Same day credit pull, 2 different scores


 

Source: Same day credit pull, 2 different scores

 

 

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, 2018, 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 7.50 percent.
  • The interest rate for the second mortgage may not exceed 11.00 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.

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Kentucky Housing Down Payment Assistance for 2015 DAP funds for KY First Time Home Buyers


Kentucky Housing Down Payment Assistance for 2015 DAP funds for KY First Time Home Buyers.

 

Down Payment Assistance Program for Jefferson County Kentucky Louisville


Down Payment Assistance Program for Jefferson County Kentucky Louisville.

Qualifying Income: Does Yours Apply?


Qualifying Income: Does Yours Apply?

 

Qualifying Income: Does Yours Apply?.

You will be asked to provide proof of self-employment as well as a 2-year income history to prove your “taxable” earnings.

 

Part-time income: 1-2 year history of earnings required along with confirmation of employment.

Pension income: 2-year history of earnings via cheque slips and/or bank account statement showing pension deposit.

Disability income: must be long term and confirmed with documentation.

Child Support or Alimony: can be used if the divorce or separation agreement confirms the amount though some lenders will also want to see proof it has been deposited to your bank account for last 3-6 months too

Seasonal Employment:  minimum 2 year history of earnings required along with T4s and/or Notice of Assessments and employer confirmation.

Rental income: lease agreements and/or tax returns confirming amount of the rents from rental properties or legal suites.

 2 years income tax documentation for part-time, bonus, or overtime to use an two year average.

— 

 
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

 CONFIDENT

 

Louisville Ky Down Payment Assistance Mortgage Program


Louisville Ky Down Payment Assistance Mortgage Program.

Kentucky USDA Loans | Rural Housing Loans Kentucky


ntucky USDA Loans | Rural Housing Loans Kentucky.


I have a website that is really good for USDA loans, located at http://kentuckyruralhousingusdaloan.blogspot.com/p/usda-rural-housing-loan-program.html  that may assist and educate you about the program.
 In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free. 
 Loan Checklist
The following is a list of documents that may be required to process your  mortgage loan:

  • One full month’s worth of pay stubs
  • Last 2 years W-2′s
  •  Last 2 years tax returns 
  • Last two months bank statements for all accounts

 
I don’t need originals, copies are fine. You can fax, email, or drop off at my office below . 
 
Let me know your questions. 
 
Thanks and look forward to helping you
 
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

 

 

 

 

Kentucky Housing Corporation Products on FHA, VA, USDA for both Refinance and Purchase Transactions


Kentucky Housing Corporation Products on FHA, VA, USDA for both Refinance and Purchase Transactions!
Products Offered:  Conventional Financing with No MI

  • 97% Financing with No Mortgage Insurance/100% Financing with Down Payment Assistance
  • 680 Minimum Credit Score, Maximum Debt Ratio 45%
  • Down Payment can be Gifted

FHA/VA Purchase

  • 96.5% Financing/100% Financing with Down Payment Assistance
  • 640 Minimum Credit Score, Maximum Debt Ratio 45%
Property Eligibility
  • Purchase price limit: $243,000
  • Owner Occupied Transactions Only
  • One-unit, SFR (attached or detached), new or existing property located in Kentucky.
  • May own other real estate at closing except with Conventional No MI program
  • Borrower(s) must qualify with inclusion of the second home or investment property monthly payment.

Manufactured Housing

  • FHA Transactions Only, Doublewides Only
  • Affidavit of Conversion of Real Estate is required
  • An engineer’s certification report is required verifying the property meets the guidelines published in the Permanent Foundations Guide for manufactured housing.

Condominiumns

  • Condominium or PUD’s must follow agency guidelines
  • For FHA, condominium must be listed on HUD’s website as approved
  • For Conventional No MI, must be approved by Fannie Mae
  • KHC website has a condo list. This list must be used to determine if additional interior insurance coverage is required. This does not warrant that the condo is approved by HUD or Kentucky Housing. If condo is not listed, proof of whether the interior coverage is included in the master policy is required. If not, a separate interior policy equal to half of the total loan amount is required

 

Down Payment Assistance Program
Regular DAP
  • Income Limits must meet secondary market limits
  • Eligible on new and existing properties
  • Allowed up to $6,000. Must go maximum LTV allowed on first mortgage amount. The Conventional NO MI program can go to 95% LTV
  • Terms: 5.50% amortized over 10 years
Regular DAP
  • Income limits must meet Affordable Income Limits. Income limits for the Affordable DAP are determined off of Household Income
  • Eligible on new and existing properties
  • Allowed up to $4,500. Must go maximum LTV allowed on first mortgage amount. The Conventional No MI program can go to 95% LTV
  • Terms: 1% amortized over 10 years

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky.  For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

 

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

NMLS# 57916 http://www.nmlsconsumeraccess.org/

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
 Company ID #1364 | MB73346