How to Qualify For A Kentucky Mortgage Loan

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Buying your first home in Kentucky? Our no-money-down programs are designed to make your dream of homeownership a reality. Start with a free application and credit report – no obligations!

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Key Benefits

• No Money Down Options: FHA, VA, and USDA programs
• Easy Pre-Qualification Process
• Free Mortgage Application and Credit Report
• Expert Guidance from Kentucky’s Leading Mortgage Professionals

How It Works

1. Step 1: Fill out a simple, secure application – free and easy.
2. Step 2: Receive a free credit report and personalized loan options.
3. Step 3: Get pre-qualified with no obligation to proceed.
4. Step 4: Work with our dedicated mortgage experts to find your perfect loan.

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All loans subject to credit approval. Equal Housing Lender. Joel Lobb, NMLS #57916, American Mortgage Solutions, Inc.

Contact: (502) 905-3708 | Email: kentuckyloan@gmail.com

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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KHC's Down payment Assistance Program (DAP)

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

USDA Proposed Rule – Significant Derogatory Credit and Refinance Seasoning and Payment Performance

 

On September 19, 2024, a Proposed Rule was published in the Federal Register to amend the Single-Family Housing Guaranteed Loan Program (SFHGLP) regulation to implement changes related to the consideration of a previous USDA loss as significant derogatory credit and the seasoning and payment history requirements for refinance transactions.  Specifically, this rule proposes to:

• Establish a timeframe of seven-years following a previous Agency loan that resulted in a loss to the government for the loss to be considered significant derogatory credit.
• Eliminate the seasoning requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined and non-streamlined refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application (or since origination, if the account has not been open 180 days).
• Establish a six-month seasoning period requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined-assist refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application.

Rural Development invites the public to submit comments on all aspects on the proposed rule. Comments to the proposed rule may be submitted via the Federal e Rulemaking Portal located at www.regulations.gov. While the public comment period is open for 60 days, Rural Development encourages all interested parties to submit comments as soon as feasible. Comments must be submitted on or before November 18, 2024.

1 -  Email - kentuckyloan@gmail.com 

2.   Call/Text - 502-905-3708

Joel Lobb Mortgage loan officer COMPANY NMLS# 1738461   PERSONAL NMLS# 57916

Job Requirements and Employment History for a Kentucky VA loan Approval.

Mortgage Employment or Job History Requirements for a VA Loan Approval in Kentucky

Gaps in Employment A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment.   VA:  VA does not address gaps in employment and generally does not consider non military employment less than 12 months as stable and reliable. Any exceptions based on the loan as a whole is underwriter discretion. Medical or Temporary Leave Income The borrower has taken a temporary leave of absence from work typically for medical leave such as maternity, illness, surgery, or on the job injury.  This leave is short term in nature and the borrower is still employed with their same employer prior to the leave of absence.    VA: Borrower’s on temporary leave are not eligible for a loan transaction.    Frequent Job Changes Frequent job changes may indicate instability in a borrower’s income.  VA: the borrower must demonstrate the ability to maintain an income at a constant level over the recent 2-year period even if he or she has worked for a variety of employers. Seasonal Employment Seasonal Employment refers to employment that is not year round typically due to weather conditions.  Seasonal Employment can be full time or part time.   VA:  Borrower must have worked the same job (or same line of seasonal work) for the past 2 years and the borrower’s employer must state there is a reasonable expectation that the borrower will be rehired for the next season.  Tax returns will be required if unemployment compensation will be used to qualify the borrower.  *Income calculation will follow calculation guidelines.  These guidelines are for employment history and profile only.

Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916





email: kentuckyloan@gmail.com

Text/call: 502-905-3708

http://www.mylouisvillekentuckymortgage.com/

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Joel Lobb: A Guide for First-Time Home Buyers in Kentucky

 First-time home buyers in Kentucky Joel Lobb

Joel Lobb is a prominent figure in the Kentucky mortgage landscape, especially for those embarking on the journey of homeownership for the first time. With a focus on personalized service and a wealth of loan options, Lobb has become a go-to resource for many aspiring homeowners in the Bluegrass State.

Joel Lobb: A Guide for First-Time Home Buyers in Kentucky

Navigating the Mortgage Maze

For Kentucky first-time home buyers, the path to purchasing a home can seem labyrinthine. Joel Lobb simplifies this process by offering a variety of loan options tailored to individual needs. His expertise covers:

- FHA Loans: Ideal for buyers with lower credit scores or smaller down payments.
- VA Loans: Providing excellent terms for veterans and active military personnel.
- USDA Loans: Catering to buyers in rural areas with 100% financing options.
- KHC Loans: Partnering with the Kentucky Housing Corporation to offer down payment assistance.

Personalized Approach

Lobb's approach is highly personalized. He understands that buying a home is one of the most significant financial decisions in a person's life and treats each client with the respect and attention they deserve. His commitment to personal service ensures that clients are not just numbers but valued individuals throughout the entire mortgage process.

Advantages Over Big Banks

One of Lobb's key advantages is his ability to broker loans through various mortgage companies, ensuring clients receive the best deal possible. Unlike larger banks that may offer a limited set of loan products, Lobb's access to a broader range of options means he can accommodate unique financial situations and find the right fit for each buyer.

Educational Resources

Education is a cornerstone of Lobb's service. He provides resources to help first-time buyers understand the complexities of mortgages and homeownership. This includes guidance on:

- Credit score requirements.
- Down payment sources.
- Loan types and their benefits.
- Steps to pre-qualification and approval.

Community Impact

Lobb's impact extends beyond individual homebuyers to the community at large. By assisting new homeowners, he contributes to the economic vitality and stability of neighborhoods across Kentucky.

Conclusion

For those looking to navigate the world of mortgages in Kentucky, Joel Lobb offers a guiding hand. His expertise, personalized service, and commitment to education make him a valuable ally for first-time home buyers aiming to lay down roots in Kentucky²³⁴.

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This article is for informational purposes only and does not constitute financial advice. For personalized guidance, it's recommended to consult directly with a mortgage professional like Joel Lobb.

Source: Conversation with Bing, 3/9/2024
(1) Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA. https://www.mylouisvillekentuckymortgage.com/2010/10/get-approved-for-mortgage-or-home-loan.html.
(2) Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural .... https://www.mylouisvillekentuckymortgage.com/.
(3) Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA. https://business.google.com/v/joel-lobb-mortgage-broker-fha-va-khc-usda/04361775572510182499/a291/_.
(4) . https://bing.com/search?q=Joel+Lobb+mortgage+loans+Kentucky+first+time+home+buyers.
(5) Joel Lobb - Louisville, Kentucky, Key Financial Mortgage, University of .... https://about.me/joel.lobb. 

Can you have 2 Kentucky VA Loans?

A Kentucky Veteran Can Have Multiple VA Loans:

In the most basic of terms, VA Second-Tier Entitlement gives a qualified military person the ability to have two KY VA mortgages out simultaneously.

VA will allow a Kentucky Veteran to have multiple Kentucky  VA loans provided they meet the required GNMA 25 percent guaranty. Are you unsure of how to calculate the maximum loan amount for a Veteran based on their used entitlement? I am Kentucky Veteran myself and have done over 50 VA loans for past customers in Kentucky. I am here to help with your Kentucky VA mortgage questions!

Click here and download an interactive, Kentucky Mortgage VA Entitlement and Loan Amount worksheet to help you determine their Kentucky VA Home loan maximum loan amount. This worksheet also works great to determine the maximum loan amount for a Veteran when they are buying a home over their county loan limit.

First let’s explain the difference between entitlement and maximum loan amount.

Each borrower using a VA Loan has a $36,000 entitlement that the VA guarantees to the lender in the unfortunate event that a borrower would default on the loan. The VA's formula dictates whether or not all that entitlement is used with the initial loan, and thus, additional entitlement can be available. And even if the entitlement is $0 after the purchase of the first house, then the Veteran or active duty member can still use their second-tier entitlement, but there will be a standard minimum and maximum loan limits on what the borrower can use to buy that second house.

Where does the $36,000 come from? This is 25% of 144,000, the "old" maximum loan amount for VA loans.

The VA now has County maximum loan limits as high as 768,750 in the DC Metro Area. With that loan amount, your 25% guarantee is 192,187.50 in entitlement.

"Second-Tier entitlement is nice because for those people using it, it means they don't have to sell their (first) property right off the bat when obtaining the second VA Loan. However, they still have to qualify for the VA Loan. While Second Tier Entitlement is not widely used because of its complexity and the fact that plenty of lenders are not well versed in calculating it, does not mean that interested borrowers should wave the white flag and look elsewhere for a different home loan.

An Example of calculating second-tier entitlement:

Veteran has used $104,250 of entitlement on a prior loan, which may not be restored because the loan is still active and is now a rental due to orders to transfer. The Veteran is now purchasing a home for $350,000 where the county loan limit is $768,750.

$768,750 (County Loan Limit) X 25% (your VA guaranty) = $192,187.50 Maximum Guaranty

$192,187.50 - $104,250 (entitlement already used for active VA loan) = $87,937.50 Entitlement Available

$87,937.50 X 4 = $351,750 Maximum Loan Amount with 25% Guaranty – Since the proposed purchased price is less than the max loan amount, no down payment would be required.

If the Veteran would like to purchase a home for 400,000 using the same numbers above, they would be required to bring $12,062.50 as a down payment to meet the 25% guaranty.

400,000 x 25% = 100,000 needed entitlement/guaranty – 87,937.50 available = 12,062.50 difference needed by Veteran to meet lender requirement.

For a list of county loan limits, please email me or go to http://benefits.va.gov/homeloans/do...limits.pdf

If you would like to discuss your options for second tier availability to you, please do not hesitate to contact me!

Joel Lobb  Mortgage Loan Officer 

EVO Mortgage
 911 Barret Ave, Louisville, KY 40204


Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | Company NMLS #173846

First-Time Home Buyer's Guide to Mortgage Approval in Kentucky

Are you a first-time home buyer in Kentucky dreaming of owning your own piece of the Bluegrass State? The path to homeownership starts with getting approved for a mortgage loan. While the process might seem daunting, we're here to break it down into manageable steps. Let's walk through the journey of securing your first mortgage in Kentucky.

Step 1: Check Your Credit Score

Your credit score is an important factor in getting approved for a mortgage and the interest rate you'll pay. In Kentucky, most lenders require a minimum credit score of 620 for conventional loans. However, some government-backed loans, such as FHA, VA, and USDA loans, may accept lower credit scores.

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Step 2: Save for a Down Payment and Closing Costs

While some loans offer low down payment options, having a substantial down payment can improve your chances of approval and potentially lower your interest rate.

• Aim for at least 3.5% to 20% of the home's purchase price
• Don't forget about closing costs, which typically range from 2% to 5% of the loan amount
• Look into Kentucky-specific programs like the Kentucky Housing Corporation's Down Payment Assistance Program, which offers up to $10,000 for eligible first-time buyers

 There are indeed several programs available that can help potential homebuyers achieve this goal. Let's go through some of the main options:

1. Kentucky Housing Corporation (KHC) Programs: KHC offers several down payment assistance programs, including:

• Regular Down Payment Assistance Program
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These programs can provide up to 10,000 in down payment assistance, which can effectively result in a zero down payment for some buyers.

2. FHA Loans: While FHA loans typically require a 3.5% down payment, this can be covered by down payment assistance programs, effectively resulting in zero down payment for the buyer.
3. VA Loans: For eligible veterans, active-duty service members, and certain military spouses, VA loans offer 100% financing with no down payment required.
4. USDA Rural Development Loans: These loans are available for homes in eligible rural areas and offer 100% financing with no down payment.
5. UWM's $15,000 Welcome Home Grant: This grant program can provide up to $15,000 in down payment assistance for first-time homebuyers.
6. $25,000 Kentucky Welcome Home Grant: This grant can provide up to $25,000 in down payment assistance for eligible homebuyers.
7. 5% Grant: Some lenders offer a 5% grant that can be used towards down payment and closing costs.

Qualifying criteria for these programs generally include:

• Credit Score: Typically, a minimum score of 620 is required, but some programs may accept lower scores.
• Income: Many programs have income limits based on the area's median income.
• Work History: Most lenders prefer a stable work history of at least two years.
• Assets: While these programs aim to help with down payments, having some savings for closing costs and reserves is often beneficial.

It's important to note that qualifying criteria can vary significantly between programs and lenders. Additionally, while these programs can help achieve a zero down payment, buyers should be aware that this often results in higher monthly payments and potentially higher interest rates.

Step 3: Determine Your Budget

Before applying for a mortgage, it's crucial to know how much home you can afford.

• Use the 28/36 rule: Your mortgage payment shouldn't exceed 28% of your gross monthly income, and total debts shouldn't exceed 36%
• Factor in property taxes, homeowners insurance, and potential HOA fees
• Consider future expenses like home maintenance and repairs

Step 4: Gather Necessary Documents

Lenders will require various documents to verify your financial situation. Typically, you'll need:

• Proof of income (W-2 forms, pay stubs, tax returns for the past two years)
• Bank statements for the past few months
• Proof of assets (retirement accounts, investments)
• Identification (driver's license, Social Security number)
• Rental history for the past two years

Step 5: Get Pre-Approved

Pre-approval gives you a clear idea of how much you can borrow and shows sellers you're a serious buyer.

• Shop around with multiple lenders to compare rates and terms
• Submit your financial documents for review
• Receive a pre-approval letter, typically valid for 120 days

Step 6: Choose a Mortgage Type

Kentucky offers various mortgage options for first-time buyers:

• Conventional loans: Typically require higher credit scores but offer competitive rates
• FHA loans: Lower down payment and credit score requirements, but require mortgage insurance
• VA loans: For eligible veterans and service members, offering no down payment options
• USDA loans: For rural home buyers, with no down payment required
• Kentucky Housing Corporation loans: State-specific programs with competitive rates and down payment assistance

Step 7: Find a Home and Make an Offer

With pre-approval in hand, you're ready to house hunt!

• Work with a local real estate agent familiar with Kentucky's market
• Once you find a home, make an offer and negotiate terms
• If accepted, proceed to the final loan application

Step 8: Complete the Full Mortgage Application

Once your offer is accepted, it's time to finalize your mortgage application.

• Choose your lender and loan program
• Provide any additional documentation requested
• Pay for an appraisal to determine the home's value

Step 9: Underwriting Process

The lender's underwriting team will review your application and supporting documents.

• They may request additional information or clarification
• Be prompt in responding to avoid delays
• Avoid making major purchases or changing jobs during this time

Step 10: Closing

If approved, you'll receive a Closing Disclosure detailing your loan terms and closing costs.

• Review this document carefully
• Attend the closing to sign final paperwork
• Bring a cashier's check or arrange a wire transfer for your down payment and closing costs

Congratulations! Once you've completed these steps, you'll be a proud homeowner in the beautiful state of Kentucky.

Remember, the process can vary depending on your specific situation and chosen lender. Don't hesitate to ask questions along the way.

Joel Lobb  Mortgage Loan Officer

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/