Showing posts with label rhs loans kentucky. Show all posts
Showing posts with label rhs loans kentucky. Show all posts

KHC's Down payment Assistance Program (DAP)

Down Payment Assistance Programs in Kentucky


Kentucky Down payment assistance loans are available up to $10,000 for Mortgage


For Kentucky First Time Home Buyers to current Kentucky homeowners, many state, county and local housing agencies offer affordable loan programs with Down Payment Assistance (DPA), subject to availability of funds and credit qualifying. 

Kentucky Down Payment Assistance programs  can vary with single products or sometimes can be a combination of products such as Mortgage Credit Certificates (MCC), Grants, DPA’s along with closing cost assistance and low interest rates and fees that can help individuals and families become successful homeowners.

All Kentucky home borrowers must qualify for an underlying mortgage product according to the Housing Finance Agency authority (FHA, VA, USDA or Conventional). 

Housing loan programs are then layered on top to provide additional benefits. If eligible, the borrower can also add a down payment and closing cost assistance to their loan according to individual program guidelines

Kentucky Housing Regular Down Payment Assistance of $10,000

  • Purchase price up to $510,939​ with Secondary Market​ or Mortgage Revenue Bond (MRB) income limits.
  • Assistance in the form of a loan up to $10,000 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients.

​​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.​

Kentucky Housing Mortgage Revenue Bonds (MRB)

FHA
VA
RH​​S
​​​​

​​​​​Secondary Market Funding Source

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $510,939​
  • Borrower must meet KHC's Secondary Market Income Limits
Conventional Preferred ​Program
Conventional Preferred Plus 80
Freddie HFA ​Advantage
FHA
VA
R​H​​S
1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.


Kentucky Local Home Loan Lender Services

✅ First-Time Home Buyers Welcome
✅ FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans
✅ Conventional Loan Options Available
✅ Fast Local Decision-Making
✅ Experienced Guidance Through the Home Buying Process

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Kentucky FHA Mortgage Loans vs Kentucky USDA Rural Housing Loans Compared


Here are the important points about Kentucky USDA Rural Housing Loans:


  • USDA loan are only available in certain counties of Kentucky.
  • There are two types of USDA loans available: Direct and Guaranteed. 
  • 100% financing. No down payment 
  • USDA will go down to a no score and uses and  automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval.
  • Kentucky USDA Rural Housing Income limits based on county and number of people in household.
  • Must be 3 years removed from bankruptcy and foreclosure
  • No purchase price limit
  • Upfront funding fee of 1% of loan amount paid to RD at closing 
  • Annual mi fee of .35% paid each month for life of loan. 
  • Takes on average 30-45 days to close. 
  • 30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates.
  • Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable. 
  • Appraisal has to meet FHA minimum standards
  • You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities. 
  • There is no set max acreage but the appraisal will dictate approval of property by USDA. 
  • You can only use USDA loans to purchase property or refinance an existing USDA loan
  • Pools are okay and homes in a flood zone are okay. This is a recent change 

Kentucky USDA Loans | Rural Housing Loans Kentucky



Here are some important facts about Kentucky FHA Loans:


  • FHA loans can be made in any county of Kentucky. 
  • FHA loans require 3.5% down payment
  • FHA Mortgage terms are available in 30, 20, 15, 10 year terms.
  • Credit score down to 500 are acceptable but subject to investor approval. will need 10% down payment
  • Most lenders will want a 620 score, with some going down to 580 with conditions will need 3.5% down payment
  • FHA loans are pre-approved using DU, an online automated underwriting system that will dictate your loan approval conditions. 
  • FHA has max income limits in Kentucky with the maximum being $498,257 for most Kentucky Counties
  • There are no income limits on the household for FHA loans
  • There is a upfront mi premium of 1.75% and a monthly fee of .85% payable each month. 
  • If you finance over 90% of the homes value, the monthly mi factor of .85% is for life of loan. If less than 90%, 11 year term for annual mi fee.
  • FHA, USDA rates are really comparable on paper, no big difference except for the mi
  • FHA requires 3 years out on a short-sale or foreclosure
  • FHA requires 2 years out on Chapter 7 and 1 year out on a Chapter 13 with good clean history for the last 12 months with no lates. 
  • Not required to be a first time home buyer
  • Can refinance an existing FHA loan to another without appraisal, income, a processed call FHA streamline refinance
  • Can go no money down potentially with a 620 credit score with a grant. We offer these. 

The Differences Between FHA and USDA Loans

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

kentuckyloan@gmail.com

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/


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USDA RURAL DEVELOPMENT RURAL HOUSING LOAN IN KENTUCKY

QUICK GUIDE KENTUCY USDA, RURAL DEVELOPMENT






































More info below about Kentucky Rural Development Loans




Kentucky Rural Housing USDA Home Loan Frequently Asked Questions 


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Kentucky FHA loans vs Kentucky USDA Loans for Kentucky Home buyers.





Criteria
Loan Type

FHA
USDA
  1. Down Payment
3.5%
0% – None
  1. PMI
.85%
0.35%
  1. Funding Fee *
1.75
1.0
  1. Limits (loan)
Per County
None
  1. Limits (income)
None
YES -per county,etc
  1. Restricted location
None
YES
  1. Credit score
580 down to 3.5%
500 score with 10% down payment
no minimum score
There are a few other points that put the Kentucky USDA loan at an advantage over the Kentucky FHA mortgage program such as the appraisal value. USDA appraisal value is normally higher than the selling price. If the appraisal value is more than the purchase price, this becomes an additional advantage for borrowers as the USDA will permit you to roll in closing costs.
Essentially the only issues that could be considered as drawbacks of the USDA loan are the restriction of location and the USDA RD income limits. The location must be in a designated rural area with a total population of 20,000. This can be a setback for those who do not want to drive farther to get to work in the city. But buyers should check their location in detail, please click here for the USDA housing map. Many populated locations just outside of the big cities are USDA rural housing approved - locations just outside of Louisville, Ky, Lexington Kentucky, and Northern Kentucky Counties..
Additionally, the USDA ‘s income limit imposed on would-be borrowers is currently set at 115% of the median or average income of the area where your home is to be situated. That means for those who have a higher income than the average in town would have to opt for mortgage loans under the FHA or through a conventional lender if they so decide to live in a rural area.
Regarding the rates as well as the guidelines in qualifying potential borrowers, the FHA and USDA are just about equally matched, and they are currently at historic low rates. However, the USDA, unlike the FHA, allows borrowers to finance the whole purchase price and include any closing expenses as well into the loan.
Lastly, all USDA guaranteed loans have a 30-year fixed rate term. This can be very advantageous mainly when the homeowner eventually starts earning more than the required 115% median, the rate is fixed and even after 10 years only, will practically be insignificant compared to other monthly expenses at this time.
The funding fee in both governments backed programs are incorporated (rolled into) into the overall loan.

Apply for FREE Below for your Kentucky FHA Mortgage loan or USDA Loan:



Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax




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