicing and REO, Freddie Mac:
"These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies. We believe this will put more families back on track to successful long-term homeownership."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. For more information, visit www.FreddieMac.com
SOURCE Freddie Mac

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Where Louisville-area foreclosures sting the most | Derby City Cents

2012-01-06T00:26:00.000-05:00

Where Louisville-area foreclosures sting the most Derby City Cents

Where Louisville-area foreclosures sting the most
Posted on January 5, 2012 by Chris Otts
Here’s the map the came with CoreLogic‘s monthly foreclosure report for Louisville.
The report said Louisville’s foreclosure rate was up in October from a year earlier, but still lower than the national rate.
In addition to outlying counties, the map shows how foreclosures in Jefferson County area generally concentrated west of I-65.

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Homeownership Opportunities Still Available Through State Housing Agency | Kentucky RealEstateRama

2012-01-05T20:22:00.000-05:00

Homeownership Opportunities Still Available Through State Housing Agency Kentucky RealEstateRama

Lowest interest rates ever offered through KHCFRANKFORT, KY – January 4, 2012 – (RealEstateRama) – Gov. Steve Beshear today announced that the Kentucky Housing Corporation (KHC), the state housing finance agency, is offering the lowest rates in its 40-year history.“With rates this low and down payment and closing costs assistance, Kentuckians who thought they would not be able to own a home now have an opportunity,” said Gov. Beshear. “I encourage potential homeowners to contact KHC to learn more about this unique financing opportunity. These low rates will not last.”For a limited time, rates are as low as 3.375 percent, with a 30-year, fixed-rate term. KHC also has a program for down payment and closing costs assistance with a special rate of 3.625 percent.KHC works with customers to simplify the home purchasing process. Buyers work with a network of KHC-approved lenders and banking institutions that help the buyer throughout the purchasing process. There are also over 1,000 KHC-certified real estate agents that are committed to helping their buyers find affordable home-financing solutions. A list of lenders and real estate agents is available on KHC’s website at http://www.kyhousing.org/.“Kentuckians can feel comfortable purchasing a home through KHC,” said Richard L. McQuady, chief executive officer of KHC. “KHC home loans start with us and end with us. When homeowners make a payment or call about their loan, they are talking to a KHC staff person at our office in Frankfort.”Kentucky Housing is able to offer these low rates through an extension of the New Issue Bond Program (NIBP), a federal bond purchase program provided by the U.S. Department of Treasury.To learn more about this and other options available to potential home buyers through KHC, visit

Foreclosures requirements for Kentucky FHA Mortgages 2012

2012-01-04T21:57:00.001-05:00

Foreclosures requirements for Kentucky FHA Mortgages 2012

Foreclosures

o A borrower with a foreclosure or deed-in-lieu of foreclosure within the most recent

three years is ineligible for Kentucky FHA Mortgage financing..

Chapter 7 Bankruptcies

o A borrower with a Chapter 7 Bankruptcy discharged less than two years prior to

loan application is ineligible for Kentucky FHA Mortgage Financing.

Chapter 13 Bankruptcies

o Document at least one year into the payout plan has elapsed

o Document all required payments have been made on time

o If borrower is still in repayment, obtain court permission to enter into the new

mortgage

o Include Chapter 13 payment in the debt ratio if the BK is not paid in full

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Foreclosures requirements for Kentucky FHA Mortgages 2012

You may owe federal income taxes in 2013 if you have a short sale, foreclosure

2012-01-04T11:28:00.000-05:00

You may owe federal income taxes in 2013 if you have a short sale, foreclosure

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Mortgage Rates Are Great, If You Qualify .

2012-01-04T08:58:00.002-05:00

Mortgage Rates Are Great, If You Qualify .
By TOM LAURICELLA WSJ

With interest rates near rock bottom and home prices down, this ought to be a great time to buy a home. But for most people, it's a lousy time to get a mortgage.

Years after the collapse of the real-estate market and resulting financial crisis, it takes nearly pristine credit scores and hefty down payments to get the best rates.

Andy Rash

."Since 2009, credit has become a lot tighter," says Greg Reiter, who follows mortgage-backed bonds at RBS Global Banking & Markets.

For borrowers, this highlights the need to pay close attention to credit scores. New rules unveiled last week should make it easier for consumers to see how their credit scores affect the interest rates they pay. These rules, the result of last year's Dodd-Frank financial-services legislation, require banks and other lenders to disclose to consumers the scores used to determine interest rates charged borrowers, or to deny credit.

The new reality for borrowers can be seen in the FICO credit scores on the loans that banks are giving out and that are backed by government agencies Fannie Mae and Freddie Mac. These days the two agencies essentially finance 75% of all mortgages by purchasing the loans from the banks. In the process, they shape how much it costs to borrow.

.FICO scores range from 300 to 850. Pre-crisis, a score of 700 to 725 was deemed solid and a borrower could expect to get a "conventional" mortgage at the lowest rates.

From 2003 through 2006, 82% of Fannie Mae mortgages were for borrowers with a score between 700 and 750, according to data compiled by RBS.

But so far in 2011, only 13% of Fannie Mae mortgages carry that score, and just 1.7% have a score of 700 to 725, according to RBS. This year, 75% of Fannie Mae mortgages are for FICO scores of 750 to 775, up from less than 5% before 2005.

Meanwhile, the median score is 711, according to FICO.

"Half the population is locked out" from the best mortgages, says Mr. Reiter.

The upshot is that borrowing costs more even with a 730 score and a 20% down payment, says Norman Calvo, president of Universal Mortgage in Brooklyn, N.Y.

"Three years ago, if you had 730 it was excellent," Mr. Calvo says. Today, he says, it could cost an extra 0.125 percentage point per year on a mortgage, "just because you have one little nick on your credit report."

For more typical scores, the premiums are even bigger. At 700 to 725, it's usually an extra quarter percentage point, and at 630 -- if a borrower can find a loan -- the additional cost is 1.5 percentage points, Mr. Calvo says. "If you have a credit score of less than 680, you've got to be worried about approvability."

The news is also grim for those looking to refinance. Based on the level of interest rates, RBS estimates 60% of agency-backed mortgages should be eligible to refinance. But once home values and credit scores are factored in, just 12% are eligible.

These trends show the importance of understanding credit scores. Mr. Calvo says borrowers sometimes unintentionally make matters worse. For example, closing an unused credit card can actually lower a score in the short term, he says.

Check your credit scores at AnnualCreditReport.com. And to learn more about scores, visit the education section of myFICO.com.

Corrections & Amplifications

Closing an unused credit-card account can lower your credit score in the short term. A story in today's Wall Street Journal Sunday incorrectly stated it could raise a credit score in the short term.

http://www.stumbleupon.com/su/1z9jSZ/online.wsj.com/article/SB10001424052702303544604576436331698560662.html

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2012 Kentucky VA County Loan Limits

2012-01-04T08:58:00.001-05:00

2012 Kentucky VA County Loan Limits including Jefferson County Kentucky and the Louisville Ky area to include Fort Knox Ky

2012 loan limits: The procedure for calculating loan limits for 2012 has changed from 2011. VA’s previous

procedure expires December 31, 2011. If Congress passes legislation permitting VA to calculate maximum

guaranty as it has in the past, the numbers below could increase slightly; they will NOT decrease. If that occurs, we

will post announcements and reissue this loan limit chart.

Loan limits: VA does not impose a maximum amount that an eligible veteran may borrow using a VA-guaranteed

loan; however loan limits establish the maximum possible guaranty on a loan. The maximum guaranty amount

(available for loans over $144,000) is 25 percent of the 2012 Kentucky VA Limit shown below. A veteran with full

entitlement available may borrow up to the limit shown below and VA will guarantee 25 percent of the loan amount.

If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to

that veteran is reduced accordingly. Lenders should check their own investor requirements regarding guaranty

amounts and down payments.

NOTE:
Fill out my form for your free VA Home loan prequalification by clicking this link here!
NOTE: For all counties in Kentucky including Jefferson County Kentucky and the Louisville Area to include Fort Knox Kentucky is $417,000.

Homeownership Opportunities Still Available Through State Housing Agency

2012-01-04T08:56:00.000-05:00

Homeownership Opportunities Still Available Through State Housing Agency

For Immediate Release
(Homeownership Opportunities Still Available Through State Housing Agency
Lowest interest rates ever offered through KHC
There is good news for Kentuckians thinking about purchasing a home. Kentucky Housing Corporation (KHC), the state housing finance agency, is offering the lowest rates ever in its 40-year history.
For a limited time, rates are as low as 3.375 percent, with a 30-year, fixed-rate term. KHC also has a program for down payment and closing costs assistance with a special rate of 3.625 percent.
“It has never been a better time to purchase a home through KHC,” said Governor Steve Beshear. “With rates this low and down payment and closing costs assistance, Kentuckians who thought they would not be able to own a home now have an opportunity. These low rates will not last; buyers should contact a KHC-approved lender as soon as possible.”
Purchasing a home through KHC is easy. Buyers work with a network of KHC-approved lenders and banking institutions that help the buyer throughout the purchasing process. There are also over 1,000 real estate agents who have become KHC-certified and have committed to helping their buyers with affordable home-financing solutions. A list of lenders and real estate agents is available on KHC’s Web site. Buyers should ask for a KHC loan.
“Kentuckians can feel comfortable purchasing a home through KHC,” said Richard L. McQuady, chief executive officer of KHC. “KHC home loans start with us and end with us. When homeowners make a payment or call about their loan, they are talking to a KHC staff person at our office in Frankfort.”
Kentucky Housing is able to offer these low rates through an extension of the New Issue Bond Program (NIBP), a federal bond purchase program provided by the U.S. Department of Treasury.
To learn more about this and other options available to potential home buyers through KHC, contact at 502-905-3708 for your free KHC Mortgage prequalifcation and same day free mortgage approval.

Fill out my form free mortgage preqaulification by clicking this link here. !

KHC Mortgage Interest Rates

2012-01-03T10:52:00.000-05:00

Interest Rates

KHC Mortgage Interest Rates
1/3/2012, 10:00 a.m. ET
Rates subject to change without notice.
MRB Interest Rates: 60-Day Lock
All Lenders
Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
640 credit score
AUS approval
3.750%
3.875%
Conventional
660 credit score
AUS approval
Maximum 80% LTV*
3.75%
NOT AVAILABLE
Borrower must use own funds or gift funds
* LTV = Loan to Value

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Low mortgage rates likely to continue through 2012, experts say

2012-01-02T22:41:00.000-05:00

Low mortgage rates likely to continue through 2012, experts say

Kentucky Housing Market Down 70% in Six Years (2011-12-30)

2011-12-31T15:35:00.000-05:00

WKMS: Kentucky Housing Market Down 70% in Six Years (2011-12-30)

Kentucky Housing Market Down 70% in Six Years
Dan Conti/KPR (2011-12-30)
FRANKFORT, KY (wkms) - The construction of new homes in Kentucky is down about 70% from 2005. The President of the state homebuilders association doesn't see a recovery taking shape anytime soon. Mike Kegley is with Bold Homes Incorporated. He says the lingering housing slump now covers every part of the commonwealth."The downturn probably hit the urban areas quicker, the last couple of years it's spread to all the rural areas as well. I think everybody is in survival mode and really not seeing any signs of sales picking up at all," he says.Kegley says there've been layoffs in the industry and some builders have coped with the situation by doing home remodeling and other smaller projects. He says the market won't improve until people have more confidence in the economy and in the willingness of both political parties to work together to solve the nation's problems.© Copyright 2011, wkms

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: 2012 Kentucky VA County Loan Limits

2011-12-31T10:19:00.000-05:00

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: 2012 Kentucky VA County Loan Limits

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Origination News - Congress to Kentucky and Louisville Ky Mortgage Borrowers: Merry Christmas and Drop Dead - What We're Hearing

2011-12-23T12:21:00.000-05:00

Origination News - Congress to Mortgage Borrowers: Merry Christmas and Drop Dead - What We're Hearing
Origination News - Congress to Kentucky and Louisville Ky Mortgage borrowes in 2012
Friday, December 23, 2011
By Paul Muolo
What would Congress do if it didn't have housing (and mortgage banking) to kick around? Who knows, really. Passing the payroll tax break extension was a good idea. It puts extra money in the pockets of potential mortgage customers who might use the cash to finance a home. Oh, but wait. The new payroll tax break extension is being funded through a 10 basis point hike in guarantee fees charged to seller/services by Fannie Mae and Freddie Mac. Do the lug heads in Congress really think the mortgage industry is going to eat this cost? If they do, maybe Santa will come sliding down their chimneys in two days. As we all know higher g-fees will be passed onto mortgage applicants. The publicly traded Wells Fargo sure as heck isn't going to eat the cost. But it is the holiday season. Maybe Congress will come to its senses and find another way to fund the payroll tax break. The extension is for two months only. Hope springs eternal. March 1 is right around the corner

Louisville Kentucky VA Loan Income Requirements

2011-12-14T22:37:00.000-05:00

Louisville Kentucky VA Loan Income Requirements

VA Loan Income Requirements

VA requires a borrower to have sufficient and adequate income to cover the repayment of the mortgage. Before a borrower can be approved for a VA home loan, the stability of income and the continuance of the borrower's income must be established through acceptable sources of income, the borrower's past employment record, and the employer's confirmation of continued employment must be established.

Stability of a person's income is generally derived from their employment history. VA requires verification for the previous two full years and must be documented through lender verifications of previous employment or W-2's. This income must be analyzed to determine whether it can be expected to continue through the first 3 years of the mortgage loan (if the borrower intends to retire during this period, the expected retirement income, social security benefits, etc. should be used). Any gaps in employment must be reasonably explained by the borrower. Schooling or education for the borrower's profession (e.g. nursing school) can be counted towards the 2 year requirement. Allowances for seasonal employment, such as is typical in the building trades for example, may be used.

The following is a break down of the different types of income VA considers acceptable:

Salary / W-2 Income

Overtime or Bonus Income: Both may be used to qualify the borrower as long as the income has been received for the past two years and is likely to continue. An average of the bonus or overtime income over the last 2 years is used.

Part-time Income: Part-time income (second job) may be used in qualifying if the borrower has a 2 year employment history without interruption. Seasonal employment may be used if the borrower can demonstrate a 2 year history and the probability of continuation. Income from part-time positions that does not meet these requirements should be considered as a compensating factor only.

Commission Income: Commission income must be averaged over the previous 2 years. The borrower must provide his/her last 2 years Federal tax returns (1040's) with all schedules. Any un-reimbursed business expenses must be subtracted from the gross income.

Retirement / Social Security Income: Verification from the source is required. If the income should expire within 3 years, the income cannot be used to qualify the borrower and used only as a compensating factor.

Alimony, Child Support, or Separate Maintenance: Though not required for qualification, a borrower who chooses to use this income must 1) provide a 12 month payment history from the ex-spouse or courts showing timely payment and 2) provide evidence that such payment will continue for at least 3 years. A copy of the divorce decree, settlement agreement, etc. will be necessary.

Notes Receivable: A copy of the note and evidence that payments have been received for a minimum of 12 months are required. Should the note expire within 3 years, it can be used as a compensating factor only.

Interest and Dividends: Interest and dividend income may be used provided documentation (such as tax returns or account statements) supports a 2 year history of receipt. This does not include dividend re-investment plans.

Rental Income: Rent received from investment properties owned by the borrower may be used, subject to the proper documentation. Income from roommates, etc., in a single-family property to be occupied as the borrower's primary residence is not acceptable. Rental income is calculated by calculating 75% of the gross rents received minus any mortgage payments paid for the property (this may have a positive or a negative effect on a person's income).

Self-Employed: A borrower with 25% or more ownership interest in a business is considered self-employed. The income from borrower's self-employed less than one year is not acceptable. Borrower must supply the following: 1) personal tax returns for the most recent 2 years (with all schedules), 2) K-1's, 1120's or 1120S's for the last 2 years, financial statements (profit and loss statement and a balance sheet) for the interim and last 2 years, 3) borrower will have to sign an 8821 or 4506 income taxes release form.

VA home loan quotes are freely available

The VA home loan program is an excellent deal for active duty military personnel and non-active duty veterans. Take advantage of your benefits.

Loan Amounts Up to $417,000.00

15, 25 or 30 Year Loan Terms

Up to 6% Seller Paid Closing Cost Allowed

No Mortgage Insurance

Allowed To Finance Up to $6000 For Energy Improvements

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Louisville Kentucky VA Home Mortgage Loans: Louisville Kentucky VA Home Loans

2011-12-07T22:45:00.000-05:00

Louisville Kentucky VA Home Mortgage Loans: Louisville Kentucky VA Home Loans: Louisville Kentucky VA Home Loans Eligibility Frequently Asked Questions Questions about who is eligible for a VA loan and reuse of eligi...

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2012 Louisville Kentucky VA County Loan Limits

2011-12-07T13:25:00.000-05:00

2012 Louisville Kentucky VA County Loan Limits

2012 loan limits: The procedure for calculating loan limits for 2012 has changed from 2011. VA’s previous procedure expires December 31, 2011. If Congress passes legislation permitting VA to calculate maximum guaranty as it has in the past, the numbers below could increase slightly; they will NOT decrease. If that occurs, we will post announcements and reissue this loan limit chart.

Loan limits: VA does not impose a maximum amount that an eligible veteran may borrow using a VA-guaranteed loan; however loan limits establish the maximum possible guaranty on a loan. The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2012 VA Limit shown below. A veteran with full entitlement available may borrow up to the limit shown below and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran is reduced accordingly. Lenders should check their own investor requirements regarding guaranty amounts and down payments.

NOTE: For all counties in Kentucky, including Jefferson County, KY the 2012 Limit is $417,000.

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Interest Rates

2011-12-07T10:05:00.000-05:00

Interest Rates

KHC Mortgage Interest Rates as of 12/06/2011, 10:00 a.m. ET
Rates subject to change without notice.
MRB Interest Rates
For all approved KHC lenders
60-day reservation for new and existing properties
640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates
KHC-funded down payment assistance may be utilized with these rates
Loan Type
Rate without DAP
Rate with DAP
*Government Rates only
3.875%
4.000%
* Government includes FHA, RHS, and VA.

Foreclosure prevention, N.Ky.

2011-12-06T20:51:00.001-05:00

Foreclosure prevention, N.Ky.

WILLIAMSTOWN, Ky. - Brighton Center's Kristi Sullivan presented opportunities for homeowners to be able to prevent foreclosure on their property in Williamstown, Ky. Tuesday.
Sullivan traveled to the Grant County because there were nine foreclosures there in November. In the previous 10 months there had been five. "It is an idea to help educate homeowners who are unemployed or underemployed through no fault of their own," said Sullivan. One of the options presented was the "Protect My Kentucky Home" program. It allows home owners to borrow up to $25,000 and the loan is forgivable should the borrower live there for five years. However, should the borrower only remain at their residence for three years, then 20 percent of the loan must be reimbursed for every year the borrower does not remain in the home. For example $4,000 would need to be repaid on a $20,000 loan. "The whole ultimate goal is to keep Kentucky homeowners in their home," said Sullivan. "If you don't qualify for that program, there are other programs you might qualify for to help you out." Some of the basic criteria is that the applicant not have six months of house payments available in liquid-able assets, be unemployed or unemployed by no fault of their own, and a mortgage under a quarter million dollars. You can get more information on Kentucky foreclosure prevention at: http://www.kyhousing.org/protect/ and http://www.brightoncenter.com/home/index.phpRead more: http://www.kypost.com/dpps/news/region_northern_kentucky/foreclosure-prevention,-n.ky._6984867#ixzz1foFh3nYs

How to get a VA home loan in Louisville, Kentucky (Kentucky)

2011-12-05T10:13:00.000-05:00

How to get a VA home loan in Louisville, Kentucky (Kentucky)

Call us today for your free credit report and pre approval for Kentucky VA loan 502-905-3708

Kentucky VA Home Loan Program

Some benefits of using the Kentucky VA Home Loan Program are:

(1) Zero Down Option

(2) No Monthly Mortgage Insurance

(3) 620 Minimum Credit Score

(4) Reasonable Underwriting Decisions

Steps To A Kentucky VA Home Loan

1. Apply for Certificate of Elibibility (VA Form 26-1880)

2. Fax a copy of the DD214

3. Get VA Pre-Approved With Me

4. Contact your realtor to begin looking at homes in your price range(if you do not have an agent, I would be happy to refer a great VA agent).

5. Order an appraisal from VA. (this is done by Kentucky Lender or Me)

6. Close the loan and you move into your new HOME!

Items Needed For Dan To Process Your Loan Application

1. Social Security numbers

2. Residence addresses for the past two years

3. Names and addresses of your employers over past two years

4. Your current gross monthly salary

5. Names, addresses, account #’s and balances on all checking and savings accounts

6. Names, addresses, account #’s, balances and monthly payments on all open loans

7. Addresses and loan information of other real estate owned

8. Estimated value of furniture and personal property

9. Certificate of Eligibility and DD214, (for veterans only)

10. W2’s for the past two years and current check stubs

11. For self-employed individuals, you will need to provide personal tax returns for the past two years, current income statement and balance sheet for the business

How To Request A Copy of Your Certificate of Eligibility and DD214

To Request A Copy of Your VA Certificate of Eligibility:

Complete a VA Form 26-1880, – *form is attached

Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service . In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence

VA Eligibility Center Address and Telephone Number

Please send your request for determination of Eligibility (VA Form 26-1880, along with proof of military service) to:

VA Loan Eligibility Center

PO Box 20729

Winston-Salem, NC 27120

For overnight delivery:

VA Loan Eligibility Center

251 N. Main Street

Winston-Salem, NC 27155

Toll free number: 1-888-244-6711

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Louisville Kentucky Mortgage Updated Guidelines November 2011

2011-12-05T10:11:00.000-05:00

Louisville Kentucky Home Inspections - HUD

2011-12-02T08:16:00.000-05:00

Louisville Kentucky Home Inspections

Ten Important Questions to Ask Your Home Inspector - HUD

1. What does your inspection cover?
The inspector should ensure that their inspection and inspection report will meet all applicable requirements in your state if applicable and will comply with a well-recognized standard of practice and code of ethics. You should be able to request and see a copy of these items ahead of time and ask any questions you may have. If there are any areas you want to make sure are inspected, be sure to identify them upfront.

2. How long have you been practicing in the home inspection profession and how many inspections have you completed?
The inspector should be able to provide his or her history in the profession and perhaps even a few names as referrals. Newer inspectors can be very qualified, and many work with a partner or have access to more experienced inspectors to assist them in the inspection.

3. Are you specifically experienced in residential inspection?
Related experience in construction or engineering is helpful, but is no substitute for training and experience in the unique discipline of home inspection. If the inspection is for a commercial property, then this should be asked about as well.

4. Do you offer to do repairs or improvements based on the inspection?
Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest.

5. How long will the inspection take?
The average on-site inspection time for a single inspector is two to three hours for a typical single-family house; anything significantly less may not be enough time to perform a thorough inspection. Additional inspectors may be brought in for very large properties and buildings.

6. How much will it cost?
Costs vary dramatically, depending on the region, size and age of the house, scope of services and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees.

7. What type of inspection report do you provide and how long will it take to receive the report?
Ask to see samples and determine whether or not you can understand the inspector's reporting style and if the time parameters fulfill your needs. Most inspectors provide their full report within 24 hours of the inspection.

8. Will I be able to attend the inspection?
This is a valuable educational opportunity, and an inspector's refusal to allow this should raise a red flag. Never pass up this opportunity to see your prospective home through the eyes of an expert.

9. Do you maintain membership in a professional home inspector association?
There are many state and national associations for home inspectors. Request to see their membership ID, and perform whatever due diligence you deem appropriate.

10. Do you participate in continuing education programs to keep your expertise up to date?
One can never know it all, and the inspector's commitment to continuing education is a good measure of his or her professionalism and service to the consumer. This is especially important in cases where the home is much older or includes unique elements requiring additional or updated training.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/insp/inspfaq

Louisville Kentucky Home Inspections

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist

2011-11-27T10:32:00.000-05:00

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Kentucky Mortgage Guidelines updated 2011

2011-11-17T09:08:00.000-05:00

Kentucky Mortgage Guidelines updated 2011

Louisville Kentucky Mortgage

Pressured by federal regulators to write quality loans, lenders have little choice but to follow underwriting marching orders issued in rapid succession this year by federal mortgage insurers.

Here's a rundown.

Fannie Mae

◦Effective Dec. 13, among other underwriting updates, Fannie Mae is reducing debt-to-income ratios, the amount of a borrower's gross monthly income that goes toward paying all debts. Fannie is dropping the ratio from 55 to 45 percent and the debt must include once exempt revolving debt with a balance of 10 or fewer payments.

◦Also, if the lender can't verify the amount of a minimum monthly payment on any revolving credit, it must assume the payment is 5 percent of the balance and include that amount in the debt-to-income ratio.

◦Once excluded, but now also included in debt-to-income ratio, are payments on decades-old mortgages with only 10 payments (or more) remaining. That will make it tougher for older home owners to buy a second home.

◦Borrowers who have gone through foreclosure can forget buying a home with a Fannie-backed loan for seven years. That reduces the pool of mortgages available to consumers who've suffered a foreclosure.

Freddie Mac

Freddie Mac is considering guidelines similar to big sister Fannie's.

◦Also, effective Dec. 1, Freddie Mac lenders now will be required to consider a borrower's credit report inquiries made in the previous 120 days, rather than the prior 90 days as was required before the new rule.

If the borrower was granted additional credit, the debt adds to the debt-to-income ratio.

Federal Housing Administration (FHA)

Borrowers underwritten out of the running for Fannie Mae and Freddie Mac guidelines on conforming loans may have to consider low-down payment Federal Housing Administration loans. However, those loans are already tougher to land than ever and they come with mortgage insurance that recently rose in price.

FHA loans have become the go-to mortgage for less financially fit borrowers who likely would have shopped the now defunct subprime market.

◦In October, the FHA began to require credit scores of at least 500, creating a minimum where none previously existed. Borrowers with scores ranging from 500 to 579, must come up with 10 percent down. Borrowers who want an FHA loan with only 3.5 percent down must have a score of more than 580.

Louisvile Kentucky Fannie Mae and Freddie Mac Maximum Loan Limits for Loans Originated in 2011

2011-11-12T17:12:00.000-05:00

Louisvile Kentucky Fannie Mae and Freddie Mac Maximum Loan Limits for Loans Originated in 2011

These limits were determined under Public Law Number 111-242, which sets maximum loan limits equal to the higher of the maximum limits determined under the Economic Stimulus Act of 2008 and the Housing and Economic Recovery Act of 2008."

Number State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit

21 001 ADAIR 99999 KY $417,000 $533,850 $645,300 $801,950

21 003 ALLEN 99999 KY $417,000 $533,850 $645,300 $801,950

21 005 ANDERSON 23180 KY $417,000 $533,850 $645,300 $801,950

21 007 BALLARD 37140 KY $417,000 $533,850 $645,300 $801,950

21 009 BARREN 23980 KY $417,000 $533,850 $645,300 $801,950

21 011 BATH 34460 KY $417,000 $533,850 $645,300 $801,950

21 013 BELL 33180 KY $417,000 $533,850 $645,300 $801,950

21 015 BOONE 17140 KY $417,000 $533,850 $645,300 $801,950

21 017 BOURBON 30460 KY $417,000 $533,850 $645,300 $801,950

21 019 BOYD 26580 KY $417,000 $533,850 $645,300 $801,950

21 021 BOYLE 19220 KY $417,000 $533,850 $645,300 $801,950

21 023 BRACKEN 17140 KY $417,000 $533,850 $645,300 $801,950

21 025 BREATHITT 99999 KY $417,000 $533,850 $645,300 $801,950

21 027 BRECKINRIDGE 99999 KY $417,000 $533,850 $645,300 $801,950

21 029 BULLITT 31140 KY $417,000 $533,850 $645,300 $801,950

21 031 BUTLER 99999 KY $417,000 $533,850 $645,300 $801,950

21 033 CALDWELL 99999 KY $417,000 $533,850 $645,300 $801,950

21 035 CALLOWAY 34660 KY $417,000 $533,850 $645,300 $801,950

21 037 CAMPBELL 17140 KY $417,000 $533,850 $645,300 $801,950

21 039 CARLISLE 99999 KY $417,000 $533,850 $645,300 $801,950

21 041 CARROLL 99999 KY $417,000 $533,850 $645,300 $801,950

21 043 CARTER 99999 KY $417,000 $533,850 $645,300 $801,950

21 045 CASEY 99999 KY $417,000 $533,850 $645,300 $801,950

21 047 CHRISTIAN 17300 KY $417,000 $533,850 $645,300 $801,950

21 049 CLARK 30460 KY $417,000 $533,850 $645,300 $801,950

21 051 CLAY 99999 KY $417,000 $533,850 $645,300 $801,950

21 053 CLINTON 99999 KY $417,000 $533,850 $645,300 $801,950

21 055 CRITTENDEN 99999 KY $417,000 $533,850 $645,300 $801,950

21 057 CUMBERLAND 99999 KY $417,000 $533,850 $645,300 $801,950

21 059 DAVIESS 36980 KY $417,000 $533,850 $645,300 $801,950

21 061 EDMONSON 14540 KY $417,000 $533,850 $645,300 $801,950

21 063 ELLIOTT 99999 KY $417,000 $533,850 $645,300 $801,950

21 065 ESTILL 99999 KY $417,000 $533,850 $645,300 $801,950

21 067 FAYETTE 30460 KY $417,000 $533,850 $645,300 $801,950

21 069 FLEMING 99999 KY $417,000 $533,850 $645,300 $801,950

21 071 FLOYD 99999 KY $417,000 $533,850 $645,300 $801,950

21 073 FRANKLIN 23180 KY $417,000 $533,850 $645,300 $801,950

21 075 FULTON 46460 KY $417,000 $533,850 $645,300 $801,950

21 077 GALLATIN 17140 KY $417,000 $533,850 $645,300 $801,950

21 079 GARRARD 99999 KY $417,000 $533,850 $645,300 $801,950

21 081 GRANT 17140 KY $417,000 $533,850 $645,300 $801,950

21 083 GRAVES 32460 KY $417,000 $533,850 $645,300 $801,950

21 085 GRAYSON 99999 KY $417,000 $533,850 $645,300 $801,950

21 087 GREEN 99999 KY $417,000 $533,850 $645,300 $801,950

21 089 GREENUP 26580 KY $417,000 $533,850 $645,300 $801,950

21 091 HANCOCK 36980 KY $417,000 $533,850 $645,300 $801,950

21 093 HARDIN 21060 KY $417,000 $533,850 $645,300 $801,950

21 095 HARLAN 99999 KY $417,000 $533,850 $645,300 $801,950

21 097 HARRISON 99999 KY $417,000 $533,850 $645,300 $801,950

21 099 HART 99999 KY $417,000 $533,850 $645,300 $801,950

21 101 HENDERSON 21780 KY $417,000 $533,850 $645,300 $801,950

21 103 HENRY 31140 KY $417,000 $533,850 $645,300 $801,950

21 105 HICKMAN 99999 KY $417,000 $533,850 $645,300 $801,950

21 107 HOPKINS 31580 KY $417,000 $533,850 $645,300 $801,950

21 109 JACKSON 99999 KY $417,000 $533,850 $645,300 $801,950

21 111 JEFFERSON 31140 KY $417,000 $533,850 $645,300 $801,950

21 113 JESSAMINE 30460 KY $417,000 $533,850 $645,300 $801,950

21 115 JOHNSON 99999 KY $417,000 $533,850 $645,300 $801,950

21 117 KENTON 17140 KY $417,000 $533,850 $645,300 $801,950

21 119 KNOTT 99999 KY $417,000 $533,850 $645,300 $801,950

21 121 KNOX 99999 KY $417,000 $533,850 $645,300 $801,950

21 123 LARUE 21060 KY $417,000 $533,850 $645,300 $801,950

21 125 LAUREL 30940 KY $417,000 $533,850 $645,300 $801,950

21 127 LAWRENCE 99999 KY $417,000 $533,850 $645,300 $801,950

21 129 LEE 99999 KY $417,000 $533,850 $645,300 $801,950

21 131 LESLIE 99999 KY $417,000 $533,850 $645,300 $801,950

21 133 LETCHER 99999 KY $417,000 $533,850 $645,300 $801,950

21 135 LEWIS 32500 KY $417,000 $533,850 $645,300 $801,950

21 137 LINCOLN 19220 KY $417,000 $533,850 $645,300 $801,950

21 139 LIVINGSTON 37140 KY $417,000 $533,850 $645,300 $801,950

21 141 LOGAN 99999 KY $417,000 $533,850 $645,300 $801,950

21 143 LYON 99999 KY $417,000 $533,850 $645,300 $801,950

21 145 MCCRACKEN 37140 KY $417,000 $533,850 $645,300 $801,950

21 147 MCCREARY 99999 KY $417,000 $533,850 $645,300 $801,950

21 149 MCLEAN 36980 KY $417,000 $533,850 $645,300 $801,950

21 151 MADISON 40080 KY $417,000 $533,850 $645,300 $801,950

21 153 MAGOFFIN 99999 KY $417,000 $533,850 $645,300 $801,950

21 155 MARION 99999 KY $417,000 $533,850 $645,300 $801,950

21 157 MARSHALL 99999 KY $417,000 $533,850 $645,300 $801,950

21 159 MARTIN 99999 KY $417,000 $533,850 $645,300 $801,950

21 161 MASON 32500 KY $417,000 $533,850 $645,300 $801,950

21 163 MEADE 31140 KY $417,000 $533,850 $645,300 $801,950

21 165 MENIFEE 34460 KY $417,000 $533,850 $645,300 $801,950

21 167 MERCER 99999 KY $417,000 $533,850 $645,300 $801,950

21 169 METCALFE 23980 KY $417,000 $533,850 $645,300 $801,950

21 171 MONROE 99999 KY $417,000 $533,850 $645,300 $801,950

21 173 MONTGOMERY 34460 KY $417,000 $533,850 $645,300 $801,950

21 175 MORGAN 99999 KY $417,000 $533,850 $645,300 $801,950

21 177 MUHLENBERG 16420 KY $417,000 $533,850 $645,300 $801,950

21 179 NELSON 31140 KY $417,000 $533,850 $645,300 $801,950

21 181 NICHOLAS 99999 KY $417,000 $533,850 $645,300 $801,950

21 183 OHIO 99999 KY $417,000 $533,850 $645,300 $801,950

21 185 OLDHAM 31140 KY $417,000 $533,850 $645,300 $801,950

21 187 OWEN 99999 KY $417,000 $533,850 $645,300 $801,950

21 189 OWSLEY 99999 KY $417,000 $533,850 $645,300 $801,950

21 191 PENDLETON 17140 KY $417,000 $533,850 $645,300 $801,950

21 193 PERRY 99999 KY $417,000 $533,850 $645,300 $801,950

21 195 PIKE 99999 KY $417,000 $533,850 $645,300 $801,950

21 197 POWELL 99999 KY $417,000 $533,850 $645,300 $801,950

21 199 PULASKI 43700 KY $417,000 $533,850 $645,300 $801,950

21 201 ROBERTSON 99999 KY $417,000 $533,850 $645,300 $801,950

21 203 ROCKCASTLE 40080 KY $417,000 $533,850 $645,300 $801,950

21 205 ROWAN 99999 KY $417,000 $533,850 $645,300 $801,950

21 207 RUSSELL 99999 KY $417,000 $533,850 $645,300 $801,950

21 209 SCOTT 30460 KY $417,000 $533,850 $645,300 $801,950

21 211 SHELBY 31140 KY $417,000 $533,850 $645,300 $801,950

21 213 SIMPSON 99999 KY $417,000 $533,850 $645,300 $801,950

21 215 SPENCER 31140 KY $417,000 $533,850 $645,300 $801,950

21 217 TAYLOR 15820 KY $417,000 $533,850 $645,300 $801,950

21 219 TODD 99999 KY $417,000 $533,850 $645,300 $801,950

21 221 TRIGG 17300 KY $417,000 $533,850 $645,300 $801,950

21 223 TRIMBLE 31140 KY $417,000 $533,850 $645,300 $801,950

21 225 UNION 99999 KY $417,000 $533,850 $645,300 $801,950

21 227 WARREN 14540 KY $417,000 $533,850 $645,300 $801,950

21 229 WASHINGTON 99999 KY $417,000 $533,850 $645,300 $801,950

21 231 WAYNE 99999 KY $417,000 $533,850 $645,300 $801,950

21 233 WEBSTER 21780 KY $417,000 $533,850 $645,300 $801,950

21 235 WHITLEY 18340 KY $417,000 $533,850 $645,300 $801,950

21 237 WOLFE 99999 KY $417,000 $533,850 $645,300 $801,950

21 239 WOODFORD 30460 KY $417,000 $533,850 $645,300 $801,950

2011 Loan Limits

High-Balance Loan Feature – Permanent Loan Limits are effective as of October 1, 2011

The high-cost area (HCA) loan limits for loans originated on or after October 1, 2011, are now subject to the "permanent" high-cost area loan limits, as determined by the Housing and Economic Recovery Act of 2008. FHFA has published the HCA loan limits on its Web site and below, Fannie Mae has provided tools and resources for determining applicable loan limits.

First Mortgage Conforming Loan Limits for Louisville Kentucky

The Federal Housing Finance Agency (FHFA) publishes the conforming loan limits annually that apply to all conventional mortgages that are delivered to Fannie Mae, including both the general loan limits and the high-cost area loan limits. High-cost area loan limits vary by geographic location.

General Loan Limits for 2011

The general loan limits for 2011 remain unchanged from 2010 (e.g., $417,000 for a 1-unit property in the continental U.S.).

Maximum Original Principal Balance for 2011

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands

1 $417,000 $625,500

2 $533,850 $800,775

3 $645,300 $967,950

4 $801,950 $1,202,925

High-Cost Area Loan Limits for Q4 2011

Loans originated on or after October 1, 2011, will use the "permanent" high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-unit property in the continental U.S.. Note that the loan limits apply based on the original loan amount, rather than the unpaid principal balance (UPB).

Note that the loan limits apply based on the original loan amount, rather than the unpaid principal balance (UPB).

Maximum Loan Limits for HCAs for Mortgages Acquired in Calendar Year 2011 and Originated after 9/30/2011 or Prior to 7/1/2007*

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands

1 $625,500 $938,250

2 $800,775 $1,201,150

3 $967,950 $1,451,925

4 $1,202,925 $1,804,375

*These limits were determined under the provisions of the Housing and Economic Recovery Act of 2008.

Note that the loan limits apply based on the original loan amount, rather than

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Louisville Kentucky FHA Loan Limits 2011 Change

2011-11-11T22:05:00.000-05:00

The maximum Kentucky FHA loan limits has decreased in the following Kentucky counties effective October 1, 2011.

This table is for single family dwellings. The two, three and four unit limits will also decrease. The new Louisville Kentucky FHA limits can be viewed below.

Maximum Loan Amount Up To 10/1/2011 Maximum Loan Amount As Of 10/1/2011 Loan Amount Change

Boone County 337,500 271,050 ($66,450)

Bracken County 337,500 271,050 ($66,450)

Bullitt County 302,500 271,050 ($31,450)

Campbell County 337,500 271,050 ($66,450)

Gallatin County 337,500 271,050 ($66,450)

Grant County 337,500 271,050 ($66,450)

Henry County 302,500 271,050 ($31,450)

Jefferson County 302,500 271,050 ($31,450)

Kenton County 337,500 271,050 ($66,450)

Meade County 302,500 271,050 ($31,450)

Nelson County 302,500 271,050 ($31,450)

Oldham County 302,500 271,050 ($31,450)

Pendleton County 337,500 271,050 ($66,450)

Shelby County 302,500 271,050 ($31,450)

Spencer County 302,500 271,050 ($31,450)

Trimble County 302,500 271,050 ($31,450)

New FHA loan limits for Kentucky counties effective October 1, 2011

1 - UNIT is a single family home or condominium

2 - UNIT is two separate living units

3 - UNIT three separate living units

4 – UNITS four separate living units

KENTUCKY COUNTIES 1 UNIT 2 UNIT 3 UNIT 4 UNIT

Adair County $271,050 $347,000 $419,425 $521,250

Allen County $271,050 $347,000 $419,425 $521,250

Anderson County $271,050 $347,000 $419,425 $521,250

Ballard County $271,050 $347,000 $419,425 $521,250

Barren County $271,050 $347,000 $419,425 $521,250

Bath County $271,050 $347,000 $419,425 $521,250

Bell County $271,050 $347,000 $419,425 $521,250

Boone County $271,050 $347,000 $419,425 $521,250

Bourbon County $271,050 $347,000 $419,425 $521,250

Boyd County $271,050 $347,000 $419,425 $521,250

Boyle County $271,050 $347,000 $419,425 $521,250

Bracken County $271,050 $347,000 $419,425 $521,250

Breathitt County $271,050 $347,000 $419,425 $521,250

Breckinridge County $271,050 $347,000 $419,425 $521,250

Bullitt County $271,050 $347,000 $419,425 $521,250

Butler County $271,050 $347,000 $419,425 $521,250

Caldwell County $271,050 $347,000 $419,425 $521,250

Calloway County $271,050 $347,000 $419,425 $521,250

Campbell County $271,050 $347,000 $419,425 $521,250

Carlisle County $271,050 $347,000 $419,425 $521,250

Carroll County $271,050 $347,000 $419,425 $521,250

Carter County $271,050 $347,000 $419,425 $521,250

Casey County $271,050 $347,000 $419,425 $521,250

Christian County $271,050 $347,000 $419,425 $521,250

Clark County $271,050 $347,000 $419,425 $521,250

Clay County $271,050 $347,000 $419,425 $521,250

Clinton County $271,050 $347,000 $419,425 $521,250

Crittenden County $271,050 $347,000 $419,425 $521,250

Cumberland County $271,050 $347,000 $419,425 $521,250

Daviess County $271,050 $347,000 $419,425 $521,250

Edmonson County $271,050 $347,000 $419,425 $521,250

Elliott County $271,050 $347,000 $419,425 $521,250

Estill County $271,050 $347,000 $419,425 $521,250

Fayette County $271,050 $347,000 $419,425 $521,250

Fleming County $271,050 $347,000 $419,425 $521,250

Floyd County $271,050 $347,000 $419,425 $521,250

Franklin County $271,050 $347,000 $419,425 $521,250

Fulton County $271,050 $347,000 $419,425 $521,250

Gallatin County $271,050 $347,000 $419,425 $521,250

Garrard County $271,050 $347,000 $419,425 $521,250

Grant County $271,050 $347,000 $419,425 $521,250

Graves County $271,050 $347,000 $419,425 $521,250

Grayson County $271,050 $347,000 $419,425 $521,250

Green County $271,050 $347,000 $419,425 $521,250

Greenup County $271,050 $347,000 $419,425 $521,250

Hancock County $271,050 $347,000 $419,425 $521,250

Hardin County $271,050 $347,000 $419,425 $521,250

Harlan County $271,050 $347,000 $419,425 $521,250

Harrison County $271,050 $347,000 $419,425 $521,250

Hart County $271,050 $347,000 $419,425 $521,250

Henderson County $271,050 $347,000 $419,425 $521,250

Henry County $271,050 $347,000 $419,425 $521,250

Hickman County $271,050 $347,000 $419,425 $521,250

Hopkins County $271,050 $347,000 $419,425 $521,250

Jackson County $271,050 $347,000 $419,425 $521,250

Jefferson County $271,050 $347,000 $419,425 $521,250

Jessamine County $271,050 $347,000 $419,425 $521,250

Johnson County $271,050 $347,000 $419,425 $521,250

Kenton County $271,050 $347,000 $419,425 $521,250

Knott County $271,050 $347,000 $419,425 $521,250

Knox County $271,050 $347,000 $419,425 $521,250

Larue County $271,050 $347,000 $419,425 $521,250

Laurel County $271,050 $347,000 $419,425 $521,250

Lawrence County $271,050 $347,000 $419,425 $521,250

Lee County $271,050 $347,000 $419,425 $521,250

Leslie County $271,050 $347,000 $419,425 $521,250

Letcher County $271,050 $347,000 $419,425 $521,250

Lewis County $271,050 $347,000 $419,425 $521,250

Lincoln County $271,050 $347,000 $419,425 $521,250

Livingston County $271,050 $347,000 $419,425 $521,250

Logan County $271,050 $347,000 $419,425 $521,250

Lyon County $271,050 $347,000 $419,425 $521,250

Madison County $271,050 $347,000 $419,425 $521,250

Magoffin County $271,050 $347,000 $419,425 $521,250

Marion County $271,050 $347,000 $419,425 $521,250

Marshall County $271,050 $347,000 $419,425 $521,250

Martin County $271,050 $347,000 $419,425 $521,250

Mason County $271,050 $347,000 $419,425 $521,250

Mccracken County $271,050 $347,000 $419,425 $521,250

Mccreary County $271,050 $347,000 $419,425 $521,250

Mclean County $271,050 $347,000 $419,425 $521,250

Meade County $271,050 $347,000 $419,425 $521,250

Menifee County $271,050 $347,000 $419,425 $521,250

Mercer County $271,050 $347,000 $419,425 $521,250

Metcalfe County $271,050 $347,000 $419,425 $521,250

Monroe County $271,050 $347,000 $419,425 $521,250

Montgomery County $271,050 $347,000 $419,425 $521,250

Morgan County $271,050 $347,000 $419,425 $521,250

Muhlenberg County $271,050 $347,000 $419,425 $521,250

Nelson County $271,050 $347,000 $419,425 $521,250

Nicholas County $271,050 $347,000 $419,425 $521,250

Ohio County $271,050 $347,000 $419,425 $521,250

Oldham County $271,050 $347,000 $419,425 $521,250

Owen County $271,050 $347,000 $419,425 $521,250

Owsley County $271,050 $347,000 $419,425 $521,250

Pendleton County $271,050 $347,000 $419,425 $521,250

Perry County $271,050 $347,000 $419,425 $521,250

Pike County $271,050 $347,000 $419,425 $521,250

Powell County $271,050 $347,000 $419,425 $521,250

Pulaski County $271,050 $347,000 $419,425 $521,250

Robertson County $271,050 $347,000 $419,425 $521,250

Rockcastle County $271,050 $347,000 $419,425 $521,250

Rowan County $271,050 $347,000 $419,425 $521,250

Russell County $271,050 $347,000 $419,425 $521,250

Scott County $271,050 $347,000 $419,425 $521,250

Shelby County $271,050 $347,000 $419,425 $521,250

Simpson County $271,050 $347,000 $419,425 $521,250

Spencer County $271,050 $347,000 $419,425 $521,250

Taylor County $271,050 $347,000 $419,425 $521,250

Todd County $271,050 $347,000 $419,425 $521,250

Trigg County $271,050 $347,000 $419,425 $521,250

Trimble County $271,050 $347,000 $419,425 $521,250

Union County $271,050 $347,000 $419,425 $521,250

Warren County $271,050 $347,000 $419,425 $521,250

Washington County $271,050 $347,000 $419,425 $521,250

Wayne County $271,050 $347,000 $419,425 $521,250

Webster County $271,050 $347,000 $419,425 $521,250

Whitley County $271,050 $347,000 $419,425 $521,250

Wolfe County $271,050 $347,000 $419,425 $521,250

Woodford County $271,050 $347,000 $419,425 $521,250

Louisville and KEntucky FHA MORTGAGE LIMITS Change

Questions about the new change, please call 502-905-3708

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Kentucky Title Insurance for Mortgage Loans

2011-10-29T21:33:00.001-04:00

Kentucky Title Insurance for Mortgage Loans

What is Kentucky title insurance and why do I need it?

If you've ever purchased a home before, you may already be familiar with the benefits and terms of title insurance. But if this is your first home loan or you are refinancing, you may be wondering why you need another insurance policy.

The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim, or encumbrance on your property.

The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:

1) Owner's Policy. This policy covers you, the homebuyer.

2) Lender's Policy. This policy covers the lending institution over the life of the loan.

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so we'll only require that a lender's policy be issued.

Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company's own title plant.

After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event, say a fire, accident or theft. On the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.

This risk elimination has benefits to both the homebuyer and the title company. It minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.

Buying a home is a big step emotionally and financially. With title insurance you are assured that any valid claim against your property will be borne by the title company, and that the odds of a claim being filed are slim indeed.

Fill out my free mortgage prequalification by clicking this link now. !

Obama offers mortgage relief on Western trip - WAVE 3 News - Louisville, Kentucky

2011-10-29T09:12:00.000-04:00

Obama offers mortgage relief on Western trip - WAVE 3 News - Louisville, Kentucky

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: FHA/VA Approved Condos

2011-10-22T12:19:00.000-04:00

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: FHA/VA Approved Condos: Louisville Kentucky and Jefferon County Kentucky Approved Condo Report Your search returned 92 records. Jefferson County Kentucky VA ...

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Louisville Kentucky VA Home Mortgage Loans: Louisville VA Mortgage Rates

2011-10-08T20:46:00.000-04:00

Louisville Kentucky VA Home Mortgage Loans: Louisville VA Mortgage Rates

Louisville Kentucky VA Home Mortgage Loans: Louisville Ky VA Loans VA Funding Fee 2011

2011-10-01T17:01:00.000-04:00

Louisville Kentucky VA Home Mortgage Loans: Louisville Ky VA Loans VA Funding Fee 2011: 10/1/2011 - Important Notice: LOANS CLOSED ON OR AFTER OCTOBER 1, 2011: Due to legislation affecting funding fees that has passed both ...

Louisville Home Sales | All good news in August | Derby City Cents

2011-09-25T10:31:00.001-04:00

Louisville Home Sales All good news in August Derby City Cents

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Louisville Kentukcy Home Sales August 2011

2011-09-25T10:31:00.000-04:00

Louisville Home Sales

All good news for Louisville Home Sales in August 2011
Posted on September 19, 2011 by Chris Otts

While it’s still far from a balanced market, today’s monthly sales report from the Greater Louisville Association of Realtors shows nearly all numbers moving in the right direction.

Sales were up 21 percent from a year earlier. Inventory is still high, but coming down. Sales are still off from last year’s pace, but the gap is closing. And the number of sales in the pipeline is up.

Keeping things in perspective, last month’s 1,133 sales is nowhere close to 1,521 in August 2007, before the recession hit, but it was the strongest August since that time, even surpassing the tax-credit infused market of 2009.

Here’s the Realtors full press release, including information specific to Jefferson, Oldham and Bullitt counties:

Overall Market Comment:

Members of the Greater Louisville Association of Realtors® replaced July as the year’s second most productive month by boosting sales 8% to end August 2011. August replaced July as the second most productive month of 2011 with 1,133 sold units, compared to 1,048 units in July. For the year, July was moved to 3rd place, behind August (1133 units) and June which recorded 1,137 closed units. The August sales figures also continued a trend noted in July, a trend of outpacing same month figures from 2010. The August 2011 sales were a whopping 21% stronger than August 2010, providing more evidence that Realtors® are steadily surviving in a post Home Buyer Tax Credit market. The average selling price for August 2011 slipped to $169,023, from $179,758 in July 2011, but was nearly even with August 2010’s average sales price of $172,949. Inventory, or the number of homes for sale, declined 2% in August to 9046 from 9,295 in July and 9,213 in June. Inventory remains near a 10 month supply; inventory levels near a 6 month supply are often associated with an in-balance market. Year-to-date sales remain nearly 10% behind last year’s pace, but the upward trend in July and August has closed the gap somewhat.

Overall, GLAR members are encouraged by the summer sales period (June-July-August) and continue to steadily move forward in a post- HBTC market. While economic factors remain weak, predictions are that a low interest rate climate will likely remain in the 4th quarter, a tool Realtors® welcome.

Jefferson County Market Comment:

Realtors® posted 782 closed sales in Jefferson County in August 2011, up nearly 23% from August 2010. The average selling price in the county fell to $168,859, from $173,186 for July 2011, and $171,154 for June 2011. Jefferson County inventory remains near a 9 month supply with 5,723 active units, down slightly from last month, but up 27% from August 2010. Year-to-date sales, in the county, stand at 5,108 units, down 11% from a similar period last year. In summary, the Jefferson County market followed the broader GLAR analysis by breaking the year-to-date trend of lagging behind 2010 and posting an increase in sales volume when matched against the same period last year.

Oldham County Market Comment:

The number of closed sales in August jumped 38% compared to Aug 2010 (when the buyer tax credits were ending), bringing the YTD total up 7% compared to the same time last year. The average and median prices in Aug 2011 vs 2010 were up 12% and 6% respectively, reflecting the sale of some higher priced homes that had not sold in the Spring market. The YTD average and median figures were up a more modest 9% and 4% respectively, and are less volatile than single month data points. The number of sales going under contract was up 5% and the inventory of unsold homes remained slightly higher than last year by 6%. However, this was a 5% decrease in inventory compared to last month. Continued low mortgage rates will be the key factor in the resumption of a balanced market in Oldham County, as it will be with the broader Louisville market.

Bullitt County Market Comment:

Realtors® posted 73 closed sales in Bullitt County in August 2011, down from 80 sales in July 2011, but up nearly 24% from August 2010. The average selling price in the county, for August, was $138,439, a decline of 9% from July 2011, but up 1% from August 2010. Year-to-date sales, in the county, stand at 495 units, down 11% from a similar period in 2010. Supply, or the number of homes on the market, has fallen to 584 units, down 32 units from July 2011, but up nearly 13% from a similar period in 2010.

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Fed: Tight credit, lack of equity hurt refinancing - WAVE 3 News - Louisville, Kentucky

2011-09-24T22:11:00.000-04:00

Fed: Tight credit, lack of equity hurt refinancing - WAVE 3 News - Louisville, Kentucky

FHA Approved Condos Louisville Kentucky

2011-09-20T13:40:00.001-04:00

If you're searching for Louisville Kentucky FHA approved condos, you came to the right web site. To search for an approved Louisville Kentucky HUD - FHA condo, pull down on the state and click SEND. This search will return a list of all the approved Louisville Kentucky FHA condos in the state, scroll down the list until you find the condominium complex. You should also check the STATUS option. This choice will return the approved, pending, rejected, and withdrawn FHA condo developments. You can also choose to search all options will "ALL". For information on FHA underwriting guidelines and requirements, mortgage loans, FHA mortgage limits, and FHA mortgage insurance, click here: FHA Home Page

Q. How can I get a Condominium approved? Check Here for Louisville Kentucky FHA Approved Condos

Q. Can I do a spot loan on a Louisville Kentucky Condo? Can I get a waiver for any of the items on the Spot Loan Certification?

Q. Can I get a waiver if the owner-occupancy of a Condo is under 51%?

Q. Can the condo association waive the right of first refusal restriction and get a condo approved? What about spot loans? Find the answers here: - Condominiums

Borrowers Focus on Getting Their Fiscal Houses in Order - Freddie Mac

2011-09-20T08:38:00.000-04:00

Borrowers Focus on Getting Their Fiscal Houses in Order - Freddie Mac

New Home Buying Options Available from KHC

2011-09-18T14:33:00.000-04:00

New Home Buying Options Available from KHC

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Kentucky Down Payment Assistance Programs - Nationwide Mortgage Rate

2011-09-18T12:01:00.000-04:00

Kentucky Down Payment Assistance Programs - Nationwide Mortgage Rate

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Attn Kentucky First Time Home Buyers-- Zero Down Home Loans KY | Louisville | eBay Classifieds (Kijiji) | 469910

2011-09-17T16:09:00.000-04:00

Attn Kentucky First Time Home Buyers-- Zero Down Home Loans KY Louisville eBay Classifieds (Kijiji) 469910

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Louisville Kentucky First Time Home Buyer: Buy a Louisville Kentucky HUD Home with FHA Financ...

2011-09-17T12:28:00.000-04:00

Louisville Kentucky First Time Home Buyer: Buy a Louisville Kentucky HUD Home with FHA Financ...: Buy a Louisville Kentucky HUD Home with FHA Financing for $100 Down! Sometimes, when you purchase HUD homes in Louisville KY with FHA...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Mortgage default warnings surged in August - WAVE 3 News - Louisville, Kentucky

2011-09-17T09:25:00.000-04:00

Mortgage default warnings surged in August - WAVE 3 News - Louisville, Kentucky

Fixed-Rate Mortgages Continue To Find New Record Lows - Sep 15, 2011

2011-09-15T10:12:00.000-04:00

Fixed-Rate Mortgages Continue To Find New Record Lows - Sep 15, 2011

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Louisville Kentucky Hud Home Buying Booklet

2011-09-15T07:37:00.001-04:00

Hud booklet

View more documents from Louisville Kentucky Mortgage Lender.

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401(K) program to come up with the down payment on a Louisville Ky Home

2011-09-13T08:36:00.000-04:00

401(K) program to come up with the down payment on a Louisville Ky Home

Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you can't take money from your 401(K) plan unless you retire, leave the company or become disabled, but many company plans permit certain “hardship withdrawals” when there is an immediate and heavy financial need, including the purchase of the employee's principal residence.

The drawback to a hardship withdrawal is that you will pay taxes and penalties on the amount withdrawn from your plan, which often must be paid in the year of withdrawal. And while hardship withdrawals are allowed by law, your employer is not required to provide them in your plan. Check with your employer’s human resources department if you're not sure if your 401(K) plan allows hardship withdrawal.

Another approach may be to borrow against your 401(K) – often as much as 50 percent of your account balance. You pay interest on the loan, but the interest goes back into your account. The money you receive is not taxable as long it is paid back and plans can give you anywhere from five to 30 years to pay back your loan.

There are risks involved in borrowing from your 401(K). If you lose your job or leave your employer, you must pay back the loan in full within a short period, sometimes as little as 60 days. If the money is not paid back in that time, it is considered a withdrawal from your plan and subjected to the same taxes and penalties. And while 401(K) accounts can usually be rolled over into a new employer’s 401K without penalties, loans from a 401K cannot be rolled over.

In addition, because the funds withdrawn from your account are no longer earning compound interest, your account will be smaller when you retire. And you’ll be replacing pretax money with after-tax money.

Some lenders will count the money you borrowed from your 401(K) as an additional debt that will go along with your car payments, student loans and credit cards. While it may seem unfair since you are borrowing your own money, most lenders view it as a payment obligation that affects your debt-to-income ratio in qualifying for a home loan. It may be a factor in whether you decide to make a hardship withdrawal from your 401(K) and pay tax penalties or borrow against it.

Fill out my form here by clicking this link to see if you qualify for a mortgage for free!

Gov't mulls expanding mortgage refinance program - WAVE 3 News - Louisville, Kentucky

2011-09-13T08:20:00.000-04:00

Gov't mulls expanding mortgage refinance program - WAVE 3 News - Louisville, Kentucky

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Could You Qualify? The 4 Cs of Mortgage Lending - Freddie Mac

2011-09-12T13:56:00.000-04:00

Could You Qualify? The 4 Cs of Mortgage Lending - Freddie Mac

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Louisville Ky VA Mortgage Streamline IRRRL Facts

2011-09-12T08:26:00.000-04:00

Louisville Ky VA Mortgage Streamline (IRRRL)
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a "Streamline" or a "VA to VA." Except when refinancing an existing Louisville VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

No appraisal or credit underwriting package is required by VA. You should be aware, however, that lenders may require an appraisal and credit report anyway.

A certificate of eligibility is not required. Your lender may use our e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.

An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).

No lender is required to make you an IRRRL, however, any lender of your choice may process your application for an IRRRL. While it might be the best place to start shopping for an IRRRL, you do not have to go to the lender you make your payments to now or to the lender from whom you originally obtained your VA Loan.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember - The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

You must NOT receive any cash from the loan proceeds.

An IRRRL can be done only if you have already used your eligibility for a Louisville VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. You may have used your entitlement by obtaining a Louisville VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.

The occupancy requirement for an IRRRL is different from other Louiville VA loans. When you originally got your Louisville VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.

The loan may not exceed the sum of the outstanding balance on the existing Louisville KY VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan.

NOTE: Adding all of these items into your loan may result in a situation in which you owe more than the fair market value of the house, and will reduce the benefit of refinancing since your payment will not be lowered as much as it could be. Also, you could have difficulty selling the house for enough to pay off your loan balance.

Some lenders offer IRRRLs as an opportunity to reduce the term of your loan from 30 years to 15 years. While this can save you a lot of money in interest over the life of the loan, if the reduction in the interest rate is not at least one percent (two percent is better) and lots of new loan costs are rolled into the new loan, you may see a very large increase in your monthly payment.

Beware: It could be a bigger increase than you can afford

No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new Louisville KY VA loan will be a first mortgage.

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA

Fill out my form now by clicking here for your free mortgage prequalification on a VA Streamline!

Pre-Approval For Louisville Mortgage

2011-09-11T22:14:00.000-04:00

A Louisville Mortgage pre-approval is issued by the lender and is used by the real estate agent. This pre-approval is presented to the seller when an offer is made by the borrower on the property. This letter shows the agent and seller that the buyer is approved for an Louisville Ky FHA, VA, KHC or Conventional loan. Although it is not a final loan commitment, it can result in a faster loan closing if it has been done correctly since there should not be any surprise financing issues with the final transaction.

In order to receive an Louisville Ky FHA, VA, KHC or Conventional loan pre-approval, a loan application must be completed. The potential home buyer must provide all of the necessary documentation required as follows:

2 years W2s and tax returns (if required)
1 month most recent pay stubs with year to date earnings
Letters of explanation for employment gaps or new line of work
Social Security, pension and retirement income award statements
2 most recent months bank statements, 401k statements, investment statements
Child support documentation
Rent and landlord information
Bankruptcy discharge papers (if needed)
Signed gift letters
Credit report (supplied by the lender)

There may be additional documentation required once the paperwork has been examined. In any event, FHA, VA, KHC, USDA, and Conventional loans requires that a borrower must have a steady employment history with at least 2 years of employment at the same employer or same line of work. Employment must show a steady or increasing income. The credit history must be in good standing as FHA, VA, KHC, USDA, and Conventional Fannie Mae Loans are interested in a borrower’s reliability for paying back the mortgage. Once these documents have been collected from the borrower, it will be reviewed and approved by an Louisville Ky Mortgage underwriter with conditions. Any conditions related to financing should be addressed and cleared prior to receiving the pre-approval letter.

The Louisville Mortgage FHA, VA, KHC, USDA, and Conventinal Fannie Mae loan mortgagea pre-approval letter will have an effective date and expiration date. If the loan has not closed prior to the expiration date, the documentation will need to be updated and the process will have to be repeated. Any documents and information, such as property address, appraisal, title commitment, fully signed sales contract, etc. that the underwriter has conditioned for will appear on the Louisville Mortgage FHA pre-approval letter. The letter will also state the approved loan amount so that a borrower can place an offer on an appropriately priced home. In the event that any information changes, such as interest rate, employment or credit, the Louisville Mortgage FHA pre-approval will not longer be valid. The underwriter must review the new documentation and recalculate the pre-approved mortgage again. When there is a signed sales contract, the appraisal and title will be ordered and all conditions will be required to be cleared, At that time, the FHA underwriter will again underwrite the mortgage for a final time prior to closing.

Getting a pre-approval for an Louisville Mortgage mortgage for a home purchase will make the final closing of the loan faster. It also helps both the borrower and the real estate agent know what type of home to look for and what sales price the borrower is able to afford. For these reasons, it is important for a borrower to have the necessary documentation ready prior to looking for a home so that getting a pre-approval for an Louisville Mortgage mortgage will be a thorough and quick experience.

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Louisville Kentucky VA Mortgage Loan Checklist

2011-09-08T23:20:00.000-04:00

Louisville Kentucky VA Mortgage Loan Checklist

The following is a list of documents that may be required to process your Louisville Kentucky VA mortgage loan:

•One full month's worth of pay stubs

•Last 2 years W-2's

•If self employed: Last 2 years tax returns with all schedules (if you are using commission, dividend or rental income to qualify then you will also need to provide your tax returns)

•Address and phone number of all employers for the last two years.

•Address and phone number for all landlords for the last two years.

•Copy of your DD214

•Your Original VA Certificate of Eligibility (we can help you get this if needed)

•Copies of social security, pension, and/or retirement award letters (if applicable)

•Last two months bank statements for all accounts

•Documentation to support your funds to close

•Explanation for any derogatory credit (if applicable)

•Bankruptcy and discharge paperwork (if applicable)

•Divorce decree and settlement paperwork (if applicable)

Fill out my free Louisville Ky VA Mortgage Prequalification form by clicking here!

Louisville Kentucky FHA Condo Loans Available 09/07/2011

2011-09-07T10:30:00.000-04:00

Louisville Kentucky FHA Condo Loans Available 09/07/2011

Effective Wednesday, September 7, 2011, Louisville Kentucky FHA loans for Louisville Kentucky FHA-approved Condominiums will be available. The following are the guidelines for condominiums:

· Louisville Kentucky FHA Approved Projects only; For a current list, go to https://entp.hud.gov/idapp/html/condlook.cfm.

· FHA concentration within these projects may not to exceed 50%

· Site Condominiums are allowed and are not required to be a FHA Approved Project. A site condo is defined as a "totally detached single family dwelling".

· Not Allowed: Condotels, Timeshares or segmented ownership projects

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Louisville FHA Loans and Homeownership

2011-09-05T23:23:00.003-04:00

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Kentucky USDA Loans adding monthly PMI in October 2011

2011-09-05T23:01:00.000-04:00

Kentucky USDA Rural Development has long been the 100% financing leader for a lot of areas across the nation. One of the major benefits of this loan product was that it required no monthly escrows for an annual mortgage insurance (MI). MI is sometimes referred as PMI, and the loan is advertised many times as 100% Financing with No PMI. That’s all going to change come October 1, 2011.

USDA issued Administrative Notice 4551 on February 24, 2011 that alluded to this upcoming change. The change has been confirmed in an email that also included instructions on how to calculate the fee.

Following in the footsteps of what the Federal Housing Administration (FHA) did back in October of 2010, USDA will be lowering the up-front guarantee fee. FHA lowered their fee from 2.25% to 1%. USDA will be lowering their up-front guarantee fee from 3.5% back down to the 2%. That’s a nice change!

THE BIG CHANGE!

However, the other change is that it will now require a 0.3% annual mortgage insurance fee. While this fee is an annual fee, it is collected monthly in escrow like most mortgage insurance payments. In it’s basic form, on a $100,000 loan the calculation would be like this:

100,000 X 0.3% = $300 annual fee

$300 annual fee / 12 mo = $25/mo

Here’s a look at an example of a $100,000 of how it is currently and how it will change come October 1, 2011. Keep reading below for a look at the comparison of how a loan will look now vs. after Oct 1, 2011.
Here’s another major difference between USDA’s annual MI premium and most other premiums. USDA’s annual MI premium will be assessed the entire life of the loan. Mortgage insurance on both conventional and FHA loans is scheduled to cancel when the loan balance reaches 78% of the original purchase price. For an FHA loan with a 3.5% down payment, this is sometime between year 12 and 13. Compare that with USDA’s premium that could last the entire 30 years!
Here is a look at how it will affect borrower's come October 1, 2011.

Assumptions: $100,000 purchase price with $0 down payment. 5% 30 year Fixed Rate. No monthly escrows for property taxes, homeowner’s insurance and/or HOA’s are included.
NOTE: Before someone picks apart my calculation of the guarantee fee, and total loan amount, and annual MI calculations, this is simplified just to show the basic differences.

Current - Sep 30, 2011
On or after Oct 1, 2011

Up-front Guarantee fee = 3.5%
Annual MI = 0%

$100,000 base loan x 3.5% fee

Total Loan Amt = $103,500

P&I Pmt = $555.61

Total Payment:

$555.61

Total Fees collected by USDA:
~$3500
Up-front Guarantee fee = 2.0%
Annual MI = 0.3%

$100,000 base loan x 2.0% fee

Total Loan Amt = $102,000

P&I Pmt = $547.56
New MI pmt = $25

Total Payment:
$572.56

Total Fees collected by USDA:
$2000 + ~$6300 in annual premiums
~$8300!

It’s fairly clear that Kentucky USDA Rural Development is hopefully taking strides to make itself self-sufficient where it doesn’t have to rely on funding from the federal government each year. October 1, 2011 will begin a new fiscal year.

This change will affect any new Kentucky USDA loans where the conditional commitment is issued on or after October 1, 2011.

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How can I buy a Louisville, Jefferson County Kentucky HUD Home?

2011-09-05T17:11:00.000-04:00

How can I buy a Louisville, Jefferson County Kentucky HUD Home?

Anyone can purchase a Louisville, Jefferson County HUD Home as long as you have the cash to purchase the home or you can qualify for a loan to purchase it. Louisville, Jefferson County HUD Homes are sold through a bid process and you will need a HUD-approved real estate agent to assist you with that bid process. HUD will even pay that real estate agent's fee.

Louisville, Jefferson County HUD Homes are sold 'as-is,' without warranty. That means that HUD will not pay to correct any problems. But even if a Louisville, Jefferson County HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your real estate agent will have details.

We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.

Start your Louisville, Jefferson County HUD Home buying process by finding a participating real estate agent. Your real estate agent must submit your bid for you. Normally, Louisville, Jefferson County HUD Homes are sold in an 'Offer Period'. At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours. You'll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale.

To view listings of Louisville, Jefferson County HUD Homes or to find HUD-approved real estate agents, please visit the following web site

http://www.HUD.GOV/HUDHomes

All Louisville, Jefferson County Kentucky HUD Homes are sold by private companies called Marketing and Management Contractors. By accessing the web site above you will be guided to the Marketing and Management contractor for your area. All bidding and closing information will be processed by that company.

Fill out my form by clicking here for your 2 minute FHA/HUD Mortgage Preapproval!

Louisville Kentucky VA Funding Fee Chart

2011-09-05T10:53:00.000-04:00

Louisville Kentucky VA Funding Fee Explained

The Louisville Kentucky VA Funding Fee is paid directly to the Department of Veteran's Affairs and is the reason they can guarantee this no-money-down loan program. This fee is paid so that Louisville Kentucky VA eligibile borrowers can enjoy loan benefits such as $0 down financing and no PMI payments.

Louisville Kentucky VA Funding Fee Chart

The Funding Fee is calculated by looking at 5 different factors: Loan amount, loan type (Purchase or Refinance), type of service, down payment (if any) and prior VA loan use. Take a look at the charts below to see how the va funding fee varies based on these factors.

Purchase - First Time Use

Down Payment Active Duty/Retired Guard/Reserve

$0 Down 2.15% 2.40%

5-10% Down 1.50% 1.75%

10% or More 1.25% 1.50%

Purchase - Additional Use

Down Payment Active Duty/Retired Guard/Reserve

$0 Down 3.30% 3.30%

5-10% Down 1.50% 1.75%

10% or More 1.25% 1.50%

Cashout Refinance

VA Usage Active Duty/Retired Guard/Reserve

1st Time Use 2.15% 2.40%

Additional Use 3.30% 3.30%

IRRL (Interest Rate Reduction Loan)

VA Usage Active Duty/Retired Guard/Reserve

1st Time Use 0.5% 0.5%

Additional Use 0.5% 0.5%

How the Funding Fee is Paid

The funding fee doesn't need to be 'paid' separately and is typically rolled into the loan. This is a big benefit to borrowers looking to take advantage of the $0 down benefit of the Louisville Kentucky VA loan. Not only do borrowers not need to put anything down, but they can also finance the Louisville Kentucky VA funding fee as well.

Louisville Kentucky VA Funding Fee Exemption

Borrowers are exempt from paying the funding fee if they receive any disability payments from the VA or are considered at least 10% disabled.

Questions? Call 502-905-3708 or email us at kentuckyloan@gmail.com

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PMI Mortgage insurance for Kentucky Mortgage Loans

2011-09-04T22:47:00.000-04:00

I have lived in my home for 5 years and am in the process of selling it. I had to buy PMI insurance because I did not have 20% down. Am I entitled to any type of refund once I sell the house?

Entitlement to a refund and the amount would depend on the mortgage insurance plan type and the refundable or non-refundable/limited option chosen at origination. Your best bet is to ask your lender directly, as there are many different mortgage insurance plans and combinations.

I think banks are being very greedy in demanding a secured loan plus PMI and still wanting a perfect credit rating for 7 years. My husband and I are trying to buy a home. We have a good credit rating, but not perfect credit for 7 whole years. If you guarantee the loan, what is their problem in granting it?

Mortgage insurance does not guarantee the loan, it only insures a designated portion (commonly only 12-30%) of the loan against default. The combinations of loan characteristics (credit, collateral, MI, etc.) are established as requirements by investors. Loans usually end up in mortgage backed securities. The mortgage securities may be purchased by investors, for example to go into Individual Retirement Accounts (IRA's), 401K plans, etc. The investment funds for IRAs, 401Ks, etc., have risk and return requirements which ultimately dictate the loan characteristics.

If mortgage insurance is canceled, are any pre-paid premium amounts refunded (particularly if they were originally paid by adding them to the loan amount)?

If all the mortgage insurance was financed at the time of origination and is canceled prior to it's maturity you may be entitled to a refund if the refundable option was chosen at time of origination. However, if the no refund/limited option was chosen no refund is due.

If a borrower currently has an FHA loan w/MI, after the LTV has reached 80% or less can the MI be canceled?

It is best to refer back to your lender for specific information on FHA loans.

Effective April 18, 2011 The charts below illustrate the 25 basis points (bps) increase in the Annual Mortgage Insurance Premiums. There are no changes to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that this increase will have minimal impact on borrowers but will significantly strengthen the capital position of the MMIF.

The increase in the Annual Mortgage Insurance Premiums for forward mortgage amortization terms is effective for case numbers assigned on or after April 18, 2011.

Upfront Premiums:

Upfront premiums will not change on April 18, 2011. FHA will continue to charge an upfront premium in an amount equal to the following percentages of the mortgage:

Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.00 percent

Streamline Refinances (all types) = 1.00 percent

Home Equity Conversion Mortgages = 2.00 percent

Annual Premiums:

Annual premiums will increase by 0.25% effective April 18, 2011.

For FHA traditional purchase and refinance products, the annual premium, shown in basis points below, is to be remitted on a monthly basis, and will be charged based on the initial loan-to-value ratio and length of the mortgage according to the following schedule (effective with FHA case numbers assigned on or after 4/18/2011):

LTV Ratio Annual Premium for over 15 Years and up to 30 Years LTV Ratio Annual Premium for Loans 15 Years and Under

95.00% and Under 1.10% 78% and under 0.00%

95.01% and Over 1.15% 90.00% to 78.01% 0.25%

90.01% and Over 0.50%

How long will I have monthly FHA mortgage insurance? Years will be determined when the loan balance equals 78% of the initial sale price or appraised value, which ever is lower, provided the mortgagor has paid the annual mortgage insurance premium for at least 5 years.

Can you give an example of how the mortgage insurance escrow's get applied to the payment?

Your lender collects moneys on escrow and remits to PMI when the premium is due. Typically, on an annual premium plan, the lender collects 14 months premium at closing. Twelve months of the premium is paid to PMI as the initial premium. The remaining two months is used to start the escrow account. The lender then collects 1/12 of the renewal every month thereafter. It is hard to give a general rule on a monthly premium plan. The plan was developed in 1994 and lenders have developed unique escrow procedures.

Premise: Mortgage insurance covers the lender for the difference between the loan amount and 80% value of the property. So for a borrower who puts 10% down, in effect mortgage insurance covers the 10% difference. What are approximate rates in premium say per $1000 dollars? Does credit history have a bearing on the premium? Can the borrower negotiate the premium?

PMI actually covers the lender for a percentage they designate. The percent of coverage is usually driven by the investor's (often, Fannie Mae or Freddie Mac) requirements. Therefore, the approximate premium per $1000 varies based on the required coverage. The premium is fixed based on plan type (loan to value, loan type, loan term, etc.) and not related to individual borrower characteristics. Therefore, the premium is not negotiable.

Are mortgage lenders supposed to provide borrowers with information on the conditions when they can cancel mortgage insurance? Are these conditions supposed to be in the loan documentation? If the borrower pays mortgage insurance monthly, and his equity goes up, should his premiums go down? Is the mortgage lender supposed to notify the borrower when he reaches 20% equity? Which states have laws on this subject? Can the borrower choose the mortgage insurance company or does the lender do that?

Because of the wide variation in lender, investor and state requirements, it is necessary to consult your lender on these questions. Keep in mind when considering mortgage insurance issues that the lender is the insured, not the borrower.

Would mortgage insurance be of use to lenders to help approve loans for higher risk (i.e. self employed) individuals?

PMI does insure loans made by lenders to self employed borrowers. However, it is unlikely that coverage would have any effect on the lender's ability to offer such loans. Generally, mortgage insurance is required due to low down payment and associated risk and not related to borrower credit characteristics or history.

Does mortgage insurance apply for investor properties?

PMI only insures loans on owner occupied residential properties (1 to 4 units).

What is private mortgage insurance?

Mortgage insurance is a type of insurance that helps protect lenders against losses due to foreclosure. This protection is provided by private mortgage insurance companies, and allows lenders to accept lower down payments than would normally be allowed.

Mortgage insurance also enables lenders to grant loans that would otherwise be considered too risky to be purchased by third party investors like the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). The ability to sell loans to these investors is critical to maintaining mortgage market liquidity, which in turn, allows lenders to continue originating new loans.

Is private mortgage insurance different from other kinds of insurance associated with mortgages?

Private mortgage insurance protects the lender in the event of borrower default and subsequent foreclosure on the home. FHA and VA insurance also protect the lender against borrower default under a government program rather than through the private enterprise system.

Credit insurance, sometimes called mortgage insurance, is life insurance coverage that pays off the mortgage in the event a borrower dies, becomes disabled, or incurs loss of health or income. Fire, liability, and theft insurance cover the homeowner from losses according to the terms and conditions of their respective insurance policies.

How small can my down payment be?

Private mortgage insurance makes it possible for a home buyer to obtain a mortgage with a down payment as low as 5% and for low-to-moderate income home buyers as low as 3%. Such mortgages are popular today because potential home buyers are not able to accumulate the 20% down payment that is generally required by lenders if a loan is not insured.

Who pays for mortgage insurance?

The lender does, although they will generally pass that cost on to the borrower. Typically, a portion of the mortgage insurance premium is paid up front at closing, and the rest is paid as part of the monthly mortgage payment.

What are the payment options for mortgage insurance?

Private mortgage insurance can be paid on either an annual, monthly or single premium plan. Premiums are based on the amount and terms of the mortgage and will vary according to loan-to- value ratio, type of loan, and amount of coverage required by the lender.

Under an annual plan, an initial one year premium is collected up front at closing, with monthly payments collected along with the mortgage payment each month thereafter. Monthly plans allow a borrower to pay the lender only 1 or 2 months worth of premium at closing, and then on a monthly basis along with the regular mortgage payment. Under a single premium plan, the entire premium covering several years is paid in a lump sum at closing. Typically, home buyers choose to add the amount of the lender's mortgage insurance premium to the loan amount. By doing this, home buyers can reduce their closing costs and increase their interest deduction.

Below are examples of how a variety of mortgage insurance premium plans could affect your mortgage payments:

Annual Plan Monthly Premium

Plan Single Premium

Plan (financed)

Loan Amount(*) $150,000 $150,000 $150,000

Cash for MI at closing $750 $56 $0

Financed Premium $0 $0 $3,000

Total mortgage amount $150,000 $150,000 $153,000

Monthly P&I(**) $1,317 $1,317 $1,343

MI Renewal $43 $56 $0

P&I plus monthly MI $1,360 $1,373 $1,343

(*)Loan amount of $150,000; 10% down payment; 30 year fixed rate loan at 10% interest.

(**)P&I stands for monthly Principal and Interest on the mortgage.

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Can mortgage insurance coverage be canceled?

Mortgage insurance is maintained at the option of the current owner of the mortgage. In many cases, the lender will allow cancellation of mortgage insurance when the loan is paid down to 80% of the original property value. However, the degree of equity in the home is not the only factor that a lender may take into consideration. Note that the law in certain states requires that mortgage insurance be canceled under some circumstances.

How does private mortgage insurance differ from FHA insurance?

Although the insurance protection concept is similar, there are differences between private mortgage insurance and FHA. FHA insurance is a government-administered mortgage insurance program that does have certain restrictions. FHA has maximum regional loan limits that are lower than those with private mortgage insurance. FHA may be more expensive, takes longer to receive approval, and has fewer payment plan options. FHA insurance lasts for the life of the loan, unlike private mortgage insurance which is cancelable in most circumstances. FHA is a good choice for some borrowers with credit history problems that might need special assistance.

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