Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Credit Scores and Kentucky Mortgage Loans

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Credit Scores and Kentucky Mortgage Loans: "Credit Scores and Kentucky Mortgage Loans The best way to rebuild a damaged credit score, ironically, is to use credit . Avoiding bo..."

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Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: 4 Things Every Borrower Needs to Get Approved for ...

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: 4 Things Every Borrower Needs to Get Approved for ...: "4 Things Every Borrower Needs to Get Approved for a Mortgage or Home Loan In Kentucky FHA VA KHC, Conventional, Fannie Mae, Freddie Mac ..."

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Kentucky Mortgage Rates daily to get you best rates in Ky

Get a mortgage after foreclosure, bankruptcy | Inman News

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Draft bill would hike FHA loan down payments to 5%, slash loan limits | Inman News

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Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: KENTUCKY USDA RURAL DEVELOPMENT LOANS ZERO DOWN

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: KENTUCKY USDA RURAL DEVELOPMENT LOANS ZERO DOWN: " KENTUCKY USDA RURAL DEVELOPMENT LOANS Kentucky USDA is a manually underwritten product that has to be delivered to the Local USDA branc..."

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Kentucky VA Mortgage Loan FAQ

Kentucky VA Mortgage Loan FAQ


Frequently asked questions about Kentucky VA loans for purchases

Are you associated with the VA?

No. Key Financial Mortgage is not a part of, nor are we affiliated with, the VA. The Veteran's Administration is a government agency, not a lender. The VA simply insures the mortgage; they do not loan the money. Key Financial Mortgage is a licensed loan mortgage broker in the State of Kentucky (NMLS#1800). I am a licensed loan officer, Joel Lobb, in the state of Kentucky NMLS#57916


What is a VA mortgage?

A VA mortgage is a guaranteed loan made by banks, savings and loans, or mortgage companies to eligible veterans for the use of purchasing a home. The guaranty means the lender is protected against loss if you fail to repay the loan as the VA will pay the lending institution. The guaranty also allows you to purchase the home without a down payment.



Does my VA entitlement guarantee that I will get approved for a home loan?

No, it does not. Each lender has their own set of policies in regards to loan approval. But each lender must comply with VA income and credit standards.



When I purchase a home with a VA mortgage, how much do I need to put down?

You can purchase your home using VA status with $0 down.



How much can I borrow?

You can finance 100% of the home's value up to $417,000. Remember, your mortgage company must approve the total amount borrowed.



Is getting a Kentucky VA loan easier than a conventional mortgage for first time homebuyers?

Credit and income standards are not as strict with VA loans, making the approval process easier. But if you don't have established credit, getting approved for a loan can sometimes be more difficult then those with established credit.



If I don't put 20% down, will I have to pay Private Mortgage Insurance (PMI)?

No. Because the loan is backed by the government, you are not charged PMI.






How come not every mortgage company or bank offers VA loans?

The Department of Veteran Affairs requires companies who offer VA loans to go through a thorough approval process.


How do I qualify for a VA mortgage loan?

The first step is to obtain a Certificate of Eligibility.



How do I get a Certificate of Eligibility?

Complete a Request for a Certificate of Eligibility Form (VA Form 26-1880). Then, submit the completed form to the Winston-Salem Eligibility Center along with proof of military service. It is sometimes possible for the VA to establish eligibility without proof of service; however, to avoid delays, it is best to provide the information.



What is the address of the Winston-Salem Eligibility Center?

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



Can you, as my lender, help me with my Certificate of Eligibility?

Yes. We have access to the portal and can establish eligibility and issue a Certificate of Eligibility online very quickly.



Is there a fee to get pre-qualified for a loan from a lender?

No. Pre-qualification is free.



Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability, is eligible for the home loan.



Are the children of a living or deceased veteran eligible for the home loan benefit?

No. Children are not eligible to use VA status for a home mortgage.



Is a guaranteed loan considered a gift from the VA?

No. Your VA home loan must be repaid the same as you would repay any other loan. If you do not make your house payments, you could lose your home to foreclosure.



Are VA loans available for a home outside of the United States?

No. Unfortunately, the current law only allows the VA to guarantee loans on property located in the United States.



If I've had a bankruptcy in the last few years, can I qualify for a Kentucky VA mortgage?

Declaring bankruptcy does not disqualify you from a VA home loan.



Does one's credit score effect the interest rate?

Although your credit score can affect your interest rate with a conventional loan, it has no bearing on the rate for a VA loan.



Do I have to pay a fee for a Kentucky VA home loan?

Yes. The VA funding fee is required by law. The fee was established as a way for the veteran who obtains the VA home loan to contribute toward the cost of the benefit to decrease the cost to taxpayers. The funding fee will be slightly higher for second time users based on the idea that these borrowers have already had a chance to use the benefit once. In addition, prior users have had time to accumulate equity or save money.



Can I reduce my funding fee?

A first or second time user who makes a down payment of at least 5% will pay a reduced funding fee of 1.5%.



Do I still pay a VA funding fee if I'm a disabled veteran?

If you are rated as being 10% disabled, or higher, you will be exempt from paying the VA funding fee. If you qualify, be sure to inform your lender when starting the loan process.



Does everyone pay a VA funding fee?

No. If you are rated as being 10% disabled, or higher, you will be exempt from paying the VA funding fee. In addition, a surviving spouse of someone killed in the line of duty or someone that died from an injury sustained in the line of duty is not required to pay the fee either.



If I use my VA status to purchase a house, do I have to occupy the premises?

Yes. You must certify that you intend to occupy the property as your home based on current law. This requirement is fulfilled if you actually move in to the house when the loan is closed or within a reasonable time afterward.



If I'm currently on active duty and deployed, can I still qualify for a VA loan?

Yes, if the house is your spouse's primary residence.



Can a veteran join with a non-veteran who is not a spouse in obtaining a Kentucky VA loan?

Yes, this can be done, but the guaranty is based only on the veteran’s portion of the loan. The guaranty cannot cover the non-veteran's part of the loan. Ask your loan officer if they accept applications for this type of joint venture.



What happens to the mortgage loan if the veteran dies before it is paid off?

If the home loan is not paid in full in the case of death, the surviving spouse or any other co-borrower must continue to make the payments. If there is no co-borrower, the loan becomes the obligation of the veteran's estate.



Does my veteran home loan entitlement have an expiration date?

No. Your loan entitlement is a lifetime benefit you are provided for serving your country.



Is it possible to have two VA loans at once?

Generally, no it is not possible. That being said, there are some unusual circumstances where it may be a possibility. Ask your lender.



Will I pay closing costs with a Kentucky Mortgage VA loan?

Yes. All VA loans have closing costs. You may be able to obtain a loan where you do not pay lender fees, but you will still have to pay all third party fees and title expenses.



What is the difference between closing costs and pre-paid items?

Closing costs are costs related to underwriting, attorney fees, title insurance, and any other item associated with setting up your loan. Pre-paid items, though, are costs associated with maintaining your loan. These fees include setting up escrow for taxes and insurance. In addition, any interest your loan will accrue from closing up until the first day of the following month is included in the pre-paid items.



Is there a pre-payment penalty on a Kentucky
Mortgage VA loan?

No. You can pay off the loan partially or in its entirety prior to its term payoff date without a penalty.



Frequently asked questions about VA loans for refinance


What is a stream line refinance?


A streamline refinance is a mortgage refinancing option strictly for those that used their VA status when obtaining their original mortgage. With a streamline refinance, you can refinance your original mortgage to a lower interest rate with minimal effort and very little or no out-of-pocket expense.



Can I take cash-out with a VA streamline refinance?

No. A VA refinance does not allow you to receive any cash at closing, but you can roll in any costs involved with refinancing your loan.



Is the surviving spouse of a deceased veteran eligible for the interest rate reduction refinance loan?

Yes. A surviving spouse who obtained a VA home loan with the veteran prior to his/her death, regardless of the cause of death, may obtain a VA guaranteed interest rate reduction refinance loan.



How much can I borrow with a streamline refinance?

You can borrow the amount you currently owe on your home without needing to go through an underwriting analysis or get a new appraisal.



Do I need my certificate of eligibility for a streamlined refinance?

No. Since you had your certificate of eligibility when you received your original VA home loan, then you do not need to provide it again when your refinance.





Fill out my free mortgage prequalification form by clicking here for a VA Loan in Ky!

How Much Income Do I Need to Qualify for an Kentucky FHA Home Loan?

“How much income do I need in order to qualify for an Kentucky FHA home loan?” 

That is one of the most popular questions many first time home buyers ask about getting an Kentucky FHA mortgage.



The answer often comes as a surprise. The FHA has no minimum income requirement–there is no dollar amount listed as the baseline for which Kentucky FHA loans are approved. 

What the FHA does require is a history of steady income for at least three years. That FHA requirement should not be misinterpreted–it does not establish a minimum length of employment at any one company. It is intended to set a minimums for steady income rather than attempt to gauge employability or longevity at any one firm.



Kentucky FHA income requirements are often misinterpreted in other ways. Some wrongly assume that some types of employment, however dependable, might not count because of the nature of the work. Seasonal work, for example, might pay over one part of the year only. 

Does it still qualify? If you can show the FHA that the income is steady and dependable–in spite of being non-traditional–it still works for an Kentucky FHA loan application.



For the purposes of applying for the loan, steady income is more important than large income.



Seasonal pay, child support, retirement pension payments, unemployment compensation, VA benefits, military pay, Social Security income, alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady. Special savings plans-such as those set up by a church or community association – qualify, too. Income type is not as important as income steadiness with the FHA.



Some don’t realize that income sources including disability payments, Social Security pay, child support or alimony, even part-time work or overtime pay all count when applying for an Kentucky FHA mortgage.



Bonuses may also be used, but in the case of overtime and bonus pay, FHA rules are clear. “An earnings trend also must be established and documented for overtime and bonus income. If either type shows a continual decline, the lender must provide a sound rationalization in writing for including the income for borrower qualifying.”



FHA rules also state, “If bonus income varies significantly from year to year, a period of more than two years must be used in calculating the average income.”




The key to all of this is consistency in the rate of pay, the amounts, and for how long.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

 

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364


click here for directions to our office

 

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

 

https://www.mylouisvillekentuckymortgage.com/

HUD SECRETARY ANNOUNCES DISASTER ASSISTANCE FOR KENTUCKY STATE STORM VICTIMS

HUD SECRETARY ANNOUNCES DISASTER ASSISTANCE FOR KENTUCKY STATE STORM VICTIMS


Foreclosure protection offered to displaced families in 23 counties

WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to the State of Kentucky and provide support to homeowners and low-income renters forced from their homes following severe storms, tornadoes, and flooding last week.



Yesterday, President Obama issued a disaster declaration for Ballard, Boone, Bracken, Campbell, Carlisle, Carroll, Carter, Crittenden, Daviess, Fleming, Fulton, Gallatin, Henderson, Hickman, Kenton, Lawrence, Livingston, McCracken, Morgan, Nicholas, Oldham, Owen, Union and Washington counties in Kentucky. The President's declaration allows HUD to offer foreclosure relief and other assistance to certain families living in these counties.



"Families who may have been forced from their homes need to know that help is available to begin the rebuilding process," said Donovan. "Whether it's foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can."



HUD is:



•Offering the Commonwealth of Kentucky and other entitlement communities the ability to re-allocate existing federal resources toward disaster relief - HUD's Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department's CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;





•Granting immediate foreclosure relief - HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;





•Making mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;





•Making insurance available for both mortgages and home rehabilitation - HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and





•Offering Section 108 loan guarantee assistance - HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.





•Information on housing providers and HUD programs - The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.



Read about these and other HUD programs designed to assist disaster victims
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Kentucky USDA Loans

Kentucky USDA Loans

What are USDA Home Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you're unsure about your credit rating, or have concerns about a down payment when you're doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.



What Types of Loans does USDA offer in Kentucky?

Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:



USDA Guaranteed Rural Housing Loans

USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.



USDA Direct Rural Housing Loans

USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.



What factors determine if I am eligible for a USDA Loan in Kentucky?

To be eligible for A USDA Rural Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.



What is the maximum amount that I can borrow?

The maximum amount for an USDA home loan is determined by:





Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.



Maximum financing: The maximum USDA Rural Development Loan amount is 103.5% of the appraised value of the home (100% plus the 3.5% USDA RD Loan guarantee fee).



How much money will I need for the down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).



What property types are allowed for USDA Rural Loan Mortgages?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.

 800 Stone Creek Pkwy, Ste 7,

Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|

 Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com 

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Louisville FHA Loans

By MARYANN HAGGERTY



The most popular low-down-payment loans have been those insured by the Federal Housing Administration. Borrowers can make down payments as low as 3.5 percent; they pay an upfront fee (often rolled into the loan) and a monthly premium. An alternative is private mortgage insurance, or P.M.I., available to those who put down at least 5 percent.



As the name implies, the insurance is provided by a private company rather than the government. Premiums can be paid up front, each month, or in a mix. The amount of the premium drops as the size of the down payment rises. Use of these loans has fallen off sharply in recent years as the P.M.I. companies tightened standards and F.H.A. gained popularity.



Effective on April 18, F.H.A.’s annual premium on a 30-year loan rose to 1.1 or 1.15 percent of the loan value, up from 0.85 or 0.9 percent. (The higher rates are for down payments below 5 percent.) On a $400,000 loan with the minimum down payment, that’s $83 more per month.



The monthly fee is in addition to the up-front premium, equal to 1 percent of the loan value. Which loan to go with may depend on the answer to a question: “how long is it going to take to recoup that 1 percent up front?” said Matt Hackett, an underwriting manager at Equity Now, a direct mortgage lender based in New York.



In the first quarter, 17.7 percent of new loans were F.H.A., according to Inside Mortgage Finance, an industry data provider, while P.M.I. had a 5.4 percent market share. Applications for F.H.A. loans jumped 20 percent in the month preceding the price increase, then tumbled when it went into effect, according to the Mortgage Bankers Association.



In addition to lower minimum down-payment requirements, F.H.A. has laxer rules for credit scores and debt-to-income ratios. Right now, it also has lower interest rates, said Thatcher Zuse, the president of Sound Mortgage, a lender and broker in Guilford, Conn. “Almost as a rule, as the rates stand right now, the less equity you’re putting down, the better the F.H.A. deal becomes.”



Mr. Zuse ran the numbers for two buyers able to put 5 percent down. For a buyer with a 780 credit score, the cost difference between F.H.A. and P.M.I. was negligible, but a buyer with a 650 score could save about $200 a month on a $400,000 F.H.A. loan.



There are circumstances peculiar to the New York area that could push a borrower to F.H.A., said Robert Donovan, a Bank of America senior vice president and regional sales executive. For one thing, the region has a high concentration of two- to four-unit homes, popular with buyers who want to live in one apartment while renting out another. Loans in such cases are treated much more liberally by F.H.A., he said.



The same goes for new-construction condominiums of any size: until more than half a project is sold, conventional loans may not be an option. F.H.A.-backed loans are available even if as little as 30 percent of the project is sold, Mr. Donovan said.



In the broadest terms, for someone with no special circumstances, great credit and a more-than-minimum down payment — say, 10 or 15 percent — P.M.I. may turn out to be the better deal. Someone with weaker credit or less cash may find F.H.A. works better.



To generalize, “if you qualify for P.M.I.,” Mr. Hackett said, “you should usually choose the P.M.I., because it is going to be less.”



Circumstances vary, though, so ask any lender to produce a written comparison, said Michael Moskowitz, the president of Equity Now, “just to keep the lender honest.”

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Current Louisville Kentucky Mortgage Rates for today

I am available from 9 AM to 9 PM daily. I make every effort to take all calls and respond to email promptly.


Current Mortgage Rates today in KY: FHA/VA,KHC,USDA,Conventional



Current Louisville Kentucky Mortgage Rates for today



Mortgage Product Mortgage Rates (APR)






15 Year Fixed Conventional 3.625% 4.135% apr


30 Year Fixed Conventional 4.375% 4.834% apr


30 Year Fixed FHA 4.375% 5.275% apr


30 Year Fixed USDA 4.625% 5.288% apr


30 year Fixed VA 4.375% 5.589% apr


30 year Fixed KHC 4.500% 5.470% apr



Current Louisville Kentucky Mortgage Rates today may contain points



Today's Louisville Ky Mortgage Current Rates are subject to qualifying criteria

Subject to credit approval

Rates are subject to change without notice.







Joel Lobb Licesned Mortgage Originator KY (NMLS# 57916)



Key Financial Mortgage (NMLS# 1800)



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Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: KHC Loan Programs

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