Credit Scores for Kentucky Mortgages in 2018


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Kentucky Rural Housing USDA Loans


via Kentucky Rural Housing USDA Loans

 

Here are the important points about Kentucky USDA Rural Housing Loans:
  • USDA loan are only available in certain counties of Kentucky.
  • There are two types of USDA loans available: Direct and Guaranteed.
  • 100% financing. No down payment
  • USDA will go down to 620-640 score range and uses and  automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval.
  • Income limits based on county and number of people in household.
  • Must be 3 years removed from bankruptcy and foreclosure
  • No purchase price limit
  • Upfront funding fee of 1% of loan amount paid to RD at closing
  • Annual mi fee of ..35% paid each month for life of loan.
  • Takes on average 30-45 days to close.
  • 30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates.
  • Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable.
  • Appraisal has to meet FHA minimum standards
  • You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities.
  • There is no set max acreage but the appraisal will dictate approval of property by USDA.
  • You can only use USDA loans to purchase property or refinance an existing USDA loan

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http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
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.

Down Payment Assistance Kentucky First Time Homebuyer Program


 

 

 

via Down Payment Assistance Kentucky First Time Homebuyer Program

8 New Fannie Mae Homes in Kentucky


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$77,900Just Listed

250 Commerce St
Hardin, KY 42048

4 Beds |2 Baths | 2210 sq. ft.

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$37,500Back on Market

1618 Parkside Dr
Bowling Green, KY 42101

2 Beds |2 Baths | 1147 sq. ft.

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$119,000Active

120 Ridgemont Rd
Paducah, KY 42003

3 Beds |3 Baths | 2429 sq. ft.

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Coming Soon

1004 Alexander Loop
Mayfield, KY 42066

3 Beds |2 Baths | 1914 sq. ft.

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Coming Soon

912 Cuba School Rd
Mayfield, KY 42066

3 Beds |2 Baths | 1284 sq. ft.

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2725 Grand Ave
Louisville, KY 40211

3 Beds |1 Baths | 1199 sq. ft.

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3432 Peleske Dr
Louisville, KY 40216

3 Beds |1 Baths | 1511 sq. ft.

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Coming Soon

10520 Pinoak View Dr
Louisville, KY 40299

3 Beds |2 Baths | 1402 sq. ft.

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

 

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.

 

2017 Welcome Home Program for Kentucky Home Buyers.


$5000 Welcome Home Grant Kentucky

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$5000 Welcome Home Grant Kentucky

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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.

 

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Kentucky USDA Rural Housing Loan Program eligible maps for 2014 updated.


It is with great joy (and a good bit of relief) to let you know that all areas currently eligible for the Kentucky USDA Rural Housing Program will remain intact through the end of the 2014 Fiscal Year (September 30, 2014).  The is also support in the Senate and the House regarding keeping the eligible areas for RH until 2020.

Now you can rest assured that it’s business as usual through September 30th on Kentucky USDA Rural Housing loans!

Kentucky USDA Rural Housing Census Eligibility Maps  Kentucky USDA Homebuyers will still be allowed to use the USDA  2010 Census data to determine eligible rural areas for Rural Development housing programs until October 1, 2014.

Kentucky Rural Housing USDA Property Eligbility Map for Rural Development Lpans in Kentucky
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As a reminder, all current Kentucky USDA Rural Housing eligible areas have been extended through September 30th, 2014 due to the passing of the Omnibus Spending Bill.
Changes to Kentucky Rural Housing areas can be viewed by selecting the applicable program listed under “Future Eligible Areas” at http://eligibility.sc.egov.usda.gov.

Apply for Kentucky USDA home now for free
Apply for Kentucky USDA home now for free
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
Kentucky USDA Rural Housing Eligibity Map for 2014
Kentucky USDA Rural Housing Eligibity Map for 2014