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Kentucky First Time Home Buyer Mortgage Loans: FHA BACK TO WORK PROGRAM FOR KENTUCKY HOME BUYERS ...

Kentucky First Time Home Buyer Mortgage Loans: FHA BACK TO WORK PROGRAM FOR KENTUCKY HOME BUYERS ...: FHA changes may aid those who lost homes | Business Desk FHA BACK TO WORK PROGRAM FOR KENTUCKY HOME BUYERS WITH PREVIOUS SHORT SALE OR F...

Kentucky Home Affordable Refinance Program HARP Refinance


Kentucky HARP Mortgage Refinance Update:


There were several instance where Kentucky HARP loans  could not be completed since the borrower’s loan was sold to the Fannie Mae or Agency after the required date of May 31, 2009, even though the loan may have closed well in advance of the deadline.

We’d like to let you know that both Kentucky Fannie Mae (DU Refi Plus) and Freddie Mac (Open Access) have revised the requirement and loans that were CLOSED by May 31, 2009 will now be eligible for 
the Kentucky Mortgage HARP refinance program. 


Apply for your HARP refinance below or contact me with your questions.

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu



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




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HomePath® Mortgage financing for Kentucky




Kentucky HomePath® Mortgage financing. 

Mortgage provides special financing terms exclusively for Kentucky Fannie Mae
real-estate-owned properties and can deliver distinct advantages in a down
market:

• Low down payment and flexible mortgage terms
• Available for Owner-Occupied, Second and Investment Properties
• Down payments as low as 3%
• No appraisal fees
• Properties displaying this logo are
eligible for purchase by GMAC Bank
• No Mortgage Insurance required
• Renovation Option not eligible for purchase by GMAC Bank
• Fannie Mae High Balance available in qualifying areas
• 6% Sales Concession Allowed up to 97%
• LTV Minimum Credit Score 620
Put the HomePath Mortgage program to work and grow
your business
• Offer attractive financing options on a wide array of Fannie Mae REO
properties to your current borrower base
• Provide your realty partners with a web-link to the HomePath
Mortgage-eligible properties in their area so they can offer more
options to their clients
• To see listings in your area and connect with listing agents go to


  www.homepath.com
For further information, contact





ü     Kentucky HomePath – Did you know we don’t have overlays?  
ü   Kentucky HomePath -- Did you know we allow 97% on Owner Occupied, 90% on Second Homes, and 85% on Investment Properties (all 1 unit and 660 score)
ü   Kentucky  HomePath – Did you know that the HomePath product does not require an appraisal or MI? 








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Kentucky Housing or KHC Interest Rate:


Interest Rates

Reservation System Open Monday - Friday from 10 a.m. to 9 p.m.

Rates subject to change without notice   

Secondary Market Interest Rates -- 45 Day Lock

 
Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
4.0%
4.25%
​Conventional Preferred
4.25%
4.50%
​Conventional Preferred Risk
4.750%
4.875%
​HFA Preferred Plus 80
4.375%
4.625%

Secondary Market Refinance Rates -- 45 Day Lock

Loan Type
Rate
FHA Refinance
4.0%
RHS Streamlined-Assist Refinance Program
4.0%

What Credit Score is needed for a Kentucky Mortgage VA loans Loan in 2013?


 Kentucky Mortgage VA loans are 100-percent financed and set aside for active and retired military, along with their families. There is no minimum credit score to qualify, though a better credit score will get you a better interest rate. Typically to get approved on A  Kentucky Mortgage VA loan, you will need a 620 mid score with no bankruptcies or foreclosures in last 2 years with clean credit since BK or Foreclosures.

The better your score, the better your interest rate is likely to be. If your score is between 620 and 639—considered a risky score by some creditors—you could pay an interest rate of 5.718 percent on a $300,000, 30-year conventional mortgage. As of mid-August, 2010, If your score is at the high end, 760 to 850, your interest rate could be 4.129 percent on the same loan. A score of 650 may net you a rate of 5.172 percent.

http://www.vba.va.gov/ro/central/cleve/Training_Guide_Cleveland_January_2005.pdf


Kentucky First Time Home Buyer Down Payment Assistance thru Kentucky Housing up to $15,000 Dap Available.

Interest Rates

*** $15,000 Neighborhood DAP available from loan fallout ***


**** MRB Special Funding ****

Limited Availability -- Monies Still Available 

Interest Rate:  2.50% without Down Payment Assistance 
                      3.00% with Down Payment Assistance 
  • $35,000 Household Income Limit
  • First time home buyer, unless property located in targeted county
  • Existing or new construction property -- purchase price limit $115,000 
  • Regular and Affordable DAP available
  • FHA, VA or RHS first mortgage programs through MRB Funding
  • 640 credit score
  • Borrower must demonstrate a need for the special funding.  The borrower's housing ratio must be at a minimum of 25%
  • Maximum ratios of 40/45% with AUS approval

Secondary Market Interest Rates -- 45-Day Lock  


Loan Type 

Rate without Down Payment Assistance 

Rate with Down Payment Assistance 
FHA, VA & RHS 
  • 640 credit score
  • AUS approval
  • Purchases & Refinances
4.000% 
 4.500% 
Conventional 
  • 680 credit score
  • No MI required
  • LTV 80.01% -97.00%
  • *DU AUS approval 
  • Purchases
5.125% 
5.375% 

Mortgage Revenue Bond Interest Rates -- 45-Day Lock


Loan Type 

Rate without Down Payment Assistance 

Rate with Down Payment Assistance 
FHA, VA & RHS 
  • 640 credit score
  • AUS approval
  • Purchases 
4.000% 
 4.500%  
Conventional 
  • 680 credit score
  • No MI required
  • LTV 80.01% -97.00%
  • *DU AUS approval 
  • Purchases  
5.125% 
5.375% 
 * Run through DU for Approve/Eligible BEFORE reserving with KHC.  Select HFA Preferred Risk Sharing program located on Additional Data Screen.  

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

KHC or Kentucky Housing for Down Payment Assistance for Ky First Time Home Buyers


http://www.kyhousing.org/page.aspx?id=297
Down Payment Assistance for Ky First Time Home Buyers




Kentucky Down payment assistance loans are available up to $6,000 for Mortgage




KHC is used for mostly applicants in Kentucky that don't have access to money for a down payment on their home. 

Down payment assistance loans are available up to $6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5% based on applicants gross income.


These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.

KHC recognizes that down payments, closing costs, and prep​aids 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 need.

Regular DAP

  • Purchase price up to $346,644 with Secondary Market.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $346,644​ with Secondary Market.
  • Assistance up to $6,000.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable D​AP income limits.

​MORE ABOUT DOWN PAYMENT AND CLOSING COSTS

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs
  • KHC ELIGIBILITY AND CREDIT STANDARDS OVERVIEW
  • (Not intended to be an all-inclusive list.)
  • Home Buyer Eligibility
  • • KHC can help both first time and repeat home buyers statewide.
  • • Must be a U.S. citizen or legal status to be in U.S.
  • • Applicant’s income ONLY through Secondary Market.
  • • Property must be the borrower’s principal residence.
  • • Any Borrower that meets both the income and purchase price limit can have access to Down Payment Assistance.
  • Kentucky Housing Credit Standards
  • • 620 minimum credit score required for FHA, VA, & RHS.
  • • 660 minimum credit score required for Conventional.
  • • Debt ratios: 40/50%
  • • Collections in most cases do not need to be paid-off in full.
  • • Bankruptcies and foreclosures must be discharged two to seven years.
  • • Non-taxable income can be grossed-up.
  • Property Eligibility
  • • Both new and existing property.
  • • Both new & existing Manufactured Housing.
  • • With RHS only new construction Manufactured housing is allowed.
  • • Purchase price limit of $346,644 for Secondary Market or $311,997 for Tax Credit.
  • • Full appraisal required on all KHC loans.
  • • With Existing Property, VA is the only loan product that requires a termite inspection.
  • • A termite soil treatment certificate is required on ALL new construction properties except on conventional loans.

Kentucky First Time Home Buyer Mortgage Loans: Down Payment and Closing Costs Assistance for A Fi...

Kentucky First Time Home Buyer Mortgage Loans: Down Payment and Closing Costs Assistance for A Fi...: Down Payment and Closing Costs Assistance for A First Time Home Buyer in Kentucky   Kentucky First Time Home buyer zero down payment wit...

What are the requirements for Financing on a Guaranteed Rural Housing Loan in Kentucky?


Kentucky Guaranteed Rural Housing
(102% Financing on appraised value)
*   

 see the full video below on qualifying for a Kentucky USDA Mortgage loan below:
👇👇👇👇




If you want a personalized answer for your unique situation call, text, or email me or visit my website below:

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
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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