Tag: Kentucky Housing Corporation

New Fannie Mae Home Foreclosures in Kentucky — Kentucky First Time Home Buyer Loans for 2017

New Fannie Mae Home Foreclosures in Kentucky $21,900Active 210 N 35th St Louisville, KY 40212 2 Beds |1 Baths | 1119 sq. ft. View Property $28,500Active 1002 S 43rd St Louisville, KY 40211 3 Beds |1 Baths | 1692 sq. ft. View Property $96,900Active 111 Park Ave Erlanger, KY 41018 4 Beds |3 Baths | […]

via New Fannie Mae Home Foreclosures in Kentucky — Kentucky First Time Home Buyer Loans for 2017

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.

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USDA Rural Housing Map for Ineligible Cities in Kentucky for Housing Loans.  Areas including are Louisville,  Lexington, Paducah, Richmond, Hopkinsville, Owensboro, and Bowling Green KY

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Eligible Cities are Back!A Continuing Resolution has passed allowing RHS to refer back to the 2000 census data for eligible areas.  This will allow the following eight Kentucky cities to remain eligible until January 2014:  Bardstown, Burlington, Elizabethtown, Georgetown, Independence, Nicholasville, Shelbyville, and Shepherdsville.  This is good news as implementation of the 2010 census data has been put on hold again.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
text or call 502-905-3708 cell

 

USDA Rural Housing Map for Ineligible Cities in Kentucky for Housing Loans.  Areas including are Louisville,  Lexington, Paducah, Richmond, Hopkinsville, Owensboro, and Bowling Green KY

(areas in yellow are not eligible for Kentuck USDA Mortgage Loans for 2017)

click on image to enlarge the area for more detailed map

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The United States Department of Agriculture has created a special home buyer opportunity for Americans that live in rural areas. These home buying programs were designed to increase homeownership amongst lower and middle income families that live in smaller sized cities, towns, and remote areas.

What makes these loans so special?

  • No Down Payments – USDA loans are one of the only home mortgages that allow someone to buy a home without putting any money down. In fact, the only other way someone can finance 100% of their home purchase is if they are in the military or a veteran. Even someone with perfect credit, long job history, and plenty of savings/assets can not qualify for 0 down on a home loan. This is a unique and very special aspect of USDA home buyer loans.
  • Lower PMI costs– Private Mortgage Insurance, also known as “PMI” is much lower on USDA loans than FHA or conventional mortgages. This can save you a lot of money.
  • Reduced Interest Rates The interest rates are lower on USDA loans, which results in lower payments, and plenty of money saved overtime.

Would You Like to Get Prequalified or Apply For a USDA Loan Now?
Click Here to Get Pre-Approved for a USDA Loan

How to Qualify for a USDA Loan

The best way to find out if you qualify for a USDA loan is to speak with one of our USDA specialists. It is easy to find out if you are eligible and usually only takes a few minutes. There are some basic qualification guidelines that the Department of Agriculture has set up which will help you have an idea if you can get a USDA loan.

  • Property Eligibility – The home you want to finance with a USDA loan must be an eligible property. You can not buy any home you want, it must be a designated property. You can look up homes in certain areas, or you can search by address on the USDA website.
  • Job History – Similar to all other mortgage loans, a two year work history is required.  You must show that you have been consistently employed for the past two years straight in order to qualify for USDA financing.
  • Income Limits – You must not make over a certain amount in order to receive a USDA mortgage. This amount varies by location so you will need to look up your specific counties income limits.
  • DTI Ratio– One of the main ways which determines if you will be approved or not is your debt-to-income ratios. While you must not make too much money, you also must not have too much debt. Your debt-to-income ratio is how much monthly debt you have (only those debts which show on your credit report are counted) compared to your bring home income. So if your household income is $4,000/month, and your currently monthly debts (excluding rent), combined with your new mortgage payment are $1,500/month, this would equal a 37.5% DTI ratios (this was calculated by taking $1,500 and dividing it by $4,000).
  • Credit Score – The minimum credit score varies from lender to lender, but most want to see at least a 640 credit score for you to be approved.
  • Mortgage Insurance – USDA loans have their own version of mortgage insurance. It is called the “Guaranteed Fee” and works similarly to how FHA loans have upfront and monthly mortgage insurance premiums (MIP). With USDA loans, there is a 1.0% upfront guarantee fee, and a 0.350% annual guarantee fee that is divided into 12 payments each year. The amount of your annual fee (paid monthly) adjusts each and goes down as your loan balance does. Use our USDA calculator to get an idea of what your monthly payment will be:

 

What Are the USDA Programs That Exist?

The USDA has two primary loan programs that exist. This includes direct loans and guaranteed loans.

  • Direct Loan – These are loans made directly by the government. You do not have to go through a mortgage lender, but instead you apply with the Department of Agriculture.  The direct loan is named the USDA 502 Direct Loan.
  • Guaranteed Loans – Guaranteed loans are those processed and closed by a USDA mortgage lender.  This program is called the USDA 502 Guaranteed Loan. The USDA backs the loan, but does not issue the loan themselves.

The difference between these two, aside from who provides the financing, is eligibility requirements.  The USDA 502 direct loan is geared more towards lower income families that may have issue obtaining a loan from a mortgage lender.  The USDA 502 guaranteed loan allows for more borrowers, including those with more income, to get a USDA loan.  Some applicants may be able to get a direct or guaranteed loan.  When you speak with a mortgage representative, they will help you identify which programs are available to you.  You can then compare loan terms of any mortgage you qualify for.

How to Apply for a USDA Loan

It is very easy to apply for a USDA loan. In fact, we can prequalify you over the phone. The best way to apply is to request a free USDA loan consultation and a loan specialist will contact you. All we need for an initial pre qualification is for you to share some basic information and we can inform you of your eligibility.

Would You Like to Get Prequalified or Apply For a USDA Loan Now?

USDA Mortgage Questions and Answers

Are USDA loans only for farms and agricultural properties?
This is a very common question and something that many people wonder about since it is the Department of Agriculture that backs these loans. It is actually the complete opposite though. USDA loans are meant for residential homes in rural areas, not agricultural or farmland.

Can you buy a farm with a USDA?
USDA loans are strictly for residential properties, so no farm or land that is used for agricultural purposes are allowed. In simplest words, the property can not be income producing.

If USDA loans are for rural properties does that mean they are not available near cities?
Surprisingly this is not the case either. Another misconception about the USDA home buying program is that the loans are exclusively for homes in remote areas. There are actually plenty of eligible homes just outside of various urban/suburban areas. The best way for you to get an idea of what type of home you can buy, and where, is to use the USDA property eligibility search.

Can I buy an investment property with a USDA loan?
No, you may only use a USDA loan for a home that you personally occupy as the owner.

Can I finance the loan costs into the loan?
Yes, you can finance the closing costs and the upfront mortgage insurance into the loan. This means that you do not pay the fees out of pocket at closing, but instead it is added to the loan amount. It is important to note that you will then be paying interest on these fees if they are wrapped into the mortgage. Just some “food for thought” when you decide if that is something you want to do.

How much is mortgage insurance on USDA loans?
There are two types of mortgage insurance on USDA loans. This includes both upfront mortgage insurance and what is called the “annual fee”. The upfront amount is 1.00% of the loan amount. This can be added to the loan amount (as described in the question above). The “annual fee” is divided into your monthly payments. This fee is 0.35% of the loan balance (recalculated each year). So the amount goes down as you pay your mortgage. The annual fee of 0.35% is divided into 12 and added to the monthly payments. This is cheaper than FHA MIP (mortgage insurance premiums), as well as the PMI amounts on VA and conventional loans.

Do I have to be a first time home buyer?
The good news is you do not have to be a first time buyer. The only stipulation is that it must be your primary residence. So you must not currently own a home to be able to get a USDA loan.

What is the loan limits? How much can I borrow?
USDA loan limits adhere to the Fannie Mae / Freddie Mac conforming loan limits. For a single family residence, this amount is $417,000 in most areas of the county


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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#57916 http://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 rates

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Louisville, Kentucky Derby (Photo credit: Wikipedia)

Louisville Kentucky mortgage rates.

via Louisville Kentucky mortgage rates.

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Kentucky Mortgage Current Interest Rates
Fixed Rate Programs
 
Program
Calculator
Rate
 Conforming 30 year fixed
4.375
0.000
4.671
30
28 / 41Prequalify
Kentucky Mortgage Only- Rates Change w/o notice
Conforming 20 year fixed
4.375
0.000
4.587
30
40 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 Conforming 15 year fixed
3.500
0.000
3.881
30
28 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 30 year fixed
4.000
0.000
5.417
30
35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 15 year fixed
3.500
0.000
3.989
30
35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 USDA 30 year Fixed
4.000
0.000
4.985
30
31 / 45Prequalify
kentucky mortgage rates only- change w/o notice
 VA 30 Year fixed
4.000
0.000
4.714
41 / 41Prequalify
kentucky mortgage rates only- change w/o notice

Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.

 

 

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency.

Rates are subject to qualifying criteria and Mortgage Rates can change without notice.

Assumptions include a 640 or higher credit score for Kentucky FHA, USDA, KHC,  and 620 credit scores for a  Kentucky VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required.

A 720 credit score or higher is assumed for a Kentucky  Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.

  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan. This is not a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
  • These mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.
  • FHA

    • Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors.
  • Jumbo

    • Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans.,; Please contact your home mortgage consultant for details regarding the  criteria or with any other questions.
  •   VA Loans
                Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling     factors.
  • USDA Loans
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors.

Free Credit Report and Pre qualifications available anytime. 

FREE MORTGAGE PREQUALIFICATIONS SAME DAY

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
 

     

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA

 

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