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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky First-time Home Buyer Programs

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KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE

$10,000 available thru KHC for down payment assistance KY

What is Kentucky Housing?

• 
  
• Borrower must meet KHC’s Secondary Market Income Limits

Conventional Preferred Program

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (charter coverage)
• All KHC DAPs applicable
• No minimum borrower contribution
• No reserves required
• 80 percent AMI income         

Conventional Preferred Plus 80

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (standard coverage)
• All KHC DAPs applicable
• No minimum borrower contribution
• No reserves required
• Secondary Market Income limits apply

FHA

• Insured by the Federal Housing Administration
• 3.5 percent down payment
• All KHC DAPs applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         

• Credit qualifying Streamline Refinance and Rate/Term Refinance
  • Insured by the Federal Housing Administration
  • Cash back to borrower not to exceed $500
  • Upfront and monthly mortgage insurance
  • Minimum credit score of 620         

VA

• Guaranteed by the Veterans Administration for qualified military veterans
• No down payment if the property appraises for the sales price or greater
• All KHC DAPs applicable
• Minimum credit score of 620
• No monthly mortgage insurance payments

​ Refinance Options (Available only through Secondary Market)         

• VA IRRRL
  • ​620 minimum credit score
  • No appraisal required
  • 30-year term
  • VA existing loan

RH​​S

• Guaranteed by Rural Housing Services (RHS)
• Home must be located in a rural area as defined by RHS
• No down payment if the property appraises for the sales price or greater
• All KHC DAPs applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         

• RHS Streamlined-Assist Refinance Program
  • 620 minimum credit score
  • No appraisal required
  • Must have made timely mortgage payments for the last 12 months
  • 30-year term
  • RHS existing 502 guaranteed loan​

Secondary Market Purchase Price Limit -- $481,176

 

County	Applicant(s) Income Limit	County	Applicant(s) Income Limits
Anderson	154,700	Jefferson	157,150
Boone	181,300	Jessamine	163,450
Bourbon	163,450	Kenton	181,300
Bracken	181,300	Larue	143,500
Bullitt	157,150	McCracken	145,950
Campbell	181,300	McLean	159,600
Clark	163,450	Marshall	145,425
Crittenden	140,700	Meade	155,225
Daviess	159,600	Nelson	149,800
Edmonson	139,825	Oldham	157,150
Fayette	163,450	Pendleton	181,300
Franklin	149,450	Scott	163,450
Gallatin	181,300	Shelby	173,775
Hancock	159,600	Spencer	157,150
Hardin	143,500	Warren	139,825
Henderson	152,775	Washington	148,225
Henry	157,150	Woodford	163,450

 Applicant’s Income Limit for all other counties not listed above: $137,550

Read more below at the links for KHC Detailed Mortgage Information in regards to fully qualifying for a KHC loan.



KHC (15)

KHC Down payment Assistance Program Kentucky Housing (20)

khc dap (6)

KHC for downpayment assistance (3)

KHC Loan Programs (8)

Joel Lobb (NMLS#57916)
Senior Loan Officer


American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite

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/


-- 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.

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky FHA Mortgage Information

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky FHA Mortgage Information: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky FHA Mortgage Information :   How t...

Kentucky First Time Home Buyer Programs

Qualifying for A VA Home Loan in KY

Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?

Does the Kentucky VA Home Loan benefit expire?   NO Can the Kentucky VA Home Loan Benefit be used more than once?  YES Can you have MORE than one active Kentucky VA loan at one time?  YES Is there a limit to the size of the Kentucky VA loan?  NO Are VA appraisals difficult?  NO Are VA loans expensive?  NO Do you need to be a combat veteran to be eligible?  NO Do National Guard or Reservists qualify?  YES Do VA loans take longer to close?  NO Can my service-connected disability reduce my VA loan costs?  YES ­ ­

I have a website below about me so check it out. I have great reviews and will get you the best deal out there on your loan. 

https://www.mylouisvillekentuckymortgage.com/p/va-loans.html

My reviews on google below 

https://www.google.com/maps/place/Joel+Lobb,+Mortgage+Broker+FHA,+VA,+KHC,+USDA/@38.2347121,-85.5770432,17z/data=!3m1!4b1!4m5!3m4!1s0x88699fedadd9407f:0xbdaebf3c776087b0!8m2!3d38.2347121!4d-85.5748545?hl=en-US

THESE 10 MORTGAGE FACTS WILL GIVE YOU AN ADVANTAGE WHEN SHOPPING FOR A HOME OR REFINANCING AN EXISTING LOAN.

 

THESE 10 MORTGAGE FACTS WILL GIVE YOU AN ADVANTAGE WHEN SHOPPING FOR A HOME OR REFINANCING AN EXISTING LOAN.

1. Mortgage Rates Change

Just like the stock market, mortgage rates change throughout the day. Mortgage rates you see today may not be available tomorrow. If you are in the market for a mortgage loan, be sure to check the current rates being offered by lenders. If you have already done your research and have found your dream home, consider locking in your rate as soon as possible.

2. Different Lenders Charge Different Fees

Don’t expect every lender to charge the same fees for a mortgage loan. Every lender structures their fees differently, which is why it is important to shop with at least 3 lenders to compare. Next time you apply for a mortgage loan pay attention to the rates, points being charged and closing costs.

3. Lenders Can Sell Your Loan to Another Bank

Many borrowers have experience getting a mortgage loan with a certain lender only to find out that the loan has been sold to another bank. This occurs because lenders need to free up their liabilities in order to make room to give out more loans. This does not affect your mortgage whatsoever, but it’s important to pay close attention to your mortgage statement and any correspondence you receive in the mail to make sure you do not make payments to the wrong bank.

4. Your Middle Credit Score Matters

When you apply for a mortgage loan, the lender will pull your credit scores from three credit bureaus (Transunion, Equifax and Experian) to help them determined if you are credit worthy. Your middle score of the three is what lenders will use for loan qualification. However, the underwriter will review all three scores as part of the loan underwriting process. If you pull your own credit score through a website online, the credit scores displayed to you may be different than what lenders use because they use different reporting systems.

5. A Low-Down Payment for a Mortgage is Possible

You don’t have to come up with a 20% down payment to obtain a mortgage loan. You can get a FHA mortgage loan with a down payment of 3.5%. The VA and USDA loans required no money down. VA loans are reserved for military veterans and their families. USDA loans are typically used for rural or farming properties. A Conventional 97 Loan Program has a down payment requirement of only 3%. Freddie Mac and Fannie Mae also have loan programs that allow for a 3% down payment.

Take note that many lenders will require some type of mortgage insurance for loans that have less than a 20% down payment on a purchase loan, or less than 20% equity available on a refinance.

6. You Can Refinance Your Home Loan Anytime

You can refinance your mortgage anytime, but it doesn’t necessarily mean you should. Think about why you want to refinance. Is because you want to lower your monthly payments, to change the type of loan you are in or to take cash out from your equity? Whatever the reason is, make sure that it makes financial sense.

7. You Can Get a Mortgage Loan After a Closing Costs

Many homeowners have experienced a foreclosure after the recent mortgage crisis. There is good news for these borrowers because they can get a mortgage loan after foreclosure. There are waiting periods involved, for example, to apply for an FHA loan you must wait three years after foreclosure to apply. If you want to get a conventional loan the waiting period is seven years from foreclosure. For those seeking a VA loan, the waiting period is two-years.

There are exceptions to the waiting periods, but you have to show the lender that your foreclosure was caused by an event outside your control, such as losing your job or being seriously ill.

8. Good Credit Allows you to Get Better Mortgage Rates

Good credit scores mean a better rate in any type of loan, especially a mortgage loan. Your credit heavily impacts the type mortgage loan you will qualify for. To maintain a good credit report, make sure you monitored it closely. One of the advantages to good credit is that more banks will want to compete for your business, therefore giving you leverage to negotiate the closing costs.

9. Know Your Annual Percentage Rate (APR)

Knowing your APR will allow you see the true cost of your loan. While the interest rate shows the annual cost of your loan, the APR includes other fees such as origination points, admin fees, loan processing fees, underwriting fees, documentation fees, private mortgage insurance and escrow fees.

There may be more or less fees included in the ARP from what we mentioned. To be sure what fees are included in the APR, ask your lender to give you a breakdown of the closing costs included

10. You Can Always Reduce Closing Costs

One way to reduce closing costs is to have the sellers contribute towards the closing costs when purchasing your home. This can be negotiated between the buyer and the sellers in the purchase contract. The amount the seller can contribute will depend on the type of loan. Another way to save on closing costs is to have the lender give you a credit to cover out of pocket loan costs.

Joel Lobb
Senior Loan Officer
(NMLS#57916

text or call my phone: (502) 905-3708

email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.