Category: Fannie Mae Foreclousres
|Kentucky USDA Single Family Housing Homes for sale 02/22/2018|
|535 Hillview st||3/1||$35,510.00 – GovtBid|
|Grayson, KY 411431462||Foreclosure Sale|
|213 State Route 716||3/2||$50,710.00 – GovtBid|
|Ashland, KY 41102||Foreclosure Sale|
|1069 Raccoon Rd||3/2||$102,475.00 – GovtBid|
|Raccoon, KY 41557||Foreclosure Sale|
|217 Brooks Street||3/1.5||$43,755.00 – GovtBid|
|Cynthiana, KY 41031||Foreclosure Sale|
|12171 River Rd.||3/2||$67,525.00 – GovtBid|
|Campbellsburg, KY 40011||Foreclosure Sale|
|1718 Amos Ridge Rd||3/1||$53,190.00 – GovtBid|
|Frenchburg, KY 40322||Foreclosure Sale|
|121 Jellico Drive||3/2||$105,765.00 – GovtBid|
|Coxs Creek, KY 40013||Foreclosure Sale|
|1553 Harrodsburg Road||3/1||$33,500.00 – GovtBid|
|Lawrenceburg, KY 40342||Foreclosure Sale|
|777 KY Highway 801 S||3/3||$50,920.00 – GovtBid|
|Morehead, KY 40351||Foreclosure Sale|
|114 Mary Street||2/2||$75,345.00 – GovtBid|
|Winchester, KY 40391||Foreclosure Sale|
|2185 State Highway 1661||3/2||$53,600.00 – GovtBid|
|grayson, KY 411436823||Foreclosure Sale|
|240 hugh St||3/2||$24,790.00 – GovtBid|
|Grayson, KY 411431911||Foreclosure Sale|
|5526 Stinson Fork||3/1||$24,120.00 – GovtBid|
|Rush, KY 41168||Foreclosure Sale|
|121 Blue Bird Rd.||3/1||$20,502.00 – GovtBid|
|West Liberty, KY 41472||Foreclosure Sale|
|3311 Castle HWY||3/1||$69,475.00 – GovtBid|
|Pleasureville, KY 40057||Foreclosure Sale|
|1744 E. Gap Hill Rd.||3/2||$30,150.00 – GovtBid|
|Cub Run, KY 42729||Foreclosure Sale|
|212 Dogwood Trail||3/2||$52,930.00 – GovtBid|
|Shepherdsville, KY 40165||Foreclosure Sale|
|602 Greenhill Rd.||3/1||$40,000.00 – GovtBid|
|Ashland, KY 41102||Foreclosure Sale|
|120 Hoffman Ln||3/2||$78,795.00 – GovtBid|
|LaGrange, KY 40031||Foreclosure Sale|
|164 Parkway Dr.||2/1||$36,110.00 – GovtBid|
|Scottsville, KY 42164||Foreclosure Sale|
|203 Fuller Branch||3/2||$50,250.00 – GovtBid|
|Vanceburg, KY 41179||Foreclosure Sale|
|832 Daniels Drive||3/1||$28,140.00 – GovtBid|
|Worthington, KY 41183||Foreclosure Sale|
|175 Blue Jay Circle||4/2||$53,600.00 – GovtBid|
|Falmouth, KY 41040||Foreclosure Sale|
|113 Alexandria Cir||3/1||$47,245.00 – GovtBid|
|Nicholasville, KY 40356||Foreclosure Sale|
|514 Jamie Ridge Dr.||3/2||$56,465.00 – GovtBid|
|Mt Sterling, KY 40353||Foreclosure Sale|
|1303 Asbury St||3/1||$32,160.00 – GovtBid|
|Leitchfield, KY 42754||Foreclosure Sale|
|2300 West KY 8||3/1||$41,540.00 – GovtBid|
|Vanceburg, KY 41179||Foreclosure Sale|
|117 Dove Drive||3/1||$34,840.00 – GovtBid|
|Lawrenceburg, KY 40342||Foreclosure Sale|
|302 E. St||3/1||$37,455.00 – GovtBid|
|Mt. Sterling, KY 40353||Foreclosure Sale|
|72 Cedar Brook Court||3/1||$35,510.00 – GovtBid|
|Cynthiana, KY 41301||Foreclosure Sale|
|3487 Wallingford Rd.||3/2||$63,205.00 – GovtBid|
|Flemingsburg, KY 41041||Foreclosure Sale|
|186 Fairview Avenue||3/1||$53,600.00 – GovtBid|
|Lawrenceburg, KY 40342||Foreclosure Sale
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/
As of right now, January 2019, there are no funds available for the $10,000 Grant for Kentucky Home Buyers. However, they’re current down payment assistance programs available now up to $6000 for Kentucky Homebuyers in 2019 to purchase a home with 100% financing no down payment, this is subject to change throughout the year so check back periodically.
∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?
Answer. Most lenders will wants a middle credit score of 620 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 620 middle score on their programs.
If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.
Another popular no money down loan is VA. Most VA lenders will want a 620 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.
A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.
∘ Does it costs anything to get pre-approved for a mortgage loan?
Answer: Typically if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours. They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System.
If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios, or lack of down payment, the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer
∘ Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers?
Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future.
Answer: Depending on which loan program you choose, the outlay to close the loan can vary. Typically you will need to budget for the following to buy a home: Good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $400-$450 for an appraisal fee; home inspection fees. Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDAS, Fannie Mae does not require a termite report, but most borrowers get one done.
There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiated the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit.
Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval.
How much money do I have to make to qualify for a mortgage loan in Kentucky?
Answer: The general rule for most FHA, VA, KHC, USDA and Fannie MAe loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios.
There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, is the new house payment divided by your gross monthly income. The back-end ratio, is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans.
Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations.
If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio.
So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan?
Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio.
Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio.
So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.
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We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.
“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016
“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definitely recommend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.
“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010
“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010
“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012
“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011
RICHARD VOLZ , Residential Sales , Remax Foursquare Realty
“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010
“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”
Melody Glasscock March 2014
Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.
Anderson Johnson June 2018
We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!
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#57916http://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.
Where do buyers begin?
Haley Newton, a loan officer with Starkey Mortgage in Sherman, said the first step in the buying process is not finding a house, rather it’s getting qualified for a home loan. Buyers need to first find out how much house they can afford and if they can actually purchase a home.
“A lot them want to know what the first step is, and many people believe that the first step is finding a house, but that’s actually the second step,” Newton said. “You want to get qualified with a local lender to know what you’re pre qualified for, and then go out and find a house, which is the hard part.”
What documents do buyers need to provide to get qualified and pre approved?
qualification is typically the quick and easy initial step and approval is a more involved process. The qualification process starts with an application, which most lenders have available online, though Newton said buyers can call a lender or meet them in person to fill it out. After buyers fill out an application, which covers the buyers’ finances and history, the lenders will verify the information for preapproval and that requires the supporting documents.
“Once they’re prequalified, we’ll give them a list of documents they need depending on their application,” Newton said.
The list typically calls for pay stubs from the last 30 days, tax returns for the last two years, bank statements for the last two months, W-2s, IDs and Social Security cards.
Jeremy Lewis, branch manager of Grayson Home Loans, said sometimes the lender may require divorce decrees and documentation to indicate other income depending on the buyers’ situation. After approval, Lewis said he usually gives the buyers a call, and they figure out a loan program that best fits the buyers.
How much do buyers need for a down payment?
Short answer: It depends on the loan.
Lewis said the down payment is often the main concern for buyers, and it’s not a set amount. Depending on the loan type and what programs the buyers are eligible for, the down payment can be as little as zero down. Loans from the Federal Housing Administration, Veteran Affairs and the U.S. Department of Agriculture each have a set of stipulations that include the percentage required for the down payment.
“It depends on the loan type they’re going with — whether it be a conventional loan, an FHA loan, a VA loan or a USDA loan, it will determine what they’re going to have to place down — what their initial investment is going to be,” Lewis said. “There are still those out there out there that think they have to put 10 to 20 percent down, which is not correct. They can, in certain programs, put as little as zero down.”
Newton said there are down payment assistance programs in the state that can help cover the amount needed. These programs are income based and are capped anywhere from $55,000 to $75,000 depending on the program.
What’s the deal with closing costs?
In addition to a down payment, buyers also need funds to cover the closing costs. Lewis said the closing costs depend on the loan amount as a higher loan amount is going to cost more. About half the closing costs are directed to building the buyers’ escrow account, and the other half is a combination of fees for items such as the title and appraisal.
“Closing costs are another piece of the puzzle they’re going to have to come up with,” Lewis said. “However, in a Texas residential contract, you can ask the sellers to pay a certain percentage, depending on the loan type, for your closing costs.”
Buyers can negotiate with the sellers and ask that the seller pays a portion of the closing costs, which if the buyers qualify for a down payment assistance program, the initial costs can be very low.
“If you’re able to use the down payment assistance programs in addition to requesting the seller to pay some of their closing costs, they can actually get into a home with little to nothing down,” Newton said.
What is an escrow account?
“It kind of works like a separate checking account, and the purpose of that account is to pay the yearly tax bill that comes due every January, and their insurance premium that’s due once a year depending on when they closed on their home,” Newton said.
The initial money put into the escrow account is part of the closing costs, and Lewis said homeowners then add to it monthly when they make their house payments. The account is for buyers to put back money so property taxes and insurance are covered.
“Say when their tax bill comes due in January, there will be plenty of money in the account for them to pay their taxes, so that way they’re not coming up $2 to 3 to 5,000 all at once to pay their tax bill,” Newton said.
Can buyers purchase a home with a bad credit score?
Newton said buyers don’t necessarily need the best credit in order to get a home loan, and she noted that first-time home buyer programs have recently lowered their credit score requirements.
“A lot people around here they don’t necessarily have bad credit, they just don’t have a lot,” Newton said. “They don’t use their credit.”
Newton said lenders will work with buyers and give them steps to take over 60 to 90 days to boost their credit score to where they can buy a home.
“It can be intimidating but we can walk them through it,” Newton said.
Buyers should consult with local lenders, and Lewis said he guides buyers through the process so they know what to expect.
“There’s so many different moving parts to a loan anymore,” Lewis said. “I try to keep everyone versed and ready for what’s to come in the process and what to expect.”
text or call my phone: (502) 905-3708
email me at email@example.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.
Joel E Lobb
email us here
Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.
Fannie Mae Foreclosure listings in Kentucky and Jefferson County!
|350 Warren Dr||
Vine Grove, KY
|Single Family||Just Listed||$80,000||3||2|
|348 2nd Ave||
|Single Family||Under Contract||$84,900||3||2|
|1591 Hwy 42 E||
|2708 Ralph Ave||
|Single Family||Under Contract||$89,900||4||2|
|7826 Pleasure Walk Cir||
|2006 Lancelot Dr||
|1915 Rock Ridge Rd||
|2900 Park St||
|1804 Allston Ave||
|Single Family||Just Listed||$110,000||3||1|
|24 Bedinger Ave||
|Single Family||Back on Market||$119,900||3||2|
|212 Juniper Dr||
|2812 Chippewa Dr||
|424 Salt Lick Rd||
|Single Family||Under Contract||$122,500||4||2|
|1509 Clovernook Dr||
|Single Family||Under Contract||$124,900||3||3|
|142 Deer Run Drive||
|Single Family||Price Reduced||$128,900||3||2|
|6522 Cottagemeadow Dr||
|156 Old Woolen Mill Ln||
|Single Family||Under Contract||$139,900||3||2|
|1820 Huckleberry Ln||
|Single Family||Just Listed||$140,000||3||2|
|9958 Spruce Ln||
|Single Family||Under Contract||$149,900||3||2|
|21 Treestand Ct||
|Single Family||Price Reduced||$149,900||3||2|
|1030 Elmendorf Dr||
|Single Family||Under Contract||$149,900||4||3|
|122 Tracy Ln||
|101 Stoney Brooke Dr||
|Single Family||Price Reduced||$159,900||6||4|
|4283 Weavers Run||
|Single Family||Under Contract||$159,900||3||2|
|5714 Janet Lee Dr||
|Single Family||Under Contract||$171,900||3||2|
|1055 Buckland Pl||
|3344 Bluejay Dr||
|2589 Oregon Rd||
|1228 S 3rd St||
|2845 Satin Leaf Park||
|Single Family||Price Reduced||$209,900||3||2|
|2371 Creedmore Ct||
|114 Old Post Rd||
|Single Family||Just Listed||$235,000||4||3|
|11322 Top Walnut Loop||
|101 Helson Rd||
|Single Family||Just Listed||$269,900||3||2|
|952 Bristow Rd||
|5 Saddle Ridge Trl||
|Single Family||Just Listed||$299,900||3||4|
|20305 Country Club Dr||
check out the HomePath listings in Jefferson County!
Let your clients know these properties are available. Some have special incentives! Select the property address to find out more information.
2016 Kentucky mortgage waiting period for foreclosures and short sales for specific situations
Kentucky Conventional Loans
Kentucky FHA Loans
Kentucky VA Loans
Kentucky USDA Loans
: 3 years from foreclosure completion date or sheriff sale of home
: 3 years from short-sale closing date
Buying a home after a short sale, foreclosure, or bankruptcy
Conventional Fannie Mae Agency Guidelines below
Deed-In-Lieu of Foreclosure:
4 years from completion date
If extenuating circumstances exist:
• DU: 2 years from completion date
• LP: 2 years from completion date on owner occupied purchase or non-cash out refi nance only,
max 90% LTV or max LTV per program
Chapter 7 or 11
4 years from discharge or dismissal date.
If extenuating circumstances exist – 2 years from discharge or dismissal date.
Bankruptcy: Chapter 13
4 years from dismissal date (borrower did not complete the Chapter 13 plan) or 2 years from
If extenuating circumstances exist – 2 years from discharge or dismissal date.
Multiple Bankruptcy Filings
within the last 7 years
5 years from the most recent discharge date or dismissal date.
If extenuating circumstances exist – 3 years from discharge or dismissal date.
7 years from completion date of foreclosure action as reported on the credit report or other
If extenuating circumstances exist: 3 years from the completion date of foreclosure action as
reported on the credit report or other foreclosure documents*
• Purchase-90% or program limit, owner occupied only