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Louisville KY FHA Streamline Refinance

Some advantages of using a Louisville KY FHA mortgage for your mortgage refinance are as follows:

• Cash-Out Refinance up to 85% for existing or new FHA mortgages.

• Cash-Out up to 85% of your properties value.
• Consolidate first and second mortgages into single loan.
• Bill consolidation programs.
• Easier credit and income qualifications.
• FHA  regulated closing costs.

• Rate and Term Mortgage Refinancing up to 96.5% of your homes value.

• Consolidate first and second mortgages* into a single loan.
• min. 640 credit score.
• Competitive rates for borrowers with a Bankruptcy older than two years.
• Competitive rates for borrowers with a Foreclosure older than three years.
• Easier credit and income qualifications.
• FHA regulated closing costs.

• Louisville KY FHA Streamline Refinance for existing FHA loans only.

• No Cost Interest Rate Reductions programs.
• No Income or Credit Qualifications*.
• Zero cost refinance options available.
• Easily switch amortization for adjustable to fixed or vice versa.
• Easily shorten or lengthen term of your existing loan.
• Easier credit and income qualifications.

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THE ESSENTIALS

• Steady employment history, at least two years with the same employer.
• Credit report should be in good standing with less than two thirty day late payments in the past two years.
• Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
• Any foreclosure must be at least three years old with good credit for the past three years.
• Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
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Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell

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Kentucky Mortgage Fannie Mae Guidelines for 2013 to include Bankruptcies, Foreclosures, Deeds in Lieu, Preforeclosure Short Sale

Kentucky Mortgage Fannie Mae Guidelines for 2013 to include Bankruptcies, Foreclosures, Deeds in Lieu, Foreclosure Short Sale

Please note mortgage investors guidelines vary and may not all be the same

Kentucky Mortgage Conforming loans receiving an acceptable finding through DU follow Conforming guidelines.

To be considered for a mortgage loan, the borrower must have re-established a satisfactory credit history and demonstrated the ability to manage financial affairs prudently. (“Satisfactory" means that the most recent rating has a rating of "1".) The bankruptcy must have reestablished a credit record for an elapsed time of 4 years. Elapsed time is measured by comparing the date of the application fort he new mortgage loan to:

The date a Chapter 7, 11, or 12 bankruptcy was discharged;

The date a Chapter 13 repayment plan was successfully completed and discharged. The elapsed time of 7 years is required for the following:

The date of a foreclosure sale.

Borrowers which have previously incurred a Deed in Lieu of Foreclosure or Preforeclosure Sale (Short Sale) are subject to a tieredgroup of waiting period requirements. If the borrower has re-established a satisfactory credit history within a period below, they willbe subject to a maximum LTV as per the following:

Waiting Period	Additional Requirements
Two years	80% maximum LTV ratios
Four years	90% maximum LTV ratios
Seven years	Standard maximum LTV ratios

Note: Additional Requirements can never exceed the standard maximum LTV ratio

If a bankruptcy has been discharged within the past 7 years, the following items are required in the Credit

 File to determine the credit's acceptability: Discharge of bankruptcy

Schedule of creditors (secured or unsecured)

Detailed explanation from the borrower

Verification that satisfactory credit has been re-established. Regardless of the reason, if the borrower’s credit history includes a bankruptcy filing or foreclosure-related action, she/he must have re-established credit for at least four years (or as dictated by policy) and established a new payment record that illustrates a willingness and ability to manage his/her finances overtime and if applicable, under different economic conditions. All accounts must be current as of the date of the mortgage application. In addition, the borrower’s credit history must include:

o A minimum of four credit references, with at least one traditional credit reference, and one housing related reference, all of which must have a satisfactory payment history. Three of the four credit references (including anyr ental housing reference) must have been active for a full 24 months before the date of the mortgage application.

o No more than two installment or revolving debt payments   30 days past due in the last

24 months.

o No installment or revolving debt payment   60 days past due since the discharge or

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

PLEASE NOTE THESE GUIDELINES ARE FOR CONFORMING OR CONVENTIONAL LOANS ONLY. THESE MORTGAGE GUIDELINES DO NOT APPLY TO FHA, VA, KHC, USDA CREDIT GUIDELINES FOR FORECLOSURES, SHORT SALES, BANKRUPTCY

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100% financing-Downpayment Assistance and Zero Down Home loans Exist

USDA

GRH Guaranteed Rural Housing Program
100% financing

Talk with us about this 100 percent financing program if you are looking to buy or refinance a single family home in a rural area. All of Kentucky may be eligible by county and income limit. Contact us to verify if your property is eligible.

Some key features include:

- No PMI. That's right, no private mortgage insurance. Like VA, this program has a Guaranteed fee that can be financed into the loan the same way VA loans have a Funding fee.

- 6% seller help/contribution is allowed

- No minimum contribution from your own funds. FHA has a 3.5% requirement. There are also no cash reserves required, as is the case with your typical conventional loan.

- This program only offers a fixed rate option for primary 1 unit residences. Current maximum loan amount is $417,000.



There are income limitations to qualify. Contact a  Loan Officer and we will help you find a home where you can take advantage of this great 100% financing program. Contact us to see if your property is eligible for the USDA 100% program.



VA financing
100% financing

The VA does not make home loans, they insure them. We are VA approved and can help you with your VA loan request. Some VA benefits include:

- No downpayment is required in most cases

- Borrow up to 100% of purchase price

- Lower closing costs

- Mortgage is assumable

- No Private Mortgage Insurance (PMI)

- No penalties if you prepay the loan

- You may be eligible for waiver of VA funding fee

- VA support during temporary financial difficulties



More on 100% VA financing

FHA financing & down payment help

gift funds are allowed for the entire down payment, closing costs, and pre-paid items. Down payment can come as a gift from a family member, an employer (tip: convert a raise or bonus into down payment assistance), or from a nonprofit institution or government grant.

Louisville, Kentucky First Time Home Buyer Programs

1. FHA Loans in Kentucky

I do not have a lot of money for a down payment and have some credit issues in the past. 

Loan Features:

• Great for First Time Home buyers in Kentucky
• Low Down Payment of 3.5% for scores above 620
• Easy Credit Qualifying with lower credit scores 
• 2 years removed from bankruptcy Chapter &
• 3 years removed from  a foreclosure
• Clear Cavirs 
• 2 year work history

KENTUCKY FHA MORTGAGES Government-backed loans with flexible guidelines.500 minimum credit score with 10% down payment3.5% down payment with 580 credit score2 years removed from bankruptcyCan be combined with down payment grants for $0 down payment Max loan $$356,362 in Kentucky 2 year work history with no gaps over 6 months

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2. USDA Loans in Kentucky

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I live in a rural area and need financing for a home and have no money down in Kentucky for a home loan

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Loan Features:

• Great for those with Low to Moderate Income. 
• Up to 100% Financing
• Flexible Underwriting Guidelines and Credit Qualifications
• Household Income & Property Geographic Limitations Apply

Learn More

KENTUCKY USDA MORTGAGES Government-backed loans with flexible guidelines.Zero Down Payment640 Minimum Credit Score3 years removed from BankruptcyMax Income and Property Map Eligibility Requirements 2 year work history with no gaps over 60 days

3. Conventional Loans in Kentucky

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I am able to make a larger down payment and have a good credit score.

KENTUCKY CONVENTIONAL FIXED RATE MORTGAGES Get your fixed interest rates for eligible buyers.620 minimum credit score3% down payment4-7 years removed from Bankruptcy Depending of if Chapter 7 or 13Max Loan is $548,250 in Kentucky 2 Year work history but does not have to be same job

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Loan Features:

• Great for those with Moderate to High Income
• As Little as 5% Down Payment (only 3% for First-Time Homebuyers)
• 20% Down Payment Removes Mortgage Insurance Premiums
• Flexible Terms

Learn More

4. VA Loans in Kentucky

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I am an active member of the military or a veteran in Kentucky

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Loan Features:

• Designed to Provide Financing to American Veterans
• Up to 100% Financing
• No Monthly Private Mortgage Insurance (PMI)
• No minimum credit score
• 2 years removed from bankruptcy
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KENTUCKY VA MORTGAGES Government-backed loans for those who’ve served our nation. Zero Down Payment LoanNo minimum credit score2 years removed from bankruptcyActive Duty --like to see a least a year left in service or 6 months reserves and a job relatable to your mos. skill

5. FHA Manufactured Home Guidelines for Mobile homes in Kentucky

I want to purchase a manufactured home with land.

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Loan Features:

• Great for First Time Homebuyers
• Low Down Payment
• Easy Credit Qualifying
• Easy Refinancing

Manufactured Housing

KHC requires an Affidavit of Conversion to Real Estate per KRS186A.297, when manufactured home is permanently affixed to land.

The Certificate of Title is surrendered.

If manufactured house has not been converted to real estate, then this can be done at closing.
The following items need to be uploaded in the Closed Loan Package:

A copy of the recorded affidavit and the surrendered title to the manufacture home.
A copy of the executed affidavit and title (to be surrendered) sent to the county clerk for recording.

If a new manufactured home, copy of the original certificate of origin from the manufacturer that is going to be delivered to the county clerk so that title can be ordered.

After title is received, affidavit is prepared for recording and title is surrendered.
Within 90 days or less from closing date, need original of newly recorded affidavit and coy of surrendered title.

Failure to send to KHC within timeframe could result in repurchase.
Affixations are not acceptable.

Do not record affixations with the mortgage.

Manufactured Housing Guidelines for Mobile homes in Kentucky

FHA and VA Loan with Manufactured Homes

Both new and existing manufactured housing is allowed.

FHA requires a foundation inspection by a structural engineer.

RHS Loans with Manufactured Home

KHC only allows new manufactured housing.

Dealer to property and set up like a stick built house.

Conventional Loans with Manufactured Home

Both new and existing manufactured housing is allowed with Conventional Preferred and Preferred Risk programs.

95% LTV / 105% CLTV.

No Structural Engineer inspection required for Conventional Loans