Tag: kentucky mortgage
Bankruptcy is a status of a person when he cannot repay his debts. Bankruptcy is initiated by the debtor but is imposed by a court order. It is not only the legal status of an insolvent person that is the reason it is not only similar to insolvency. It is applied in broader way to the procedure of formal insolvency. If you are filling the case of bankruptcy then you should be aware of all the things. That what types of bankruptcy you should fill? What is their work? What things are involved? So you should be aware of everything before filing any type of bankruptcy it is advisable to consult a lawyer. He can judge your condition in a much better way. As the lawyers has the experience of many years and solved many cases of same type.
There are two types of bankruptcy filings:
- Chapter 7
- Chapter 13
Chapter 7 is a type of bankruptcy which is available for individuals. It is also known as the liquidation or straight bankruptcy. Usually a trustee is appointed by the bankruptcy court who administers the bankruptcy. The key function of the individual who is filling bankruptcy is to keep all the types of household goods and also other things can also be retain with him until the amount is not equal to the amount which he have to take from the other person. In this type of bankruptcy an individual is allowed to keep his car and the other items and also have to pay all the car insurance and the house mortgage. This type of bankruptcy lasts about four to six months. Most of the debt is extinguished at the end of the bankruptcy. The main motive of filling this type of bankruptcy is that the person is trying to free himself from the debts by keeping his house and other things as he does not have the other way to repay. And this is also the advantage because the person can be free from the debts by these types of bankruptcy.
Chapter 13 is another type of bankruptcy which is available for individuals. This type of bankruptcy is also to pay the debts but it is different from the chapter 7 as it is not repay through the liquidation of the debtor’s assets. You can keep your assets with you while working out a repayment plan. The bankruptcy court appoints a trustee who works with all i.e. the debtor, the creditor and the court itself. This type of bankruptcy usually lasts up to three to five years. During the repayment process debtor is not allowed to sell any of his assets without permission or cannot take any other debt. But the chapter 13 can be converted to chapter 7 if it is required or depend on the creditor. Read here to get more information about bankruptcy.
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Mortgage Loan Officer
$10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2019
As of right now, January 2019, there are no funds available for the $10,000 Grant for Kentucky Home Buyers. However, they’re current down payment assistance programs available now up to $6000 for Kentucky Homebuyers in 2019 to purchase a home with 100% financing no down payment, this is subject to change throughout the year so check back periodically.
Senior Loan Officer
$5000 Welcome Home Grant Kentucky
$5000 Welcome Home Grant Kentucky
Text or call phone: (502) 905-3708
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 views of my employer. Not all products or services mentioned on this site may fit all people
Welcome Home Program
This is only a brief overview of the Welcome Home Program. Complete details, limits, requirements, definitions, and guidelines are contained in Attachment H of the 2017 AHP Implementation Plan and in the 2017 Welcome Home Guide.
What is the Welcome Home Program?
The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to $5,000 per homebuyer and Members are subject to an aggregate limit of $200,000 per offering. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM ET on March 1, 2017, and will remain available until all funds have been reserved.
Who Can Use the WHP?
The FHLB has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership. These funds are available to Members as grants to assist their mortgage loan applicants in the home buying process. This is our most widely used program, ideally suited to the needs of community lenders and their customers.
What are the Program Requirements?
Below is an abbreviated list of program eligibility requirements:
- The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. The FHLB has an Income and Affordability Workbook to assist in determining household income eligibility.
- Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs.
- WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.
- WHP grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
- WHP grant funds may be used in conjunction with other local, state and federal funding sources and with the FHLB Cincinnati’s Community Investment Cash Advance Programs.
- The Member who reserves the WHP funds must originate the first loan, but the loan may close in the name of a third party.
- The interest rate for the first mortgage may not exceed 7.25 percent.
- The interest rate for the second mortgage may not exceed 10.75 percent.
- Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.
All eligible property assisted with WHP funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.
How Do I Apply?
Reserving WHP Funds
Homebuyers must apply with one of our Member institutions. Click here to search our Member Directory.
Members may reserve funds via the Welcome Home Program link through the FHLB’s Members Only portal by submitting an online Reservation Request with supporting documentation. Instructions for accessing Members Only may be found here.
The FHLB will perform a preliminary review of the Reservation Request and the documentation submitted to determine eligibility of the homebuyer, availability of funds in the program, and availability of funds for the Member. If any of the information is incomplete, additional documentation or information may be required. Note: The Reservation Request will be denied upon receipt if a fully executed loan application is not included.
Written notification will be provided to the Member as to the homebuyer’s eligibility. Submission of a Reservation Request does not constitute an approval of funds. Funds are reserved only upon written notification of approval from the FHLB.
Please allow four weeks for the FHLB to review the Reservation Request and supporting documentation.
Disbursing WHP Funds
Welcome Home funds will only be disbursed after closing. The FHLB has some general guidance and specific instructions that Members and Closing Agents should use in closing mortgages using Welcome Home funds. Funds will be disbursed only to the extent they are required to fill the gap for down payment, closing costs, and counseling fees.
Members may submit a Request for Payment of Reserved Funding with supporting documentation via the Welcome Home Program link through the FHLB’s Members Only portal. Submission of a Request for Payment of Reserved Funding is not an approval of funds disbursement. Once the Request for Payment of Reserved Funding has been reviewed and approved, funds will be disbursed to the Member.
In the event the FHLB determines that funds were used for an ineligible expense, the grant will be reduced by the amount of the ineligible expense unless the household brings adequate funds to the closing to cover the amount of the ineligible expense. Under no circumstances will cash back to the homebuyer be permitted.
Please allow four to six weeks for the FHLB to review the Request for Payment of Reserved Funding and supporting documentation.
Additional Information and Technical Assistance
Documentation requested by the FHLB must be emailed to firstname.lastname@example.org. Any documentation requiring an original signature must be mailed to:
Welcome Home Program
P.O. Box 598
Cincinnati, OH 45201-0598
For more information or assistance, please contact the Housing & Community Investment Department at (513) 852- 7680 or toll-free (888) 345-2246 or email us at email@example.com.
For assistance with Members Only, please contact the Service Desk at 800-781-3090.
What is P.I.T.I?
September 17, 2012
When you’re buying or selling a house, there are many terms that come up. Though your local REALTOR can guide you through much of the terminology, there are some terms that you should be familiar with, and PITI is one of them. You will see PITI associated with your loan documents and mortgage paperwork. The following is an explanation of the term and the meaning of each of its letters.
P is for Principal
The principal is the total base amount of money that you are borrowing to buy your home. The principal is generally the biggest portion of the PITI figure.
I is for Interest
Whenever you borrow money or pay on credit, you have to pay an interest charge. The interest is usually calculated as a percentage and appears as an amount on the PITI breakdown. Depending on the deal you have, the interest rate can stay fixed for the term of the loan or it can be variable.
T is for Taxes
Taxation is one of the eternal certainties of life! Taxes involved with home ownership typically go to governments at the local level to pay for public services. The tax amounts are typically included with the monthly mortgage prorated. The lender pays the tax on your behalf to the local government.
The other I is for Insurance
Your home is one of the biggest investments you will make, and a homeowner’s insurance policy is vital for your financial well-being. There are various policies from which you can select, but the choices available to you depend on how much money you put down on your property. If you make a down payment of less than 20%, lenders require that you purchase private mortgage insurance (PMI). This protects the lender in the event of loan default or foreclosure. Similar to the way it is with taxes, these payments are generally added into your total mortgage payment.
As a rule of thumb, however, a credit score below 640 will make buying a home very difficult. A FICO score below 640 is considered sub-prime. In the past there were mortgage companies that specialized in sub-prime mortgages. Because of the challenges in the credit market over the last year or so, however, sub-prime loans have become difficult if not impossible to obtain.
A FICO score between 620 and 650 is considered fair to good credit. But keep in mind, this range of credit scores does not guarantee you will qualify for a mortgage, and if you do qualify, it won’t get you the lowest interest rate possible. Still, to buy a home aim for a score of at least 640, recognizing that other factors weigh in the decision and that some banks may require a higher score.
Senior Loan Officer
phone: (502) 905-3708