I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
http://www.mylouisvillekentuckymortgage.com/
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
http://www.mylouisvillekentuckymortgage.com/
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
.png "FHA Kentucky Mortgage Loan vs. Kentucky Conventional Loan: Which is Right for You?")
When you feel ready to buy a house, different types of loans may be available to you. Two primary mortgage options are an FHA loan and a conventional loan. Below, we briefly compare each to help you understand which might be right for your situation.
The Federal Housing Administration insures FHA loans. The government-backed loans have less stringent borrowing qualifications. Some people go with this type of loan if they don’t have a big down payment or they have a lower credit score.
Conventional loans aren’t issued, nor are they guaranteed by a government agency. Private lenders insure these loans. You’ll need a better credit score and lower debt-to-income ratio to qualify for a conventional loan, as well as a down payment of usually at least 20%.
A conventional loan is also known as a conforming loan because they conform to standards set by Fannie Mae and Freddie Mac. These groups buy mortgages from lenders, holding them or turning them into mortgage-backed securities.
You can opt for a conventional loan with a fixed rate interest rate or an adjustable rate. The terms of a conventional loan usually range from 10 to 30 years, with 15 and 30-year mortgages being the most common.
Below, we look more comprehensively at some of the differences between these two primary home loan types.
Your credit score is three digits, and it can be anything from poor to excellent. According to most lenders, a poor score is anywhere from 350 to 570, with an excellent score being anything 800 and above.
The bulk of lenders will look at the FICO Score. The FICO Score is a credit scoring model created by the Fair Isaac Corporation. There’s also the Vantage Score model.
Three credit bureaus report credit scores: Experian, Equifax, and TransUnion. Your scores can vary between the three.
Credit score depends on your history of making on-time payments, your mix of types of credit, how long your credit history is, and how you use your credit.
Most lenders require that you have at least a 620 to qualify for a conventional loan but generally like to see scores higher than this. For an FHA loan, you can qualify with a score as low as 500 because there’s less risk for the lender since the government backs the loan.
The lower your score, the more of a down payment you have to put down.
A 20% down payment is usually the standard for a conventional loan. Not everyone has 20% down for a house, though. You don’t have to put this much of a down payment on a house, but with a conventional loan, if you don’t, you’ll have to pay for private mortgage insurance or PMI.
To get an FHA loan, if you have a credit score that is at least 580, your down payment can be as small as 3.5%. If your score ranges from 500 to 579, you have to put 10% down.
Several key factors influence mortgage interest rates, including demand, the condition of the economy, and the Federal Reserve. Lenders also look at your financial history, how much you’re borrowing, and your down payment when deciding on your interest rate.
If you want lower interest rates, you pay lender discount points. Then you can have a lower monthly payment.
The FHA interest rates are often comparable with conventional mortgages and based on similar factors.
This year, the conventional loan limit in the lower is $726,200 for Kentucky Conventional Mortgage Loans.
Jumbo loans are non-conforming because Fannie Mae and Freddie Mac don’t back them. The underwriting guidelines are stricter, and they’re harder to get.
For an FHA loan, the limit in Kentucky is $472,030
A conventional loan tends to make the most sense for people who have a credit score of a minimum of 620, a down payment of at least 20% to avoid PMI, and a low debt-to-income ratio.
An FHA loan might be good for a borrower who doesn’t have a high credit score, has a higher DTI, or has less money available for a down payment.
http://www.mylouisvillekentuckymortgage.com/
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
The Saving on a Valuable Education (SAVE) Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.
The SAVE Plan replaced the Revised Pay As You Earn (REPAYE) Plan. Borrowers on the REPAYE Plan automatically get the benefits of the new SAVE Plan.
The SAVE Plan includes multiple new benefits for borrowers. The changes below will go into effect this summer. Additional benefits go into effect in July 2024.
Changes Under SAVE | What This Means |
|---|---|
The SAVE Plan significantly decreases monthly payments by increasing the income exemption from 150% to 225% of the poverty line. | The new plan can significantly decrease your monthly payment amount compared to all other income-driven repayment plans. Your monthly payment amount is based on your discretionary income—the difference between your adjusted gross income (AGI) and 225% of the U.S. Department of Health and Human Services Poverty Guideline amount for your family size. See table below for examples. That means you will not owe loan payments if you are a single borrower earning $32,800 or less or a family of four earning $67,500 or less (amounts are higher in Alaska and Hawaii). Borrowers earning more than these amounts will save at least $1,000 per year compared to the current income-driven repayment plans. |
The plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. | If you make your monthly payment, your loan balance won’t grow due to unpaid interest. For example: If $50 in interest accumulates each month and you have a $30 payment, the remaining $20 would not be charged. |
The SAVE Plan excludes spousal income for borrowers who are married and file separately. | This change removes the need for your spouse to cosign your IDR application. |
The updated IDR application is now available and includes the option to enroll in the new SAVE Plan.
If you are enrolled in the REPAYE Plan or recently applied, you will be automatically enrolled in the SAVE Plan. There is no need to reapply or request to change your plan. Learn how to check which plan you’re on.
Use the IDR application to apply for the SAVE Plan now. You can select the option for your loan servicer to place you on the lowest monthly payment plan (this will usually be SAVE).
If you are already on an IDR plan, check to see if you are on the REPAYE Plan. Log in to StudentAid.gov, go to your My Aid page, scroll down, and view your loans. Each loan will list a repayment plan. If you see that you are enrolled in the REPAYE Plan, you’ll automatically be enrolled in the SAVE Plan later this summer. You can now enroll in the SAVE Plan if you’re on a different repayment plan. If you don’t have a StudentAid.gov account, create an account now.
Eligible loans for the SAVE Plan include
The SAVE Plan calculates your monthly payment based on your income and family size. Starting this summer, if you’re making $32,800 per year or less, roughly $15 dollars per hour, your monthly payment will be $0. If you make more than that, you could save at least $1,000 per year compared to other IDR plans.
Starting next summer, borrowers on the SAVE Plan will have their payments on undergraduate loans cut in half (reduced from 10% to 5% of income above 225% of the poverty line). Borrowers who have undergraduate and graduate loans will pay a weighted average of between 5% and 10% of their income based on the original principal balances of their loans.
We are launching the following changes to the income-driven repayment application and process this summer.
Update to IDR | What This Means |
|---|---|
You can now grant us annual access to your latest IRS tax returns, safely and securely. | When you apply for or recertify your IDR plan, you can provide approval for the secure disclosure of tax information so that we can automatically access your latest IRS tax return. You’ll save lots of time since you’ll no longer need to manually provide any income or family size information for your initial application or recertification. |
You’ll save time and never miss your recertification date with first-ever automatic reenrollment in IDR plans. | If you agree to the secure disclosure of your tax information, we and your loan servicer will automatically recertify your enrollment in IDR and adjust your monthly payment amount once a year. You’ll be notified when your payment is changing and you’ll always be able to recertify your plan manually. Note: Auto-recertification will be available in July 2024. If you apply for IDR electronically in August 2023 or later and you agree to securely share your tax information, then your plan will automatically be recertified the next time your recertification is due. |
End of interest capitalization when a borrower leaves most IDR plans | As of July 1, 2023, unpaid interest on your loans won’t be added to your principal when you leave any IDR plan, except the Income-Based Repayment (IBR) Plan (where capitalization is required by statute). |
User-friendly application | The redesigned application will allow you to enroll in IDR in 10 minutes or less, save your progress, and track your application via your StudentAid.gov account. |
Borrowers currently enrolled in the REPAYE Plan will see their monthly payments automatically adjusted to the new SAVE Plan before payments restart. Most borrowers who apply for the SAVE Plan by mid-August will have their new monthly payment amount reflected in the billing statement sent to them in September for their first payment in October.
After you apply, check the status of your application by visiting your account dashboard on StudentAid.gov.
Some borrowers may receive disclosure from their servicer as early as August. For those borrowers, this is intended to inform you of your monthly payment. If you applied for the SAVE Plan close to your servicer’s bill issue date or before your required payment due date, your servicer will place you in a forbearance status for the upcoming billing cycle so that you do not pay more than you need to. Your servicer will also place you in forbearance if they cannot process your application before these dates.
Additionally, you can find the most up-to-date information on your monthly payment amount by logging onto your account with your student loan servicer.
The SAVE Plan includes additional benefits that will go into effect in July 2024. These additional benefits will likely reduce payments further and make it easier to manage repayment. The benefits include the following:
Payments on undergraduate loans will be cut in half (reduced from 10% to 5% of income above 225% of the poverty line). Borrowers who have undergraduate and graduate loans will pay a weighted average of between 5% and 10% of their income based on the original principal balances of their loans.
Borrowers with original principal balances of $12,000 or less will receive forgiveness of any remaining balance after making ten years of payments, with the maximum repayment period before forgiveness rising by one year for every additional $1,000 borrowed. For example, if your original principal balance is $14,000, you will see forgiveness after 12 years. Payments made previously (before 2024) and those made from now on will count toward these maximum forgiveness timeframes.
Borrowers who consolidate will keep their progress toward forgiveness. They will receive credit for a weighted average of payments that count toward forgiveness based upon the principal balance of the loans being consolidated.
Borrowers will automatically receive credit toward forgiveness for specific periods of deferment and forbearance.
Borrowers can make additional “catch-up” payments to get credit for all other periods of deferment or forbearance.
Borrowers who are 75 days late will be automatically enrolled in IDR if they have agreed to allow the U.S. Department of Education to securely access their tax information.
IDR plans protect a minimum amount of income to ensure you can cover basic necessities like food and housing costs. Since IDR plans are calculated based on income and family size, if your household income is below that level, you will have a $0 monthly payment. Each time you recertify your IDR plan with updated income and family size information, you may see your payment adjusted.
If you have a $0 payment due, you do not need to pay anything that month. Just make sure you know your recertification date. When applying for IDR, we recommend you consent to securely sharing your tax information so that we can automatically recertify your IDR enrollment for you. This way, you’ll never miss your recertification date and won’t have to fill out a recertification application.
Tip: If you have additional money in your budget to pay down your student loan balance, you can always set a custom payment amount each month, even if you have a $0 payment.
If you apply for the SAVE Plan close to your servicer’s bill issue date or before your required payment due date, your servicer will place you in a forbearance status for the upcoming billing cycle so that you do not pay more than you need to. Your servicer will also place you in forbearance if they cannot process your application before these dates.
You can check your application status by logging onto your account with your student loan servicer.
Servicers process applications in the order they are received. Any applications you submit will be processed in the order you submit them.
The IDR application is available online and in paper form (downloadable via PDF). The online applications is available in English, and the paper form is available in English and Spanish. The online applications is compliant with Section 508 of the Rehabilitation Act of 1973, as amended, to ensure access to individuals with disabilities.
If you do not have internet access or need a paper version of the application, you can download a PDF copy of the Income-Driven Repayment Plan Request form, print it, fill it out, and mail it to your loan holder as described on the application. You can also contact us to request a physical copy to be mailed to you.
If you need help filling out any of the forms, you can reach our contact center. If you’re deaf or hard of hearing, you can get help from our contact center through chat or email. You can also contact us using a Video Relay Service.
If you speak a language other than English, our contact center provides support for over 100 common languages, including Spanish, Chinese, and French.
If you’re an American living outside the United States, you can access the IDR application without having to use a virtual private network (VPN). If you have any issues accessing the form while abroad, please reach out to our contact center.
http://www.mylouisvillekentuckymortgage.com/
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
