Showing posts with label Kentucky First Time Home Buyer Programs (KY). Show all posts
Showing posts with label Kentucky First Time Home Buyer Programs (KY). Show all posts

Title Insurance For your Home: Do you need an Owner’s and Lender’s Title Policy? | Equifax Finance Blog

Title Insurance For your Home: Do you need an Owner’s and Lender’s Title Policy? | Equifax Finance Blog

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What is title insurance, and why buy it?
The primary role of a title insurance company is to research the legal history of the property in order to anticipate any potential problems and resolve them before you close on the purchase. After you close, a title insurance policy continues to protect against any claims on your property that were not found before closing.
There are two types of title insurance: Lender’s title insurance and owner’s insurance title. Lender’s insurance is a requirement if you are getting a loan. An owner’s title insurance policy is technically an option, but most real estate attorneys recommend their clients purchase one.
Your lender will require you to buy title insurance to protect it if a problem were to arise regarding your legal right to the property. If you want the mortgage loan, you usually have no choice but to buy a lender’s title insurance policy for the amount of your loan that will benefit the lender should there be problems down the line.
However, if a problem with your title is discovered after you close, the lender’s title insurance policy does not usually protect you, the owner. Without your own owner’s title insurance policy and coverage, you could lose any equity you have in your home.


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Joel Lobb
Senior  Loan Officer
(NMLS#57916)


 phone: (502) 905-3708
 Fax:     (502) 327-9119












Fill out my form!
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Kentucky HomePath Mortgage Loans for 2015



HomePath® is proud to launch our HomePath Ready Buyer program, a comprehensive online homebuyer education course. First Time Homebuyers who complete this education course by their initial offer may request up to 3% closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost.

To be eligible for the offer: 
  • Buyers must complete the full online HomePath Ready Buyer training course on www.homepath.com and receive the Certificate of Completion.
     
  • The request for closing cost assistance must be made at initial offer in the HomePath Online Offers system on or after April 14, 2015.
     
  • Must be First Time Homebuyer (did not own a property in the past three years) and plans to reside in the property as their primary residence.
     
  • Auction, pool and investor sales are not eligible. 
Get the full details here on https://www.homepath.com/ready_buyer.html

Download the flyer

Buying a home can be a daunting process, especially for First Time Buyers. That's why HomePath is proud to bring you this homebuyer education course. If you're a First Time Homebuyer, we encourage you to take this education course to prepare you for the responsibilities of homeownership. After completing the course, if you attach the course completion certificate to an initial offer and successfully negotiate a purchase of a HomePath property, you can request up to 3% closing cost assistance toward your purchase. Restrictions apply. See full terms & conditions.
Tell me more about the training.
This course is intuitive, self-directed and interactive. The course is being used by other non-profits and lenders and exceeds both HUD standards and National Industry Standards for Homeownership Education and Counseling. The course has 9 modules with a quiz at the end and takes about 4 hours to complete. The course costs $75. After completing the course, download and save your Certificate of Completion. If you decide to purchase a HomePath property after course completion and you successfully close on a contract, the cost of the course ($75) will be reimbursed.
How do I ask for the 3% closing cost assistance?
After completing the course, you must attach the HomePath Ready Buyer course completion certificate to the initial offer submission on a HomePath property. Your Real Estate Agent must submit this at initial offer on the HomePath Online Offers system.

First-Time Homebuyers who complete this education course by their initial offer may request up to 3%* closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost. To be eligible for this offer: • Buyers must complete the full online HomePath Ready Buyer training course on www.homepath.com and receive the Certificate of Completion. • The request for closing cost assistance must be made at initial offer in the HomePath Online Offers system on or after April 14, 2015. • Must be a First-Time Homebuyer (did not own a property in the past three years) and plan to reside in the property as their primary residence. • Auction, pool, and investor sales are not eligible.

Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346





Fill out my form!
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Kentucky First Time Home Buyer Loan Programs

Kentucky First Time Home Buyer Loan Programs



What is a First Time Buyer Loan?
Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.
FHA and VA Loans for First Time Buyers Apply Online
First time homebuyers often experience the most difficulty amounting a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Kentucky Federal Housing Administration (FHA) and the Kentucky Veteran’s Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. Kentucky FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.

 Who is Eligible for a First Time Buyer Loan?
Kentucky First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.
Community Home Buyer Programs

Kentucky  Community homebuyer programs reduce the down payment the borrower must pay to 3%, which must be the borrower’s own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.
What is Escrow?
Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.
Mortgage Credit Certificates

A Mortgage Credit Certificate or MCC from KHC -Kentucky Housing Corp is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC but in special cases that you may discuss with your home loan advisor this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with your home loan representative.
Louisville Ky First Time Buyers Program

 First time buyer programs in Louisville can make securing a Louisville home loan easier and more affordable. Contact us at 502-905-3708 for your Louisville Ky  mortgage to begin your first time buyer loan.


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