Tag: Shelby Co RHS

USDA Rural Development No Money Down USDA Rural Housing Loan Program for Shelby County Kentucky

USDA Rural Development No Money Down USDA Rural Housing Loan Program for Shelby County Kentucky

 

For Shelby County Kentucky USDA Rural Mortgage buyers, there are certain income limits you must meet for the Shelby County Rural Housing homebuyers Program:

Section 502 Guaranteed Rural Housing Loan Program
 income limits for usda rural housing loan program for shelby county kentucky
Maximum Adjusted Household Income for Selected State and County :  $83,950.00
Section 502 Direct Rural Housing Loan Program
 
Maximum Adjusted Household Income for Selected State and County :  $58,400.00

 

What is a Good Credit Score to qualify for a Kentucky Mortgage Loan for USDA, RHS, VA, FHA, and Fannie Mae

What is a Good Credit Score.

via What is a Good Credit Score.

What is a Good Credit Score to qualify for a Kentucky Mortgage Loan for USDA, RHS, VA, FHA, and Fannie Mae

 

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What is a Good Credit Score?

An established credit history and credit score often stands between potential home or car buyers and their dream. But What is a good credit score? What exactly is a credit score? What makes a credit score “good?” How to improve your credit score? If you’re new to building credit there are a few things you need to know in order to keep your credit looking stellar.
What is a credit score?
Your credit score is a numerical representation of your credit report. This three-digit number is like a badge that predicts risk, credit responsibility and determines your interest rates if you borrow money from lenders much like your CLUE Report. While you will be able to get a copy of your credit report you may not find this numerical key listed. Think of your credit score like the cliff notes version of your credit report. There are a few different measures of credit scores between divisions. Based on their own systems different scorers might view certain numbers in many ways.

what is a good credit score

what is a good credit score
Deciphering your three-digit credit score is quite easy if you know the levels. The range usually runs from 300-850. Good to excellent credit is considered anything from 700 to 850. If your credit score falls in this range you’re going great! Fair credit runs from 625-699, poor runs from 550-624, and anything below 550 is bad. Some finance experts would classify anything over 720 a good credit rating. Experts will disagree depending on their preferred credit rating systems, and in most cases the criteria you use to determine whether or not your credit score is good will not be far off.
What Does a Good Credit Score Mean?
Having a good credit score is great, but if you don’t know how to use it you could be missing out on some crucial credit building. Credit scores are used in varying ways by lenders and banks. One thing your credit score implies is how likely you are to pay back debt. Basically it announces how reliable you are as a borrower. People with good credit scores are more likely to pay back funds that they borrow while those with lower scores aren’t so reliable. Lenders like reliable borrowers, and good credit points them out.
But a credit score does much more than predict whether or not you’ll pay a loan back. When it comes to buying a house or car, there is an interest charge. Higher credit scores usually have a lower interest rate than those with bad to fair credit. Lenders not only base whether or not they’ll approve a loan by your credit score, but also how much interest to charge. If your credit is in good standing your interest rate won’t be as high as someone with bad credit. Your credit score saves you money with lower interest rates.
How is a Credit Score Calculated?
In order to build and maintain good credit you must first know how your score is determined. Once you know what goes into a credit score you can begin building your credit or nursing your score towards higher digits. Credit scores are based on your financial history only, and laws prevent your score being affected by things like race, gender, age and where you live. What is included are items such as your payment history, your current credit debts, age of your credit history, new credit items added to your accounts and types of credit used.
These five basic areas are where the bulk of your credit score is formed. All criteria have varying degrees of involvement in your score. For example:
  • Payment history (35%) – How many on-time payments you’ve made, missed, defaulted and past due items
  • Current amount owed (30%) – How much you currently owe – if you owe a large amount this could negatively affect your score
  • Age of credit history (15%) – The average length of your credit accounts and time since last activity
  • New credit (10%) – The number of new credit items on your accounts
  • Types of credit (10%) – The kinds of credit accounts are you currently maintain
How to Improve Your Credit Score?
Many people avoid credit based on all the negatives they’ve heard against it, but neglecting your credit score hurts your chances of being able to make major purchases in the future. The best way to build credit is to use credit, and forming the following good credit habits early will pull your low score to higher ground.
  • Pay bills on time – This is the easiest and best way to boost your credit score. Since the bulk of your credit score comes from your payment history, paying bills on time will pull you up quickly. Not only will that help, but a recent and consistent history of paying bills on time overshadow a period long in the past where you may have missed payments.
  • Budget – Setting up a budget and staying within its parameters will keep you from overspending and using credit for frivolous things. Although using credit builds credit not being able to pay it off hurts more in the future.
  • Use all your credit cards regularly – If you have a few credit cards try to use them from time to time in order to show that you use all of your accounts. Remember that the last usage of an account is 15% of your score.
If you want to start repairing a bad credit history or start building yours, find out what your credit score is. I use Credit Karma to check mine, you can check out my review of Credit Karma or if want just apply here –www.creditkarma.com.
Making your way to a good credit score and keeping your score high won’t be a financial nightmare when you know how to build it and what it means financially.


Posted By Blogger to Louisville Ky Mortgage Lender FHA/VA

Joel Lobb (NMLS#57916)
Senior  Loan Officer

Kentucky USDA Loans | Rural Housing Loans Kentucky

Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

100% Financing Zero Down Payment Financing Kentucky Mortgages and Home loans

Buy a Home with No Down-Payment or Refinance Your Mortgage to 100% Just a few years ago, most mortgage companies offered no money down home loans, but today only there are only a handful of experienced lenders offering the USDA and VA home loans. Don’t miss out on affordable mortgage rates for no equity mortgages. Now is the time to discuss no money down home buying or no equity refinancing while rates are low and the programs still exist.

 

13959394512549000293

 

 

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.

Kentucky USDA and Rural Development Homes for Sales Foreclosures

  KENTUCKY 31 Properties
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  ALLEN  COUNTY
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 689 Richard Jones Rd 3/1  $30,275.00
 Scottsville KY ,KY  42164
 View Property Details  Foreclosure Sale
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  BATH  COUNTY
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 1696 Vanlandingham Rd 3/2  $44,170.00
 Salt Lick KY,KY  40371
 View Property Details  Foreclosure Sale
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  BRECKINRIDGE  COUNTY
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 314 East 6th St. 3/1  $53,485.00
 Hardinsburg, KY ,KY  40143
 View Property Details  Foreclosure Sale
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  BULLITT  COUNTY
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 155 North St 3/1  $42,365.00
 Shepherdsville KY,KY  40165
 View Property Details  Foreclosure Sale
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  CLARK  COUNTY
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 110 Colonial Park Dr 3/1  $46,115.00
 Winchester KY ,KY  40391
 View Property Details  Foreclosure Sale
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  DAVIESS  COUNTY
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 5022 Sturbridge Place 3/2  $41,870.00
 Owensboro KY,KY  42303
 View Property Details  Foreclosure Sale
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  ESTILL  COUNTY
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 205 Evergreen Rd 3/1.5  $70,400.00
 Irvine,KY  40336
 View Property Details  Foreclosure Sale
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  GALLATIN  COUNTY
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 2145 Ky Hwy 16 3/1  $16,080.00
 Glencoe KY ,KY  41046
 View Property Details  Foreclosure Sale
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  GARRARD  COUNTY
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 2067 Pollys Bend 3/2  $12,060.00
 Lancaster,KY  40444
 View Property Details  Foreclosure Sale
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  GRAVES  COUNTY
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 1011 Pine Lane 3/1  $36,080.00
 Mayfield,KY  42066
 View Property Details  Foreclosure Sale
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 1643 Alexander Loop 3/2  $26,800.00
 Mayfield KY ,KY  42066
 View Property Details  Foreclosure Sale
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 1111 South 12th Stree 3/1.5  $16,750.00
 Mayfield KY,KY  42066
 View Property Details  Foreclosure Sale
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  GRAYSON  COUNTY
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 142 Noah Lane 3/2  $48,930.00
 Leitchfield,KY  42754
 View Property Details  Foreclosure Sale
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  HARDIN  COUNTY
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 200 College Street 2/1  $55,210.00
 Elizabethtown,KY  42701
 View Property Details  Foreclosure Sale
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  HOPKINS  COUNTY
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 556 Richmond Dr. 3/1.5  $10,000.00
 Madisonville,KY  42431
 View Property Details  Foreclosure Sale
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 1650 Wells Road 3/2  $21,440.00
 Nortonville,KY  42442
 View Property Details  Foreclosure Sale
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  JESSAMINE  COUNTY
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 604 Edgewood Dr 3/1  $40,495.00
 Nicholasville KY ,KY  40356
 View Property Details  Foreclosure Sale
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  JOHNSON  COUNTY
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 4888 KY RT 1559 3/1  $11,390.00
 Sitka, KY,KY  41255
 View Property Details  Foreclosure Sale
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  KENTON  COUNTY
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 466 Courtney Road 3/1  $34,030.00
 Crittenden,KY  41030
 View Property Details  Foreclosure Sale
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 10474 Calvary Rd. 3/2  $38,860.00
 Independence,KY  41051
 View Property Details  Foreclosure Sale
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  KNOX  COUNTY
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 2718 South Hwy 233 3/2  $13,400.00
 Gray,KY  40734
 View Property Details  Foreclosure Sale
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  LYON  COUNTY
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 414 Osage Court 3/1  $46,265.00
 Kuttawa,KY  42055
 View Property Details  Foreclosure Sale
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  MARSHALL  COUNTY
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 1006 Fox Ridge Court 3/1  $24,980.00
 Benton KY,KY  42025
 View Property Details  Foreclosure Sale
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  MCCRACKEN  COUNTY
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 6125 Springbrook 3/2  $77,480.00
 Paducah,KY  42001
 View Property Details  Foreclosure Sale
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  MONTGOMERY  COUNTY
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 148 Southdale Drive 3/1  $41,355.00
 Mount Sterling,KY  40353
 View Property Details  Foreclosure Sale
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 325 Legend Dr 3/2  $42,430.00
 Mt. Sterling,KY  40353
 View Property Details  Foreclosure Sale
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  MORGAN  COUNTY
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 11 Virginia Lane 3/1  $63,960.00
 West Liberty,KY  41472
 View Property Details  Foreclosure Sale
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  OHIO  COUNTY
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 4204 Midway Rd. 3/1.5  $26,130.00
 Beaver Dam,KY  42320
 View Property Details  Foreclosure Sale
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  TODD  COUNTY
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 222 Winding Oaks 3/2  $54,380.00
 Elkton KY,KY  42220
 View Property Details  Foreclosure Sale
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  TRIGG  COUNTY
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 75 English Dr 3/2  $40,015.00
 Cadiz KY,KY  42211
 View Property Details  Foreclosure Sale
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  WHITLEY  COUNTY
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 1355 New Zion Rd 3/2  $26,800.00
 Williamsburg KY,KY  40769
 View Property Details  Foreclosure Sale
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*

  KENTUCKY 5 Properties
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  CARTER  COUNTY
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 610 Holcomb St 2/3  $33,840.00
 Grayson,KY  41143
 View Property Details  Real Estate Owned
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  GREENUP  COUNTY
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 400 7th Ave 3/1  $40,000.00
 Worthington,KY  40351
 View Property Details  Real Estate Owned
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  MEADE  COUNTY
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 140 Wheatley Ave. 3/1  $71,200.00
 Ekron,KY  40117
 View Property Details  Real Estate Owned
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  MORGAN  COUNTY
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 1785 Hwy 882 3/1  $40,720.00
 Ezel,KY  41425
 View Property Details  Real Estate Owned
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 14699 Hwy 460 W 3/1  $50,400.00
 Ezel,KY  41425
 View Property Details  Real Estate Owned

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans effective 10/1/2012:

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans:

More Info on Kentucky RHS – Support Rural Definition Amendment for Kentucky  USDA Programs – Please read carefully and ACT NOW!!!
On July 31, 2012 Congress passed a 6-month Continuing Resolution (CR) to fund the government through March 31, 2013, avoiding a messy fight over the FY13 Appropriatios bills.  At this time, the Continuing Resolution (CR) is our best opportunity to enact a solution to USDA’s “rural” definition issue before the October 1, 2012 deadline for RHS.
PLEASE CALL OR EMAIL YOUR REPRESENTATIVES TODAY AND EVERY DAY and ask them to sign on to Rep. Fortenberry’s letter to Appropriations Chairman Hal Rogers, urging the Committee to address the “rural” definition issue in the Continuing Resolution (CR).
The CR is our best opportunity to address these issues before the October 1st deadline.  If the House does not enact a solution to the “rural” definition issue, USDA will move forward with the below changes on October 1st.  The Senate already has a provision in their appropriations bill.  Now, we need the House to act. When you call or email your Representative make sure they know that without this CR, the October 1st changes will serve a massive blow to affordable housing in rural communities.
Please, don’t think that someone else will make the calls or send the emails.  It is up to YOU! Also contact all the Realtors and Builders that you know because it affects them too!  Ask them to call their Representatives as well. 

Here are the cities in Kentucky that will no longer be eligible for RHS mortgage loans:

Bardstown, city 

Burlington, city

Elizabethtown, city

Gerogetown, city

Independence, city

Nicholasville, city

Shelbyville, city

Shepherdsville, city

IMPPORTANT – READ CAREFULLY!
Representative Hal Rogers is the Chairman of the Agriculture Appropriations Committee.  The Farm Bill is currently in the House of Representatives Agriculture Appropriations Committee for review.  Hal Rogers is in favor of the changes we are requesting.  Even if he is not your Representative contact him anyway so that he can provide more fuel to the committee as to the importance of this bill – he’s on our side. CLICK HERE TO CONTACT HAL ROGERS.
Click here if you would like tips on how to communicate with your legislato

Fill out my form!

Kentucky Rural Housing Loans and USDA Guaranteed Loan Underwriting Issues

Kentucky Rural Housing Loans and USDA Guaranteed Loan Issues

Seller Concessions:
Seller concessions cannot be used to pay down buyer’s debt.

Deferred Student Loans and Debt Ratio Calculations:
Deferred student loans should be included in the debt ratio calculations regardless of the
deferment period. If the credit report does not indicate a monthly repayment amount, Lender may use the monthly payment amount provided by the loan servicer, or 1% of the loan balance reflected on the RMCR.

Risk Layering:
Refers to the existence of multiple levels of risk in an application such as marginal credit, high repayment ratios, extensive use of other credit, payment shock, etc. Lenders should be very cautious when evaluating applications with multiple risk levels.

Payment Shock:
Measured by dividing the new PITI by previous housing expenses minus 1. In cases where payment shock is 100% or higher, no additional risk layering should be allowed unless strong compensating factors are present.
Example:
New PITI = $1,500
Current Rent = $650
$1500 ÷ $650 = 2.30 ‐ 1= 1.30 or 130%
The payment shock in this example is above 100% and therefore is a risk factor.

Credit Waivers:
The lender approves a credit waiver and supplies all back up documentation used in the decision making process. Lender must document that the instances of unacceptable credit must have been temporary in nature and beyond the applicant’s control or the result of a justifiable dispute relative to defective goods or services. A lender need not require collection accounts to be paid in full if there are mitigating circumstances as described in RD Instruction 1980.345 (d)(3). Credit scores of 640 and above may eliminate the need for lender documentation of credit waivers.

Interest Rate Buydowns:
Temporary interest rate buydowns are permitted with prior RD approval. Underwriting
requirements for temporary interest rate buydowns include:
 The mortgage loan must be underwritten at the note rate.
 Buydown funds may come from the seller, lender, or third party.
 Buydown funds may not come from the borrower.
 The initial interest rate is temporarily reduced no more than 2% below the note rate
and increased by no more than 1% annually for no more than 2 years.