HUD Housing in Louisville, KY


 BUYING A HUD HOME IN LOUISVILLE



1. This will give you the application for beginning the HUD process, as well as a list of approved lenders that work with HUD homebuyers. The list of lenders should be contacted by phone, and ask them to send you paperwork to begin the process of being pre-approved for a mortgage. This tells you how much money you are approved for purchasing the home. In most all states, you can be approved for up to 97 percent of the total purchase cost.

  1. 2
    Sit down with your budget and figure your annual income after taxes. Do this by adding together your weekly income along with any income that a spouse or anyone who will be included in purchasing the home brings in. This total is your annual income. Multiply your average gas and electric bill by 12, and also multiply your monthly grocery, gas, water, insurance and any other bills you incur on a monthly basis by 12 not counting rent. These should each be listed separately and then added together for a grand total of bills.
  2. 3
    Subtract your total yearly bills from your annual income, and this is the amount of disposable income you have on hand every year. This is also the amount of money you have available for rent or a mortgage on a home. This figure will go into finding a home you wish to buy.
  3. 4
    Divide the disposable income by 12. This is the amount you have available on a monthly basis for a mortgage payment. This monthly figure will tell you how much you can afford to pay for rent or a mortgage, and in turn will help you decide on a home you wish to buy based on price alone.
  4. 5
    Look for a home to purchase. Your requirements will be different based on family size, area of town and the state you live in. Choose wisely, as it can take up to 30 years to pay off a home loan.

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Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 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. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

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