Kentucky FHA Loans Compared to Kentucky Conventional Loans


via Kentucky FHA Loans Compared to Kentucky Conventional Loans

 

Kentucky FHA Loans Compared to Kentucky Conventional Loans

 

When it comes to financing a home a buyer is faced with the decision of what type of loan they want. The two most common choices are FHA or Conventional. Both have their advantages and disadvantages. Follow the chart below to see which one is a fit for you!

For more information on homes available for FHA or Conventional

Which Loan is better for you?

Kentucky FHA Loans are good for borrowers who have the following:

• Credit scores less than 680.
• Less than 5% down payment and no reserves to use.
• Borrowers with past foreclosures between 3 and 7 years old.
• Borrowers with past short sales between 2 and 4 years old.
• Borrowers who need a gift for the down payment and/or closing costs, prepaid taxes and
insurance.
The FHA Mortgage Insurance premium is a premium that exists for the FHA Loan that is
paid up front and monthly by the homebuyer. This premium protects the lender should the
buyer default. They vary per state and per type of loan Kentucky home buyers qualify for. In Kentucky, upfront mortgage insurance premiums are 1.75%.
Below are the rates per type of loan:
• 15-Year Fixed with down payment more than 10%: .45%
• 15-Year Fixed with down payment less than 10%: .70%
• 30-Year Fixed with down payment more than 5%: .80%
• 30-Year Fixed with down payment less than 5%: .85%

Kentucky Conventional loans are usually reserved for the following:

• Credit scores greater than 680
• Greater than or equal to  5% down payment with reserves
• Borrowers with past foreclosures over 7 years old.
• Borrowers with past short sales between 5-7 years old.
• Borrowers who have a lot of money saved up and want to get rid of mortgage insurance within the first 5 years give or take. 20% equity position is needed for no mi

The biggest difference between conventional loans and FHA loans comes down to the mortgage insurance.  Mortgage insurance is more expensive for FHA loans, but the trade off is a lower fixed rate than conventional loans.

On Conventional loans there is no upfront mortgage insurance like FHA, and if you have a high credit score you can possibly get a lower monthly mi premium as compared to FHA where everybody gets the same mortgage insurance premium not matter your credit score or down payment.

Lastly, FHA Mortgage insurance is for life of loan, whereas Conventional mortgage insurance or pmi it’s called, is discontinued once you reach the 80% threshold equity position of your home loan.

Again, I would not get too caught in FHA having mortgage insurance for life of loan, because most loans are only kept open a minimum of 5-7 years so a lot of times it may make sense to go with the lower rate and pay the mortgage insurance with FHA because most people don’t hold their mortgage for 30 years.

 

You can call or text me with your questions and we can compare the differences based on your credit score, down payment and income.

 

FHA vs conventional loans comparison chart

Equal Housing Lender.  NMLS#:57916 http://www.nmlsconsumeraccess.org/Rates, terms, and program information are subject to change without notice. Subject to certain approvals, terms and conditions. This is not a commitment to lend.

Not part of any government lending agency and only lending in the State of Kentucky.

Looking at FHA loans vs Conventional loans can arm you with a lot of valuable information as these are the 2 most popular mortgage loan products today. Before getting to the content let’s look at some abbreviations that will need to be defined.

 

  • PMI stands for Private Mortgage Insurance
  • MIP stands for Mortgage Insurance Premium
  • Credit Scores are a numerical measure of your credit worthiness, the maximum score is 850
  • Debt-to-Income Ratio measures your monthly income versus your monthly obligations. A good rule of thumb is to try to be below 45%

 

FHA Loans vs Conventional Loans

 

fha loans vs conventional loans

 

Conventional Mortgage Benefits

 

  • Minimum Down Payment is 5%
  • Maximum loan amount is $424,100
  • 20% down payment preferred to avoid PMI
  • No upfront PMI
  • 3% Down Payment Conventional Loan Option is available
  • Mortgage Insurance is cheaper on a Conventional Loan at .51%
  • PMI expires once principal balance is less than 78%
  • Houses do not have to be owner-occupied (so they can be used at rentals)
  • Can purchase any condominium and townhome (no FHA regulations)

 

Conventional Mortgage Disadvantages

 

  • Significant upfront investment (20% down preferred)
  • Credit score of 620 required
  • No Down Payment Assistance
  • Down Payment must be at least 5% unless you qualify for a 3% conventional mortgage
  • Harder to Qualify for a Conventional Mortgage
  • No government inspection so the home can be in any quality
  • Only a portion of a down payment can be a gift
  • Interest rates are higher than FHA loans

 

Most of the disadvantages of conventional mortgages stem around qualifications and resources needed upfront. If a borrower has significant resources most of these disadvantages are of little consequence.

 

Conventional loan rates today

 

FHA Loan Advantages

 

The major advantage to going with an FHA loan is that there are much more lax credit standards you have to meet to obtain financing. Usually, FHA mortgages require a lower down payment, can work with lower credit scores, less elapsed time is needed if you have some credit problems (charge-offs, foreclosures) and you can use a non-occupant co-borrower or co-signer (who is a relative) to help you qualify for the loan. That way you can use blended ratios. Blended ratios are debt-to-income ratios that equally blend or combine the primary borrower’s income and the non-occupant co-borrower’s income and monthly payments to help get approval for the loan. Except for HomeReady (formerly Fannie Mae HomePath) mortgages, conventional loans do not allow you to use a non-occupant co-borrower.

 

  • Government-backed program. Ideal for first-time home buyers
  • Easier to obtain, lower credit scores needed and lower minimum down payment
  • Down Payment minimum is 3.5%
  • All of down payment can be a gift
  • Down Payment Assistance Available (in some circumstances)
  • No reserves required
  • Minimum credit score is 580 (for 3.5% down payment)
  • Home has to meet a minimum condition to be approved for FHA so there are less potential upfront repairs needed
  • Lower interest rates than conventional mortgages

 

 

FHA Loan Disadvantages

 

  • FHA loans require the owners to live in the home
  • Mortgage Insurance Premium required if borrowers put down less than 10%
  • Private Mortgage Insurance monthly cost is higher for FHA loans
  • Government Licensed Inspector required to inspect home before sale can be approved
  • FHA maximum loan limit is $271,050
  • Condominiums require FHA approval
  • FHA Loans take longer to process because of government requirements and all mandated repairs have to be completed before sales can be finalized

 

Most of these disadvantages involve extra requirements or limits added to the process of the house (see Pros and Cons of FHA Loans). Some of these might not be disadvantages depending on one’s personal situation, but they are extra steps to note. Since FHA mortgages are a government program, more care and consideration goes into the process, which may be better in some situations.

 

FHA loan rates today

 

Compare and Contrast FHA loans vs Conventional loans

 

There are four important numbers in deciding which loan you will go with: credit scores, down payment amount, debt-to-income, and mortgage insurance percentage rate. Conventional mortgages and FHA home loans have different limits and rates which are important to examine. They also have important differences which affect the availability of properties, the condition of the properties one wishes to buy and how your down payment can be paid. So comparing FHA loans vs Conventional loans can sometimes be a tricky endeavor.

 

Down Payment Requirements

 

  • Conventional Mortgages require between 5 and 20% upfront
    • In certain circumstances, down payments can be as low as 3% (Conventional 97 loan program)
  • FHA Mortgages have 2 possibilities
    • If Credit Score is 500-579 then 10% down payment is required (not all lenders will even go down this low)
    • If Credit Score is 580+ then 3.5% down payment is required

 

 

Debt-to-Income Ratio

 

  • Conventional Mortgages’ maximum debt-to-income ratio is 43% (hard cap)
  • FHA Mortgages’ maximum debt-to-income ratio is 45%
    • Soft cap as in certain circumstances this can be adjusted up to 50%

 

Mortgage Insurance Premium Rates

 

  • Conventional Mortgages PMI rate is .51% PMI
  • FHA Mortgages
    • If Down Payment is 10% or more the percentage is .80% MIP
    • If Down Payment is less than 10% the rate is .85% MIP.

 

Credit Score Minimum Requirement

 

  • Conventional Mortgage minimum credit score
    • Most lenders will require between 620 and 640
    • Some lenders it will be as high as 700
  • FHA Mortgage minimum credit score
    • Credit Score is a minimum of 500 if putting 10% down
    • Credit Score is a minimum of 580 if not

 

 

These four numbers are important to know and will affect one’s decision to pursue a particular type of home loan. Knowing your combination of numbers as you are looking to buy a house will help buyers find the best loans for their particular situation.

 

Other Comparisons

 

  • All sellers will take conventional mortgages and some sellers will not take FHA Loans
    • People looking for short-sells won’t take FHA because FHA has a longer closing process.
    • If sellers know there are FHA repairs that are needed in order to sell their house, they will not always accept FHA financing.

 

Thus, if one is wanting a low-risk transaction then the FHA home loan route is a better option to pursue, even though it limits your options for homes that you might wish to buy. If one is looking to fix-up a house and raise its equity quickly then a conventional loan is going to be more beneficial because there are no requirements as to the condition of the house and it’s occupied status.

 

Down Payment Gifting

 

  • Making the Down Payments (Assistance and Gifts)
    • Conventional mortgages have no assistance but can be partially fulfilled with a gift
    • FHA Mortgages have loans and assistance programs available and the whole down payment can be fulfilled with a gift

 

In this article, we have given you the basic parameters of FHA loans vs Conventional loans. The conventional loans are for people who have a better financial track record and can handle a larger upfront cost. Because of PMI, conventional loans are cheaper in the long run if you can put enough of a down payment to get rid of PMI. However, there are no down payment assistance programs to help you reach that goal. FHA loans are for people who are looking to build their investment and in some cases may not have a great financial track record. FHA loans have lower down payment requirements and many grants/forgivable loans to help people wanting to buy a first house in which to live for at least a few years. It is important to assess your situation and decide which mortgage is going to work better for your circumstances.

 

Conclusion

 

Both mortgages have a lot of benefits and drawbacks because they are designed for people with different needs. This article has hopefully helped you to get a basic understanding of the different terms and conditions of different mortgage packages when looking at FHA loans vs Conventional loans. Home buying can be an emotional roller coaster and the knowledge in this article will help you navigate the various emotional struggles of home buying.

 

 

 

 

 

louisville-kentucky-fha-mortgage-loan-guide-1-638

 

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Kentucky FHA Loans Compared to Kentucky Conventional Loans


via Kentucky FHA Loans Compared to Kentucky Conventional Loans

 

 

 

FHA Approved Condo List Louisville Kentucky Jefferson County


via FHA Approved Condo List Louisville Kentucky Jefferson County

ondominiums as of 07/28/2018
(61 records were selected, records 1 through 50 displayed)

Condo
Name
Condo ID /
Submission
Address County Approval
Method
Composition
of Project
Comments Document
Status
Manufactured
Housing
FHA
Concentration
Status Status
Date
Expiration
Date
ANDERSON PARK A007467 001 9026 FERN CREEK RD
LOUISVILLE, KY 40291
JEFFERSON HRAP 84 units None Recorded/
Not Uploaded
No 5.55% Approved 05/25/2017 05/25/2019
ARBOR CREEK CONDOMINIUMS A002562 001 ARBOR CREEK DRIVE AND ARBOR MEADOW WAY
LOUISVILLE, KY 40228
JEFFERSON HRAP 170 Units. DB 08278, PG 0268. None Recorded/
Not Uploaded
No 9.41% Approved 11/30/2017 11/30/2019
AUTUMN GARDENS CONDOMINIUMS A002616 001 10013 AUTUMN GARDENS WAY
LOUISVILLE, KY 40229
JEFFERSON HRAP 10 Buildings, 45 Units. DB08290PG0253, DB09109PG0706. Exists Recorded/
Not Uploaded
No 15.55% Approved 12/11/2017 12/11/2019
AUTUMN TRACE CONDOMINIMUM A002589 001 7520 AUTUMN POINTE DR
LOUISVILLE, KY 40214
JEFFERSON HRAP 105 Units. None Recorded/
Not Uploaded
No 8.57% Approved 11/29/2017 11/29/2019
BAXTER LOOP CONDOMINIUMS A007952 001 1113 BAXTER AVE
LOUISVILLE, KY 40204
JEFFERSON HRAP 3 BUILDINGS, 28 UNITS. DB 08885,PG 0239. Exists Recorded/
Not Uploaded
No 7.14% Approved 05/12/2017 05/12/2019
BRADFORD COMMONS CONDOMINIMUM A002615 001 BRADFORD COMONS DRIVE
LOUISVILLE, KY 40299
JEFFERSON HRAP 196 Units. DB 09348. 8 Phases, Buildings 1-8. Phase 8, Building 8, Units 101-104, 201-204. None Recorded/
Not Uploaded
No 31.12% Approved 09/28/2017 09/28/2019
BROOKSHIRE VILLAGE CONDOMINIUM A002561 001 6716 WYNDE MANOR DR
LOUISVILLE, KY 40228
JEFFERSON HRAP PHASE 1, BLDS 1-14,UNITS 1-52 DEED BK 7821 PG 16 PLAT BK 95, PGS 21-22 RECERTIFICATION DUE 7/13/11. Exists Recorded/
Not Uploaded
No 13.46% Approved 08/31/2017 08/31/2019
CARDINAL OAKS CONDOMINIUMS A002689 001 7216 CARDINAL OAKS DRIVE
LOUISVILLE, KY 40214
JEFFERSON HRAP Multiple buildings. Total 128 units. None Recorded/
Not Uploaded
No 10.15% Approved 01/30/2017 01/30/2019
CHAMBERLAIN GARDENS A007735 001 POB 23010
LOUISVILLE, KY 40223
JEFFERSON HRAP 32 Units/4 Buildings (10500-10503, 8 Units per Building) None Recorded/
Not Uploaded
No 21.87% Approved 06/07/2017 06/07/2019
CHATEAU SQUARE CONDOMINIUM A002690 001 1934 GOLDSMITH LANE
LOUISVILLE, KY 40218
JEFFERSON HRAP 36 Units, 6 Buildings. Bk 4850 Pg 896, 4/27/1976. Exists Recorded/
Not Uploaded
No 27.77% Approved 02/03/2017 02/03/2019
CHEVAL PLACE CONDOMINIUMS A002560 001 3205 CHEVAL WAY
LOUISVILLE, KY 40299
JEFFERSON HRAP 18 UNITS ; 3 BUILDINGS None Recorded/
Not Uploaded
No 27.77% Approved 10/06/2016 10/06/2018
COBBLESTONE CONDOMINIUM A002523 001 5137 MAGDALEN SQUARE
LOUISVILLE, KY 40241
JEFFERSON HRAP 140 RESIDENTIAL UNITS Exists Recorded/
Not Uploaded
No 6.42% Approved 03/24/2017 03/24/2019
COLONIAL WOODS CONDOMINIUMS A002610 001 COLONIAL WOODS COURT
LOUISVILLE, KY 40223
JEFFERSON HRAP 67 UNITS. Exists Recorded/
Not Uploaded
No 10.44% Approved 04/02/2018 04/02/2020
CORRELL PLACE CONDOMINIUMS A009429 001 7200 CORRELL PLACE DRIVE
LOUISVILLE, KY 40228
JEFFERSON HRAP 3 Buildings, 20 Units. Exists Recorded/
Not Uploaded
No 10.00% Approved 02/09/2017 02/09/2019
COTTONWOOD A002540 001 SCHOEFFE AVENUE
LOUISVILLE, KY 40206
JEFFERSON HRAP RECORDED PB 88, PP. 23 THRU 24. RECERTIFICATION DUE 8-8-04 -LY None Recorded/
Not Uploaded
No 41.66% Approved 05/24/2017 05/24/2019
CRESCENT CENTRE CONDOMINIUMS A002634 001 SOUTH 2ND STREET
LOUISVILLE, KY 40201
JEFFERSON HRAP 22 Units. None Recorded/
Not Uploaded
No 0.00% Approved 09/14/2017 09/14/2019
CRESCENT CROSSING CONDOMINIUM A008240 001 114 CRESCENT AVE
LOUISVILLE, KY 40206
JEFFERSON HRAP 22 units located in a two story building. None Recorded/
Not Uploaded
No 4.54% Approved 03/01/2017 03/01/2019
CRESCENT SPRING CONDOMINIUMS A002693 001 302 CRESCENT SPRING DRIVE
LOUISVILLE, KY 40205
JEFFERSON HRAP 16 BUILDINGS; 97 UNITS None Recorded/
Not Uploaded
No 34.02% Approved 06/23/2017 06/23/2019
CROSSINGS AT COOPER CHAPEL A002575 001 6500-6520 BROOK BEND WAY
LOUISVILLE, KY 40229
JEFFERSON HRAP OK TO PROCESS – PHASES 3-5, PHASES 6-7 None Recorded/
Not Uploaded
No 17.50% Approved 04/05/2017 04/05/2019
DORSEY HILLS CONDOMINIUM A002621 001 10601 MCMEEKIN LANE
LOUISVILLE, KY 40223
JEFFERSON HRAP Multiple buildings. Total units 184. None Recorded/
Not Uploaded
No 3.26% Approved 05/02/2017 05/02/2019
DOUGLASS HILLS A002694 001 800 LOGSDON CT
LOUISVILLE, KY 40243
JEFFERSON HRAP 137 UNITS APPROVED. None Recorded/
Not Uploaded
No 26.27% Approved 03/28/2018 03/28/2020
FERNDALE GARDENS A009037 001 LOUISVILLE, KY 40291 JEFFERSON HRAP Multiple buildings. Currently 79 units completed. Phased development, upon completion there will be 107 units. Estimated date of completion 12/2017. None Recorded/
Not Uploaded
No 18.69% Approved 08/23/2017 08/23/2019
GARDEN PARK TOWNHOMES A002697 001 6 MILE LANE
LOUISVILLE, KY 40220
JEFFERSON HRAP 46 units, townhome styles None Recorded/
Not Uploaded
No 45.65% Approved 03/01/2017 03/01/2019
GARDINER LAKE CONDOMINIUMS A002613 001 1700 GARDINER LANE
LOUISVILLE, KY 40205
JEFFERSON HRAP 53 units; 11 BUILDING; 7 PHASES None Recorded/
Not Uploaded
No 30.18% Approved 11/08/2017 11/08/2019
HARRODS LANDING CONDOMINIUMS A002611 001 1001 HARRODS LANDING DRIVE
PROSPECT, KY 40059
JEFFERSON HRAP 46 RESIDENTIAL UNITS IN 9 BUILDINGS. None Recorded/
Not Uploaded
No 8.69% Approved 12/13/2016 12/13/2018
HITE AVENUE GARDENS A009461 001 719-763 N. HITE AVENUE
LOUISVILLE, KY 40206
JEFFERSON HRAP Multiple buildings. Total 120 units. Exists Recorded/
Not Uploaded
No 6.66% Approved 08/25/2017 08/25/2019
HOLLY HOUSE CONDOMINIUM** A008753 001 1926 GOLDSMITH LANE
LOUISVILLE, KY 40218
JEFFERSON HRAP 60 UNITS
HOLLY HOUSE CONDOMINIUM HOMES, SECTION 2
None Recorded/
Not Uploaded
No 6.66% Approved 09/15/2016 09/15/2018
JOHNSON GREEN AT BEULAH * A002676 001 7407 JOHNSON SCHOOL ROAD
LOUISVILLE, KY 40291
JEFFERSON HRAP Multiple buildings. Total 187 units.
*FULL NAME FOR PROJECT: Johnson Green at Beulah Church, a Condominium
None Recorded/
Not Uploaded
No 21.92% Approved 07/18/2018 07/18/2020
LAKEVIEW CONDOMINIUMS A007711 001 1815 GARDINER LN
LOUISVILLE, KY 40205
JEFFERSON HRAP 248 units-19 bldgs. None Recorded/
Not Uploaded
No 16.12% Approved 10/05/2017 10/05/2019
MAGNOLIA RIDGE CONDOMINIUMS A002556 001 9410 MAGNOLIA RIDGE DRIVE
LOUISVILLE, KY 40291
JEFFERSON HRAP Multiple buildings. Total 120 units. None Recorded/
Not Uploaded
No 34.16% Approved 03/09/2017 03/09/2019
OAKSHIRE A002704 001 OAKSHIRE DRIVE
LOUISVILLE, KY 40299
JEFFERSON HRAP 40 Units. Exists Recorded/
Not Uploaded
No 50.00% Approved 02/06/2018 02/06/2020
PARK PLACE LOFTS A007516 001 400 E MAIN ST
LOUISVILLE, KY 40202
JEFFERSON HRAP 4 story building. Total 32 residential units. Commercial space at 28%. Exists Recorded/
Not Uploaded
No 3.12% Approved 10/20/2017 10/20/2019
RIEDLONN A010381 001 2705 RIEDLING DRIVE
LOUISVILLE, KY 40206
JEFFERSON HRAP 2 building with 4 units each None Recorded/
Not Uploaded
No 12.50% Approved 11/16/2016 11/16/2018
SALEM SQUARE CONDOMINIUMS A002527 001 521 ZORN AVENUE
LOUISVILLE, KY 40206
JEFFERSON HRAP 2 PHASES, 8 BUILDINGS, 92 UNITS.
Conversion date for project 7/1973
None Recorded/
Not Uploaded
No 1.08% Approved 03/06/2018 03/06/2020
SAVANNAH SPRINGS CONDOMINIUMS A007951 001 8403 MOSS GARDEN DRIVE
LOUISVILLE, KY 40219
JEFFERSON HRAP 19 Buildings, 98 Units. DB 08618, Page 0890. Exists Recorded/
Not Uploaded
No 19.38% Approved 07/12/2017 07/12/2019
SENECA GARDENS CONDOMINIUMS A008570 001 2645 TAYLORSVILLE RD
LOUISVILLE, KY 40205
JEFFERSON HRAP 5 BUILDINGS; 40 UNITS None Recorded/
Not Uploaded
No 2.50% Approved 05/02/2018 05/02/2020
SHELBY POINTE CONDOMINIUM** A002622 001 260 MOSER ROAD
LOUISVILLE, KY 40223
JEFFERSON HRAP 53 residential units, 11 buildings None Recorded/
Not Uploaded
No 13.20% Approved 12/21/2017 12/21/2019
SPRINGS OF GLENMARY VILLAGE* A002590 001 LOUISVILLE, KY 40291 JEFFERSON HRAP Multiple buildings. Current total of units is 156. Phased development, anticipated number of units when 100% complete 168.
*FULL NAME FOR PROJECT:THE SPRINGS OF GLENMARY VILLAGE- A CONDOMINIUM
None Recorded/
Not Uploaded
No 21.15% Approved 08/02/2016 08/02/2018
(nearing expiration)
SYCAMORE II A002710 001 10401-15 CADY COVE CT
LOUISVILLE, KY 40223
JEFFERSON HRAP Contains 74 townhouse style units in 13 buldings None Recorded/
Not Uploaded
No 16.21% Approved 09/28/2017 09/28/2019
THE CLIFF VIEW TERRACE CONDO** A002650 001 2411 BROWNSBORO RD
LOUISVILLE, KY 40206
JEFFERSON HRAP 28 RESIDENTIAL UNITS, 2 COMMERCIAL UNITS
***legal name: The Cliff view Terrace Condominiums, A condominium property regime
None Recorded/
Not Uploaded
No 21.42% Approved 04/11/2018 04/11/2020
THE COMMONS OF WESTPORT GARDEN A002629 001 4854 WESTPORT RD
LOUISVILLE, KY 40222
JEFFERSON HRAP 72 UNITS
*LEGAL NAME: THE COMMONS OF WESTPORT GARDENS*
Exists Recorded/
Not Uploaded
No 34.72% Approved 09/14/2017 09/14/2019
THE GARDENS OF MONTICELLO A002642 001 10101 SPRUCE GROSE DRIVE
LOUISVILLE, KY 40299
JEFFERSON HRAP Multiple townhome buildings. Total 25 units. Exists Recorded/
Not Uploaded
No 16.00% Approved 03/02/2017 03/02/2019
THE ORCHARDS OF APPLEGATE A008554 001 8500 APPLEGATE VILLAGE DRIVE
LOUISVILLE, KY 40219
JEFFERSON HRAP Multiple buildings. Total 70 units. Exists Recorded/
Not Uploaded
No 5.71% Approved 04/04/2018 04/04/2020
THE OVERLOOK @ BEARGRASS CREEK A007211 001 7100 BEAR GRASS RUN
LOUISVILLE, KY 40220
JEFFERSON HRAP 26 units None Recorded/
Not Uploaded
No 15.38% Approved 09/22/2017 09/22/2019
THE PARKVIEW CONDOMINIUMS A002714 001 8138 LAKE TER
LOUISVILLE, KY 40222
JEFFERSON HRAP 9 BUILDINGS; 104 UNITS None Recorded/
Not Uploaded
No 32.69% Approved 02/28/2018 02/28/2020
THE PINES, A CONDOMINIUM* A002637 001 3721 BARDSTOWN ROAD
LOUISVILLE, KY 40206
JEFFERSON HRAP 72 UNITS; 6 BUILDINGS
*FULL NAME FOR PROJECT: THE PINES, A CONDOMINIUM PROJECT
Exists Recorded/
Not Uploaded
No 27.77% Approved 06/15/2018 06/15/2020
THE RIDGE AT OLD HENRY CONDO A009724 001 8303 SHELBYVILLE RD
LOUISVILLE, KY 40222
JEFFERSON HRAP 61 RESIDENTIAL UNITS None Recorded/
Not Uploaded
No 1.63% Approved 06/14/2018 06/14/2020
THE TAVNER COMDOMINIUMS A002532 001 2082 DOUGLASS BLVD.
LOUISVILLE, KY 40205
JEFFERSON HRAP 3 LEVEL-18 UNITS-BRICK CONSTRUCTION. None Recorded/
Not Uploaded
No 11.11% Approved 06/20/2018 06/20/2020
THE VILLAGE AT INDIAN FALLS A002565 001 10221 RIVERSTONE CIR
LOUISVILLE, KY 40229
JEFFERSON HRAP FANNIE MAE FORM 1028 REC’D FOR UNITS 1-84 None Recorded/
Not Uploaded
No 28.57% Approved 05/31/2017 05/31/2019
THE VILLAGE AT WATTERSON A008367 001 9307-9340 LOCH LEA LANE
LOUISVILLE, KY 40291
JEFFERSON HRAP 32 units, 4 buildings.
*FULL NAME FOR PROJECT: THE VILLAGE AT WATTERSON WOODS VILLAGE I
None Recorded/
Not Uploaded
No 21.87% Approved 09/15/2017 09/15/2019
Condominiums (HRAP/DELRAP Approval Method) as of 07/28/2018

Condominiums as of 07/28/2018
(61 records were selected, records 51 through 61 displayed)

Condo
Name
Condo ID /
Submission
Address County Approval
Method
Composition
of Project
Comments Document
Status
Manufactured
Housing
FHA
Concentration
Status Status
Date
Expiration
Date
THE VILLAGE AT WATTERSON** A002713 001 LOCH LEA LANE
LOUISVILLE, KY 40291
JEFFERSON HRAP 40 units
**Full legal name of the project is The Village at Watterson Woods, Village II
None Recorded/
Not Uploaded
No 37.50% Approved 02/08/2017 02/08/2019
THE VILLAS OF STONY FARM A002605 001 STONY FARM DRIVE
LOUISVILLE, KY 40299
JEFFERSON HRAP 123 units, 57 brick buildings None Recorded/
Not Uploaded
No 0.81% Approved 06/20/2018 06/20/2020
TREIS CONDOMINIUMS A002535 001 MURPHAY LANE
LOUISVILLE, KY 40245
JEFFERSON HRAP Ten buildings total 78 units. None Recorded/
Not Uploaded
No 38.46% Approved 10/05/2017 10/05/2019
VILLAGE AT PRESTON** A002641 001 PRESTON SPRINGS DR.
HILLVIEW, KY 40229
JEFFERSON HRAP **VILLAGE AT PRESTON CROSSING CONDOMINIUMS
56 UNITS
None Recorded/
Not Uploaded
No 46.42% Approved 06/28/2017 06/28/2019
VILLAGE OF WHITE OAKS* A002537 001 1101 POWERHOUSE
LOUISVILLE, KY 40242
JEFFERSON HRAP 40 units, 4 buildings, 1 phase
*FULL NAME FOR PROJECT: VILLAGE OF WHITE OAKS CONDOMINIUM
None Recorded/
Not Uploaded
No 30.00% Approved 07/06/2017 07/06/2019
WHIPPS MILL WOODS A002715 001 WHIPPS MILL RD
LOUISVILLE, KY 40233
JEFFERSON HRAP 36 Units. Exists Recorded/
Not Uploaded
No 36.11% Approved 10/04/2017 10/04/2019
WOODBOURNE CONDOMINIUMS A002583 001 2304-2310 WOODBOURNE AVE
LOUISVILLE, KY 40205
JEFFERSON HRAP 16UNITS Exists Recorded/
Not Uploaded
No 12.50% Approved 03/05/2018 03/05/2020
WOODRIDGE LAKE PATIO HOMES A002558 001 RIDGE LAKE DR
LOUISVILLE, KY 40272
JEFFERSON HRAP BUILDINGS 1-4, RECORDED PLATBOOK NO 94, PG 1601, BLDG 5 & 6, DB 81 18, BLDGS 7 AND 8 DB 08769PG0574 BLDG 13,14,15 None Recorded/
Not Uploaded
No 13.15% Approved 01/12/2017 01/12/2019
WOODS OF ST. ANDREWS A002564 001 295 N. HUBBARDS LN
LOUISVILLE, KY 40214
JEFFERSON HRAP 5 building completed None Recorded/
Not Uploaded
No 35.93% Approved 07/18/2018 07/18/2020
WORTHINGTON GLEN CONDOMINIUMS A002684 001 10200 WORTHINGTON GLEN DRIVE
LOUISVILLE, KY 40241
JEFFERSON HRAP 10 Buildings, 268 Units. Exists Recorded/
Not Uploaded
No 15.67% Approved 08/16/2017 08/16/2019
YORKWOOD CONDOMINIUMS A002717 001 628 COBBLESTONE SQUARE
LOUISVILLE, KY 40223
JEFFERSON HRAP 59 Townhome Units. Exists Recorded/
Not Uploaded
No 49.15% Approved 09/15/2017 09/15/2019
∘ 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 to 640 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 to 640 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: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application.

∘ How long does it take to get approved for a mortgage loan in Kentucky?
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: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs

∘ When can I lock in my interest rate to protect it from going up when I buy my first home?
 
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.
Interest rates are kinda like gas prices, they change daily, and the general trend is that they have been going up since the Presidential election in November 2016.

∘ How much money do I need to pay to close the loan?
 
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.
The lender has to issue a breakdown of the fees you will incur on your loan pre-approval.

How long is my pre-approval good for on a Kentucky Mortgage Loan?
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.


Customer Testimonials

 

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.

Angela Forsythe

 
“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

Monica Leinhardt



“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 definetly recommmend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin



“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
 
Tim Beck



“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
 
Nancy Nalley


“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


 
Jon ClarK
“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


Stacie Drake

“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

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn’t expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.

Cee Bell August 2017

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 April 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!

Patty Kingston June 2018






I can answer your questions and usually get you pre-approved the same day. 


Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com












 
 

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

 
 
 
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). I lend in the following states: Kentucky
 
 

 

 

FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015


cropped-louisville-mortgage-lenders-logo5.jpg

 

 

Source: FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015

Kentucky FHA Mortgage Guidelines


Kentucky FHA Mortgage Guidelines.

FHA Approved Condo List Louisville Kentucky Jefferson County


FHA Approved Condo List Louisville Kentucky Jefferson County.

 

http://www.mylouisvillekentuckymortgage.com/2011/09/fha-approved-condos-louisville-kentucky.html