Louisville Kentucky First Time Home Buyer Classes


via Louisville Kentucky First Time Home Buyer Classes

 

Louisville, Kentucky First Time Homebuyer Classes for 2019

Contact us below for classes:

 

Here are action steps you can take right now to buy a home in Kentucky in 2019

1. Focus on your credit score

FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit.

To qualify for a mortgage and get a low mortgage rate, your credit score matters.

Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected.

2. Manage your debt-to-income ratio

Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive.

A debt-to-income ratio is your monthly debt payments as a percentage of your monthly income. Lenders focus on this ratio to determine whether you have enough excess cash to cover your living expenses plus your debt obligations.

Since a debt-to-income ratio has two components (debt and income), the best way to lower your debt-to-income ratio is to:

  • repay existing debt;
  • earn more income; or
  • do both

3. Pay attention to your payments

Simply put, lenders want to lend to financially responsible borrowers.

Your payment history is one of the largest components of your credit score. To ensure on-time payments, set up autopay for all your accounts so the funds are directly debited each month.

FICO scores are weighted more heavily by recent payments so your future matters more than your past.

In particular, make sure to:

  • Pay off the balance if you have a delinquent payment
  • Don’t skip any payments
  • Make all payments on time

4. Get pre-approved for a mortgage before you start shopping for a home loan.

Too many people find their home and then get a mortgage.

Switch it.

Get pre-approved with a lender first. Then, you’ll know how much home you can afford.

To get pre-approved, lenders will look at your income, assets, credit profile and employment, among other documents.

5. Keep credit utilization low on your credit cards

Lenders also evaluate your credit card utilization, or your monthly credit card spending as a percentage of your credit limit.

Ideally, your credit utilization should be less than 30%. If you can keep it less than 10%, even better.

For example, if you have a $10,000 credit limit on your credit card and spent $3,000 this month, your credit utilization is 30%.

Here are some ways to manage your credit card utilization:

  • set up automatic balance alerts to monitor credit utilization
  • ask your lender to raise your credit limit (this may involve a hard credit pull so check with your lender first)
  • pay off your balance multiple times a month to reduce your credit utilization

6. Look for down payment assistance in Kentucky

There are various types of down payment assistance, even if you have student loans.

Here are a few:

  • FHA loans – federal loan through the Federal Housing Authority
  • USDA loans – zero down mortgages for rural and suburban homeowners
  • VA loans – if military service
  • Kentucky Housing Down Payment Assistance of $6000

There are federal, state and local assistance programs as well so be on the look out.

If you want a personalized answer for your unique situation call, text, or email me or visit my website 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

email: kentuckyloan@gmail.com

https://kentuckyloan.blogspot.com/

 

 

 

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Louisville Kentucky First Time Home Buyer Programs and Resources


Louisville Kentucky First Time home Buyers programs including, FHA, VA, KHC, and USDA, Rural Housing Zero Down home loans–Our site is updated daily for Louisville Kentucky first time home buyers with the best programs and rates

Louisville Kentucky First Time Home Buyer Programs and Resources

3 Types of Lending Approvals [Infographic].

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

HUD Housing Counseling Agencies located in KENTUCKY


Adapted from Wikipedia's KY

Programs and Options

Short Sale

In a short sale if you are not able to use the options above and you cannot bring your loan current, afford to make the monthly payments, or sell the property for the full amount of the loan, your lender would have to agree to accept less than the amount owed as full payment.

The Positive:

Under the terms of a short sale you are protected byThe Mortgage Debt Relief Act of 2007 and your lender may forgive your mortgage debt in its entirety according to the terms outlined in The Mortgage Debt Relief Act of 2007.  The waiting period to buy a home after a short sale could be less than 14 months compared to the 5-7 years following a foreclosure.

The Negative:

You must sell your home.

Deed-in-Lieu of Foreclosure

A deed-in-lieu of foreclosure your lender would have to agree for you to voluntarily transfer the deed to the property to them.  This is typically done when you are unable to bring your loan current or sell your home in a reasonable amount of time.

The Positive:

By voluntarily agreeing to a deed-in-Lieu of foreclosure you would save your lender thousands of dollars by avoiding the foreclosure proceedings. If you and your bank are willing to do this, Fannie Mae has reduced the mandatory waiting period to establish credit history to a minimum of 4 years compared to the mandatory waiting period of 5-7 years following a foreclosure.

 The Negative:

You must move from your home.

 

 

Forbearance

If you and your lender agree to a forbearance, you will pay a reduce amount of your mortgage or your lender will suspend payments for a short amount of time. At the end of the forbearance period, you will make your regular mortgage payment plus an additional amount of the past due payments each month until you are caught up.

The Positive:

You will be able to remain in your home and with a temporary reduced monthly payment or a suspended payment.  This will give you the time to recover from injury or illness, save money, pay off other bills, and find employment or additional employment.

The Negative:

For a period of 1-year or more your mortgage payments could be up to20%-25% higher due to the past due amounts owed after the forbearance period.

Loan Modification

In a loan modification if you don’t have enough money to bring your account current but you can afford to continue making the original mortgage payments on your loan, your lender may be able to take your delinquent payments add them to your original loan and make the monthly payment more affordable. The way that the lender may permanently changed your loan is by lowering the interest rate, making an adjustable rate fixed, adding the missed payments to the back end of the existing loan balance, or they may choose to extending the number of years you have to repay your loan.

The Positive:

You will be able to remain in your home.

The Negative:

Most people do not qualify for a loan modification because of additional debt such as credit cards, car payments, medical bills, and student loans.   Another problem people are running into is that their home has depreciated in value or they purchased their home with little or no money down.

HUD Housing Counseling Agencies located in KENTUCKY

This listing is current as of 08/04/2012.

HUD
Agency Name
Phone
Toll-Free
Fax Number
Email
Website
Address Languages
KCEOC COMMUNITY ACTION PARTNERSHIP, INC. P: 606-546-3152
T:
F: 606-546-5057
E: jsmith@kceoc.com
W: www.povertyisreal.org
PO Box 490
Barbourville, Kentucky 40906+0490
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com
1725 Ashley Circle, Ste 107
BOWLING GREEN, Kentucky 42104-5811
– English
HOUSING ASSISTANCE AND DEVELOPMENT SERVICES, INC. P: 270-796-4176
T:
F: 270-796-8203
E: hands@handsinc.net
W: www.handsinc.net
1133 Adams Street
BOWLING GREEN, Kentucky 42101-2603
– English
KENTUCKY LEGAL AID P: 270-782-1924
T:
F:
E: N/A
W: www.klaid.org
1700 Destiny Ln
BOWLING GREEN, Kentucky 42104-1063
– English
– Spanish
LIVE THE DREAM DEVELOPMENT, INC P: 270-843-6071-7124
T:
F: 270-781-7091
E: eholley@habg.org
W: n/a
247 Double Springs Road
BOWLING GREEN, Kentucky 42101-5160
– English
CATHOLIC CHARITIES, DIOCESE OF COVINGTON P: 859-581-8974
T:
F: 859-581-9595
E: info@covingtoncharities.org
W: www.covingtoncharities.org
3629 Church St
COVINGTON, Kentucky 41015-1430
– English
– Spanish
LEGAL AID OF THE BLUEGRASS P: 859-957-0189
T: 800-274-5863
F: 606-783-1342
E: bcombs@lablaw.org
W: www.lablaw.org
104 East 7th Street
COVINGTON, Kentucky 41011-2502
– English
– Spanish
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com/home.asp
950 North Mulberry
Suite 220F
ELIZABETHTOWN, Kentucky 42701-3612
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com/home.asp
11 Shelby Street
FLORENCE, Kentucky 41042-1612
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com
649 Charity Court
#15
FRANKFORT, Kentucky 40601-4223
– English
KENTUCKY LEGAL AID, INCORPORATED P: 270-782-5740
T: 866-452-9243
F: 270-782-5740
E: scrocker@klaid.org
W: www.klaid.org
1411 South Main Street
HOPKINSVILLE, Kentucky 42240-2017
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com/home.asp
2265 Harrodsburg Road
Stuite. 303
LEXINGTON, Kentucky 40504-3500
– English
COMMUNITY VENTURES CORPORATION P: 859-231-0054-204
T:
F:
E: dmajor@cvcky.org
W: www.asite.com
1450 N Broadway
LEXINGTON, Kentucky 40505-3162
– English
– Spanish
REACH, INC. P: 859-455-8057
T:
F: 859-455-7436
E: kjones@reachky.com
W: www.reachky.com
733 Red Mile Rd
LEXINGTON, Kentucky 40504-1153
– English
– Spanish
ROAD TO HOMEOWNERSHIP, INC. P: 502-647-3027
T:
F: 502-647-3099
E: ybradford@theroadleadinghome.org
W: n/a
121 Prosterous Place Ste A
LEXINGTON, Kentucky 40509-1800
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com
2100 Gardiner Lane Ste 103A
LOUISVILLE, Kentucky 40205-2900
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@apprisen.com
W: www.apprisen.com
11492 Bluegrass Parkway
Suite 110
LOUISVILLE, Kentucky 40299-2334
– English
HOUSING FOUNDATION P: 270-965-2233
T: 866-965-2239
F: 775-213-7867
E: myhomeky@bellsouth.net
W: www.myhomeky.org
330 North Hubbards Lane Office #4
LOUISVILLE, Kentucky 40207-2396
– English
LEGAL AID SOCIETY, INC. P: 502-584-1254
T:
F: 502-584-8014
E: spope@laslou.org
W: n/a
416 West Muhammad Ali Blvd., Suite 300
LOUISVILLE, Kentucky 40202-3376
– English
– French
– Hindi
– Other
– Spanish
LOUISVILLE URBAN LEAGUE P: 502-566-3362
T:
F: 502-568-4663
E: cmccravy@lul.org
W: www.lul.org
1535 West Broadway
LOUISVILLE, Kentucky 40203-3515
– English
NID-HCA SICKLES P: 502-810-9200
T:
F: 502-966-6040
E: nidhca.sickles@gmail.com
W: www.nidonline.org & www.makingyourhomeaffordable.org
3215 Fern Valley Road
Suite 106
LOUISVILLE, Kentucky 40213-3552
– English
– Spanish
THE HOUSING PARTNERSHIP, INC P: 502-585-5451
T:
F:
E: lwood@wearehpi.org
W: www.wearehpi.org
321 Guthrie Grn
Louisville, Kentucky 40202+1813
– English
– Spanish
KENTUCKY LEGAL AID, INCORPORATED P: 270-782-5740
T: 800-782-1924
F: 270-825-0689
E: scrocker@klaid.org
W: www.klaid.org
100 South Railroad Street, # 120
MADISONVILLE, Kentucky 42431-2467
– English
PURCHASE AREA HOUSING CORPORATION P: 270-247-7171
T:
F: 270-251-6110
E: David.Hargrove@purchaseadd.org
W: www.purchaseadd.org
1002 Medical Dr
MAYFIELD, Kentucky 42066-1184
– English
BRIGHTON CENTER, INCORPORATED P: 859-491-8303
T:
F:
E: brighton@brightoncenter.com
W: brightoncenter.com
PO Box 325
Newport, Kentucky 41072+2325
– English
KENTUCKY LEGAL AID, INCORPORATED P: 270-782-5740
T: 866-452-9243
F: 270-683-3513
E: jmorre@klaid.org
W: www.klaid.org
117 West 2nd Street
OWENSBORO, Kentucky 42303-4112
– English
– Spanish
CLEARPOINT FINANCIAL SOLUTIONS, INC. P: 270-443-7917
T: 270-443-7917
F: 270-443-9414
E: hud-inquiries@clearpointfs.org
W: www.clearpointccs.org
118 Bleich Rd
C-Plant Credit Union Building


Paducah, Kentucky 42003+8703
– ASL
– English
– Other
– Spanish
KENTUCKY LEGAL AID, INCORPORATED P: 270-782-5740
T: 866-452-9243
F: 270-782-5740
E: jmorre@klaid.org
W: www.klaid.org
1122 Jefferson Street
PADUCAH, Kentucky 42001-1836
– English
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@cccservices.com
W: www.cccservices.com/home.asp
317 Main Street
PIKEVILLE, Kentucky 41501-1135
– English
APPALACHIAN RESEARCH AND DEFENSE FUND OF KENTUCKY P: 606-886-3876
T: 800-556-3876
F: 606-886-3704
E: dianef@setel.com
W: www.ardfky.org
120 North Front Avenue
PRESTONSBURG, Kentucky 41653-7832
– English
– Spanish
CCCS OF THE MIDWEST P: 800-355-2227
T: 800-355-2227
F: 614-552-4800
E: info@cccservices.com
W: www.cccservices.com
200 E Main St 2nd Floor
RICHMOND, Kentucky 40475-1628
– English
HAZEL JOYCE WILEY CAREER AND FINANCIAL LITERACY INSTITUTE, INC P: 502-647-3072
T:
F: 502-647-3099
E: hjwfinancial@bellsouth.net
W: www.hjwfinancial.org
330 Main Street
SHELBYVILLE, Kentucky 40065-1026
– English
– Spanish
POTENTIALS INC P: 606-416-5711
T:
F:
E: potentials.scarlette@newwavecomm.net
W: n/a
105 Burdine Street
SOMERSET, Kentucky 42501-2311
– English
GATEWAY COMMUNITY SERVICE ORGANIZATION, INC P: 606-743-3133
T:
F: 606-743-1130
E: debbie.vannorman@gcscap.org
W: n/a
124 College Street
PO Box 367
WEST LIBERTY, Kentucky 41472-1115
– English