100% Financing for Kentucky Rural Home Buyers


100% Financing for Kentucky Rural Home Buyers
100% financing, no down payment is required. Fixed 30 Year Rates for Kentucky Rural Home Buyers
100% financing, no down payment is required. Fixed 30 Year Rates for Kentucky Rural Home Buyers
  • 100% financing, no down payment is required. Fixed 30 Year Rates for Ky Rural USDA Home Buyers
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Borrowers may request an exception to exceed these ratios when strong compensating factors are identified.
  • No Max. Purchase Price.
  • Gift/Grant or Seller Concessions are allowed.
  • Not limited to first time home buyers.
  • Income Restrictions Apply see link below
  • http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do
  • Property location must be in rural housing designated area. see link below http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
  • Seller Concessions up to 6% allowed
  • 640 minimum middle credit score
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
Know Your Mortgage Options Before Buying Your First Home
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Why You Can’t Get a Louisville Kentucky FHA, VA, KHC, USDA, Rural Housing and Fannie Mae Home Loan

Why You Can’t Get a Louisville Kentucky FHA, VA, KHC, USDA, Rural Housing and Fannie Mae Home Loan


Why You Can’t Get a Home Loan.

Why You Can’t Get a Louisville Kentucky FHA, VA, KHC, USDA, Rural Housing and Fannie Mae Home Loan

Credit

This is probably the most common hurdle. Lenders will have a qualifying credit score depending on the loan type, your background and other details. That baseline also applies to anyone else on the mortgage. So you might have an 800 credit score, but if your spouse is lagging at a 530, you’re going to struggle to obtain financing.

Even if you’re going it alone, lenders in community property states may still factor in your spouse’s credit. The average credit score for conventional purchase loans was 762 in September, according to mortgage software firm Ellie Mae. For FHA loans it was 701. Military borrowers interested in using their VA loan benefits will generally need at least a 620 score.

Debt-to-Income Ratio

Conventional and FHA lenders look at two different debt-to-income (DTI) ratios. The first, or front end, ratio compares your monthly income to your housing costs. The second, or back end, ratio considers the percentage of your income that goes toward major revolving debts like the mortgage payment, credit card bills, student loans and others.

Conventional lenders are generally looking for a 28 percent DTI ratio on the front end and 36 percent on the back end. For FHA loans, it’s more like 31/43. The VA program only uses the back-end ratio and wants to see 41 percent or less.

Your DTI ratio may not be an immediate application killer. Lenders calculate it based in part on your estimated monthly mortgage payment. It might break your heart, but you can always run the numbers with a lower loan amount to try and get that ratio into qualifying range.

Cash on Hand

Down payment requirements are here to stay (unless you qualify for a VA- or USDA-backed mortgage). Conventional lenders typically require at least a 5 percent downpayment, while the minimum on FHA loans is 3.5 percent. In addition, you’ll likely need to put down earnest money, which is basically a good-faith deposit with a seller, and be able to cover an appraisal, a home inspection and possibly other up-front costs.

Assets have become increasingly important in this tighter lending environment.

[Related Article: CFPB Could Pass New Mortgage Rules Soon]

Employment

Lenders want to see stable, reliable income and employment that’s likely to continue. The gold standard is generally two years, but that can vary depending on the lender, the loan type and the borrower’s circumstances.

For example, service members who separate from the military and take civilian jobs may not have to wait two years depending on how the new employment relates to their skillset, education and previous work serving our country.

What’s especially problematic is self-employment. There are a lot of unknowns for lenders here, and they’re almost always going to require at least two years of tax returns. Same goes for seasonal workers and those who work on commission.

Bankruptcy or Foreclosure

Foreclosure starts hit a 71-month low in November, according to RealtyTrac, but they’ve impacted hundreds of thousands of homeowners since 2008. More than 1.2 million people filed for bankruptcy protection in federal court in FY2012.

Each presents short- to medium-term obstacles to obtaining home loans. The waiting periods vary by event and by loan type. Bankruptcy means waiting anywhere from two to four years in many cases. The wait after a foreclosure can range from two to seven years.

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

 

Different Types of Mortgage Loans available for 2013 Kentucky Home buyers and homeowners


Loan
Kentucky First Time Home Buyer Mortgage Loan FHA, VA, KHC, USDA, Rural Housing, Fannie Mae Ky Zero Down Home Loans
Different Types of Mortgage Loans available for 2013 Kentucky Home buyers and homeowners

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

All loans are subject to credit approval.Pre-Qual-Button-v2

Kentucky VA High Balance FICO Requirements

Minimum credit scores for Kentucky VA loans greater than $417,000 have been lowered to the following

Purchase/Rate-Term/IRRRL – Loan amount ≤ $1,000,000 : 640

                                                    Loan amount > $1,000,000 : 700

 

Cash Out –                                  Loan amount ≤ $700,000 : 640

                                                    Loan amount $700,001 – $1,000,000 : 660

                                                    Loan amount > $1,000,000 : 700

Conforming FICO Requirements

 Conforming loans, both Standard and High Balance. for these products as long as they meet our minimum credit scores as follows

Loan amount > $417,000             : 660

Loan amount ≤ $417,000 with MI : 660

Loan amount ≤ $417,000 w/o MI : 620

This only applies to regular Conforming loans and is not applicable to Homepath, DU Refi Plus, or any other Conforming program. All other requirements, including Maximum LTV, for these products will remain the…

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Louisville Kentucky First Time Homebuyer Video


All Current FHA, VA, KHC, USDA , Fannie Mae Programs for a mortgage in Kentucky with our company require a FICO Score of 640-We take your middle score.

Bullitt County Kentucky USDA Home Loan and Rural Housing Loans for Bullitt County KY


Bullitt County USDA Loan Adjusted Maximum Income Limits by County
Updated 10/24/2012

County Name     1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) BULLITT $74,750 $98,650
Bullitt Bullitt County Area
Bullitt County Overview
Bullitt County Map 1
Bullitt County Map 2
Bullitt County Map 3
Bullitt County Map 4
Bullitt County Map 5 
Bullitt County Map 6
Bullitt County Map 7
 

Overview Map of Bullitt Ineligible area

Fill out the Application on this page, or call one of our certified USDA loan agents at 502-905-3708 and find out if you’re eligible.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Kentucky USDA Rural Development Funding Update


IMPORTANT UPDATE …

Kentucky USDA Rural Development  Funding Update

Refinances

USDA has announced that Refinance funds for fiscal year (FY) 2012 are now exhausted. This
impacts loans that have not yet received a conditional commitment from Rural Housing.
Any refinance that has not yet received a conditional commitment from Rural Housing will need to
be disclosed and underwritten based on the FY 2013 rates (below).
 Loans already underwritten and conditioned will be reviewed by the underwriter and reunderwritten/
conditioned accordingly.

Purchases

It is important to be cognizant of the Rural Housing processing timeframes from state to state. If it
is determined unrealistic that the State will be able to review the loan guarantee application and
issue a conditional commitment before September 30, 2012, the loan may have to be reunderwritten
at the FY 2013 rates.
Reminders
 There is not a confirmed date when refinance funding will be available again. Updated credit
documents may be required.
 USDA rates are based on the date that the conditional commitment is issued by Rural
Housing.
Purchases Refinances
Upfront Guarantee Fee Annual Fee Upfront Guarantee Fee Annual Fee
FY 2012 2% 0.30% 1.5% 0.30%
FY 2013 2%
(no change) 0.40% 2% 0.40%

Louisville Kentucky First Time Home Buyer


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