Kentucky VA Loans for Kentucky First-Time Home Buyers


via Kentucky VA Loans for Kentucky First-Time Home Buyers

What are the property requirements for a USDA Rural Housing Loan in Kentucky?


via What are the property requirements for a USDA Rural Housing Loan in Kentucky?

 

 

Down Payment And Closing Cost Assistance Kentucky Housing


 

Conventional

  • Insured by approved mortgage insurance company.
  • Minimum credit score of 660 or better.
  • Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 620.

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

RHS

  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Minimum credit score of 620.

GNMA Secondary Market

  • All GNMA KHC first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding.
  • To qualify, you must meet KHC’s GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 620.

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

RHS

  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Minimum credit score of 620.
Two FHA Refinance Options
  • Credit qualifying Streamline Refinance and Rate/Term Refinance
    • Insured by the Federal Housing Administration
    • Cash back to borrower not to exceed $500
    • Upfront and monthly mortgage insurance
    • Minimum credit score of 620
 
 
 
 
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

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.
 

Kentucky USDA Rural Housing Guidelines for Home Insurance Deductibles and POA’S for 2017


 

 

Source: Kentucky USDA Rural Housing Guidelines for Home Insurance Deductibles and POA’S for 2017

The 23 Questions We Asked at Mortgage Pre-Approval


 

Source: The 23 Questions We Asked at Mortgage Pre-Approval

 

Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?


 

 

Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval
Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval

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Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval

Source: Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?

2017 Kentucky VA LOAN LIMITS


December 6, 2016   2017 KENTUCKY VA LOAN LIMITS VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017 for all Kentucky VA Home Loans.  This li…

Source: 2017 Kentucky VA LOAN LIMITS

 

GOOD NEWS!  In Circular 26-16-36, VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017.  This limit applies to the loan amount for VA loans with no down payment and with full entitlement.
These new loan limits will be effective for loans closing on or after January 1, 2017.
We will be accepting locks at the higher limits beginning December 12, 2016, but cannot close until January 1, 2017.
Revised Loan limits (for counties in excess of $424,100) by county/state for 2017 can be found online at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2017_HERA-BASED_FINAL.PDF
In addition, for comparison, the prior year limits (for counties previously in excess of $417,000) are available at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2016_HERA-BASED_FINAL.pdf