Showing posts with label Jumbo Rates. Show all posts
Showing posts with label Jumbo Rates. Show all posts

Prospect Kentucky Oldham County Mortgage Loans 40059: LOUISVILLE KENTUCKY JUMBO MORTGAGE LOANS

Prospect Kentucky Oldham County Mortgage Loans 40059: LOUISVILLE KENTUCKY JUMBO MORTGAGE LOANS: REAL ESTATE 'Jumbo' Mortgage Rates Fall Below Traditional Ones As banks compete for affluent borrowers, an odd trend has emerged ...

Kentucky Mortgage Rates

Due to Volatility in the current mortgage market, mortgage rates are currently not being posted.


Please call for a mortgage rate quote. 

                                                               

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rising rates
Kentucky Mortgage Current Interest Rates
Fixed Rate Programs

Rates  not current. Call for current Rates. 


   
Program
Calculator
Rate
 Conforming 30 year fixed

4.375
0.000
4.671
30
28 / 41Prequalify
Kentucky Mortgage Only- Rates Change w/o notice
Conforming 20 year fixed

4.375
0.000
4.587
30
40 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 Conforming 15 year fixed

3.500
0.000
3.881
30
28 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 30 year fixed

4.000
0.000
5.417
30
35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 15 year fixed

3.500
0.000
3.989
30
35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 USDA 30 year Fixed

4.000
0.000
4.985
30
31 / 45Prequalify
kentucky mortgage rates only- change w/o notice
 VA 30 Year fixed

4.000
0.000
4.714
41 / 41Prequalify
kentucky mortgage rates only- change w/o notice


Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.

A 720 credit score or higher is assumed for a Kentucky Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.


  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown for Kentucky Mortgage Rates, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a Kentucky Mortgage  loan. This is not a Kentucky mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
  • These Kentucky  mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.
  • FHA

    • Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors. All Kentucky FHA loans require a minimum credit score of 640
  • Jumbo

    • Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans. All Jumbo loans require a 680 or higher score and a maximum loan to value of 80% 
  •   VA Loans
                Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling   factors. Kentucky VA loans require a minimum credit score of 620
  • USDA Loans
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors. Kentucky USDA loans require a 640 minimum credit score. 

Free Credit Report and Pre qualifications available anytime. 


                                                                



.  Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky.



This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. 



Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage (NMLS #1800) 107 South Hurstbourne Parkway*
Louisville, KY 40222*

Louisville Ky Mortgage Rates

Louisville Ky Mortgage Rates FHA, VA, KHC, USDAKentucky Housing Loans Jefferson County KentuckyKentucky FHA loansKentucky FHA Mortgage LendersFirst Time Home Buyer Louisvill eKy100_percent_financing Louisville Kentucky
Louisville Ky Mortgage Rates, a set on Flickr.
Louisville Ky Mortgage Rates, by Louisville Ky Mortgage Rates FHA VA USDA KHC

Louisville KentuckyHome Mortgage Loans: Mortgage Refinance Tips

Louisville Kentucky Home Mortgage Loans: Mortgage Refinance Tips





Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Different Types of Jumbo Mortgages




Most consumers believe that all high priced homes require a jumbo mortgage for financing. This is not necessarily true since there are both conforming and non-conforming jumbo mortgages available today. Choosing the right jumbo mortgage that relate to the circumstances of the home purchase depends mainly on the amount of funds a borrower needs to finance.
Conforming jumbo mortgages are those sold to Fannie Mae or Freddie Mac or FHA high loan limit mortgages or VA loans. The conforming loan limit for Fannie Mae and Freddie Mac mortgages is $484,350 throughout the country, but can be as high as $625,500 in certain high cost areas. FHA mortgages and VA home loans have a loan limit up to $729,750 which also depends on the location of the property. When using any of these loans for financing, the guidelines are issued by the respective agency which makes them easier to receive approval.
Non-conforming jumbo mortgages are loans for mortgage amounts above the conforming jumbo mortgage loan limits. This type of jumbo mortgage is usually held by the lender who determines the guidelines.
Depending on the amount of financing that is necessary will determine the type of jumbo mortgage required. Knowing these options will help borrowers decide what is best according to their needs.
FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% point origination fee.


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Qualifying for a Jumbo Mortgage in the Post Boom Era



Louisville Kentucky Jumbo Mortgage Loans 


Louisville KY Jumbo loans are any loans over $484,350. With jumbo loans you typically have to put down 20% or more. Jumbo loan option include 30 and 15 year fixed or 3, 5, 7 year ARMS. Jumbo loans start over $484,350, but can go up to the multi-million dollar range. As the loan amount goes up, the percentage you have to put down goes up. These loans often require the borrower to have high credit scores and plenty of reserves. The borrower also has to be willing to help us document their income. The stated income options of yesterday are long gone. If you are a business owner, you will now have to provide tax returns to prove income.
Typically Jumbo loans have higher rates than conforming loans under $484,350. This is because jumbo loans carry a lot more risk to lenders. Jumbo loans are associated with luxury homes which can take longer to sell and can be prone to large valuation shifts. Jumbo loans and higher-end homes have come under more scrutiny with the lower market values and the associated difficulties with appraising luxury homes. In the current mortgage environment fewer lenders are offering jumbo loans and super jumbo loans.
So, if you are in the market for a jumbo loan, here are the new rules:
• A down payment, or, if refinancing, equity, of (usually):
• At least 20% down for jumbos up to $1 million
• At least 30% down up to $2 million
• More for loans over $2 million
• An excellent credit score (at least 720 but could be more as some banks report that their average jumbo customer has a credit score in the 760s)
• Income documentation and verification. Borrowers are now required to provide financial records verifying that they earn what they say they earn (some borrowers have been asked to provide two years of their income history).
• Expect to obtain an adjustable-rate loan; fixed-rate jumbos are relatively rare.
• DTI (Debt-to-Income) of less than 38 percent. That means a borrower’s monthly mortgage payment must be less than 38 percent of their income before taxes. The ability to afford to make monthly payments is critical in the jumbo loan market.
Be prepared to shop around. Depending on what part of the country you are in, lenders can have different jumbo loan lending guidelines. Guidelines may also vary depending on the type of dwelling (condo vs. house), whether it is a primary home or investment property (some lenders will only approve jumbo loans for primary residences; others will grant jumbo loans for vacation homes or investment properties).
Jumbo loans are not commodities. Today, most jumbo loans come from the big banks that are keeping loans on their books instead of selling them. Falling property values are still a concern, but with jumbo loans requiring a lower loan-to-value ratio, even if housing prices dropped sharply, the risk to the bank is low. Since interest rates on deposits are currently low, the bank makes money by charging higher interest rates on mortgages than they pay on their customers’ deposits, thereby profiting on jumbo mortgages, even when the mortgage is offered at a low rate. However, keep in mind that rates paid on deposits will someday rise again. Banks are promoting jumbo ARMs whose rates will rise when rates paid on deposits go up. The most popular jumbos are 5/1 ARMs, which have an introductory rate that lasts five years; then adjust annually thereafter.

Jumbo Mortgage


With a jumbo mortgage, you’ll get low rates for your large loan. Offering a choice between fixed or adjustable rates, our jumbo loans offer maximum flexibility for home financing in approved, high-value counties.
  • Is your home’s value between $484,350 and $729,750?
  • Do you need flexible rates and terms?
  • Are you looking for quick turn-around for your jumbo purchase or refinance?
Income requirements are high
Lenders of jumbo mortgages take a risk. If a jumbo mortgage loan defaults, it can be hard to sell the property quickly for a good price. Luxury properties are generally more subject to the vagaries of the marketplace than are ordinary properties. Therefore, borrowers taking a jumbo mortgage must prove their financial responsibility and reliability. Having a high income demonstrates an ability to support mortgage payments.
In order to qualify for a jumbo mortgage, you will have to have a low debt-to-income ratio that allows you comfortably to pay the principal, interest, taxes and insurance each month. As a rule, your monthly mortgage payment on a jumbo loan should not exceed 38 percent of your pre-tax income. Be prepared to present proof of your income. Jumbo borrowers typically have to fully document two years of income history.
Show your shining credit score
A good credit score is essential to qualify for a jumbo mortgage. Required scores vary according to lender, but expect to need a score of at least 720. Be aware that lenders will look at credit reports from all three major credit bureaus, so any history of missed payments is sure to impact.
Down payment requirements are demanding
Again, due to the risk the lender takes, down payment requirements for jumbo loans are strict. It is rare to find a lender who will accept less than 20 percent of the home cost as a down payment. Many lenders expect at least 30 percent, especially for very expensive properties.
Not all properties qualify
Although each lender is different, many will not offer jumbo loans on vacation homes and investment properties. Refinancing a jumbo loan can be problematic in a weak economy. If house prices fall, borrowers of jumbo loans might suddenly find that they do not have 20 percent equity in their homes. Thus, they do not qualify to refinance.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 

Text/call 502-905-3708
http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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#57916http://www.nmlsconsumeraccess.org/