Category: FHA

Kentucky FHA Loans Compared to Kentucky Conventional Loans


via Kentucky FHA Loans Compared to Kentucky Conventional Loans

 

 

 

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What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?


via What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?

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
 
 
Posted by at 11:04 AM 

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2018 Kentucky First Time Home Buyer Loan Programs


via 2018 Kentucky First Time Home Buyer Loan Programs

 

Getting a mortgage for a home can seem like a complicated and mysterious process. Just like any good investment, you should never buy anything that you don’t understand.  Knowing how the mortgage lending system works will relieve much of the stress and anxiety associated with making what is most likely the largest purchase of your entire life. This article will help you understand…

What You Need To Know About A Mortgage… BEFORE You Get One!!!

Qualifying for a Mortgage

Home LoansMortgage companies are in business to make money by lending money that is secured by an asset large enough to sell and recover their capital if the borrower is no longer able or willing to pay the payments. They are not in the business of owning property and would rather not have to foreclose on a loan, repossess the property and sell it to recapture their capital. This does happen but it is not their primary business. They would rather have their borrowers make their payments so that they could collect the interest and move on down the road. To increase their odds of that happening, mortgage companies look at several areas of your financial history to determine if you will meet their standards. This is called Qualifying for a Mortgage.

What the mortgage company finds when they look at these areas will help determine the type of mortgage that is available to you and the interest rate you will pay on the money that you borrow.

The areas that they are interested in looking at are:

Job History

Lenders want to know if you have been in your current job and/or profession for at least two years. They also want to know if you are retired or self-employed.

Income

TaxesMortgage lenders want to know how much your monthly income is before taxes are taken out (Gross Monthly Income). Typically you will be asked to provide check stubs for the last 30 days and Federal Tax Returns or W-2’s for the last two years to prove your income.

If you are self-employed and it is difficult for you to prove your gross income to the lender you may be able to get a “stated income” loan. If that is the route that you take, your income must be “reasonable” for your profession. Since stated income loans are riskier for the lender you will generally have a higher interest rate.

Credit History

Mortgage lenders really like it if you have a history of paying your bills on time. This is reflected in your credit report and FICO score. If you have “bad credit”, you are NOT automatically disqualified from getting a mortgage. Lower credit scores will increase the interest rate that you will be required to pay and sometimes that increase will be quite significant.

Debt Load

You can have an awesome job with an income to make Bill Gates jealous and a great credit score but if you have already acquired too much long term debt you may not qualify for the loan you want.

assetsAssets

Mortgage lenders will want to check your bank accounts to make sure that you have the cash necessary to pay the down payment and closing costs and that you have “reserves” available to make the loan payment. Often, the lender will require 3-6 months reserves. (Reserves can be in a 401K or other retirement account that you can pull the money out of)

Requested Loan Amount

The loan you are requesting will need to be proportional to your ability to make the payments. Be reasonable with your house buying expectations – don’t expect to buy a lot more house than you can afford. The recent housing bust defined the term “house poor” and got a lot of people into financial trouble. Again, mortgage lenders would much rather you make your monthly house payments because everyone loses if they have to foreclose.

Determining YOUR Mortgage Interest Rate

The market place determines the range of interest rates available for any mortgage and the lending rates change daily. The specific interest rate you will pay is based on how well qualified you are and the type of loan you want.

Interest rates are typically based on the answers to these questions:

How Good Is Your Credit Score? 

FICO ScoreThe most widely used score is the FICO score, the credit score created by Fair Isaac Corporation. Lenders use the FICO Score to help them make billions of credit decisions every day. Fair Isaac calculates the FICO Score based solely on information in consumer credit reports maintained by the credit reporting agencies.

FICO credit scores range from 300 to 850. That FICO Score is calculated by a mathematical equation that evaluates many types of information from your credit report, at that agency. By comparing this information to the patterns in hundreds of thousands of past credit reports, the FICO Score estimates your level of future credit risk.

With the top end of the credit score being 850, anything above about 720 is considered excellent. Some local lenders set 740 as the benchmark for their preferred interest rates. Having a lower credit score DOES NOT mean you will not get a loan. You may qualify BUT your interest rate will be higher than someone with better credit.

How Big Is Your Down-Payment?

down-paymentThe Down-Payment is the amount of your own money you are going to put into buying the property. The more money you put into the property on the front end, the lower the risk of you not paying the payments. The amount of your down payment also directly affects the amount of your loan (purchase price – down payment = loan amount). This is called the Loan to Value Ratio (LTV).

The LTV is the percentage of the value of the house that the mortgage will cover (loan amount / purchase price x 100). For example, the property you are interested in buying is selling for $100,000. You have $20,000 for the down-payment and want a mortgage for the other $80,000. The LTV for this mortgage is 80%.

Similar to the LTV is the Combined Loan to Value Ratio (CLTV). The CLTV is used when 2 loans are used to finance the home purchase. You may see or hear terms like “80-20” or “80-15-5”. This refers to the 1st lien percentage (80), the 2nd lien percentage (20 or 15) and the down payment percentage (5).

How Much Debt Do You Currently Have?

It only makes sense that the more debt you have the riskier the loan is for the lender. There is a finite amount of income in all of our households and it all gets allocated every month. Lenders use a “debt-to-income” ratio to determine how qualified you are for the loan based on how much debt you already have.

debt_to_income_ratioYour Debt to Income Ratio (DTI) is the percentage of your income that you owe in debt on a monthly basis. For example, if you make $5,000 per month, and have debt payments (car loans, credit cards, student loans, etc.) of $2,000, your DTI ratio is 40%. The higher this ratio is, the less likely you will be to qualify for a low interest rate.

Conventional loans typically have a qualifying ratio of 28/36. FHA loans will sometimes allow for a higher debt load of 29/41 qualifying ratio.

The first number in a qualifying ratio is the maximum percentage of your gross monthly income that can be applied to your mortgage. That includes the loan principal and interest, private mortgage insurance, property taxes, homeowners insurance, and homeowner’s association dues.

The second number is the maximum percentage of your gross monthly income that can be applied to housing expenses and recurring debt. Recurring debt includes monthly payments for cars, boats, motorcycles, child support payments and monthly credit card payments.

 Example:  of a 28/36 qualifying ratio:

Gross monthly income of $5,000 x .28 = $1400 can be applied to housing.

Gross monthly income of $5,000 x .36 = $1,800 can be applied to recurring debt plus housing expenses

Example: of a 29/41 qualifying ratio:

Gross monthly income of $5,000 x .29 = $1,450 can be applied to housing.

Gross monthly income of $5,000 x .41 = $2,050 can be applied to recurring debt plus housing expenses

These are just general guidelines and everyone’s personal finances are unique. To get the real answer about how well you qualify and to determine how large a mortgage a local lender will offer contact one of our preferred lenders and visit with a loan officer.

Here is a KEY point to remember…

FICO KEYYour credit score is THE most vital piece of information

when qualifying for a loan.

I am a Dave Ramsey fan and I believe in paying cash but even Dave concedes when it comes to buying a house. In Financial Peace Dave calls the FICO score an “I love debt score” and brags about not having one. He even tells a story about trying to rent an apartment and he couldn’t because he doesn’t have a FICO score. He then says, “I can’t rent an apartment because I don’t have a FICO score… I could write a check and buy the whole complex but I can’t rent an apartment because I don’t have a credit score!” Which is a great story for someone that CAN write a check and buy the whole complex… The rest of us need to maintain a really good credit score.

If you’re ready to buy a new home

and want to shop around for the best deal on a mortgage…

Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won’t affect your score while you’re rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

What Type of Loan Are You Looking For?

40 year fixed, 30 year fixed, 20 year fixed, 15 year fixed, 10 Year Fixed, Adjustable Rate, etc. All of these loan types have different interest rate ranges.

Locking Your Interest Rate

Once you have completed a loan application, determined what type of loan you want and qualified for that loan you can “lock” the interest rate for that loan. Locking the Interest Rate means, for the period of the “lock” you are guaranteed that interest rate. Lock periods are typically 15, 30 or 60 days, although you may be able to get an extended lock period.

Rate LockOnce you lock your interest rate:

If you do not close on the loan before the lock period expires, you will NOT have a guaranteed interest rate anymore. And, the longer the lock period, the higher the rate will be. For example, a 15 day lock may be at 5.125%, a 30 day lock at 5.25%, and a 60 day lock at 5.375%. So, before locking your loan, be sure you are not locking for too long a time or for too short a time.

Interest rates fluctuate daily and may go up or down. By locking your rate, you are betting that rates will go up in the future.

 What does “Buying Down” the Interest Rate Mean?

You can reduce the interest rate on your mortgage by paying “points” at closing. A point is 1% of the value of the loan, so a point on a $200,000 loan is $2,000. If you “buy down” you loan to a lower interest rate you will have lower monthly payments and pay less interest over the life of the loan. However, “buying down” you loan to a lower interest rate means more money out of your pocket on the front end when you close the loan. You should do the math and weigh each side of the equation before making a decision about buying down the interest rate or not.

What Are The Closing Costs and Fees?

Closing CostsThere are four types of closing costs and fees…

Those charged by the mortgage company and/or mortgage broker, those charged by 3rd party vendors, those charged by the Title Company, Escrow Company or Escrow Attorney and Pre-Paid Charges.

Lender Fees

These can include loan origination fees and Broker fees which are usually a percentage of the loan amount; administrative fees and application fees, processing fees and underwriting fees. These last fees usually run from $100 to $500, and ALL of them are negotiable.

3rd Party Vendor charges

These are charges collected by the lender and paid to outside companies that provide a service. These are not usually negotiable and can include appraisal charges, flood certification fees, courier charges, document prep fees, mortgage lender attorney fees, etc.

Title Company charges

These are the fees charged by the Title Company, Escrow Company or Escrow Attorney. They are usually set by the state and are not negotiable. These charges include title insurance, attorney fees, state/county/city registration fees, etc.

Pre-Paid Charges

If the lender will be establishing an escrow account to pay taxes and insurance, the buyer will pre-pay taxes and insurance to establish an escrow account and will pre-pay the interest on the loan until the end of the month in which the loan closes.

 Does The Closing Date Really Matter?

The day you choose to close determines the amount of pre-paid interest you will have to pay. Closing at the end of the month means that you will pay less pre-paid interest. For example, if you close on October 1st you will pay 31 days of pre-paid interest. If you close on October 31st you will pay 1 day of pre-paid interest.

When Is My First Payment Due?

It doesn’t matter what day of the month you close on, you will not have your first loan payment due until a month has passed. So, if you close in October, your first payment is due in December – you get November for free!

What Is PMI?

pmi-basics1Private Mortgage Insurance (PMI) is required on all loans that have a LTV greater than 80%. PMI is an insurance premium that you pay every month as part of your monthly payment. However, PMI is not intended to protect you. PMI is insurance coverage that protects the mortgage lender against default on the loan. If you stop making your payments, the mortgage lender is paid a percentage of the loan amount (usually 25% to 35%) by the insurance company.

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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 knowledgeable 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 Bellisle 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

 

2018 Kentucky First Time Home Buyer Loan Programs


36975873_406406043186470_8691095966767382528_ovia 2018 Kentucky First Time Home Buyer Loan Programsunnamed

Appraisal flipping, FHA appraisals, Property flipping


via Property Flipping Rules for Mortgages for FHA VA USDA Conventional Appraisals

Frequently asked questions about the lending process


Source: Frequently asked questions about the lending process

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 prequalified 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 prequalified with a local lender to know what you’re prequalified for, and then go out and find a house, which is the hard part.”

What documents do buyers need to provide to get prequalified and preapproved?

Prequalification is typically the quick and easy initial step and preapproval is a more involved process. The prequalification 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 preapproval, 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 homebuyer 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.”

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

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.

Joel E Lobb
American Mortgage
5029053708
email us here

Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.

http://www.mylouisvillekentuckymortgage.com/

Distribution channels: Banking, Finance & Investment, Real Estate & Property Management
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