A Kentucky Mortgage Loan Officer that has closed over 600 home loans specializing in Kentucky First Time Homebuyer Loans to include the following FHA, VA, USDA, Rural Housing, Down Payment Assistance Loan from Kentucky Housing Corp or KHC and the Fannie Mae Home Path HUD $100 Down Mortgage Program in Kentucky. Call/Text 502-905-3708 with your mortgage questions or email kentuckyloan@gmail.com I try to respond to all requests within minutes during regular business hours. NMLS# 57916 Joel Lobb Loan Originator, American Mortgage Solutions NMLS ID. 1364 Equal Housing Lender
Category: $10,000 Kentucky Housing Down Payment Assistance Funds.
There are various types of down payment assistance, even if you have student loans.
Here are a few:
FHA loans – federal loan through the Federal Housing Authority
USDA loans – zero down mortgages for rural and suburban homeowners
VA loans – if military service
Kentucky Housing Down Payment Assistance of $10,000
There are federal, state and local assistance programs as well so be on the look out.
If you want a personalized answer for your unique situation call, text, or email me or visit my website below:
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
For first-time home buyers in Kentucky. Joel Lobb, a seasoned mortgage broker, has carved out a niche in assisting these individuals with a variety of loan options tailored to their unique needs. Here’s an overview of how Lobb is helping Kentuckians achieve their dream of owning a home.
### Joel Lobb: Facilitating Homeownership in the Bluegrass State
**A Diverse Range of Mortgage Options**
Joel Lobb specializes in a wide array of mortgage loans, including:
– **FHA Loans**: These loans are a great fit for buyers with lower credit scores or those who can afford only a minimal down payment.
– **VA Loans**: Tailored for veterans and active military members, offering favorable terms with little to no down payment.
– **USDA Loans**: Designed for rural home buyers, providing 100% financing options.
– **KHC Loans**: In collaboration with the Kentucky Housing Corporation, these loans come with down payment assistance, making them ideal for first-time buyers.
**Expert Guidance Through the Mortgage Process**
Lobb’s approach to mortgage lending is characterized by a personalized touch. He understands that purchasing a home is a significant milestone and offers his expertise to guide buyers through every step of the process. His services include:
– **Credit Counseling**: Assisting buyers in understanding and improving their credit scores to qualify for better loan terms.
– **Loan Comparison**: Helping clients compare different mortgage products to find the best match for their financial situation.
– **Pre-Approval Assistance**: Working with buyers to get pre-approved, which can make the home-buying process smoother and faster.
**Advantages Over Traditional Banking Institutions**
Unlike larger banks that may have a limited selection of mortgage products, Joel Lobb has the flexibility to broker loans through various mortgage companies. This allows him to offer:
– **Competitive Rates**: By shopping around, Lobb can find the most favorable interest rates and terms for his clients.
– **Customized Solutions**: He can address unique financial circumstances that may not fit into a traditional bank’s criteria.
**Commitment to First-Time Home Buyers**
Lobb’s dedication to first-time home buyers is evident in his commitment to making the process as accessible and understandable as possible. He provides:
– **Educational Resources**: Offering insights into the mortgage process, from understanding loan types to preparing for closing costs.
– **Community Involvement**: By assisting new homeowners, Lobb contributes to the economic growth and stability of communities across Kentucky.
**Conclusion**
For first-time home buyers in Kentucky, Joel Lobb offers a path to homeownership that is informed, personalized, and supportive. His expertise in various loan options and his dedication to client education make him a valuable resource for anyone looking to navigate the complexities of the mortgage landscape²³⁴.
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This article is for informational purposes only and does not constitute financial advice. For personalized guidance, it’s recommended to consult directly with a mortgage professional like Joel Lobb.
If you’re planning to buy a home in Kentucky in 2024, here are some essential steps to consider:
1. Focus on improving your credit score to qualify for a mortgage with a low interest rate.
2. Manage your debt-to-income ratio by repaying existing debt, increasing your income, or both.
3. Ensure timely payments on all accounts to maintain a good credit score.
4. Get pre-approved for a mortgage before searching for a home to know your affordability.
5. Keep credit card utilization below 30% and seek down payment assistance programs if needed.
Here are action steps you can take right now to buy a home in Kentucky in 2024
1. Focus on your credit score
FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit.
To qualify for a mortgage and get a low mortgage rate, your credit score matters.
Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected.
2. Manage your debt-to-income ratio
Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive.
A debt-to-income ratio is your monthly debt payments as a percentage of your monthly income. Lenders focus on this ratio to determine whether you have enough excess cash to cover your living expenses plus your debt obligations.
Since a debt-to-income ratio has two components (debt and income), the best way to lower your debt-to-income ratio is to:
repay existing debt;
earn more income; or
do both
3. Pay attention to your payments
Simply put, lenders want to lend to financially responsible borrowers.
Your payment history is one of the largest components of your credit score. To ensure on-time payments, set up autopay for all your accounts so the funds are directly debited each month.
FICO scores are weighted more heavily by recent payments so your future matters more than your past.
In particular, make sure to:
Pay off the balance if you have a delinquent payment
Don’t skip any payments
Make all payments on time
4. Get pre-approved for a mortgage before you start shopping for a home loan.
Too many people find their home and then get a mortgage.
Switch it.
Get pre-approved with a lender first. Then, you’ll know how much home you can afford.
To get pre-approved, lenders will look at your income, assets, credit profile and employment, among other documents.
5. Keep credit utilization low on your credit cards
Lenders also evaluate your credit card utilization, or your monthly credit card spending as a percentage of your credit limit.
Ideally, your credit utilization should be less than 30%. If you can keep it less than 10%, even better.
For example, if you have a $10,000 credit limit on your credit card and spent $3,000 this month, your credit utilization is 30%.
Here are some ways to manage your credit card utilization:
set up automatic balance alerts to monitor credit utilization
ask your lender to raise your credit limit (this may involve a hard credit pull so check with your lender first)
pay off your balance multiple times a month to reduce your credit utilization
6. Look for down payment assistance in Kentucky
There are various types of down payment assistance, even if you have student loans.
Here are a few:
FHA loans – federal loan through the Federal Housing Authority
USDA loans – zero down mortgages for rural and suburban homeowners
VA loans – if military service
Kentucky Housing Down Payment Assistance of $10,000
There are federal, state and local assistance programs as well so be on the look out.
If you want a personalized answer for your unique situation call, text, or email me or visit my website below:
Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916
American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364
Kentucky First-Time Homebuyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky 