Tag: FHA insured loan

Kentucky FHA PMI Changes for 2015


Kentucky FHA PMI Changes for 2015

via Kentucky FHA PMI Changes for 2015.

 

The FHA Mortgage Insurance Premium (MIP) Refund chart

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

 

 

Kentucky Housing Mortgage Rates for January 2014


KHC Kentucky Housing Mortgage Rates Currently for 2014

KHC Conventional No Down payment Assistance Program (DAP) interest rates have decreased, effective immediately

Interest Rate:  2.50% without Down Payment Assistance

                      2.75% with Down Payment Assistance

  • $35,000 Household Income Limit
  • First time home buyer, unless property located in targeted county
  • Existing or new construction property — purchase price limit $115,000
  • Regular and Affordable DAP available
  • FHA, VA or RHS first mortgage programs through MRB Funding
  • 640 credit score, Maximum ratios of 40/45% with AUS Approval

 
KHC Conventional No Down payment Assistance Program (DAP) interest rates have decreased, effective immediately

Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|

 Company ID #1364 | MB73346

 

 

 

 

INVESTMENT HOME LOAN


INVESTMENT HOME LOAN.

How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?


How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

Another Satisfied Home Buyer! Let us help you buy your next Kentucky Home. Great Rates and local, friendly, honest advice. Zero Application FEES! Free Credit Report on all April Applications
Another Satisfied Home Buyer! Let us help you buy your next Kentucky Home. Great Rates and local, friendly, honest advice. Zero Application FEES! Free Credit Report on all April Applications

The Kentukcy FHA loan application process includes many steps, including running a credit report and having the Kentucky FHA borrower fill out paperwork with personal information like open lines of credit and current income. Applying for a government home loan also requires giving the lender two types of personal history–a record of where the borrower has lived and where the borrower has worked.

KEntucky FHA requirements dictate furnishing at least a two-year work history, but that requirement shouldn’t be mistaken for an employment minimum. According to the FHA’s official site, “FHA does not impose a minimum length of time a borrower must have held a position of employment to be eligible for a mortgage.”

What does a buyer do if they can’t show at least a two-year work history? Some KEntukcy FHA home loan applicants who recently graduated from college or have separated from the military may wonder if they have reduced chances of getting an FHA loan approved because they can’t show a history of traditional employment.

In the case of military members, especially Guard and Reserve members who may have joined and been called to active duty right away because of wartime operations, the military service itself is viewed as employment.

There’s no liability or negative consequences as a result of military service, especially where a government home loan application is concerned. The FHA requests a copy of discharge paperwork or related documents to establish a military work history.

For students, part-time work and internships may be interpreted as employment under the right circumstances, but regardless all the FHA requires is supporting documentation of college attendance. College transcripts are usually sufficient. There is one caveat–according to the FHA official site, “…You must prove steady income for at least three years, and demonstrate that you’ve consistently paid your bills on time.”

Steady income for college students may be more difficult to demonstrate, but those on work-study programs, lengthy internships or other programs may find it easier to get Kentucky FHA approval for a home loan than those who studied full-time but did not work. In the end, it’s up to the lender and the FHA to determine what college experience is worth on the Kentucky FHA loan application.

How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

Free Application and Credit call today 502=905=3708 or email kentuckyloan@gmail.com
Free Application and Credit call today 502=905=3708 or email kentuckyloan@gmail.com
Joel Lobb
Senior  Loan Officer

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

2013 First Time Home Buyer Mortgage Loans in Louisville Kentucky


To get a First time home buyer loan in Louisville Kentucky in 2013, you will need to look at these following three first time home buyer loans program in Louisville.

Louisville Ky First Time Home Buyer Loan

1. Louisville KY FHA Loan Program-This program allows for 3.5% down payment and low 30  30 year fixed rate loans currently. The minimum credit score for a Louisville KY FHA loan with us is 640. You have three scores, and we take the middle credit score.

The down payment can be saved or gifted from a family member, or borrowed from a 401k loan . The 3.5% down payment cannot be borrowed from a lending instiution or off a credit card.

The current debt to income ratios for a Louisville KY FHA loan is 31% and 43%. This means  that your current house payment, with taxes and insurance included, cannot be more than 31% of your gross monthly income. The 43% means the new house payment and total debts on credit report along with child support or 401k loans.

For example if you made 4k gross a month, the maximum house payment would be $1240 piti, and the maximum total bills outstanding each month, including new house payment would be $1720.00

There are some compensating factors that will allow for a higher house payment if you have  good credit scores (740 score or higher) and a large down payment. (more than the minimum 3.5% down payment)

If you have had a bankruptcy or foreclosure in the past, you will have to need be out of the  bankruptcy for at least 2 years with good reestablished credit and a foreclosure must be 3 years from the when the masters commissioners deed was filed at courthouse.

2. Fannie Mae Loan Program -This requires 5% down, and it must be from your own saved funds, no gifted funds from family members. The 30 year fixed rate is a little higher than the FHA loan, but the mortgage insurance is much cheaper. If you have a credit score of 740 or higher, and can put down the 5%, this is better program for you due to lower monthly payments and less upfront and monthly mortgage insurance.

Most lenders will want a 680 credit score, with less than 20% down, and the seasoning for foreclosures and bankruptcies are much tougher than the FHA loan program.

Fannie Mae will require 5 years or more on a foreclosure, and 4 years on a bankruptcy.

The debt to income ratios are a little tougher too, with them being at 35% and 45% respectively.

3. Louisvile Kentucky VA Loan Program -This requires no down payment, but you must be a qualified veteran or active duty military to participate in the program. The current minimum credit score is 620, with no bankruptcies or foreclosures in the last 2 years.

The maximum debt to income ratio is usually set at 41%, but can go higher with compensating factors, such as over 740 credit score, large down payment, or high residual income. The residual income is set by each region, and you can clink the link below for more info about this .http://kentuckyvaloan.com

 502 905 3708
kentuckyloan@gmail.com
NMLS #57916
Jo

Kentucky Rural Development Kentucky Guaranteed Housing Zero Down


 This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency

  

Kentucky Rural Development

Kentucky Guaranteed Housing

Home Financing Options for Lenders

Think Guaranteed First!

Do you have clients with no down payment?  Do you have clients with some cash but they do not wish to exhaust all of it to buy a home?   How many times have you pre-qualified an applicant only to realize that the mortgage insurance or higher interest rates keep them out of the price range needed to accommodate their family?   The Rural Development guarantee may be able to help!

  • Generous income limits
  • Flexible credit and qualifying ratios can help open up a new market of homebuyers.
  •  Competitive 30 year fixed rates – no monthly mortgage insurance allows you to offer affordable payments to all homebuyers.
  • No down payment and no cash reserve requirements help you qualify more clients.
  • No maximum purchase price or mortgage limit.
  • Become an expert in Guaranteed Rural Housing financing to gain more clients and close more loans in small communities and rural areas.

Rural Development assists thousands of clients annually to become homeowners.  This year we want you as our partner!

The advantages

  • Loan up to appraised value plus the guarantee fee.
  • No monthly mortgage insurance (MI).
  • Maximum loan amount is the appraised value plus a one time guarantee fee.
  • No cash contribution or cash reserves required from applicant.
  • Unrestricted gifts.
  • Non-traditional credit acceptable.
  • Streamlined credit documentation available – based upon credit.
  • No minimum credit score.
  • Repayment ratios are 29/41.  Ratio waivers are allowed with documented compensating factors.
  • Not limited to first-time home buyers.
  • Competitive market based fixed interest rates with 30 year term.
  • Available secondary markets: wholesale lenders as well as Fannie Mae, Freddie Mac, and Ginnie Mae.
  • Qualifies for Community Reinvestment Act (CRA)
  • Agency approved lenders underwrite the loan.
  • Any lender, or broker, may originate loans through an Agency approved lender.
  • Agency guarantee commitments are issued within 1-2 business days of receipt of the complete package – based on volume of loan requests.
  • Rural Development provides lender support for questions, training, and outreach assistance.

 Choose Rural Development as the first option

  • A competitive fixed rate combined with no mortgage insurance provides long term savings for the customer.
  •  Home buyers are able to retain their savings since there is no down payment requirement and closing costs can be financed up to the appraised value.
  • Lenders report an overwhelming preference for the Guaranteed Rural Housing loans for the great value it provides to their customers.  Choose the best program for your customers!

Applicant eligibility criteria: 

  • Occupy the property as your primary residence.
  • Be able and willing to occupy the property.
  • Be a U.S. citizen, a U.S. non-citizen national or a qualified alien.
  • Demonstrate an ability and willingness to meet obligations and debts as they become due.
  • Have a credit history that indicates a willingness to meet obligations as they become due.
  • Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
  • Purchase a residential property that is within a Rural Development eligible area.

 Checklists and web site links:

  What is the Rural Development “guarantee?

  • Lenders have less risk with the Rural Development guaranteed loans than with conventional loans covered by private mortgage insurance.

Thank you for visiting our web site.  We look forward to working with you as partners in providing affordable housing opportunities in rural areas.  Let us know how we can further serve you.

Apply today for Free Below:

 
Apply below for free–I am a USDA Expert and have done over 200 USDA loans in my lifetime in Kentucky

 

 

 

 

 

 

 

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Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com

HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans


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HARP 2.0 Frequently Asked Questions

HARP has been expanded to help more homeowners qualify for refinancing their

Louisville Kentucky Mortgage Loans

 – even those with little or no equity available.

With HARP you could take advantage of low interest rates and other refinancing benefits even if the value of your home has declined and you owe more than your home is worth.

The questions and answers below will help you better understand how this program can help you refinance your underwater mortgage:

  • What does it mean to Refinance my Louisville Kentucky Mortgage Loan?When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.
  • What does it mean to be upside down on my mortgage?The terms “Upside Down”or “Underwater” simply mean that you owe more on your home loan than your property may appraise or sell for.The percentage that you are upside down is factored into what’s called a Loan-to-Value(LTV) ratio. So, if you owe $125,000 on a property that is valued at $100,000, then your LTV would be 125%.With the new updates to the HARP 2.0 program, borrowers with an LTV ratio greater than 125% may now qualify for a new refinance, provided they meet the other criteria.
  • What is the difference between a refinance and a loan modification?Basically, a modification is a change to an existing loan, where a refinance is a new loan.A Refinance on your loan means that you get a new loan to pay off an existing mortgage.A modification is for borrowers who are behind on their mortgage payment, or struggling to remain current, and are either not eligible for a refinance or it will not help them maintain their payments.
  • What changes were made to HARP that may make me eligible now?There were several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be underwater (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify.The amount a borrower owes on a mortgage compared to the appraised value of a property is called Loan-to-Value (LTV).With the release of “HARP 2.0” guidelines, the original 125% LTV Cap was lifted, which will essentially allow borrowers who owe more than 125% on their first mortgage the ability to qualify for a new refinance, provided they meet the other underwriting and program criteria.
  • Is HARP the only refinance program available for underwater homeowners?HARP is one of several refinancing options available to eligible homeowners. However, HARP is unique because it is the primary refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits.Making Home Affordable is a trademark of the United States Department of the Treasury.
  • How can I find out whether my loan is owned by Fannie Mae or Freddie Mac?Only mortgages owned or guaranteed by either Fannie Mae or Freddie Mac are eligible for refinance under the enhanced and expanded provisions of HARP. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:http://fanniemae.com/loanlookup/ 
    http://freddiemac.com/mymortgage
  • Who is Fannie Mae?Fannie Mae is a government-chartered company with a mission to provide a stable source of funding to the U.S. housing and mortgage markets.The company purchases and securitizes mortgage loans to ensure that money is consistently available to financial institutions that lend money to home buyers.
  • What is the difference between a lender and a servicer?Your mortgage lender is the financial institution that gave you your mortgage loan.Your servicer is the financial institution that you send your monthly payment to. Your servicer is responsible for collecting your payments and crediting your account.You can find your mortgage servicer contact information on your monthly statement or coupon book.
  • On The Fannie Mae loan lookup tool, what does “Match Found” mean?A “Match Found” response to your search in the Fannie Mae Loan Lookup means that Fannie Mae owns a loan at the address entered in the search, however, it does not guarantee or imply that you will qualify for a Fannie Mae loan refinance or loan modification.
  • My loan is owned by Fannie, but it says that I don’t qualify for HARP?This is because Fannie Mae needed to receive your loan on May 31, 2009 or before.
  • Does Fannie Mae own my first and second mortgage?Fannie Mae generally owns primary (first-lien) mortgages only. A “Match Found” on the Fannie Mae Loan Lookup Tool means that they own the primary mortgage on the address entered in the search field.To find out who owns your second mortgage, refer to your monthly mortgage statement or contact the mortgage servicer to whom you send your monthly payment to.
  • What if I have an adjustable-rate mortgage (ARM)?HARP allows you to replace your adjustable-rate mortgage and many homeowners opt for a more stable fixed-rate mortgage.Every adjustable-rate mortgage is different, but refinancing may still provide you with a lower monthly payment, and allow you to avoid the sometimes large payment increase that comes once your ARM initial rate ends. The stability of a fixed monthly payment will give you security in knowing what you’ll owe every month.
  • Will the lender require an appraisal with a new HARP loan?Maybe – Even though the new updates to this program are intended to give borrowers with a Loan-to-Value (LTV) ratio above 125% the ability to refinance, lenders will still run an online valuation or require a full appraisal.Fannie Mae and Freddie Mac are updating their systems as this program progresses, but a good rule-of-thumb to follow is that loans under 125% LTV will generally not have an appraisal.If the appraisal is not conducted because of what is called PIW (Property Inspection Waiver), there will still be a $75 fees paid to Fannie Mae. Irrespective of what the appraisal value comes out to be, the loan would go through. However, some lenders may still cap the LTV to 150% – 200% or more, mainly depending on how the market reacts to this new program. Basically, expect LTV, Appraisal and Lending Limits to vary between lenders, and the time of the month.
  • Do I have to refinance through my current lender?No – As of March 19, 2012, Fannie Mae and Freddie Mac have opened this program up to non-servicing mortgage lenders.This is a huge benefit to borrowers in the fact that you have an opportunity to find a bank or mortgage broker who specializes in the new HARP program and can offer competitive rates.
  • Am I eligible for a refinance if my current loan has mortgage insurance (MI)?Yes, and the good news is that most of the mortgage insurance companies are working with HARP lenders to make the process as seamless as possible.Your new lender will do the work to make sure your current mortgage insurance scenario is similar to what you were, or were not paying.
  • Will I have to pay MI with a HARP since my new LTV will be >80%?No – If you did not originally have mortgage insurance due to the fact that your original LTV was less than 80% when acquired that loan, you will not be required to have MI, even though your new Loan-to-Value ratio will be greater than 80%.
  • I did not put 20% down when I purchased my property, but I do not have MI?If your current loan at the time of closing was over 80% and you are not paying a monthly Mortgage Insurance, most likely you have a Lender Paid Mortgage Insurance (LPMI).And yes, you would be able to refinance if you have an LPMI. Your lender will simply need to transfer the same coverage level from your current MI company to the new HARP 2.0 Refinance.
  • Can I Combine My First And Second Mortgage Into The New HARP Refinance?No – HARP does not allow for cash-out refinances or combining a first and second.Your new lender will order a subordination from your current second mortgage holder, which may require a fee.To quote the guidelines: “The refinance will not have a cash-out component, except for closing costs and certain de minimis allowances to cover items such as association fees, property tax bills, insurance costs, and rounding adjustments.
  • Will the lender need to verify income, assets and employment?Fannie Mae doesn’t expressly ask for Income, Employment or Asset verification for HARP 2.0 Loans. But, Fannie Mae suggests that the lender must obtain a verbal verification of employment (VOE) and verify the borrower’ss source of non-employment income, plus obtain any other income documentation as required by the Underwriting Findings Report.The borrower’s ability to repay the mortgage loan is based primarily on the acceptable payment history of the existing mortgage and the borrower benefit provisions. The acceptable payment history is no late in last 6 months and no more than one 30 days late in 7-12 months.If the borrower’s principal and interest payment is increasing more than 20%, the borrower must be re-qualified for the new loan, including verification of all income sources and amounts, and verification of any assets needed to close.Basically, your new lender will run your application through an online Fannie Mae or Freddie Mac approval engine, which will then provide a list of necessary documentation you need to prepare for loan submission.
  • Can I qualify for a new loan on an investment property or second home?All occupancy types i.e. Primary Residence, Second Homes and Investment Properties are allowed with HARP, even if the occupancy type has changed since the time of the original loan.Aliquam porttitor metus felis. Curabitur euismod porta justo ut mattis. Mauris condimentum ultrices justo, ac suscipit leo tempor eget
  • Are All Borrowers on the existing mortgage required to be on the new loan?Borrower(s) may be removed through the new transaction, provided that:a) The lender obtains documented evidence that the remaining borrower has been making payments from his or her own funds for the past 12 months, andb) The borrower(s) being removed is also removed from the deed.If the borrower(s) is being removed due to death, however, evidence that the remaining borrower(s) has been making payments from his or her own funds is not required.
Joel Lobb (NMLS#57916)

HARP REFINANCE QUESTIONS?

HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans

You can determine whether your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

http://www.fanniemae.com/loanlookup/
http://www.freddiemac.com/mymortgage

Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

We Are Not The Government. All approvals and rates are not guaranteed, and are only issued based on standard HARP or other mortgage qualifying guidelines.  Equal Opportunity Lending, Fair Credit, Truth in Lending, and their own local and state RESPA, or otherwise lending laws. Privacy Statement | Equal Housing

Making Home Affordable is a trademark of the United States Department of the Treasury.

Call us at 502-905-3708 today, or CLICK HERE to apply online.

Joel Lobb (NMLS#57916)
Senior  Loan Officer