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
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Can You Buy A House After Bankruptcy in Kentucky?
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Can You Buy A House After Bankruptcy in Kentucky?: Mortgage Loan Options After Bankruptcy in Kentucky In some cases, you have exhausted your emergency fund, and have decided there is no optio...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
How to get approved for a Kentucky Mortgage Loan with Bad Credit
There are several mortgage loans programs for Kentucky Homebuyers that may have had experienced bad credit in the past.
Below is a summary of programs that borrowers can use to get approved for a mortgage loan with bad credit..
FHA loans in Kentucky, FHA will go down to a 500 minimum credit score with at least 10% down payment or 10% equity on a refinance.
If your scores is over 580, then you could use a FHA loan in Kentucky to with just 3.5% down payment or refinance with that much equity.
If it turns out that you have a 620 credit score or higher, you can look at doing an Conventional loan with just 3 to 5% down payment. Typically on conventional loans if your score is below 660, you would need 5% down payment.
If you happen to be a Veteran and qualify for a Kentucky VA loan, you could possibly get approved for a VA loan with no minimum credit score.
In reality, it is very difficult to get for a VA loan with a score below 560 to 580 range, with most VA lenders requiring a 620 credit score.
If you are looking to purchase a home in a rural area, you can look at doing a Kentucky USDA loan because they have no minimum credit score but most lenders will want a 620 to 640 credit score.
Kentucky FHA Loan are your best bet you have a lower fico score or credit score.
FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment.
.png "Kentucky FHA Loan are your best bet you have a lower fico score or credit score. FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment.")
1 - 
Email - kentuckyloan@gmail.com
Email - kentuckyloan@gmail.com 2. 
Call/Text - 502-905-3708
Call/Text - 502-905-3708Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans
Website: www.
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.
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
New USDA Loan Guidelines for Kentucky Home Buyers
I wanted to share an important update regarding the USDA Single Family Housing Guaranteed Loan Program (SFHGLP) for Kentucky home buyers.
The USDA has recently proposed revisions to several chapters of their technical Handbook 1-3555, which may impact various aspects of the loan process. These proposed changes are currently open for comment until December 8, 2024, with final publication expected soon. Here’s an overview of the proposed revisions:
Key Proposed Updates to Kentucky Rural Housing USDA Guidelines:
Seller Concessions: Clarifies that funds provided by the seller to pay the buyer’s real estate commission fees are excluded from the 6% seller concession cap.
Refinancing Eligibility: The seasoning period for an existing loan to be eligible for refinancing has been updated to 180 days.
Payment History Requirement: To qualify for a refinance, the existing loan must not have any delinquencies greater than 30 days within the previous 180-day period.
Manufactured Homes: Removed existing manufactured homes from the list of prohibited loan purposes.
Builder’s Warranty: The one-year builder’s warranty must include the date, warrantor, buyer, location, and signatures.
Rehabilitation and Repair: The maximum for non-structural repairs with a home purchase is updated to $75,000. Structural repairs now have a reserve period extended to 10 months if exceeding $75,000.
Manufactured Homes Repairs: Repairs to manufactured homes (both new and existing) are no longer listed as prohibited purposes.
Title Insurance: Community land trust, leasehold interest properties, and manufactured homes now require title insurance.
New Manufactured Homes: Must be built within 12 months of loan closing. The certification label should remain visible after installation is complete.
Existing Manufactured Homes: New guidelines for financing existing manufactured homes align with the requirements in the upcoming Existing Manufactured Home Final Rule.
These revisions enhance flexibility for Kentucky USDA home buyers, especially with updates related to manufactured homes, property types, and refinancing eligibility. If you’re interested in discussing how these changes may affect your eligibility or if you have any questions about Kentucky Rural Housing USDA loan options, please feel free to reach out. I’m here to help you navigate these updates and find the best financing solution for your new home.
1 - Email - kentuckyloan@gmail.com
Email - kentuckyloan@gmail.com 2. Call/Text - 502-905-3708
Call/Text - 502-905-3708Joel 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.
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Key ways to get your best rate possible on your Kentucky Home loan
Kentucky Mortgage Rates
Key ways to get your best rate possible on your Kentucky Home loan
Historically speaking, current mortgage rates are pretty average.
But considering all the other factors involved in our post-pandemic housing market, many people are struggling to afford a home.
Here are the top ways you can get your best mortgage rate, even in a tough market:
- Improve your credit score by paying down your debt and making all payments on time
- Consider all your loan options, including your term length and fixed rate vs. adjustable-rate mortgages
- Shop around for a lender and compare rates and terms
These key factors can mean the difference in paying thousands of dollars extra over the life of your loan.
It all depends on your unique situation.
Best loan options for Kentucky Mortgage borrowers in today’s market
- Conventional purchase — best for borrowers with a high credit score and at least 5% down payment
- FHA loan — best for first-time borrowers with more flexible credit requirements with lower credtit scores 500 to 580-
- VA loan — potential for zero down for active-duty military personnel, veterans, and eligible surviving spouses
- USDA loan — potential for zero down for for borrowers in rural areas who have moderate to low incomes
- Bank statement loan — for self-employed individuals
- KHC Loan --Down payment Assistance Grant for Zero Down Home Loans
Ask your lender about 2-1 buydowns and adjustable-rate mortgages for methods to get a lower initial rate.
How much home can you afford?
Let’s demystify the mortgage process.
Here are three common models lenders use to calculate how much of your income should go toward your monthly mortgage payment:
- 28/36 rule: Your max monthly mortgage payment can’t exceed 28% of your gross monthly income, and your mortgage plus other monthly debts cannot exceed 36%
While this is a good starting point, this standard is nearly impossible to hit in many housing markets. Most borrowers today have "debt-to-income ratios" closer to 40-50% of their gross income.
Beyond your debts, lenders will evaluate your income, employment history, and credit score.
That's how to get the lowest mortgage rate possible for your borrower scenario.
What about getting the lowest monthly mortgage payment possible?
- Boost your credit score
- Make a larger down payment
- Choose a more affordable home
- Shop around for the best mortgage rate
- 2-1 mortgage buy down with points pay to lower rate
- Mortgage Revenue Bonds Programs Kentucky Housing Corp.
- Shared Appreciated Mortgage (SAM) in Kentucky
Discounted Mortgage Rate 5.5% 30 year fixed rate loan. ***
Exciting News! KHC is thrilled to reintroduce its MRB program, now featuring an interest rate of 5.5%!
BONUS!!! Add $10,000 in down payment assistance to this amazing program for a power move!Eligibility requirements for the programs do apply, so reach out to us today for more information. Call or Message us now and seize the moment!
***Subject to Credit Qualifying Criteria and subject to change.
(1) The above rate quote has the following assumptions: $200,000 purchase; $194,000 loan amount; 0% down payment; 620 FICO credit score; property is SFR; borrower has sufficient income and assets to qualify; Tax and insurance impounds required; Estimated closing costs affecting the 6.375% APR include all standard fees. Monthly payment without taxes and insurance is $1,481.00. Rate and Annual Percentage Rate shown as of 11/01/2024, subject to change.
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
Text/call: 502-905-3708
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
How to Qualify For A Kentucky Mortgage Loan
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Own a Home in Kentucky with No Money Down!-Get a Free Mortgage Application and Credit Report Today
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Own a Home in Kentucky with No Money Down!
Your Path to Homeownership Starts Here – Get a Free Mortgage Application and Credit Report Today.
Get Pre-Qualified Now!Why Choose Us?
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!
Start My Free ApplicationKey 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
- Step 1: Fill out a simple, secure application – free and easy.
- Step 2: Receive a free credit report and personalized loan options.
- Step 3: Get pre-qualified with no obligation to proceed.
- Step 4: Work with our dedicated mortgage experts to find your perfect loan.
Hear from Our Kentucky First-Time Homeowners
"Thanks to the no-money-down option, we were able to buy our first home in Kentucky without a large upfront cost!"
"The free application and credit report helped us see what we qualified for right away – highly recommend!"
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Licensed Mortgage Lender in Kentucky
NMLS# 57916 | Equal Housing Opportunity
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Can you buy a house in Kentucky with Bad Credit?
Buying A House with Bad Credit in Kentucky
When in comes to buying a house in Kentucky and getting approved for a mortgage loan a lot of buyers will have to confront their past credit issues. Credit, along with income, work history, and assets determine if you qualify for a mortgage loan.
Below I will address the main issues you have to address when it comes to getting approved for a mortgage with past credit problems.
Mortgage late payments: One late payment in the last 12 months is permitted so long as it can be explained and fully documented if necessary.
• Foreclosure: Thirty-six months from the date of the foreclosure until eligibility to repurchase using the 3.5 percent down payment FHA Loan, 48 months for VA Loans (no money down required), seven years no matter the down payment on a conventional type.
• Short sale: Thirty-six months from the date of the short sale until eligibility to repurchase using the 3.5 percent down payment FHA Loan, 24 months with the VA, 24 months on a conventional money loan with a minimum down payment of 20 percent.
Bankruptcy: Chapter 7 (Chapter 13 is less common), 24 months from the date of discharge until eligibility to repurchase using the 3.5 percent down FHA Loan, 48 months on VA Loans (still no money down required), 48 months on conventional no matter the down payment. All mortgage companies have different thresholds of risk appetite. For example, the FHA (Federal Housing Administration) has no credit score requirement. Why, then, do lenders have a minimum credit score requirement of 620 for an FHA Loan? Unbeknownst to the majority of home buyers, many mortgage companies have a secret ominous business strategy.
Enter “investor overlays.”
Investor overlays are adjustments to guidelines and/or pricing created in favor of the mortgage company. This is exactly why one lender can do the loan, and another lender cannot do the loan in some instances.
Tip: every mortgage lender has investor overlays, it’s the nature of how mortgage companies operate, key is work with the lender whose overlays are minimal.
Timing
Typically speaking, if you want to get a mortgage after bankruptcy you’ll need to allow time to pass. For conventional mortgages you’ll need to wait four years after Chapter 7 bankruptcy or two years after Chapter 13 bankruptcy. But there are some other mortgage options that require a shorter waits.
Credit Scores
580 to 620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you have to look at doing a FHA loan or VA loan if you are a veteran. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 760 is even better.
Watch your credit scores carefully. You have three credit scores, and the lender will take your middle score. For example, let's say you have a 590 on Transunion, 679 on Experian, and a 618 on Equifax. Then your middle qualifying credit score will be 618 credits score.
If you absolutely cannot get your credit scores up to 620, then FHA will be a good option for you. FHA states that if your fico credit score is 580 or above, they will allow for a 3.5% down payment, and if below 580, you will need 10% down payment.
There are a lot of mortgage lenders that will not go below 580 to 620 range, so keep that in mind when you are shopping for a mortgage lender, because they create credit overlays.
Watch your credit scores carefully. You have three credit scores, and the lender will take your middle score. For example, let's say you have a 590 on Transunion, 679 on Experian, and a 618 on Equifax. Then your middle qualifying credit score will be 618 credits score.
If you absolutely cannot get your credit scores up to 620, then FHA will be a good option for you. FHA states that if your fico credit score is 580 or above, they will allow for a 3.5% down payment, and if below 580, you will need 10% down payment.
There are a lot of mortgage lenders that will not go below 580 to 620 range, so keep that in mind when you are shopping for a mortgage lender, because they create credit overlays.
FHA Mortgage
Two years after your Chapter 7 bankruptcy discharge you may apply for an FHA loan. If you filed Chapter 13 bankruptcy, then you’ll only need to wait until you’ve made twelve months of satisfactory payments, and you’ll need to get the approval of the bankruptcy trustee. But if you want to be given serious consideration, you’ll need to provide a clear explanation for why you filed bankruptcy. For example, maybe you filed Chapter 13 bankruptcy because you had a medical emergency and was unable to pay your medical bills.
VA Mortgage
If you’re a veteran, you can get a VA mortgage two years after your bankruptcy discharge. This VA application process can be challenging, but in some ways it’s more lenient since post-bankruptcy credit issues such as a foreclosure won’t restart the 2-year waiting period. However, credit issues after bankruptcy might affect your interest rate, so take care to keep your credit as clean as possible.
USDA Mortgage
If you live in a rural area, you may qualify for a USDA mortgage three years after your bankruptcy discharge. It’s important to note that while the USDA provides loans to rural residents it’s only for property that will serve as the borrower’s primary residence. The USDA will not finance the purchase of income property or a vacation home.
As you prepare to apply for a mortgage after bankruptcy, keep in mind that the mortgage lender will take into account the totality of your financial situation—your finances, credit history, credit score, and any extenuating circumstances
Joel Lobb Mortgage Loan Officer
EVO Mortgage
911 Barret Ave, Louisville, KY 40204
911 Barret Ave, Louisville, KY 40204
1 - Email - kentuckyloan@gmail.com
Email - kentuckyloan@gmail.com 2. Call/Text - 502-905-3708
Call/Text - 502-905-3708https://www.mylouisvillekentuckymortgage.com/2010/10/get-approved-for-mortgage-or-home-loan.html
NMLS 57916 | Company NMLS#173846
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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