- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2023
- Down Payment Assistance Kentucky 2023 Kentucky Housing Corporation KHC
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- 4 Things Required for a KY Mortgage Loan Approval
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky
- Accessibility Statement
100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Louisville Kentucky Mortgage Lender for FHA, VA, ...
100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Louisville Kentucky Mortgage Lender for FHA, VA, ...: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First-time Home Buyer Programs : ...
620 credit score or higher needed for this loan program. 4 years removed from bankruptcy minimum sometime longer. Private mortgage insurance required for over 80% loan to value on a refinance or down payments less than 20%. Tighter debt to income requirements with max back-end-ratio usually not over 45% with less than 20% down payment. Easier on properties to qualify if they have deferred maintenance or need some fixing up to pass Government standards like FHA, VA, USDA loans.
Down payment requirements are as little as 3% down payment. Better rates and lower mortgage insurance with a larger down payment and pmi is not for life of loan.
This is for stronger borrowers with good credit (above 680 or 720) and at least 3-5% down payment with no foreclosures or bankruptcies in he last 4-7 years. Can go higher on the loan amount too versus FHA. Max loan in Kentucky for 2020 for conventional loans is $510,000.
Home Possible Advantage Product Highlights:
Up to 97% LTV for Purchase and for Rate Term Refinances of 1-unit properties
CLTV max 97% for purchase unless the second mortgage meets FHLMC Affordable Seconds Guidelines for a max of 105%
Minimum Credit Score of 620 Required
Accept/Eligible LP AUS Findings
Max DTI allowed per AUS Findings
Lower Mortgage Insurance coverage requirements for LTV's of 90.001% - 97% (25%) compared to standard Fannie product (30-35%)
Borrowers may not own any other real estate at closing
1 unit principal residences, including eligible condos and PUDs, 2-4 unit principal residences
At least one Borrower must participate in a homeownership education program before the Note Date in each of the following instances:
For purchase transaction Home Possible® Mortgages when all Borrowers are First-Time Homebuyers
Homeownership education must not be provided by an interested party to the transaction, the originating lender or by the Seller.
Homeownership education programs may use different formats and require different lengths of time to complete. The following are acceptable:
Programs developed by HUD-approved counseling agencies, Housing Finance Agencies (HFAs) or Community Development Financial Institutions (CDFIs)
Programs developed by mortgage insurance companies
Programs that meet the standards of the National Industry Standards for Homeownership Education and Counseling (www.homeownershipstandards.com)
Borrowers must meet income limits for program eligibility. Income limits will be checked by LP.
Link to check income and property eligibility:
Minimum Borrower Contribution:
1 unit - 0%
2-4 units - 3%
Acceptable Sources for Down Payment:
Gift funds and grants. Affordable Seconds are allowed.
Find additional information regarding Affordable Seconds in the Freddie Mac Seller guide section 4204.2
Not permitted. All borrowers must occupy the subject property as their primary residence.
Monthly, borrower-paid or single premium LPMI are allowed. At this time, borrower paid singles, split premiums, lender paid monthly premiums and lowest cost/custom MI are not allowed.
25% MI coverage for LTVs 90.001 - 97%
Standard MI coverage for LTVs of 90% or less. (Reduced MI not permitted)
Border income (relatives or non-relatives): Up to 30% of qualifying income, must document at least 9 of the last 12 months of payment (will be averaged over 12 months and must document proof of shared residence for the 12 month period.
Accessory Unit - Rental income from an accessory unit may be used in qualifying income per rental income guidelines
2-Unit Rental income from the other units of the subject property may be used per rental income guidelines.
Good Neighbor Next Door Program offered thru HUD officer next door program in Louisville Kentucky HUD Homes for $100 Down
The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount. Law enforcement officers, teachers, firefighters and other emergency medical technicians who meet all other requirements of the program are all eligible to participate in this program.
Borrower is a full-time law enforcement officer, teacher or firefighter/emergency medical technician
A 50 percent discount from the list price is provided in the form of a forgivable second lien
The second mortgage is a mortgage and note payable to and provided by HUD in the amount of the difference between the list price of the home and discounted selling price
One-unit residential properties
Borrower cannot own any other residential property within 12 months of the offer date
None of the borrowers could have ever utilized this program in the past
The following must be detailed on the purchase contract with HUD
Joel Lobb (NMLS#57916)
Senior Loan Officer
Buy a home without draining your savings account. The following attractive Kentucky home loan programs below requires no down payment:
Senior Loan Officer
Senior Loan Officer
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
Fill out my form!
Kentucky Rural Development
Home Financing Options for Kentucky Home Buyers Lenders
Think Guaranteed First!
- Loan up to appraised value plus the guarantee fee.
- Low monthly mortgage insurance (MI) .35% monthly on 30 years and universal for all credit scores.
- Maximum loan amount is the appraised value plus a one time guarantee fee.
- No cash contribution or cash reserves required from applicant.
- Unrestricted gifts.
- Non-traditional credit acceptable.
- Streamlined credit documentation available - based upon credit.
- No minimum credit score.
- Repayment ratios are 29/41. Ratio waivers are allowed with documented compensating factors.
- Not limited to first-time home buyers.
- Competitive market based fixed interest rates with 30 year term.
- Available secondary markets: wholesale lenders as well as Fannie Mae, Freddie Mac, and Ginnie Mae.
- Qualifies for Community Reinvestment Act (CRA)
- Agency approved lenders underwrite the loan.
- Any lender, or broker, may originate loans through an Agency approved lender.
- Agency guarantee commitments are issued within 1-2 business days of receipt of the complete package - based on volume of loan requests.
- Rural Development provides lender support for questions, training, and outreach assistance.
- A competitive fixed rate combined with no mortgage insurance provides long term savings for the customer.
- Home buyers are able to retain their savings since there is no down payment requirement and closing costs can be financed up to the appraised value.
- Lenders report an overwhelming preference for the Guaranteed Rural Housing loans for the great value it provides to their customers. Choose the best program for your customers!
- Occupy the property as your primary residence.
- Be able and willing to occupy the property.
- Be a U.S. citizen, a U.S. non-citizen national or a qualified alien.
- Demonstrate an ability and willingness to meet obligations and debts as they become due.
- Have a credit history that indicates a willingness to meet obligations as they become due.
- Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
- Purchase a residential property that is within a Rural Development eligible area.
- Determine if the property is within the Rural Development eligible area.
- Use the link "Single Family Housing" under "Property Eligibility".
- Determine if your applicant's adjusted household income is within the Agency limits,
- Use the link "Single Family Housing" under "Income Eligibility"
- Forms list
- For additional information contact your local Rural Development office.
- The Rural Development Office Locator website is: http://offices.sc.egov.usda.gov/locator/app?state=us&agency=rd
- Look in the telephone directory blue pages under United States Department of Agriculture, and then look for Rural Development or Rural Housing Service.
- Lenders have less risk with the Rural Development guaranteed loans than with conventional loans covered by private mortgage insurance.