Category: Fannie Mae Homepath

How to get approved for a Kentucky Mortgage Loan in 2024


To determine if you can get approved for a Kentucky mortgage, several factors need to be considered, including your credit score, income, employment history, debt-to-income ratio, and down payment. Here’s a general overview of what lenders typically look for:

  1. Credit Scores : Most Kentucky Mortgage  lenders prefer a credit score of 620 or higher for conventional loans. FHA loans may accept lower credit scores, starting around 500, but a higher score (typically 580 or above) can improve your chances and offer better terms.

    Here are the general credit score requirements for FHA, VA, USDA, and Fannie Mae mortgage loans in Kentucky:

    Loan Program Minimum Credit Score Requirement Additional Notes
    FHA Loan 500 to 580 A credit score of 500 to 579 requires a 10% down payment; a score of 580 or higher requires a 3.5% down payment.
    VA Loan No minimum score VA lenders are more flexible with credit scores, but most lenders prefer a score of 620 or higher.
    USDA Loan no minimum score USDA lenders  typically require a minimum credit score of 640 or higher.
    Fannie Mae Loan 620 or higher Fannie Mae loans generally require a credit score of 620 or higher.

  2. Income and Employment History: Lenders evaluate your income stability and 2 year employment history to ensure you have a reliable source of income to make mortgage payments. Consistent employment and sufficient income are crucial.

    Here’s a chart outlining the employment and work history requirements for Kentucky FHA, VA, USDA, and Fannie Mae mortgage loans:

    Loan Program Employment History Work History Guidelines
    Kentucky FHA Loan 2 years of consistent employment with steady income 2 years of stable employment, including gaps explained Employment can include salaried, self-employed, or contract positions. Gaps in employment may require explanations and documentation.
    Kentucky VA Loan Stable income with continuous employment Stable work history with no significant gaps VA loans focus on the stability of income rather than specific employment duration. Military service may fulfill employment requirements.
    Kentucky USDA Loan 2 years of stable employment with reliable income 2 years of continuous employment, including explanations for gaps USDA loans prioritize consistent income and employment history. Gaps may require explanations and additional documentation.
    Fannie Mae Loan 2 years of employment with steady income and job stability 2 years of stable employment, including explanations for gaps Fannie Mae loans emphasize a stable work history with a focus on income stability. Gaps in employment may need explanations and additional documentation.

    These guidelines provide an overview of the employment and work history requirements for FHA, VA, USDA, and Fannie Mae mortgage loans. Lenders may have specific criteria and may consider factors such as income stability, type of employment, gaps in employment, and documentation of income sources. Borrowers should consult with a mortgage professional or lender to understand the detailed employment and work history requirements for their loan application.

  3. Debt-to-Income (DTI) Ratio: This ratio compares your monthly debt payments to your gross monthly income. Lenders typically prefer a DTI ratio of 31% to 45% on front end ratio and up to 55% on the back-end ratio, although some may accept higher ratios with compensating factors.

    Here’s a chart comparing the debt ratio requirements forKentucky FHA, VA, USDA, and Fannie Mae mortgage loans:

    Loan Program Front-End DTI Ratio Back-End DTI Ratio Guidelines
    Kentucky FHA Loan Up to 45% Up to 56.99% Front-end DTI includes housing-related expenses (mortgage, taxes, insurance). Back-end DTI includes all monthly debts.
    Kentucky VA Loan 41% or higher  41% or higher  VA guidelines do not have specific DTI ratio limits but focus on residual income after accounting for housing and debt costs.
    Kentucky USDA Loan Up to 33% Up to 45% Front-end DTI includes housing expenses. Back-end DTI includes all monthly debts.
    Kentucky Fannie Mae Loan Up to 40% Up to 50% Front-end DTI includes housing expenses. Back-end DTI includes all monthly debts.

  4. Down Payment: The amount of your down payment can also impact your approval chances. A larger down payment can lower your loan-to-value ratio (LTV) and reduce the lender’s risk.

    Here’s a down payment chart for Kentucky  FHA, VA, USDA, and Fannie Mae mortgage loans:

    Loan Program Minimum Down Payment Down Payment Source
    Kentucky FHA Loan 3.5% of purchase price Can be from personal savings or gift funds
    Kentucky VA Loan 0% (No down payment) N/A (VA loans offer 100% financing)
    Kentucky USDA Loan 0% (No down payment) N/A (USDA loans offer 100% financing)

    Kentucky Fannie Mae Loan

    		 3% to 5% of purchase price Can be from personal savings or gift funds

     

  5. Other Factors: Lenders may also consider your savings and assets, existing debts, credit history, and the type of mortgage you’re applying for (e.g., FHA, VA, USDA, conventional).

To get a more accurate assessment of your mortgage approval chances, it’s best to consult with a mortgage lender or broker. They can review your financial situation, credit history, and specific loan requirements to determine your eligibility and help you navigate the mortgage approval process.

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

 

 

 

 
NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574

 

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 view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

 

FHA Approved Condo List Louisville Kentucky Jefferson County

FHA Approved Condos Louisville Kentucky

Condo
Name		 Condo ID /
Submission		 Address County Approval
Method		 Composition
of Project		 Comments Document
Status		 Manufactured
Housing		 FHA
Concentration		 Status Status
Date		 Expiration
Date
ARBOR CREEK CONDOMINIUMS A002562 001 ARBOR CREEK DRIVE AND ARBOR MEADOW WAY
LOUISVILLE, KY 40228		 JEFFERSON HRAP 170 Units. DB 08278, PG 0268. None Recorded/
Not Uploaded		 No 8.23% Approved 11/30/2017 11/30/2019
AUTUMN GARDENS CONDOMINIUMS A002616 001 10013 AUTUMN GARDENS WAY
LOUISVILLE, KY 40229		 JEFFERSON HRAP 10 Buildings, 45 Units. DB08290PG0253, DB09109PG0706. Exists Recorded/
Not Uploaded		 No 15.55% Approved 12/11/2017 12/11/2019
AUTUMN TRACE CONDOMINIMUM A002589 001 7520 AUTUMN POINTE DR
LOUISVILLE, KY 40214		 JEFFERSON HRAP 105 Units. None Recorded/
Not Uploaded		 No 11.42% Approved 11/29/2017 11/29/2019
BAXTER LOOP CONDOMINIUMS A007952 001 1113 BAXTER AVE
LOUISVILLE, KY 40204		 JEFFERSON HRAP 3 BUILDINGS, 28 UNITS. DB 08885,PG 0239. Exists Recorded/
Not Uploaded		 No 7.14% Approved 05/21/2019 05/21/2021
BRADFORD COMMONS CONDOMINIMUM A002615 001 BRADFORD COMONS DRIVE
LOUISVILLE, KY 40299		 JEFFERSON HRAP 196 Units. DB 09348. 8 Phases, Buildings 1-8. Phase 8, Building 8, Units 101-104, 201-204. None Recorded/
Not Uploaded		 No 31.12% Approved 09/11/2019 09/11/2021
BRADFORD COMMONS CONDOMINIMUM A002615 002 BRADFORD COMONS DRIVE
LOUISVILLE, KY 40299		 JEFFERSON HRAP Phase 8, Building 8, Units 101-104, 201-204. None Recorded/
Not Uploaded		 No 31.12% Approved 07/27/2012 09/11/2021
BROOKSHIRE VILLAGE CONDOMINIUM A002561 001 6716 WYNDE MANOR DR
LOUISVILLE, KY 40228		 JEFFERSON HRAP PHASE 1, BLDS 1-14,UNITS 1-52 DEED BK 7821 PG 16 PLAT BK 95, PGS 21-22 RECERTIFICATION DUE 7/13/11. Exists Recorded/
Not Uploaded		 No 13.46% Approved 08/23/2019 08/23/2021
CHAMBERLAIN GARDENS A007735 001 POB 23010
LOUISVILLE, KY 40223		 JEFFERSON HRAP 32 Units/4 Buildings (10500-10503, 8 Units per Building) None Recorded/
Not Uploaded		 No 31.25% Approved 06/19/2019 06/19/2021
CHATEAU SQUARE CONDOMINIUM A002690 001 1934 GOLDSMITH LANE
LOUISVILLE, KY 40218		 JEFFERSON HRAP 36 Units, 6 Buildings. Bk 4850 Pg 896, 4/27/1976. Exists Recorded/
Not Uploaded		 No 27.77% Approved 02/12/2019 02/12/2021
CHEVAL PLACE CONDOMINIUMS A002560 001 3205 CHEVAL WAY
LOUISVILLE, KY 40299		 JEFFERSON HRAP 18 UNITS ; 3 BUILDINGS Exists Recorded/
Not Uploaded		 No 38.88% Approved 09/21/2018 09/21/2020
CLARE LANE TOWNHOME A010249 001 400 CLARE LANE
LOUISVILLE, KY 40206		 JEFFERSON HRAP Multiple townhome style buildings. Total 18 units. Exists Recorded/
Not Uploaded		 No 11.11% Approved 10/03/2018 10/03/2020
COBBLESTONE CONDOMINIUM A002523 001 5137 MAGDALEN SQUARE
LOUISVILLE, KY 40241		 JEFFERSON HRAP 140 RESIDENTIAL UNITS Exists Recorded/
Not Uploaded		 No 6.42% Approved 05/08/2019 05/08/2021
COLONIAL WOODS CONDOMINIUMS A002610 001 COLONIAL WOODS COURT
LOUISVILLE, KY 40223		 JEFFERSON HRAP 67 UNITS. Exists Recorded/
Not Uploaded		 No 16.41% Approved 04/02/2018 04/02/2020
CORRELL PLACE CONDOMINIUMS A009429 001 7200 CORRELL PLACE DRIVE
LOUISVILLE, KY 40228		 JEFFERSON HRAP 3 Buildings, 20 Units. Exists Recorded/
Not Uploaded		 No 25.00% Approved 02/01/2019 02/01/2021
COTTONWOOD A002540 001 SCHOEFFE AVENUE
LOUISVILLE, KY 40206		 JEFFERSON HRAP RECORDED PB 88, PP. 23 THRU 24. RECERTIFICATION DUE 8-8-04 -LY None Recorded/
Not Uploaded		 No 37.50% Approved 05/16/2019 05/16/2021
CREEKWOOD CONDOMINIUM A002541 001 FAIRGROUND ROAD
LOUISVILLE, KY 40291		 JEFFERSON HRAP Multiple buildings. Phases 1 thru 14 approved. Total 80 units. Exists Recorded/
Not Uploaded		 No 11.25% Approved 09/13/2018 09/13/2020
CRESCENT CROSSING CONDOMINIUM A008240 001 114 CRESCENT AVE
LOUISVILLE, KY 40206		 JEFFERSON HRAP 22 units located in a two story building. None Recorded/
Not Uploaded		 No 9.09% Approved 02/28/2019 02/28/2021
CROSSINGS AT COOPER CHAPEL A002575 001 BROOK BEND WAY
LOUISVILLE, KY 40229		 JEFFERSON HRAP OK TO PROCESS – PHASES 3-5, PHASES 6-7 None Recorded/
Not Uploaded		 No 15.00% Approved 04/18/2019 04/18/2021
CROSSINGS AT COOPER CHAPEL A002575 002 BROOK BEND WAY
LOUISVILLE, KY 40229		 JEFFERSON HRAP phases 9 None Recorded/
Not Uploaded		 No 15.00% Approved 10/16/2014 04/18/2021
DORSEY HILLS CONDOMINIUM A002621 001 10601 MCMEEKIN LANE
LOUISVILLE, KY 40223		 JEFFERSON HRAP Multiple buildings. Total units 184. None Recorded/
Not Uploaded		 No 4.34% Approved 04/10/2019 04/10/2021
DOUGLASS HILLS A002694 001 800 LOGSDON CT
LOUISVILLE, KY 40243		 JEFFERSON HRAP 137 UNITS APPROVED. None Recorded/
Not Uploaded		 No 26.27% Approved 03/28/2018 03/28/2020
EVERGREEN POINT CONDOMINIUM A005762 001 250 MIDDLETOWN SQUARE
LOUISVILLE, KY 40243		 JEFFERSON HRAP Only 66 units approved. Unit(#252) is ineligible for FHA financing only. No other units may be added to this project for FHA financing. None Recorded/
Not Uploaded		 No 43.93% Approved 08/08/2018 08/08/2020
EVERGREEN POINT CONDOMINIUM A005762 002 250 MIDDLETOWN SQUARE
LOUISVILLE, KY 40243		 JEFFERSON HRAP Phase 2 Building 1 (24 units) None Recorded/
Not Uploaded		 No 43.93% Approved 02/18/2010 08/08/2020
FERNDALE GARDENS A009037 001 RENATE RD
LOUISVILLE, KY 40291		 JEFFERSON HRAP Multiple buildings. Currently 79 units completed. Phased development, upon completion there will be 107 units. Estimated date of completion 12/2017. None Recorded/
Not Uploaded		 No 20.56% Approved 08/28/2019 08/28/2021
FOX HOLLOW CONDOMINIUM A002653 001 7301-7346 FOX HOLLOW WAY
LOUISVILLE, KY 40228		 JEFFERSON HRAP APPROVED BUILDINGS: 4, 5, 6 & 7. DB 8377 PG543. 51% OWNER OCCUP. CERT. TO BE INCLUDED WITH EACH CASE BINDER. Exists Recorded/
Not Uploaded		 No 6.66% RejectedMissing documents or incomplete package submission 05/17/2013 n/a
FOX HOLLOW CONDOMINIUM A002653 002 7301-7346 FOX HOLLOW WAY
LOUISVILLE, KY 40228		 JEFFERSON HRAP Building #3. Total 6 units. Exists Recorded/
Not Uploaded		 No 6.66% Approved 01/03/2011 n/a
GARDEN PARK TOWNHOMES A002697 001 6 MILE LANE
LOUISVILLE, KY 40220		 JEFFERSON HRAP 46 units, townhome styles Exists Recorded/
Not Uploaded		 No 45.65% Approved 03/06/2019 03/06/2021
GARDINER LAKE CONDOMINIUMS A002613 001 1700 GARDINER LANE
LOUISVILLE, KY 40205		 JEFFERSON HRAP 53 units; 11 BUILDING; 7 PHASES None Recorded/
Not Uploaded		 No 22.64% Approved 11/08/2017 11/08/2019
HOLLY HOUSE CONDOMINIUM** A008753 001 1926 GOLDSMITH LANE
LOUISVILLE, KY 40218		 JEFFERSON HRAP 60 UNITS
HOLLY HOUSE CONDOMINIUM HOMES, SECTION 2		 None Recorded/
Not Uploaded		 No 8.33% Approved 09/12/2018 09/12/2020
JOHNSON GREEN AT BEULAH * A002676 001 7407 JOHNSON SCHOOL ROAD
LOUISVILLE, KY 40291		 JEFFERSON HRAP Multiple buildings. Total 187 units.
*FULL NAME FOR PROJECT: Johnson Green at Beulah Church, a Condominium		 None Recorded/
Not Uploaded		 No 23.52% Approved 07/18/2018 07/18/2020
LAKEVIEW CONDOMINIUMS A007711 001 1815 GARDINER LN
LOUISVILLE, KY 40205		 JEFFERSON HRAP 248 units-19 bldgs. None Recorded/
Not Uploaded		 No 18.14% Approved 10/05/2017 10/05/2019
(nearing expiration)
MAGNOLIA RIDGE CONDOMINIUMS A002556 001 9410 MAGNOLIA RIDGE DRIVE
LOUISVILLE, KY 40291		 JEFFERSON HRAP Multiple buildings. Total 120 units. None Recorded/
Not Uploaded		 No 30.83% Approved 03/13/2019 03/13/2021
MEADOWLARK MANOR CONDOMINIUMS A002727 001 4500 MEADOWLARK MANOR LN
LOUISVILLE, KY 40245		 JEFFERSON HRAP five tow story brick bldgs Exists Recorded/
Not Uploaded		 No 10.81% Approved 08/29/2019 08/29/2021
OAKSHIRE A002704 001 OAKSHIRE DRIVE
LOUISVILLE, KY 40299		 JEFFERSON HRAP 40 Units. Exists Recorded/
Not Uploaded		 No 50.00% Approved 02/06/2018 02/06/2020
PARK PLACE LOFTS A007516 001 400 E MAIN ST
LOUISVILLE, KY 40202		 JEFFERSON HRAP 4 story building. Total 32 residential units. Commercial space at 28%. Exists Recorded/
Not Uploaded		 No 3.12% Approved 10/20/2017 10/20/2019
(nearing expiration)
RIEDLONN A010381 001 2705 RIEDLING DRIVE
LOUISVILLE, KY 40206		 JEFFERSON HRAP 2 building with 4 units each None Recorded/
Not Uploaded		 No 0.00% Approved 12/06/2018 12/06/2020
SALEM SQUARE CONDOMINIUMS A002527 001 521 ZORN AVENUE
LOUISVILLE, KY 40206		 JEFFERSON HRAP 2 PHASES, 8 BUILDINGS, 92 UNITS.
Conversion date for project 7/1973		 None Recorded/
Not Uploaded		 No 3.26% Approved 03/06/2018 03/06/2020
SAVANNAH SPRINGS CONDOMINIUMS A007951 001 8403 MOSS GARDEN DRIVE
LOUISVILLE, KY 40219		 JEFFERSON HRAP 19 Buildings, 98 Units. DB 08618, Page 0890. Exists Recorded/
Not Uploaded		 No 22.44% Approved 06/14/2019 06/14/2021
SENECA GARDENS CONDOMINIUMS A008570 001 2645 TAYLORSVILLE RD
LOUISVILLE, KY 40205		 JEFFERSON HRAP 5 BUILDINGS; 40 UNITS None Recorded/
Not Uploaded		 No 2.50% Approved 05/02/2018 05/02/2020
SHELBY POINTE CONDOMINIUM** A002622 001 260 MOSER ROAD
LOUISVILLE, KY 40223		 JEFFERSON HRAP 53 residential units, 11 buildings None Recorded/
Not Uploaded		 No 13.20% Approved 12/21/2017 12/21/2019
SYCAMORE II A002710 001 10401-15 CADY COVE CT
LOUISVILLE, KY 40223		 JEFFERSON HRAP Contains 74 townhouse style units in 13 buldings None Recorded/
Not Uploaded		 No 14.86% Approved 07/26/2019 07/26/2021
THE CLIFF VIEW TERRACE CONDO** A002650 001 2411 BROWNSBORO RD
LOUISVILLE, KY 40206		 JEFFERSON HRAP 28 RESIDENTIAL UNITS, 2 COMMERCIAL UNITS
***legal name: The Cliff view Terrace Condominiums, A condominium property regime		 None Recorded/
Not Uploaded		 No 21.42% Approved 04/11/2018 04/11/2020
THE ORCHARDS OF APPLEGATE A008554 001 8500 APPLEGATE VILLAGE DRIVE
LOUISVILLE, KY 40219		 JEFFERSON HRAP Multiple buildings. Total 70 units. Exists Recorded/
Not Uploaded		 No 8.57% Approved 04/04/2018 04/04/2020
THE PARKVIEW CONDOMINIUMS A002714 001 8138 LAKE TER
LOUISVILLE, KY 40222		 JEFFERSON HRAP 9 BUILDINGS; 104 UNITS None Recorded/
Not Uploaded		 No 31.73% Approved 02/28/2018 02/28/2020
THE PINES, A CONDOMINIUM* A002637 001 3721 BARDSTOWN ROAD
LOUISVILLE, KY 40206		 JEFFERSON HRAP 72 UNITS; 6 BUILDINGS
*FULL NAME FOR PROJECT: THE PINES, A CONDOMINIUM PROJECT		 Exists Recorded/
Not Uploaded		 No 31.94% Approved 06/15/2018 06/15/2020
THE RIDGE AT OLD HENRY CONDO A009724 001 8303 SHELBYVILLE RD
LOUISVILLE, KY 40222		 JEFFERSON HRAP 61 RESIDENTIAL UNITS None Recorded/
Not Uploaded		 No 1.63% Approved 06/14/2018 06/14/2020
THE TAVNER COMDOMINIUMS A002532 001 2082 DOUGLASS BLVD.
LOUISVILLE, KY 40205		 JEFFERSON HRAP 3 LEVEL-18 UNITS-BRICK CONSTRUCTION. None Recorded/
Not Uploaded		 No 11.11% Approved 06/20/2018 06/20/2020
THE VILLAGE AT INDIAN FALLS A002565 001 10221 RIVERSTONE CIR
LOUISVILLE, KY 40229		 JEFFERSON HRAP FANNIE MAE FORM 1028 REC’D FOR UNITS 1-84 None Recorded/
Not Uploaded		 No 27.38% Approved 06/06/2019 06/06/2021
THE VILLAGE AT WATTERSON** A002713 001 LOCH LEA LANE
LOUISVILLE, KY 40291		 JEFFERSON HRAP 40 units
**Full legal name of the project is The Village at Watterson Woods, Village II		 None Recorded/
Not Uploaded		 No 32.50% Approved 06/21/2019 06/21/2021
THE VILLAS OF STONY FARM A002605 001 STONY FARM DRIVE
LOUISVILLE, KY 40299		 JEFFERSON HRAP 123 units, 57 brick buildings None Recorded/
Not Uploaded		 No 3.25% Approved 06/20/2018 06/20/2020
Status: Approved
Search Type: Both
Begin Date:
End Date:

Condominiums List

Message:  CONDOMINIUMS SUCCESSFULLY COMPLETED
Condominiums (HRAP/DELRAP Approval Method) as of 09/27/2019
Condominiums as of 09/27/2019
(224 records were selected, records 1 through 50 displayed)
Condo
Name		 Condo ID /
Submission		 Address County Approval
Method		 Composition
of Project		 Comments Document
Status		 Manufactured
Housing		 FHA
Concentration		 Status Status
Date		 Expiration
Date
ARBOR CREEK CONDOMINIUMS A002562 001 ARBOR CREEK DRIVE AND ARBOR MEADOW WAY
LOUISVILLE, KY 40228		 JEFFERSON HRAP 170 Units. DB 08278, PG 0268. None Recorded/
Not Uploaded		 No 8.23% Approved 11/30/2017 11/30/2019
AUTUMN GARDENS CONDOMINIUMS A002616 001 10013 AUTUMN GARDENS WAY
LOUISVILLE, KY 40229		 JEFFERSON HRAP 10 Buildings, 45 Units. DB08290PG0253, DB09109PG0706. Exists Recorded/
Not Uploaded		 No 15.55% Approved 12/11/2017 12/11/2019
AUTUMN TRACE CONDOMINIMUM A002589 001 7520 AUTUMN POINTE DR
LOUISVILLE, KY 40214		 JEFFERSON HRAP 105 Units. None Recorded/
Not Uploaded		 No 11.42% Approved 11/29/2017 11/29/2019
BAXTER LOOP CONDOMINIUMS A007952 001 1113 BAXTER AVE
LOUISVILLE, KY 40204		 JEFFERSON HRAP 3 BUILDINGS, 28 UNITS. DB 08885,PG 0239. Exists Recorded/
Not Uploaded		 No 7.14% Approved 05/21/2019 05/21/2021
BELLEBROOK RIDGE CONDOMINIUMS A007864 001 624 TRUMAN LANE
BELLEVUE, KY 41073		 CAMPBELL HRAP 2 buildings, 2 phases 48 units None Recorded/
Not Uploaded		 No 16.66% Approved 03/14/2018 03/14/2020
BELLEPOINTE COMMONS A006253 001 300 BELLEPOINTE COMMONS
BELLEVUE, KY 41073		 CAMPBELL HRAP 48 units all completed in 1989 None Recorded/
Not Uploaded		 No 8.33% Approved 02/06/2019 02/06/2021
BRADFORD COMMONS CONDOMINIMUM A002615 001 BRADFORD COMONS DRIVE
LOUISVILLE, KY 40299		 JEFFERSON HRAP 196 Units. DB 09348. 8 Phases, Buildings 1-8. Phase 8, Building 8, Units 101-104, 201-204. None Recorded/
Not Uploaded		 No 31.12% Approved 09/11/2019 09/11/2021
BRADFORD COMMONS CONDOMINIMUM A002615 002 BRADFORD COMONS DRIVE
LOUISVILLE, KY 40299		 JEFFERSON HRAP Phase 8, Building 8, Units 101-104, 201-204. None Recorded/
Not Uploaded		 No 31.12% Approved 07/27/2012 09/11/2021
BROOKSHIRE VILLAGE CONDOMINIUM A002561 001 6716 WYNDE MANOR DR
LOUISVILLE, KY 40228		 JEFFERSON HRAP PHASE 1, BLDS 1-14,UNITS 1-52 DEED BK 7821 PG 16 PLAT BK 95, PGS 21-22 RECERTIFICATION DUE 7/13/11. Exists Recorded/
Not Uploaded		 No 13.46% Approved 08/23/2019 08/23/2021
CANTERING HILLS @ STEEPLECHASE A002597 001 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP 227 Units None Recorded/
Not Uploaded		 No 16.66% Approved 02/12/2019 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 002 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 10, bldg 22, 5 units None Recorded/
Not Uploaded		 No 16.66% Approved 07/15/2011 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 003 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 10 None Recorded/
Not Uploaded		 No 16.66% Approved 08/09/2011 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 004 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 9, 4 units None Recorded/
Not Uploaded		 No 16.66% Approved 10/21/2011 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 005 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phases 11 & 12, 3 & 6 Units. None Recorded/
Not Uploaded		 No 16.66% Approved 12/14/2012 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 006 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP phase 13, 4 units None Recorded/
Not Uploaded		 No 16.66% Approved 02/06/2014 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 007 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 14, building 24, 8 units Exists Recorded/
Not Uploaded		 No 16.66% RejectedOther (specify in comments) 12/11/2014 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 008 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase XIV Building 24, 8 units None Recorded/
Not Uploaded		 No 16.66% Approved 10/22/2015 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 009 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP phase 15, building 18, 6 units, a, b, c, d, e, f None Recorded/
Not Uploaded		 No 16.66% Approved 03/16/2016 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 010 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 16, 6 units, bldg. 19, a b c d e f None Recorded/
Not Uploaded		 No 16.66% Approved 01/26/2017 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 011 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 17, 4 units, building 21 A-D None Recorded/
Not Uploaded		 No 16.66% Approved 06/28/2017 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 012 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 19, 4 units, building 11 None Recorded/
Not Uploaded		 No 16.66% Approved 08/08/2018 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 013 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 18, 2 units Building 39 None Recorded/
Not Uploaded		 No 16.66% Approved 08/08/2018 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 014 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 20, bldg. 33 2 units A & B None Recorded/
Not Uploaded		 No 16.66% Approved 02/27/2019 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 015 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 22, 4 units None Recorded/
Not Uploaded		 No 16.66% Approved 06/05/2019 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 016 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP phase 21, 6 units None Recorded/
Not Uploaded		 No 16.66% Approved 06/05/2019 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 017 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 24, 3 units – CHTH 31 ABC BUILDING 31 None Recorded/
Not Uploaded		 No 16.66% Approved 08/15/2019 02/12/2021
CANTERING HILLS @ STEEPLECHASE A002597 018 837 FOINAVAON LN
WALTON, KY 41094		 BOONE HRAP Phase 23, bldg. 32, 3 units, abc None Recorded/
Not Uploaded		 No 16.66% Approved 08/15/2019 02/12/2021
CARRIAGE HOUSE COMDOMINIUMS A005911 001 CARRIAGE HOUSE DRIVE
FORT THOMAS, KY 41075		 CAMPBELL HRAP 1 BUILDING, 30 UNITS None Recorded/
Not Uploaded		 No 26.66% Approved 02/14/2019 02/14/2021
CHAMBERLAIN GARDENS A007735 001 POB 23010
LOUISVILLE, KY 40223		 JEFFERSON HRAP 32 Units/4 Buildings (10500-10503, 8 Units per Building) None Recorded/
Not Uploaded		 No 31.25% Approved 06/19/2019 06/19/2021
CHATEAU SQUARE CONDOMINIUM A002690 001 1934 GOLDSMITH LANE
LOUISVILLE, KY 40218		 JEFFERSON HRAP 36 Units, 6 Buildings. Bk 4850 Pg 896, 4/27/1976. Exists Recorded/
Not Uploaded		 No 27.77% Approved 02/12/2019 02/12/2021
CHEVAL PLACE CONDOMINIUMS A002560 001 3205 CHEVAL WAY
LOUISVILLE, KY 40299		 JEFFERSON HRAP 18 UNITS ; 3 BUILDINGS Exists Recorded/
Not Uploaded		 No 38.88% Approved 09/21/2018 09/21/2020
CITATION POINTE A002595 001 2312 REMINGTON WAY
LEXINGTON, KY 40511		 FAYETTE HRAP PHASES 1-4, BK 70, PG 338 None Recorded/
Not Uploaded		 No 11.66% Approved 05/10/2018 05/10/2020
CLARE LANE TOWNHOME A010249 001 400 CLARE LANE
LOUISVILLE, KY 40206		 JEFFERSON HRAP Multiple townhome style buildings. Total 18 units. Exists Recorded/
Not Uploaded		 No 11.11% Approved 10/03/2018 10/03/2020
COBBLESTONE CONDOMINIUM A002523 001 5137 MAGDALEN SQUARE
LOUISVILLE, KY 40241		 JEFFERSON HRAP 140 RESIDENTIAL UNITS Exists Recorded/
Not Uploaded		 No 6.42% Approved 05/08/2019 05/08/2021
COLONIAL WOODS CONDOMINIUMS A002610 001 COLONIAL WOODS COURT
LOUISVILLE, KY 40223		 JEFFERSON HRAP 67 UNITS. Exists Recorded/
Not Uploaded		 No 16.41% Approved 04/02/2018 04/02/2020
CORRELL PLACE CONDOMINIUMS A009429 001 7200 CORRELL PLACE DRIVE
LOUISVILLE, KY 40228		 JEFFERSON HRAP 3 Buildings, 20 Units. Exists Recorded/
Not Uploaded		 No 25.00% Approved 02/01/2019 02/01/2021
COTTONWOOD A002540 001 SCHOEFFE AVENUE
LOUISVILLE, KY 40206		 JEFFERSON HRAP RECORDED PB 88, PP. 23 THRU 24. RECERTIFICATION DUE 8-8-04 -LY None Recorded/
Not Uploaded		 No 37.50% Approved 05/16/2019 05/16/2021
CREEKWOOD CONDOMINIUM A002541 001 FAIRGROUND ROAD
LOUISVILLE, KY 40291		 JEFFERSON HRAP Multiple buildings. Phases 1 thru 14 approved. Total 80 units. Exists Recorded/
Not Uploaded		 No 11.25% Approved 09/13/2018 09/13/2020
CRESCENT CROSSING CONDOMINIUM A008240 001 114 CRESCENT AVE
LOUISVILLE, KY 40206		 JEFFERSON HRAP 22 units located in a two story building. None Recorded/
Not Uploaded		 No 9.09% Approved 02/28/2019 02/28/2021
CROSSINGS AT COOPER CHAPEL A002575 001 BROOK BEND WAY
LOUISVILLE, KY 40229		 JEFFERSON HRAP OK TO PROCESS – PHASES 3-5, PHASES 6-7 None Recorded/
Not Uploaded		 No 15.00% Approved 04/18/2019 04/18/2021
CROSSINGS AT COOPER CHAPEL A002575 002 BROOK BEND WAY
LOUISVILLE, KY 40229		 JEFFERSON HRAP phases 9 None Recorded/
Not Uploaded		 No 15.00% Approved 10/16/2014 04/18/2021
DORSEY HILLS CONDOMINIUM A002621 001 10601 MCMEEKIN LANE
LOUISVILLE, KY 40223		 JEFFERSON HRAP Multiple buildings. Total units 184. None Recorded/
Not Uploaded		 No 4.34% Approved 04/10/2019 04/10/2021
DOUGLASS HILLS A002694 001 800 LOGSDON CT
LOUISVILLE, KY 40243		 JEFFERSON HRAP 137 UNITS APPROVED. None Recorded/
Not Uploaded		 No 26.27% Approved 03/28/2018 03/28/2020
EMERALD SPRINGS A002543 001 ANDERSON RD/BROMBERG-CRESCENT SPRINGS RD
CRESCENT SPRINGS, KY 41017		 KENTON HRAP 234 Units. Lots 1-22. Exists Recorded/
Not Uploaded		 No 5.55% Approved 05/09/2018 05/09/2020
EVERGREEN POINT CONDOMINIUM A005762 001 250 MIDDLETOWN SQUARE
LOUISVILLE, KY 40243		 JEFFERSON HRAP Only 66 units approved. Unit(#252) is ineligible for FHA financing only. No other units may be added to this project for FHA financing. None Recorded/
Not Uploaded		 No 43.93% Approved 08/08/2018 08/08/2020
EVERGREEN POINT CONDOMINIUM A005762 002 250 MIDDLETOWN SQUARE
LOUISVILLE, KY 40243		 JEFFERSON HRAP Phase 2 Building 1 (24 units) None Recorded/
Not Uploaded		 No 43.93% Approved 02/18/2010 08/08/2020
FAIRWAYS AT MEADOWOOD CONDO A002579 001 BURLINGTON, KY 41005 BOONE HRAP Multiple buildings, phased developement. When completed 313 units. Currently 201 units approved, phases 1 thru 33. Exists Recorded/
Not Uploaded		 No 1.14% Approved 02/12/2019 02/12/2021
FAIRWAYS AT MEADOWOOD CONDO A002579 002 BURLINGTON, KY 41005 BOONE HRAP Phase 34, 4 units, bldg. 133 None Recorded/
Not Uploaded		 No 1.14% Approved 02/01/2017 02/12/2021
FAIRWAYS AT MEADOWOOD CONDO A002579 003 BURLINGTON, KY 41005 BOONE HRAP Phase 35, 6 units, bldg. 134 None Recorded/
Not Uploaded		 No 1.14% Approved 08/09/2017 02/12/2021
FAIRWAYS AT MEADOWOOD CONDO A002579 004 BURLINGTON, KY 41005 BOONE HRAP 8 units, phase 36, building 132 None Recorded/
Not Uploaded		 No 1.14% Approved 08/09/2018 02/12/2021
Begin Date:
End Date:

Condominiums as of 09/27/2019
(58 records were selected, records 51 through 58 displayed)

Condo
Name		 Condo ID /
Submission		 Address County Approval
Method		 Composition
of Project		 Comments Document
Status		 Manufactured
Housing		 FHA
Concentration		 Status Status
Date		 Expiration
Date
TREIS CONDOMINIUMS A002535 001 MURPHAY LANE
LOUISVILLE, KY 40245		 JEFFERSON HRAP Ten buildings total 78 units. None Recorded/
Not Uploaded		 No 32.05% Approved 10/05/2017 10/05/2019
(nearing expiration)
VILLAGE OF WHITE OAKS* A002537 001 1101 POWERHOUSE
LOUISVILLE, KY 40242		 JEFFERSON HRAP 40 units, 4 buildings, 1 phase
*FULL NAME FOR PROJECT: VILLAGE OF WHITE OAKS CONDOMINIUM		 None Recorded/
Not Uploaded		 No 30.00% Approved 06/26/2019 06/26/2021
WHIPPS MILL WOODS A002715 001 WHIPPS MILL RD
LOUISVILLE, KY 40233		 JEFFERSON HRAP 36 Units. Exists Recorded/
Not Uploaded		 No 33.33% Approved 10/04/2017 10/04/2019
(nearing expiration)
WOODBOURNE CONDOMINIUMS A002583 001 2304-2310 WOODBOURNE AVE
LOUISVILLE, KY 40205		 JEFFERSON HRAP 16UNITS Exists Recorded/
Not Uploaded		 No 0.00% Approved 03/05/2018 03/05/2020
WOODRIDGE LAKE PATIO HOMES A002558 001 RIDGE LAKE DR
LOUISVILLE, KY 40272		 JEFFERSON HRAP BUILDINGS 1-4, RECORDED PLATBOOK NO 94, PG 1601, BLDG 5 & 6, DB 81 18, BLDGS 7 AND 8 DB 08769PG0574 BLDG 13,14,15 None Recorded/
Not Uploaded		 No 10.52% Approved 06/05/2019 06/05/2021
WOODRIDGE LAKE PATIO HOMES A002558 002 RIDGE LAKE DR
LOUISVILLE, KY 40272		 JEFFERSON HRAP Building 9&10 (8 units) Building 11&12 (8 units) Units 61-66 Exists Recorded/
Not Uploaded		 No 10.52% Approved 07/01/2010 06/05/2021
WOODS OF ST. ANDREWS A002564 001 295 N. HUBBARDS LN
LOUISVILLE, KY 40214		 JEFFERSON HRAP 5 building completed None Recorded/
Not Uploaded		 No 35.93% Approved 07/18/2018 07/18/2020
WORTHINGTON GLEN CONDOMINIUMS A002684 001 10200 WORTHINGTON GLEN DRIVE
LOUISVILLE, KY 40241		 JEFFERSON HRAP 10 Buildings, 268 Units. Exists Recorded/
Not Uploaded		 No 14.92% Approved 08/22/2019 08/22/2021
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

Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans

Maximum Repair Escrow Amounts for Kentucky Mortgages: 


 

escrowsholdbacks

Most Kentucky mortgage lenders prefer that each property be 100% complete at the time of closing; however, there are situations that warrant exceptions for escrow holdbacks, such as weather-related circumstances, lack of materials available for finishing, foreclosure sales and short-sales where the seller cannot or will not allow property repairs to be completed prior to closing, among others.

Escrow holdbacks are used to facilitate loan closings for properties that are ready for occupancy but that require minimal completion or repair per the appraisal. The buyer or seller is required to establish a cash escrow that will ensure the completion of the required repairs. The cash escrow will be 1.5 times the cost of the estimated repairs (non-HUD REO properties). The proceeds of the cash escrow are held in an escrow account  until the incomplete items or repair requirements are completed.

Upon completion of the repairs, a final inspection by the appraiser will be required to release funds. Therefore, a Change of Circumstance form to add the inspection fee must be submitted within within 3 days of notification of repair requirements.

Maximum Repair Escrow Amounts for Kentucky Mortgages: 

Kentucky Fannie Mae Loans:
The cost of completing improvements must not represent more than 10% of the “as completed” appraised value of the property.

Kentukcy FHA Loans:
There is no maximum amount to be held in escrow for the cost of repairs required by appraiser.

Kentucky FHA Loans: (HUD REO):
The maximum limit of cost of repairs for escrow holdback is $10,000, plus $1,000 contingency included in the loan amount.

Kentukcy VA Loans:
There is no maximum amount to be held in escrow for the cost of repairs required by appraiser.

Kentucky USDA Loans:
The maximum amount to be held in escrow for repairs required by appraiser cannot exceed $5,000.

Conventional & FHA Repair Escrow Options are available!
CONVENTIONAL

Buyer funded Max. 10% “As Completed Value” 
Any safety, soundness or structural repairs are ineligible
90 days to complete the work$200 Re-inspection fee

FHA

Buyer funded; max.
$5,000 HUD REO must be financed in the loan, max. $10,000
Any safety, soundness or structural repairs are ineligible
Max. $5,000 with $5,500 total escrow hold back with contingency reserve 90 days to complete work
$200 Re-inspection fee

 ​Buying a Kentucky Home No Money Down with a Conventional Loan from Kentucky Housing Down Payment Assistance​​

Buying a Kentucky Home No Money Down with a Conventional Loan from Kentucky Housing Down Payment Assistance​​


​

Conventional Loan with Kentucky Housing Down Payment Assistance​​

How to Buy a House In Kentucky With No Down Payment.

😃

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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#57916http://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.

How to Qualify For A Kentucky Mortgage Loan

Conventional loans follow guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac.
FHA loans are insured by the Federal Housing Administration.
VA loans are guaranteed by the U.S. Department of Veterans Affairs.
USDA loans are backed by the U.S. Department of Agriculture to finance homes in USDA-eligible rural area


 

When it comes to get a mortgage loan in Kentucky, lenders will look at your credit, income and work history, and assets (money in the bank, 401k etc)

Debt to Income Ratio For Mortgage Loans. 

DTI ratio. Lenders divide your total debt by your pretax income to determine your DTI ratio. It’s an important measure used to determine whether you can repay the loan.

 

Most mortgages loans in the Secondary Market are ran through an Automated Underwriting System  called Desktop Underwriting for Conventional, FHA, VA mortgage loans and GUS for USDA loans for a pre-approval (GUS, DU, DO LP) and it will state your max house payment in relation to your gross monthly income vs. monthly payments on the credit report. Car insurance, utilities bills, cell phone, internet, net flix etc, is not part of the debt to income requirements.

Most ratios have a front end and back end requirement, with 40% to 45% on the high-end and 55% on the backend ratio if you get a underwriting recommendation of Approved Eligible.

Lower the credit score, reserves, job history, the lower the debt to income ratio will need to be. 

If you get  a  Refer/Eligible automated underwriting ,  recommendation  which is called a manual underwrite , the debt to income ratios will need to be around  29-31% on the front end ratio (house payment with piti) and the back end ratio will need to be no more than 43% (new house payment plus monthly payments on the credit report, and child support if applicable).

  • Kentucky FHA Mortgage loan credit score requirements:
  •  
  • The minimum credit score is 500 for Kentucky FHA loans. However please keep in mind these two things: 1. Lenders credit their own overlays to increase the credit score threshold, most being 620, and secondly, if your credit score is below 580, you would need 10% minimum down payment,  and if the credit score is over 580, then you can go with the minimum 3.5% down payment.
  • Obviously, if you have a higher credit score, this will increase your chances of getting approved for a Kentucky FHA Mortgage and possibly better rates and closing costs options.
 
  • Kentucky VA Mortgage  loans requirements : 
  •  
  • VA does not have a minimum credit score requirement, but if the credit score is below 620 few lenders will do the loan, but I am set up with several Kentucky VA lenders where I have closed them down to a 560 credit score, but the borrower had good compensating factors such as large down payment, low dti ratios, good job history and good residual income with no previous bankruptcies or foreclosures.
  • I would suggest if your credit scores are below 580, I would suggest on working on getting the scores up before you applied for a VA mortgage loan.
  • A lot of lenders will do a rapid rescore which in some cases can increase your credit scores in as little as 7-10 working days.
  • The federal Department of Veterans Affairs (VA) guarantees loans for current and former members of the military and their families. VA loans provide very favorable terms to eligible borrowers and have limited qualifying requirements. You can get a VA loan with no down payment so long as the home isn’t worth more than you pay for it, and there’s no minimum credit score to qualify. You also don’t have to pay for mortgage insurance, although you do have to pay an up-front funding fee of between .5% and 3.3% of the loan amount unless you fall within an exception for disabled vets or military widows or widowers.
  •  
  • Kentucky USDA Mortgage credit score requirements: 
  •  
  • According to their guidelines, USDA will go down to a 580 credit score, but most lenders will want a 640 credit score. USDA uses an online system to underwrite the risk of the loan, and scores under 640 are very difficult to get approved.
  •  
  • Validating the Credit Score.  Two or more eligible tradelines are necessary to validate an applicant’s credit report score.  Eligible tradelines consist of credit accounts (revolving, installment etc.) with at least 12 months of repayment history reported on the credit report.  At least one applicant whose income or assets are used for qualification must have a valid credit report score
  • The Rural Housing Service (RHS) operates under the federal Department of Agriculture to guarantee loans for rural home-buyers with limited income who can’t obtain conventional financing. The upside is that Kentucky USDA loans require no down payment. The downside is that they charge a steep up-front fee of 1% of the loan amount (which can be paid off over the entire loan term) and an annual fee of 0.35%.
  •  
  • Kentucky Fannie Mae and Freddie Mac Conventional Credit Score Requirements
These are considered “conventional loans’ that can be often be obtained with a 3% to 5% down payment. Of course, there are higher standards for conventional home financing. The most common minimum credit score requirement to get approved today is a 620 FICO. This type of score is typical for people that have high credit card balances or a few delinquent payments in their past. The general consensus on Freddie Mac and Fannie Mae loans in Kentucky is that a 620 score is the entry-point to qualify, but you will need thorough documentation of income with credit scores in the 620 to 640 range. You will have a better shot to be approved for a mortgage-backed by Fannie or Freddie with a 680-credit score and less strenuous underwriting.
  • Competitive Mortgage Rates and Fees
  • Monthly Mortgage Insurance Is Not Always Required
  • Ideal for First Time Home Buyers with Good Credit

As far as previous Bankruptcies and foreclosures:

Kentucky  FHA Mortgage Loans currently requires 3 years removal from a foreclosure or short sale  and 2 years on a bankruptcy with good re-established credit.

Kentucky Fannie Mae Mortgage Loans currently requires 4 years removal from bankruptcy, and 7 years on a foreclosure.

Kentucky VA Mortgage Loans currently requires 2 years of removal from bankruptcy or foreclosure with good re established credit.

Kentucky USDA loans require 3 years of removal from bankruptcy and foreclosure with good reestablished credit.

The most common minimum credit score requirement to get approved today is a 620 FICO

Assets

What the mortgage underwriter is looking for here is how much can you put down and secondly, how much will you have in reserves after the loan is made to help offset any financial emergencies in the future.

Do you have enough assets to put the money forth to qualify for the down payment that the particular program asks for? The only 100% financing or no money down loans still available in Kentucky for home buyers are available through USDA, VA, and KHC or Kentucky Housing Loans. Most other home buyers that don’t qualify for the no money down home loans mentioned above, will turn to the FHA program. FHA loans currently require a 3.5% down payment.

Kentucky Home buyers that have access to putting down at least 5% or more, will usually turn to Fannie Mae or Freddie Mac mortgage programs so they can get better pricing when it comes to mortgage insurance.

These assets need to be validated through bank accounts, 401k or retirements account and sometimes gifts from relatives or employer… Can you borrow the down payment? Sometimes. Generally, if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. FHA will allow for gifts from relatives for down payments with little as 3.5% down but Fannie Mae will require a 20% down payment when a gift is being used for the down payment on the home.

The down payment scenarios listed above are for Kentucky Primary Residences only. There are stricter  down payment requirements for investment homes made in Kentucky.

 

   
   
   
Conventional You want to make a 3% down payment and have a credit score of at least 620
FHA You have a credit score of 580 and can make a 3.5% down payment
You have a credit score of 500 and can make a 10% down payment
VA You’re an eligible active-duty service member, veteran or eligible spouse
You don’t have money for a down payment
You don’t want to pay mortgage insurance
You want the flexibility of a program with no minimum credit score
USDA You want to buy a home in a rural area with no down payment
You earn a low-to-moderate income
THINGS YOU SHOULD KNOW

A quick guide to loan types

  • 30-year fixed-rate loans allow you to pay a loan over a 30-year payment schedule
  • 15-year fixed-rate loans allow you to pay a loan off in 15 years
  • Conventional loans follow guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac.
  • FHA loans are insured by the Federal Housing Administration.
  • VA loans are guaranteed by the U.S. Department of Veterans Affairs.
  • USDA loans are backed by the U.S. Department of Agriculture to finance homes in USDA-eligible rural area

Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916
American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364

Text/call:      502-905-3708
email:          kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/






Text/call 502-905-3708 kentuckyloan@gmail.com

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.