Kentucky Fannie Mae Homepath Incentives for 2014




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Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: 2014 Kentucky Down Payment and Closing Costs Assis...

Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: 2014 Kentucky Down Payment and Closing Costs Assis...: 2014  Kentucky Down Payment and Closing Costs Assistance for 2103 Kentucky Mortgages 2014 kentucky down payment assistance guideline...



Kentucky Fannie Mae Conventional Mortgage Insurance for 2014

Conventional Mortgage Insurance for a Kentucky Mortgage Loan Approval

There are different types of  traditional monthly PMI for Fannie Mae Conventional Mortgage Loans in Kentucky. Single Financed MI, and monthly mortgage insurance. 

The Major MI companies for most Kentucky Fannie Mae Mortgage loans are underwritten by  Radian, MGIC, UG and Genworth.

Most companies will not approve MI on a loan if the DTI exceeds 45%.  The max LTV we will finance is 95%.  For further underwriting details and MI rate quotes, please contact









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Louisville Kentucky VA Home Loan Mortgage Lender: Kentuucky VA Home Loan Program: IRRL/Streamlined ...

Louisville Kentucky VA Home Loan Mortgage Lender: Kentuucky VA Home Loan Program: IRRL/Streamlined ...:   If you've got your VA Home Loan COE and are considering purchasing a home, you'll want to check this out:   http://www.armytimes....

2014 Income Limits for the Kentucky USDA Rural Housing Single Family Guaranteed Loan Program





The 2014 Income Limits for the Kentucky USDA Rural Housing  Single Family Guaranteed Loan Program were published on February 12, 2014. 

The Ky USDA Rural Housing Guaranteed Underwriting System and the Income Eligibility calculator for Kentucky USDA Home Buyers have been updated with the new income limits. 

The new income limit changes will apply to all loans submitted through GUS on and after February 12, 2014.

Kentucky USDA Rural Housing 2014 Income limits can be found online at:

 http://www.rurdev.usda.gov/SupportDocuments/KY%20GRH.pdf















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Kentucky Mortgage Loan Approval for USDA, FHA, VA, and Fannie Mae with a previous short sale or foreclosure. How long do you have to wait?

 Obtaining new financing after a Short Sale or Foreclosure for a Kentucky USDA, FHA, VA, and Fannie Mae Loan?



  Kentucky Mortgage Short Sale:
Conventional Loans Require:

Minimum 2 years with restrictions up to 7 years
2 to 4 years - 80% maximum LTV
4 to 7 years - 90% maximum LTV
7 years and after allow for maximum standard financing

Kentucky FHA and Kentucky VA Loans Require:

3 years, with exceptions possible for less time if borrower's credit and mortgage payments were in good standing prior and up to date of Short Sale

  Kentucky Mortgage Foreclosure:
Conventional Loans Require:

7 years, with exceptions considered between 3 to 7 years if significant extenuating circumstances exist

Kentucky FHA and Kentucky VA Loans Require:

FHA: 3 years, with exceptions possible for less time if significant extenuating circumstances exist
VA: 3 years, with exceptions possible for less time if significant extenuating circumstances exist


Please contact me for a free mortgage pre-approval or with questions!









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Interest Rate Lock for a Kentucky Mortgage Loan

Interest Rate Lock on a Kentucky Mortgage Loan.




What is a rate lock?

A rate lock is an agreement between you (the borrower) and us (the lender) that a specific interest
rate will be provided to you for a specific period of time (the rate lock period).

When is my rate locked?

We will confirm and lock your interest rate with your verbal or written authorization.

What if rates go up before I close my loan?

Once your rate is locked, we immediately purchase money from our investors for you at that specific
rate. As long as your loan application is approved and all the other terms and conditions or the approval
requirements are met, this money will be available to you at your loan closing regardless of
market conditions after you have locked your rate. If interest rates have increased, you are protected
and can be assured that your locked rate will be honored on your loan papers on the date of closing.
We will NOT ask you to pay a higher interest rate simply because the market has worsened.

If rates appear to be dropping, why shouldn’t I wait to lock a rate?

Ask yourself what would be more disappointing: locking a rate and finding that you may have missed
a lower rate or NOT locking your rate and finding that rates have increased? It is our objective as
advisors to assist you in determining an optimal time to lock an interest rate given our professional
assessment of market conditions as well as your objectives as our client. We may not be able to
catch the very lowest rate every time, however, trying to time the market is a risky game. Far too often
the market can and does spike sharply leaving many clients wishing they would have locked in a
rate. Keep in mind that if rates continue to fall, you can always refinance your loan, subject to our
Post-Closing Refinance Policy.

How soon can I refinance my rate after closing?

As lenders, our contractual agreement with our investors requires that the loans we originate stay on
their books for at least 120 days. If the loan is paid off within that period of time (i.e. through a refinance),
we must return the compensation we received for our services on the initial loan. While we
cannot prevent you from refinancing during the first 120 days, we can only ask you in good faith if
you would refrain from doing so.


Interest Rate Lock for a Kentucky Mortgage Loan













Kentucky First Time Home Buyer Loan Programs

Kentucky First Time Home Buyer Loan Programs



What is a First Time Buyer Loan?
Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.
FHA and VA Loans for First Time Buyers Apply Online
First time homebuyers often experience the most difficulty amounting a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Kentucky Federal Housing Administration (FHA) and the Kentucky Veteran’s Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. Kentucky FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.

Who is Eligible for a First Time Buyer Loan?
Kentucky First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.
Community Home Buyer Programs

Kentucky  Community homebuyer programs reduce the down payment the borrower must pay to 3%, which must be the borrower’s own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.
What is Escrow?
Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.
Mortgage Credit Certificates

A Mortgage Credit Certificate or MCC from KHC -Kentucky Housing Corp is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC but in special cases that you may discuss with your home loan advisor this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with your home loan representative.
Louisville Ky First Time Buyers Program

 First time buyer programs in Louisville can make securing a Louisville home loan easier and more affordable. Contact us at 502-905-3708 for your Louisville Ky  mortgage to begin your first time buyer loan.