Tag: United States

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


 

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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
 
 

 

Kentucky VA Mortgage Requirements 2013


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Kentucky VA loans are designed specifically to provide home loans for eligible United States military veterans. In general,

Kentucky VA loans are available to almost all honorably discharged service members and active duty members.

Benefits of Kentucky VA Loans

For those that qualify,  Kentucky VA loans provide the opportunity to minimize costs and maximize benefits for veterans. Borrowers are able to save time and money, making the loan process easier than ever. Here are some of the advantages of Kentucky VA loans:

  • Requires no money down: With no up-front expenses, this is the most attractive advantage of Kentucky  VA loans. It is nearly impossible to find another lending option that provides borrowers with 100% financing.
  • No private mortgage insurance: The VA is responsible for guaranteeing VA loans; therefore no additional insurance is needed.
  • VA limits amount of closing costs: The seller is allowed to pay all of your closing costs and concessions up to 6% of the loan amount.
  • No Pre-Pay penalties: You have the option to refinance or sell your home at any time without having to pay a fee.
  • Assumable mortgage
Eligibility For Kentucky  VA Loans

Veterans are not automatically qualified to receive a VA Loan. In order to become eligible to receive a VA loan you must first apply for a Certificate of Eligibility (VA Form 26-1880). This can be obtained by applying online at the Department of Veterans Affairs website (http://vip.vba.va.gov) or through your lender.

There are further guidelines used to determine eligibility. If you fall under one of the following requirements you are eligible for a VA loan:

  • Active-Duty veterans who served a minimum of 90 consecutive days in wartime
  • Active-Duty veterans who were discharged during or after WWII, without “dishonorable” status
  • Peacetime veterans who served 181 consecutive days
  • Enlisted veterans with service dates after 1980, or officers with service dates after 1981, who have served at least 2 years
  • Served 6 years in the Selected Reserves or National Guard
  • Spouse of a deceased veteran (with a service-related death) and has not remarried, or a spouse of a serviceperson missing in action or prisoner of war

Eligibility may also be established for citizens who:

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Uses For VA Loans  in Kentucky

VA loans can be used to purchase a home, townhouse or condominium, build a home, make energy efficient home improvements, purchase land/lot for a manufactured home, or refinance a previous home loan.

VA Jumbo Home Loan

The VA guarantees a maximum of 25% of your home loan with a standard loan limit of $417,000. What if the house you want costs more than the limit?

For veterans who qualify, the VA offers a VA Jumbo Home Loan. The maximum guaranty amount depends on the location of the property. The potential loan maximum for all locations in the U.S. other than Alaska, Hawaii, Guam, and the U.S. Virgin Islands is $1,094, 625. In Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the potential loan maximum is $1,641,937.50. VA Jumbo Home Loans offer the same benefits as standard VA loans; however, the qualifying standards for VA Jumbo Home Loans are generally stricter. Unlike standard VA loans, VA Jumbo Home loans have credit score restrictions and require a down payment. Borrowers are also required to pay the funding fee upfront without the option of having it rolled into the loan.

Unmarried Survivng Spouses

In order for the spouse to be eligible, the veteran must have died due to being in active duty or later from service-connected causes. If the surviving spouse gets remarried on or after age 57 they are still eligible for the benefits. Also, if the veteran is a POW or MIA the spouse can be eligible but it is a one-time only use. If the spouse qualifies, there is a form attached that needs to be mailed or faxed into the VA to obtain the certificate of eligibility. We cannot obtain the certificate of eligibility for the spouse. Please have them call 888-244-6711 for details on how to submit the form to the VA.

Entitlement

Loan $144,000 or less entitlement is $36,000.
For loans in excess of $144,000 additional entitlement may be available. For loans greater than $144,000 but less than $417,000 the max entitlement is $104,250 but even though the veteran may have this additional entitlement the COE will never reflect the extra entitlement. There will be an asterisk by the word “available” and that is how you tell the extra entitlement.


 

 
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 VA Loan Limits for 2013


KENTUCKY KENTUCKY VA Limits

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Kentucky VA Loan Limits for 2013

County Name

Single Family Home
($0 DOWN AND UP TO)

Maximum Guaranty
VA Loan Refinance

ADAIR

$417,000.00

$1,000,000

ALLEN

$417,000.00

$1,000,000

ANDERSON

$417,000.00

$1,000,000

BALLARD

$417,000.00

$1,000,000

BARREN

$417,000.00

$1,000,000

BATH

$417,000.00

$1,000,000

BELL

$417,000.00

$1,000,000

BOONE

$417,000.00

$1,000,000

BOURBON

$417,000.00

$1,000,000

BOYD

$417,000.00

$1,000,000

BOYLE

$417,000.00

$1,000,000

BRACKEN

$417,000.00

$1,000,000

BREATHITT

$417,000.00

$1,000,000

BRECKINRIDGE

$417,000.00

$1,000,000

BULLITT

$417,000.00

$1,000,000

BUTLER

$417,000.00

$1,000,000

CALDWELL

$417,000.00

$1,000,000

CALLOWAY

$417,000.00

$1,000,000

CAMPBELL

$417,000.00

$1,000,000

CARLISLE

$417,000.00

$1,000,000

CARROLL

$417,000.00

$1,000,000

CARTER

$417,000.00

$1,000,000

CASEY

$417,000.00

$1,000,000

CHRISTIAN

$417,000.00

$1,000,000

CLARK

$417,000.00

$1,000,000

CLAY

$417,000.00

$1,000,000

CLINTON

$417,000.00

$1,000,000

CRITTENDEN

$417,000.00

$1,000,000

CUMBERLAND

$417,000.00

$1,000,000

DAVIESS

$417,000.00

$1,000,000

EDMONSON

$417,000.00

$1,000,000

ELLIOTT

$417,000.00

$1,000,000

ESTILL

$417,000.00

$1,000,000

FAYETTE

$417,000.00

$1,000,000

FLEMING

$417,000.00

$1,000,000

FLOYD

$417,000.00

$1,000,000

FRANKLIN

$417,000.00

$1,000,000

FULTON

$417,000.00

$1,000,000

GALLATIN

$417,000.00

$1,000,000

GARRARD

$417,000.00

$1,000,000

GRANT

$417,000.00

$1,000,000

GRAVES

$417,000.00

$1,000,000

GRAYSON

$417,000.00

$1,000,000

GREEN

$417,000.00

$1,000,000

GREENUP

$417,000.00

$1,000,000

HANCOCK

$417,000.00

$1,000,000

HARDIN

$417,000.00

$1,000,000

HARLAN

$417,000.00

$1,000,000

HARRISON

$417,000.00

$1,000,000

HART

$417,000.00

$1,000,000

HENDERSON

$417,000.00

$1,000,000

HENRY

$417,000.00

$1,000,000

HICKMAN

$417,000.00

$1,000,000

HOPKINS

$417,000.00

$1,000,000

JACKSON

$417,000.00

$1,000,000

JEFFERSON

$417,000.00

$1,000,000

JESSAMINE

$417,000.00

$1,000,000

JOHNSON

$417,000.00

$1,000,000

KENTON

$417,000.00

$1,000,000

KNOTT

$417,000.00

$1,000,000

KNOX

$417,000.00

$1,000,000

LARUE

$417,000.00

$1,000,000

LAUREL

$417,000.00

$1,000,000

LAWRENCE

$417,000.00

$1,000,000

LEE

$417,000.00

$1,000,000

LESLIE

$417,000.00

$1,000,000

LETCHER

$417,000.00

$1,000,000

LEWIS

$417,000.00

$1,000,000

LINCOLN

$417,000.00

$1,000,000

LIVINGSTON

$417,000.00

$1,000,000

LOGAN

$417,000.00

$1,000,000

LYON

$417,000.00

$1,000,000

MADISON

$417,000.00

$1,000,000

MAGOFFIN

$417,000.00

$1,000,000

MARION

$417,000.00

$1,000,000

MARSHALL

$417,000.00

$1,000,000

MARTIN

$417,000.00

$1,000,000

MASON

$417,000.00

$1,000,000

MCCRACKEN

$417,000.00

$1,000,000

MCCREARY

$417,000.00

$1,000,000

MCLEAN

$417,000.00

$1,000,000

MEADE

$417,000.00

$1,000,000

MENIFEE

$417,000.00

$1,000,000

MERCER

$417,000.00

$1,000,000

METCALFE

$417,000.00

$1,000,000

MONROE

$417,000.00

$1,000,000

MONTGOMERY

$417,000.00

$1,000,000

MORGAN

$417,000.00

$1,000,000

MUHLENBERG

$417,000.00

$1,000,000

NELSON

$417,000.00

$1,000,000

NICHOLAS

$417,000.00

$1,000,000

OHIO

$417,000.00

$1,000,000

OLDHAM

$417,000.00

$1,000,000

OWEN

$417,000.00

$1,000,000

OWSLEY

$417,000.00

$1,000,000

PENDLETON

$417,000.00

$1,000,000

PERRY

$417,000.00

$1,000,000

PIKE

$417,000.00

$1,000,000

POWELL

$417,000.00

$1,000,000

PULASKI

$417,000.00

$1,000,000

ROBERTSON

$417,000.00

$1,000,000

ROCKCASTLE

$417,000.00

$1,000,000

ROWAN

$417,000.00

$1,000,000

RUSSELL

$417,000.00

$1,000,000

SCOTT

$417,000.00

$1,000,000

SHELBY

$417,000.00

$1,000,000

SIMPSON

$417,000.00

$1,000,000

SPENCER

$417,000.00

$1,000,000

TAYLOR

$417,000.00

$1,000,000

TODD

$417,000.00

$1,000,000

TRIGG

$417,000.00

$1,000,000

TRIMBLE

$417,000.00

$1,000,000

UNION

$417,000.00

$1,000,000

WARREN

$417,000.00

$1,000,000

WASHINGTON

$417,000.00

$1,000,000

WAYNE

$417,000.00

$1,000,000

WEBSTER

$417,000.00

$1,000,000

WHITLEY

$417,000.00

$1,000,000

WOLFE

$417,000.00

$1,000,000

WOODFORD

$417,000.00

$1,000,000

Can I Pay My Loan Officers Differently Per Mortgage Product?


Can I Pay My Loan Officers Differently Per Mortgage Product?.

 

 

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How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?


How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

Another Satisfied Home Buyer! Let us help you buy your next Kentucky Home. Great Rates and local, friendly, honest advice. Zero Application FEES! Free Credit Report on all April Applications
Another Satisfied Home Buyer! Let us help you buy your next Kentucky Home. Great Rates and local, friendly, honest advice. Zero Application FEES! Free Credit Report on all April Applications

The Kentukcy FHA loan application process includes many steps, including running a credit report and having the Kentucky FHA borrower fill out paperwork with personal information like open lines of credit and current income. Applying for a government home loan also requires giving the lender two types of personal history–a record of where the borrower has lived and where the borrower has worked.

KEntucky FHA requirements dictate furnishing at least a two-year work history, but that requirement shouldn’t be mistaken for an employment minimum. According to the FHA’s official site, “FHA does not impose a minimum length of time a borrower must have held a position of employment to be eligible for a mortgage.”

What does a buyer do if they can’t show at least a two-year work history? Some KEntukcy FHA home loan applicants who recently graduated from college or have separated from the military may wonder if they have reduced chances of getting an FHA loan approved because they can’t show a history of traditional employment.

In the case of military members, especially Guard and Reserve members who may have joined and been called to active duty right away because of wartime operations, the military service itself is viewed as employment.

There’s no liability or negative consequences as a result of military service, especially where a government home loan application is concerned. The FHA requests a copy of discharge paperwork or related documents to establish a military work history.

For students, part-time work and internships may be interpreted as employment under the right circumstances, but regardless all the FHA requires is supporting documentation of college attendance. College transcripts are usually sufficient. There is one caveat–according to the FHA official site, “…You must prove steady income for at least three years, and demonstrate that you’ve consistently paid your bills on time.”

Steady income for college students may be more difficult to demonstrate, but those on work-study programs, lengthy internships or other programs may find it easier to get Kentucky FHA approval for a home loan than those who studied full-time but did not work. In the end, it’s up to the lender and the FHA to determine what college experience is worth on the Kentucky FHA loan application.

How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

Free Application and Credit call today 502=905=3708 or email kentuckyloan@gmail.com
Free Application and Credit call today 502=905=3708 or email kentuckyloan@gmail.com
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

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 Mortgage Updates for VA, FHA, USDA, Fannie Mae for October 2012


 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Credit Scores for Kentucky VA, FHA, USDA , Fannie Mae Home Loans


502 905 3708 or kentuckyloan@gmail.com

Credit Scores for Kentucky VA, FHA, USDA , Fannie Mae Home Loans

The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by Fair Isaac Co. and is called the FICO score. FICO produces scoring models that are most commonly used, and which are installed at and distributed by the three largest national credit repositories in the U.S (TransUnion, Equifax and Experian) and the two national credit repositories in Canada (TransUnion Canada and Equifax Canada). FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market.

In the United States, FICO risk scores range from 300-850, with 723 being the median FICO score of Americans in 2010. The performance definition of the FICO risk score (its stated design objective) is to predict the likelihood that a consumer will go 90 days past due or worse in the subsequent 24 months after the score has been calculated. The higher the consumer’s score, the less likely he or she will go 90 days past due in the subsequent 24 months after the score has been calculated. Because different lending uses (mortgage, automobile, credit card) have different parameters, FICO algorithms are adjusted according to the predictability of that use. For this reason, a person might have a higher credit score for a revolving credit card debt when compared to a mortgage credit score taken at the same point in time.

The interpretation of a credit score will vary by lender, industry, and the economy as a whole. While 620 has historically been a divider between “prime” and “subprime”, all considerations about score revolve around the strength of the economy in general and investors’ appetites for risk in providing the funding for borrowers in particular when the score is evaluated. In 2010, the Federal Housing Administration (FHA) tightened its guidelines regarding credit scores to a small degree, but lenders who have to service and sell the securities packaged for sale into the secondary market largely raised their minimum score to 640 in the absence of strong compensating factors in the borrower’s loan profile. In another housing example, Fannie Mae and Freddie Mac began charging extra for loans over 75% of the value that have scores below 740. Furthermore, private mortgage insurance companies will not even provide mortgage insurance for borrowers with scores below 660. Therefore, “prime” is a product of the lender’s appetite for the risk profile of the borrower at the time that the borrower is asking for the loan.

Kentucky Mortgage Credit Scores Are Vital to Your Financial Health

CAll 502 905 3708 or email us at kentuckyloan@gmail.com for your free Kentucky Mortgage Application and Credit Report

A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then in your credit report.

Why Do Your Scores Matter?

Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit.

Want to rent an apartment? Without good scores, your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay for telephone, electricity or natural gas service.

Lenders look at your scores all the time. They look at your scores when deciding, for example, whether to change your interest rate or credit limit on a credit card, or whether to send you an offer through the mail. Having good credit scores makes your financial dealings a lot easier and can save you money in lower interest rates. That’s why they are a vital part of your financial health.

Consider a couple who is looking to buy their first house.
Let’s say they want a thirty-year mortgage loan and their FICO credit scores are 720. They could qualify for a mortgage with a low 5.5 percent interest rate*. But if their scores are 580, they probably would pay 8.5 percent* or more — that’s at least 3 full percentage points more in interest. On a $100,000 mortgage loan, that 3 point difference will cost them $2,400 dollars a year, adding up to $72,000 dollars more over the loan’s 30-year lifetime. Your credit scores do matter.*Interest rates are subject to change. These rates were offered by lenders in 2005.

What is a Good Score?

When lenders talk about “your score,” they usually mean the FICO® score developed by Fair Isaac Corporation. It is today’s most commonly used scoring system. FICO scores range from 300-850, and most people score in the 600s and 700s (higher FICO scores are better). Lenders buy your FICO score from three national credit reporting agencies (also called credit bureaus): Equifax, Experian and TransUnion.

In the eyes of most lenders, FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders and could lead lenders to charge you much higher rates or turn down your credit application.

Not Just One Score

There are many types of credit scores. They are developed by independent companies, credit reporting agencies, and even some lenders. As a rule, the higher the score, the better.

  • Each credit reporting agency calculates your score and each score may be different because the credit history each agency has about you may be different. Lenders may make a credit card or auto loan decision based on a single agency’s score, although others such as mortgage lenders often will look at all three scores.
  • Your credit score changes when your information changes at that credit reporting agency. This is good news! It means you can improve a poor score over time by improving how you handle credit.
  • Many insurance companies use something similar when setting your insurance rates, called a “credit-based insurance score.” You may be able to improve your insurance score by improving how you handle credit, which in turn may lower your premium payments on auto or homeowners insurance.
  • Some credit scores offered to consumers are just estimates and are different from the credit risk scores lenders actually use, although they may appear similar. Consumer reporting agencies and other companies sometimes use an estimated score to illustrate a consumer’s general level of credit risk. How might you tell whether a score is estimated? Ask the company if the score is used by most lenders. If it isn’t, it is likely to be an estimated score.

Five Parts to Your FICO Credit Scores

As a rule, credit scores analyze the credit-related information on your credit report. How they do this varies. Since FICO scores are frequently used, here is how these scores assess what is on your credit report.

1. Your payment history – about 35% of a FICO score
Have you paid your credit accounts on time? Late payments, bankruptcies, and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.
2. How much you owe – about 30% of a FICO score
FICO scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.
3. Length of your credit history – about 15% of a FICO score
A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.
4. New credit – about 10% of a FICO score
If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score.
5. Other factors – about 10% of a FICO score
Several minor factors also can influence your score. For example, having a mix of credit types on your credit report – credit cards, installment loans such as a mortgage or auto loan, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.
What’s NOT In Your Scores
By law, credit scores may not consider your race, color, religion, national origin, sex and marital status, and whether you receive public assistance or exercise any consumer right under the federal Equal Credit Opportunity Act or the Fair Credit Reporting Act.

Learn Your Scores Soon

It’s now easy to get your credit scores to check your financial health. Different sources provide credit scores to consumers via the Internet, telephone or U.S. Mail. For most scores, you will need to pay a small amount. You also will be asked to prove your identity to make sure your financial information isn’t given to the wrong person.

Here are recommended places you can get your scores:

Source Cost Description Score range
ANNUAL CREDIT REPORT SERVICE
Congress recently established this outlet to make it easier for consumers to get their credit reports and credit scores from the three national credit reporting agencies.Web:www.annualcreditreport.com
Phone: 1 877 322 8228
U.S. Mail:
Annual Credit Report Request Service
P. O. Box 105281
Atlanta, GA 30348-5281
The price for credit scores is being determined by the Federal Trade Commission Credit Reports and Scoring.One free credit report per year from each credit reporting agency. Each credit reporting agency offers a different type of credit score to consumers. FICO score via:
Equifax 300-850
Experian score 330-830
TransUnion score 150-934
MYFICO.COM
The consumer Internet site of Fair Isaac Corporationwhich developed the FICO score.Web: www.myfico.com
$14.95 for one FICO score and credit report. $44.85 for all three FICO scores and credit reports from the three credit reporting agencies (2005 pricing). This score is most often used by lenders. It lets you see how prospective lenders would evaluate your credit history. FICO score from Equifax, Experian and/or Trans Union 300-850
INDIVIDUAL CREDIT REPORTING AGENCIES:Equifax
Web: www.equifax.com
Phone:1 800 685 1111Experian
Web: www.experian.com
Phone:1 866 200 6020TransUnion
Web: www.transunion.com
Phone: 1 800-888-4213
Prices for credit scores with credit reports vary from $14.95 to $34.95 (2005 pricing). Each credit reporting agency offers a different type of credit score to consumers. FICO score via:
Equifax 300-850
Experian score 330-830
TransUnion score 150-934
MORTGAGE LENDERS Credit Score is free when applying for mortgage or home equity loan. This score will likely be the actual score used to evaluate your application. Ask your lender to be sure. FICO score from Equifax, Experian or Trans Union 300-850

Want Examples?

Meet Vera, A Single Mother

Behavior of action Change in score Vera’s current FICO score
March 2004
Vera and husband Dave have been married for 10 years. They have one daughter April, age 4. Financially they are making payments on time for two car loans, one mortgage and four credit cards which have low balances. But sadly, their marriage has deteriorated and they agree to divorce. In the settlement Vera retains custody of April. Dave takes one of the cars and responsibility for its loan. He also takes two of their four credit cards, and agrees to pay 50 percent of the monthly mortgage payments.
780
May
Dave struggles financially following the divorce and runs up his two credit cards to nearly their limit. Vera doesn’t realize her name is still on the card accounts Dave is using.
-80 700
July
Dave continues to struggle and misses payments on both cards. Both cards still are nearly maxed out.
-100 600
August
Vera gets a call from her bank about the missed payments. Once she understands what has happened, she contacts Dave and asks him to roll over the balances on both cards to a new card that he opens in his name only, which he does. Paying off the two accounts improves her score.
+80 680
February 2005
Vera continues to manage her money carefully, paying her bills on time and keeping her two card balances low. Meanwhile the two missed payments get older on her credit file and have less impact to her score. Dave lands a better job and makes his part of the mortgage payments on time.
+40 720
March
Vera’s car breaks down. Since she relies on it to get to work and to take April to preschool, she has no choice but to have it repaired. To pay the garage she maxes out one of her credit cards.
-80 640
April
Since Vera needs a reliable car, she asks her bank about auto loan rates. They tell her that her credit score is too low to qualify her for their best rate. Since money is tight, she waits to buy a car.
640
July
Vera has steadily paid down her high credit card balance and monitored her score. When her score has improved, Vera applies and is approved for an excellent rate on an auto loan. She buys a used car and feels good about how she has managed her credit.
+40 680

Now Meet Don and Doris

Behavior of action Change in score Don and Doris’s current FICO score
March 2004
Don and Doris are married and in their 50s. They have twin sons who graduated from college a year ago, have good jobs and live in different states. Don and Doris have been managing their money carefully for 30 years. They are making payments on a mortgage, three credit cards with large balances, and a $50,000 bank loan that paid for their sons’ college. Now that their sons are on their own financially, Don and Doris focus on paying down their credit card balances by making larger monthly payments and using their cards sparingly.
690
March 2005
After a year of steady payments, their credit card balances are significantly lower. They continue to manage their credit well and haven’t opened any new accounts.
+50 740
June
The couple decides to go on an extended vacation, taking leaves of absence from the jobs to so they can tour the U.S. in a motor home. They buy their motor home with help from a new bank loan at a favorable rate, thanks to their good credit scores. But opening the new loan lowers their scores a bit. Since their plans will keep them on the road for three months, they put one of their sons in charge of paying their monthly bills.
-20 720
September
They have a wonderful vacation. When they return, they find they had neglected to tell their son about the bank loan. He didn’t open the invoices they received from the bank thinking they were monthly account statements. Now their bank loan payment is 60 days late.
-75 645
October
Doris calls the bank, explains the mix-up and sends in the overdue payments immediately. A couple of weeks later their bank conveys their new account information to the credit reporting agencies, where it is available to influence their credit scores.
+20 665
April 2006
After six more months of on-time payments, their credit scores have steadily improved. Although the late payment will remain on their credit reports for seven years, it will impact their scores less as time passes. Don and Doris are on track once again to regain their good FICO credit scores in the 700s.
+30 695
* Don and Doris have separate FICO score, but in this example, they would rise and fall together.

Helpful Tips

1. When you get your credit scores, make sure you also learn the highest and lowest scores possible, as well as the most important factors that influenced your scores. These factors can give you an idea of how you can improve your scores.
2. Getting your own credit scores or credit reports won’t affect your scores, as long as you order them from one of the sources we list here.
3. Review your credit reports for accuracy. Mistakes and omissions on your credit reports probably will affect your credit scores. If you spot an error, contact the credit reporting agency and the creditor whose information is wrong.
4. If you have questions or problems with your credit scores, contact the company that provided them to you.

Boosting Your Scores

Your credit scores change when new information is reported by your creditors. So your scores will improve over time when you manage your credit responsibly.

Here are some general ways to improve your credit scores:

  • Pay your bills on time.Delinquent payments and collections can really hurt your score.
  • Keep balances low on credit cards.High debt levels can hurt your score.
  • Pay off debt rather than moving it between credit cards.The most effective way to improve your score in this area is to pay down your revolving credit.
  • Apply for and open new credit accounts only when you need them.
  • Check your credit report regularly for accuracyand contact the creditor and credit reporting agency to correct any errors.
  • If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score.
Improving your credit scores can help you:
  • Lower your interest rates
  • Speed up credit approvals
  • Reduce deposits required by utilities
  • Get approved for apartments
  • Get better credit card, auto loan and mortgage offers

Consumer Federation of America logo     Fair Isaac Corporation logo

This publication has been prepared by Consumer Federation of America and FICO, and was reviewed by the Federal Citizen Information Center. These materials may be reproduced for educational purposes only.

Website Fine Print

The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of Key Financial Mortgage .Neither Joel Lobb nor Key Financial Mortgage assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.

Key Financial Mortgage is an Equal Opportunity Lender. All rights Reserved.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky

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All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

 

Louisville and Jefferson County Kentucky Real Estate Home Info Links


Map of Kentucky highlighting Jefferson County
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Louisville and Jefferson County Kentucky Real Estate/Home Info Links

 

Property Transfers: Recent home sales in Jefferson, Bullitt and Oldham Kentucky Counties in Kentucky

Vacant Jefferson County Kentucky properties

Bank properties owned in Louisville Ky Repossed Homes

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Louisville Kentucky VA Mortgage and home loan Program Quick Reference


VA Program Quick Reference Terms 15 & 30 Year Fixed

Loan Amount Max Purchase = $1,500,000 max Refinance = limited to the max LTV of the property value on the appraisal

. To calculate max loan amount (and guaranty), visit http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf

Max LTV/CLTV Purchase & IRRRL = 100%/100% Cash-Out Refinance = 90%/90% (based on appraised value)

Min. Credit Score 620 up to $417,000, 640 for Interest Rate Reduction Refis 720 for $417,000-$650,000 740 for loan amounts > $650,000 Borrower Eligibility Veterans who served on active duty after 9/15/40 and who were honorably discharged /released from active duty.

Occupancy Owner occupied by veteran and/or spouse. Ratios 29%/41% – ratios may be exceeded with acceptable AUS and underwriter’s approval. Transaction Types Purchase, Interest Rate Reduction Refinance & Cash-Out Refinance Income Documentation Full/Alt Residual Income Refer to Residual Income Table in VA Guidelines for specific requirement, Chapter VII. Assets Less than or = $417,000 None required $417,000 – $650,000 6 months PITI Greater than $650,000 12 months PITI Property Types SFR, 2-4 units, PUDs & VA-approved Condos Appraisal IRRRL: 2055 or full appraisal by VA-approved appraiser Purchase & Cash-Out: Full appraisal by VA-approved appraiser Loan amounts > $650,000: Require full appraisal by VA-approved appraiser and field review

. Energy Efficient Mortgage Up to $6,000 of the loan proceeds may be used to reimburse the veteran for the cost of energy efficient improvements. Funding Fees Refer to the Funding Fee Table in VA Guidelines, Chapter XII. Seller Concessions Limited to 4% maximum