First Time Home Buyer Louisville Kentucky Mortgage Programs


via First Time Home Buyer Louisville Kentucky Mortgage Programs

Advertisements

$10,000 Down Payment Assistance Grant for 2018 Kentucky Home buyers HHF DAP


 

1. The purchase price or refinance amount is at or below:
 $282,000 with Secondary Market
 $253,800 with KHC’s Homebuyer Tax Credit (purchase only)
2. The applicant (s) meet KHC’s simple credit overlays:
 660 credit score for Conventional
 620 credit score for FHA, VA, and RHS
 Max ratio caps for government loans of 40/45%
 Max ratio caps for conventional loans of 40/50%
 AUS Approval required except on RHS

 

 

 

 

unnamed (9)

 

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

8 New Fannie Mae Homes in Kentucky


13087454_449094535279282_2985795148040250532_n-1

 

HomePath

You have subscribed to receive alerts in Kentucky.

$77,900Just Listed

250 Commerce St
Hardin, KY 42048

4 Beds |2 Baths | 2210 sq. ft.

View Property

$37,500Back on Market

1618 Parkside Dr
Bowling Green, KY 42101

2 Beds |2 Baths | 1147 sq. ft.

View Property

$119,000Active

120 Ridgemont Rd
Paducah, KY 42003

3 Beds |3 Baths | 2429 sq. ft.

View Property

Coming Soon

1004 Alexander Loop
Mayfield, KY 42066

3 Beds |2 Baths | 1914 sq. ft.

View Property

Coming Soon

912 Cuba School Rd
Mayfield, KY 42066

3 Beds |2 Baths | 1284 sq. ft.

View Property

Coming Soon

2725 Grand Ave
Louisville, KY 40211

3 Beds |1 Baths | 1199 sq. ft.

View Property

Coming Soon

3432 Peleske Dr
Louisville, KY 40216

3 Beds |1 Baths | 1511 sq. ft.

View Property

Coming Soon

10520 Pinoak View Dr
Louisville, KY 40299

3 Beds |2 Baths | 1402 sq. ft.

View Property

Kentucky First Time Home Buyer Mortgage Loans: Four things to know about…:

 

Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016


 

images (6)

Source: Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016

 

 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

 

2017 Welcome Home Program for Kentucky Home Buyers.


$5000 Welcome Home Grant Kentucky

10933976_744045655691636_1650736921471049254_n1

$5000 Welcome Home Grant Kentucky

10929553_1045887185428798_5362377283962747757_n
Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.


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.

Program documents and forms

 

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?

Information for Homebuyers

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 welcomehome@fhlbcin.com. Any documentation requiring an original signature must be mailed to:

FHLB Cincinnati
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 welcomehome@fhlbcin.com.

For assistance with Members Only, please contact the Service Desk at 800-781-3090.

 

Buying Your First Home - Loan Application Checklist.png

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Mortgage Resources to help save your home and get current on your mortgage


State

Approved Foreclosure Intervention/Default Counselors and Legal Aid Directory
Complete List of agencies, contact information, and the counties they serve

Better Business Bureau
The Better Business Bureau offers the “Reliability Report” which serves as a business report card.  Consumers are encouraged to check the report before they do business with an unfamiliar company.
http://www.bbb.org

Kentucky Attorney General
The state’s Attorney General protects consumers from crimes of all types.
Consumer protection:  (888) 432-9257
Identity theft:  (800) 804-7556
http://ag.ky.gov/

Kentucky Cabinet for Health and Family Services
Food stamps, health care, Medicaid, child care assistance, child support, heating and utility assistance.
http://chfs.ky.gov

Kentucky Department of Financial Institutions
The state’s Department of Financial Institutions supervises the financial services industry.

Beginning January 1, 2009, all mortgagees shall provide the “Notification to Homeowners of the Kentucky Homeownership Protection Center” document to all Kentucky borrowers, as required by KRS 286.2-020. This form is available to download by going to http://www.kfi.ky.gov/nondepository/khpc.htm.

Consumers can call to check background and license status of their loan officer, file a complaint or to report fraud.
(502) 573-3390
(800) 223-2579
http://www.kfi.ky.gov


National

U.S. Department of Agriculture-Rural Development Office
1-800-793-8861
www.rurdev.usda.gov

U.S. Department of Housing and Urban Development (HUD)
www.hud.gov

U.S. Department of Veterans Affairs (Veterans Administration)
1-800-827-1000
www.va.gov

Fannie Mae
1-800-7FANNIE (1-800-732-6643)
Freddie Mac
Information on how to buy a home and avoid foreclosure as well as financial calculators and budgeting tools.
http://www.freddiemac.com/avoidforeclosure/who_to_contact_for_help.html#sources

Calculators and tools: http://www.freddiemac.com/corporate/buyown/english/calcs_tools/

Federal Trade Commission
Consumer protection, information and complaint procedures.
1-877-FTC-HELP (1-877-382-4357)
TTY: 1-866-653-4261
Main site: www.ftc.gov/
Credit repair facts: www.ftc.gov/bcp/conlin/pubs/credit/repair

National Foundation for Credit Counseling
Consumer debt advice
www.nfcc.org.

Annual Credit Reports
www.annualcreditreports.com

Equifax
Credit reports, credit fraud protection and credit dispute information.
www.equifax.com

Experian
Credit reports, credit fraud protection and credit dispute information.
www.experian.com/

TransUnion
Credit reports, credit fraud protection and credit dispute information.
www.transunion.com

Internal Revenue Service
For Individuals: 1-800-829-1040
For Businesses: 1-800-829-4933
For Hearing Impaired: 1-800-829-4059 (TDD)
Hours of Operation: Monday through Friday, 7 a.m. to 10 p.m. local time (Alaska & Hawaii follow Pacific Time)
www.irs.gov


Local

Counselors
The Kentucky Homeownership Protection Center works with counseling agencies to provide foreclosure prevention and intervention counseling services to Kentucky residents. If you are in danger of foreclosure or need budgeting and credit help, contact the Protection Center. A representative will call you to schedule an appointment with a counselor in your area at no cost to you.

Dial 2-1-1
Some areas of Kentucky have 2-1-1 service which you can call for additional services. Where available, 2-1-1 can help locate the services you need including food, utilities, medical care, toiletries, household items, furniture and security deposits for rental units.

The Salvation Army
The Salvation Army may have funding available to assist homeowners who are behind on their mortgage payments. Visit the Salvation Army Web site to find a location near you.

Churches
Contact your church to find out if they have services available. Churches will often assist parishioners in need.Image

2011 Welcome Home Program


Welcome Home Program-2011-Clink on Image for info

 

2011 Welcome Home Program

        

2011 Welcome Home Program

Frequently Asked Questions

Q. How are funds reserved?

A.

A homebuyer applies for a mortgage through one of the Federal Home Loan Bank of

Cincinnati’s (FHLBank) Members. The Member will then submit an online

Welcome Home Reservation Request, loan application, and pertinent income

documentation to the FHLBank. Funds are reserved on a first-come, first-served

basis.

Q. What is the maximum amount of grant funds a homebuyer and Member can

receive?

A.

A homebuyer may receive Welcome Home grant funds up to $5,000 to be used for

down payment and closing costs. A Member may utilize a maximum of $200,000 for

the Welcome Home round.

Q. How long does it take to get an approval for a Reservation Request?

A.

Please allow a minimum of four to six weeks from the time the Reservation Request

was submitted. If it has been more than four weeks and you have not received an

answer, please contact us via email at

welcomehome@fhlbcin.com. Please state the

homebuyer’s full name and the date you sent the request.

Q. If I put my name and contact information on the Reservation Request form, why

are the approval letters not coming to me?

A

. Each Member may only have one contact person. We use the information on the first

Reservation Request received, unless instructed otherwise. If the Member wants a

particular person to be the contact, please let us know via email at

welcomehome@fhlbcin.com

 

.

   

Q. Can Welcome Home funds be used in conjunction with other local, state, and

federal funding sources?

A

. Yes. However, Welcome Home funds may not be used with an existing or future

award through the FHLBank’s competitive Affordable Housing Program (AHP).

Q. Where can I find the Mortgage Revenue Bond limit for my county?

A.

The MRB income limits can be found on our website at http://www.fhlbcin.com or at the

State Housing Finance Agencies. Remember: Welcome Home income limits are

80% of the MRB income limits.

Q. How long do I have to close my loan?

A.

All Welcome Home approvals are valid until December 1, 2011.

Page 2 of 3

Q. What if the property address changes or the grant amount needed changes after

I send in my Reservation Request or after I have received an approval letter?

A

. A Reservation Request and approval are only valid for the property originally

submitted and the grant amount originally submitted. To make any changes, the

Member should withdraw the original Reservation Request and submit a new online

Reservation Request with the updated property address or requested grant amount.

The four to six week review period will begin again upon resubmission.

Q. Are non-occupant co-borrowers or co-signors permitted?

A.

No. Welcome Home funds are intended to only assist homebuyers who qualify for

the first mortgage based on their current household income, not relying on others, and

not relying on any expected but uncertain change in job status or income.

Q. When and how are the grant funds disbursed?

A.

The Welcome Home funds are disbursed to the Member after the loan has closed.

The Member must provide the funds to the borrower at time of closing and then send

an online Funding Request, a copy of the fully executed HUD-1, the final signed

Truth-in-Lending for all repayable mortgages, and a copy of the warranty deed

containing our 2011 retention language to the FHLBank. Please allow four to six

weeks for it to be reviewed and for funds to be disbursed.

Q. What if I do not need the whole amount I was approved for?

A.

If you do not need the entire amount of the approved grant, you may apply the

difference to the first mortgage loan as a principal reduction. Be sure to show it on

the HUD-1. No cash back may be given to the homebuyer and no earnest money may

be returned!

Q. Why wasn’t my disbursement for the full amount I requested?

A.

The HUD-1 may have shown payoff of debt, return of the earnest money deposit, or

cash back at closing. All of these issues will cause the grant disbursement to be

reduced.

Q. Does the applicant have to be a first-time homebuyer?

A

. No. However, at least one-third of Welcome Home funds must be reserved for firsttime

homebuyers.

Q. Will the FHLBank send me confirmation that my fax or email was received?

A.

No. It is the Member’s responsibility to set their fax machine or email to print a

confirmation. Do not call the FHLBank asking if your information was received

unless it has been at least four weeks since you sent it. A status report will be sent to

the Member contact every Friday.

Page 3 of 3

Q. Can the subject property be a manufactured home?

A.

Yes. However, the manufactured home must be built on a permanent chassis,

installed on an FHA Title II permanent foundation system, be a multi-section home at

least 24 feet wide. Additionally, the home and lot must be taxable together as real

property and the home must be built to the Manufactured Home Construction and

Safety Standards (HUD Code). A copy of the appraisal is required at time of funds

reservation.

Q. Are tax returns required to document total household income?

A.

Depends. If income is from employment, we require two consecutive YTD pay stubs

or a completed Verification of Employment. If income is from self-employment, we

require the most recent two years’ signed federal tax returns. More information on

documenting income can be found in our Welcome Home Guide, which is available

on our website at

http://www.fhlbcin.com.

Q. Can the Member close their loan with a repair escrow?

A.

Yes. However, if the repair escrow is greater than $500 and is held from the buyer’s

funds, the Member must obtain pre-approval from the FHLBank. The Member

should send the FHLBank a copy of the appraisal showing all repairs were required

and the estimated amount of the repairs. The FHLBank staff will review the request

and email the Member contact with a response. Note: We expect the Member or

their closing agent to hold the escrowed funds and to disburse them upon presentation

of acceptable receipts and/or invoices. If the repair escrow is held from the seller, no

pre-approval or documentation is required.

Q. What documentation does the FHLBank need to prove the escrowed repairs

have been completed?

A.

The Member must submit an inspection showing all repairs have been made, copies

of invoices and/or receipts showing all parties were paid, and proof no funds were

returned to the homebuyer.

Q. What should I do if the homebuyer did not spend/use all of the escrowed funds?

Can they have cash back?

A.

If all escrowed funds are not used, the balance should be applied to the first mortgage

as a principal reduction. However, if the HUD-1 clearly shows that the homebuyer

used their own funds to set up the repair escrow account, and they did not use all

those funds, they may have their remaining funds back as long as they have the

minimum $500 in the transaction. If the HUD-1 shows the homebuyer only had the

minimum $500 in the transaction, and they did not use all of the escrowed funds, the

balance must be applied to the first mortgage as a principal reduction or the Welcome

Home grant will be reduced.

Q. Where can I find the complete description and requirements for the Welcome

Home Program?

A.

The 2011 Welcome Home Guide is available on our website at http://www.fhlbcin.com