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I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
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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
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
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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
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
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How to Avoid a Mortgage PMI
How to Avoid a Mortgage PMI
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1
Determine whether you can afford a 20 percent down payment. Conventional loans require PMI when the balance of the first mortgage exceeds 80 percent of the home’s value, or LTV. So the simplest way to avoid PMI is to put 20 percent down when purchasing a home. In June 2010, the median home price in the Bay Area was $465,000, meaning the median down payment needed to avoid PMI was $93,000.
2
Find a second mortgage to close with the first mortgage simultaneously if a 20 percent down payment isn't workable. Banks and mortgage brokers both have access to second-mortgage programs. Since conventional lenders require mortgage insurance only when the first mortgage exceeds 80 percent LTV, a second mortgage can allow you to put less than 20 percent down and still enable the first mortgage to close without PMI. Both mortgage lenders will have to approve the other's loan terms, but this is usual and customary.
3
Request a loan from your lender without PMI if neither a large down payment or second mortgage is feasible for you. These no-PMI loan programs are mostly available through banks, but some brokers offer them as well. Typically these are portfolio loans (loans the bank plans to keep instead of selling to Fannie Mae or Freddie Mac) and offer rates that are comparable or a bit higher than conventional rates.
4
Ask the seller to pay a onetime PMI payment as a final option. Some mortgage insurance companies offer single-pay PMI, which requires payment in full upfront and covers the lender for the life of the loan. If your seller will pay this amount and the lender will accept single-pay PMI, then your loan can be above 80 percent LTV.
Tip
- PMI, while it can be expensive, is for the most part tax-deductible. Typically if the interest on the loan is tax-deductible, so is the PMI. Your accountant will determine whether the PMI qualifies.
- The higher the percentage your down payment is, the less expensive the PMI will be. If you can put 8 or 9 percent down, try to find enough to equal 10 percent. This will drop the mortgage insurance down to the next lower pricing tier.
Warning
- Although FHA and VA loans do not require PMI, they do require their own version of it. FHA requires an upfront mortgage insurance premium and a monthly mortgage insurance premium. VA requires a funding fee that varies based on the veteran's status and whether he/she was active duty or Reserve/National Guard.
References
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Key Financial Mortgage LLC Video | Mortgage Services in Louisville
https://www.facebook.com/LouisvilleKentuckyFirstTimeHomeBuyer/videos/1037331663106364/
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
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 USDA RHS Rural Housing Mortgage Loans for 2020
Kentucky USDA RHS Rural Housing Mortgage Loans for 2020
Kentucky USDA Rural Program Guidelines
Borrower Eligibility
U.S. citizens
Permanent resident aliens
First time homebuyers allowed
Maximum 2 borrowers allowed
Non-occupant co-borrowers NOT allowed
Commitment Fee
USDA Rural Developmet charges a 1% Commitment Fee
Commitment Fee can be financed into the loan
Example:
Purchase price – $100,000
Loan amount – $101,040
Commitment Fee – $1,000
Maximum financed loan amount = $101,040 ($100,000 [purchase price]/.98)
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
Downpayment Requirement
No down payment is required
If borrower has adequate assets (i.e. 20% of the property purchase price) to obtain conventional financing the borrower may be ineligible for the USDA Rural Development Loan
Eligible Properties
Must be in an eligible Kentucky USDA Rural Development Location
Owner-occupied properties
Existing attached & detached single family residences
New construction with permanent financing only
PUD’s (i.e. Townhomes)
Condo-units. HUD, VA, FNMA or FHLMC approved project
Ineligible Properties
Co-ops
Mixed-use
Condotels
Manufactured homes
Log cabin homes
Single Family Homes where the Land value exceeds 30% of the appraised value AND can be sub divided.
Maximum Income Amount
County specific. Reference the USDA website for adjusted household income limits
Maximum Loan-To-Value
Maximum loan-to-value is 101%
Maximum Mortgage Amount
None
Minimum Credit Score
Middle Credit Score – 581 for each applicant for GUS automated underwriting approval
Monthly Mortgage Insurance Premium (MIP) Requirements
.35 basis points USDA Loan require a monthly mortgage insurance premium. For example on a $100,000.00 it would be $ a month 29.16
Multiple Property Ownership
Kentucky USDA Rural Development often won’t allow applicants to own other properties
Exceptions include when the other property owned is:
Not owned in the local commuting area as the new property; or
Not structurally sound and/or functionally adequate
Manufactured home not on permanent foundation
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
Occupancy Type
Owner occupied only
Qualifying Ratios
29/41% debt-to-income (DTI) – Target
Higher dti allowed on Gus Approvals or With compensating factors such as:
680 or higher credit score
No or low “payment shock” – less than a 100% increase in proposed mortgage payment Vs. current rental housing expenses
Fiscally sound use of credit
Ability to accumulate savings
Stable employment history with 2 or more in current position or continuous employment history with no job gaps
Cash reserves available for use after settlement
Career advancement as indicated by job training or additional education in the applicants profession
Trailing spouse income – as a result of a job transfer, the house is being purchased, prior to the secondary wage-earner obtaining employment. If the secondary wage-earner has an established history of employment and has a reasonable chance to obtain new employment in the area
Low total debt
Seller Contribution
Unlimited Contribution towards closing costs, prepaids, discount points, buydown fees, and upfront Commitment Fee
Transaction Types
Purchase
Rate/Term Refinance on existing USDA loan