I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with 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 ID 1364
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- 4 Things Required for a KY Mortgage Loan Approval
- Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2024
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky
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Private Mortgage Insurance (PMI) Kentucky Mortgage and PMI
Kentucky Mortgage and PMI Breaking down PMI
PMI can be a nominal price to pay for being able to secure a home loan with today's mortgage rates.
What is PMI?
For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage.
It is not the same thing as homeowner's insurance. It's a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%. While PMI is an initial added cost, it enables you to buy now and begin building equity versus waiting five to 10 years to build enough savings for a 20% down payment.
While the amount you pay for PMI can vary, you can expect to pay approximately between $30 and $70 per month for every $100,000 borrowed.
*Assuming an insurance rate of 0.51%; this cost can be cancelled from your payment once you reach 20% equity in your home for conventional loans, but not FHA loans
**Does not include property tax and homeowner’s insurance payments
PMI isn't forever
Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your monthly payment. If you're current on your mortgage payments, PMI will automatically terminate on the date when your principal balance is scheduled to reach 78% of the original appraised value of your home. If you choose to use PMI, be sure to talk with your lender about these specific details of your policy.
Talk with your lender about what down payment makes the most sense for your financial situation. Remember, you have options!
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Private Mortgage Insurance (PMI) Kentucky Mortgag...
Job History and Income Requirements for a Kentucky Mortgage Loan Approval for a FHA, VA, USDA and Conventional Mortgage Loan
Job History and Income Requirements
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How to Figure Rental Income for a Kentucky FHA, VA, USDA and Conventional Mortgage Loans
Did you know that each agency has different requirements for using rental income from the borrower’s departing residence to qualify? Please see the guidelines below and let us know if you have any questions.
Conventional
Rental income can be considered for qualifying purposes using 75% of the current lease agreement.
Documentation requirements:
- Fannie Mae – Current signed lease agreement
- Freddie Mac - Current signed lease agreement AND documentation evidencing deposit of first month rental payment and security deposit
FHA
VA
If there is no lease the lender may still consider the prospective rental income for offset purposes:
- Obtain a working knowledge of the local rental market from a local real estate agent, and
- the local rental market is very strong
Kentucky Eligible Area Maps for Kentucky USDA Rural Development Housing Programs
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Kentucky FHA 203(k) Home loan programs
Our Standard and Limited Kentucky FHA 203(k) Home loan programs help you deliver financing that fits your borrowers' unique home renovation needs. That starts with understanding which one is the right choice for each borrower.
Have Questions or Need Expert Advice? Text, email, or call me below:
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.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).
USDA Homes for Sale in Kentucky
Single Family Housing Properties Found: 26Filtered By: State> Kentucky; Property Type> Single Family; Listing Type> All Types;
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