Kentucky First Time Home Buyer Questions to Ask Your Lender?


 KHC's First Mortgage Government Loan Products

Kentucky First Time Home Buyer Questions to Ask Your Lender?

∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?

Answer. Most lenders will wants a middle credit score of 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 640 middle score on their programs.

If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.

Another popular no money down loan is VA. Most VA lenders will want a 620 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.

A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.

 

Does it costs anything to get pre-approved for a mortgage loan?

Answer: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application.
∘ How long does it take to get approved for a mortgage loan in Kentucky?

Answer: Typically if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours. They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System.

If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios,  or lack of down payment,  the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer

Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers?

Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs
∘ When can I lock in my interest rate to protect it from going up when I buy my first home?

Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future.

Interest rates are kinda like gas prices, they change daily, and the general trend is that they have been going up since the Presidential election in November 2016.
∘ How much money do I need to pay to close the loan?

Answer: Depending on which loan program you choose, the outlay to close the loan can vary. Typically you will need to budget for the following to buy a home: Good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $400-$450 for an appraisal fee; home inspection fees. Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDAS, Fannie Mae does not require a termite report, but most borrowers get one done.

There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiated the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit.

The lender has to issue a breakdown of the fees you will incur on your loan pre-approval.
How long is my pre-approval good for on a Kentucky Mortgage Loan?

Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval.

 

How much money do I have to make to qualify for a mortgage loan in Kentucky?

Answer: The general rule for most FHA, VA, KHC, USDA and Fannie MAe loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios.

There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, is the new house payment divided by your gross monthly income.  The back-end ratio, is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans.

Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations.

If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio.

So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan?

Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio.

Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio.

So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.

 

 

 

 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
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). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

 

6 options for buying a home with little or no money down


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You’ve got great credit, a stable job, low debt, and money in the bank — but just not enough to make a down payment. Fortunately, there are many programs out there designed to give you that dream home with little to no money down.

Source: 6 options for buying a home with little or no money down

 

 

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Kentucky FHA Loans Compared to Kentucky Conventional Loans


 

When it comes to financing a home a buyer is faced with the decision of what type of loan they want. The two most common choices are FHA or Conventional. Both have their advantages and disadvantages. Follow the chart below to see which one is a fit for you!

For more information on homes available for FHA or Conventional

Which Loan is better for you?

Kentucky FHA Loans are good for borrowers who have the following:

• Credit scores less than 680.
• Less than 5% down payment and no reserves to use.
• Borrowers with past foreclosures between 3 and 7 years old.
• Borrowers with past short sales between 2 and 4 years old.
• Borrowers who need a gift for the down payment and/or closing costs, prepaid taxes and
insurance.
The FHA Mortgage Insurance premium is a premium that exists for the FHA Loan that is
paid up front and monthly by the homebuyer. This premium protects the lender should the
buyer default. They vary per state and per type of loan Kentucky home buyers qualify for. In Kentucky, upfront mortgage insurance premiums are 1.75%.
Below are the rates per type of loan:
• 15-Year Fixed with down payment more than 10%: .45%
• 15-Year Fixed with down payment less than 10%: .70%
• 30-Year Fixed with down payment more than 5%: .80%
• 30-Year Fixed with down payment less than 5%: .85%

Kentucky Conventional loans are usually reserved for the following:

• Credit scores greater than 680
• Greater than or equal to  5% down payment with reserves
• Borrowers with past foreclosures over 7 years old.
• Borrowers with past short sales between 5-7 years old.
• Borrowers who have a lot of money saved up and want to get rid of mortgage insurance within the first 5 years give or take. 20% equity position is needed for no mi

The biggest difference between conventional loans and FHA loans comes down to the mortgage insurance.  Mortgage insurance is more expensive for FHA loans, but the trade off is a lower fixed rate than conventional loans.

On Conventional loans there is no upfront mortgage insurance like FHA, and if you have a high credit score you can possibly get a lower monthly mi premium as compared to FHA where everybody gets the same mortgage insurance premium not matter your credit score or down payment. 

Lastly, FHA Mortgage insurance is for life of loan, whereas Conventional mortgage insurance or pmi it’s called, is discontinued once you reach the 80% threshold equity position of your home loan.

Again, I would not get too caught in FHA having mortgage insurance for life of loan, because most loans are only kept open a minimum of 5-7 years so a lot of times it may make sense to go with the lower rate and pay the mortgage insurance with FHA because most people don’t hold their mortgage for 30 years.

 

You can call or text me with your questions and we can compare the differences based on your credit score, down payment and income.

 

FHA vs conventional loans comparison chart

Equal Housing Lender.  NMLS#:57916 http://www.nmlsconsumeraccess.org/Rates, terms, and program information are subject to change without notice. Subject to certain approvals, terms and conditions. This is not a commitment to lend.

Not part of any government lending agency and only lending in the State of Kentucky.

Looking at FHA loans vs Conventional loans can arm you with a lot of valuable information as these are the 2 most popular mortgage loan products today. Before getting to the content let’s look at some abbreviations that will need to be defined.

 

  • PMI stands for Private Mortgage Insurance
  • MIP stands for Mortgage Insurance Premium
  • Credit Scores are a numerical measure of your credit worthiness, the maximum score is 850
  • Debt-to-Income Ratio measures your monthly income versus your monthly obligations. A good rule of thumb is to try to be below 45%

 

FHA Loans vs Conventional Loans

 

fha loans vs conventional loans

 

Conventional Mortgage Benefits

 

  • Minimum Down Payment is 5%
  • Maximum loan amount is $424,100
  • 20% down payment preferred to avoid PMI
  • No upfront PMI
  • 3% Down Payment Conventional Loan Option is available
  • Mortgage Insurance is cheaper on a Conventional Loan at .51%
  • PMI expires once principal balance is less than 78%
  • Houses do not have to be owner-occupied (so they can be used at rentals)
  • Can purchase any condominium and townhome (no FHA regulations)

 

Conventional Mortgage Disadvantages

 

  • Significant upfront investment (20% down preferred)
  • Credit score of 620 required
  • No Down Payment Assistance
  • Down Payment must be at least 5% unless you qualify for a 3% conventional mortgage
  • Harder to Qualify for a Conventional Mortgage
  • No government inspection so the home can be in any quality
  • Only a portion of a down payment can be a gift
  • Interest rates are higher than FHA loans

 

Most of the disadvantages of conventional mortgages stem around qualifications and resources needed upfront. If a borrower has significant resources most of these disadvantages are of little consequence.

 

Conventional loan rates today

 

FHA Loan Advantages

 

The major advantage to going with an FHA loan is that there are much more lax credit standards you have to meet to obtain financing. Usually, FHA mortgages require a lower down payment, can work with lower credit scores, less elapsed time is needed if you have some credit problems (charge-offs, foreclosures) and you can use a non-occupant co-borrower or co-signer (who is a relative) to help you qualify for the loan. That way you can use blended ratios. Blended ratios are debt-to-income ratios that equally blend or combine the primary borrower’s income and the non-occupant co-borrower’s income and monthly payments to help get approval for the loan. Except for HomeReady (formerly Fannie Mae HomePath) mortgages, conventional loans do not allow you to use a non-occupant co-borrower.

 

  • Government-backed program. Ideal for first-time home buyers
  • Easier to obtain, lower credit scores needed and lower minimum down payment
  • Down Payment minimum is 3.5%
  • All of down payment can be a gift
  • Down Payment Assistance Available (in some circumstances)
  • No reserves required
  • Minimum credit score is 580 (for 3.5% down payment)
  • Home has to meet a minimum condition to be approved for FHA so there are less potential upfront repairs needed
  • Lower interest rates than conventional mortgages

 

 

FHA Loan Disadvantages

 

  • FHA loans require the owners to live in the home
  • Mortgage Insurance Premium required if borrowers put down less than 10%
  • Private Mortgage Insurance monthly cost is higher for FHA loans
  • Government Licensed Inspector required to inspect home before sale can be approved
  • FHA maximum loan limit is $271,050
  • Condominiums require FHA approval
  • FHA Loans take longer to process because of government requirements and all mandated repairs have to be completed before sales can be finalized

 

Most of these disadvantages involve extra requirements or limits added to the process of the house (see Pros and Cons of FHA Loans). Some of these might not be disadvantages depending on one’s personal situation, but they are extra steps to note. Since FHA mortgages are a government program, more care and consideration goes into the process, which may be better in some situations.

 

FHA loan rates today

 

Compare and Contrast FHA loans vs Conventional loans

 

There are four important numbers in deciding which loan you will go with: credit scores, down payment amount, debt-to-income, and mortgage insurance percentage rate. Conventional mortgages and FHA home loans have different limits and rates which are important to examine. They also have important differences which affect the availability of properties, the condition of the properties one wishes to buy and how your down payment can be paid. So comparing FHA loans vs Conventional loans can sometimes be a tricky endeavor.

 

Down Payment Requirements

 

  • Conventional Mortgages require between 5 and 20% upfront
    • In certain circumstances, down payments can be as low as 3% (Conventional 97 loan program)
  • FHA Mortgages have 2 possibilities
    • If Credit Score is 500-579 then 10% down payment is required (not all lenders will even go down this low)
    • If Credit Score is 580+ then 3.5% down payment is required

 

 

Debt-to-Income Ratio

 

  • Conventional Mortgages’ maximum debt-to-income ratio is 43% (hard cap)
  • FHA Mortgages’ maximum debt-to-income ratio is 45%
    • Soft cap as in certain circumstances this can be adjusted up to 50%

 

Mortgage Insurance Premium Rates

 

  • Conventional Mortgages PMI rate is .51% PMI
  • FHA Mortgages
    • If Down Payment is 10% or more the percentage is .80% MIP
    • If Down Payment is less than 10% the rate is .85% MIP.

 

Credit Score Minimum Requirement

 

  • Conventional Mortgage minimum credit score
    • Most lenders will require between 620 and 640
    • Some lenders it will be as high as 700
  • FHA Mortgage minimum credit score
    • Credit Score is a minimum of 500 if putting 10% down
    • Credit Score is a minimum of 580 if not

 

 

These four numbers are important to know and will affect one’s decision to pursue a particular type of home loan. Knowing your combination of numbers as you are looking to buy a house will help buyers find the best loans for their particular situation.

 

Other Comparisons

 

  • All sellers will take conventional mortgages and some sellers will not take FHA Loans
    • People looking for short-sells won’t take FHA because FHA has a longer closing process.
    • If sellers know there are FHA repairs that are needed in order to sell their house, they will not always accept FHA financing.

 

Thus, if one is wanting a low-risk transaction then the FHA home loan route is a better option to pursue, even though it limits your options for homes that you might wish to buy. If one is looking to fix-up a house and raise its equity quickly then a conventional loan is going to be more beneficial because there are no requirements as to the condition of the house and it’s occupied status.

 

Down Payment Gifting

 

  • Making the Down Payments (Assistance and Gifts)
    • Conventional mortgages have no assistance but can be partially fulfilled with a gift
    • FHA Mortgages have loans and assistance programs available and the whole down payment can be fulfilled with a gift

 

In this article, we have given you the basic parameters of FHA loans vs Conventional loans. The conventional loans are for people who have a better financial track record and can handle a larger upfront cost. Because of PMI, conventional loans are cheaper in the long run if you can put enough of a down payment to get rid of PMI. However, there are no down payment assistance programs to help you reach that goal. FHA loans are for people who are looking to build their investment and in some cases may not have a great financial track record. FHA loans have lower down payment requirements and many grants/forgivable loans to help people wanting to buy a first house in which to live for at least a few years. It is important to assess your situation and decide which mortgage is going to work better for your circumstances.

 

Conclusion

 

Both mortgages have a lot of benefits and drawbacks because they are designed for people with different needs. This article has hopefully helped you to get a basic understanding of the different terms and conditions of different mortgage packages when looking at FHA loans vs Conventional loans. Home buying can be an emotional roller coaster and the knowledge in this article will help you navigate the various emotional struggles of home buying.

 

 

 

 

 

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Kentucky Rural Housing Homes for Sale 2018 Foreclosures USDA


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Your properties subscription for USDA Single Family Housing is as of 10/30/2018
State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD
Address Bed/Bath Price
106 Circle Dr. 4/2 $71,020.00 – GovtBid
Russellville, KY 42276 Foreclosure Sale
458 Bowling Flts 3/1 $26,800.00 – GovtBid
Olive Hill, KY 41164 Foreclosure Sale
5502 3/1 $61,075.00 – GovtBid
Owensboro, KY 42301 Foreclosure Sale
507 N. College Street 3/1 $14,070.00 – GovtBid
Fulton, KY , KY 42041 Foreclosure Sale
21 Lesley Lane 3/2 $77,135.00 – GovtBid
Eddyville, KY 42038 Foreclosure Sale
507 Harrison Hollow Rd 2/1 $40,200.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
10075 KY Highway 1247 2/1 $20,435.00 – GovtBid
Waynesburg, KY 40489 Foreclosure Sale
806 Marie Street 3/1 $46,720.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale
19 Bon Jan Lane 3/1 $36,850.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
6 Clear Pine Dr. 2/1 $30,485.00 – GovtBid
Pine Knot, KY 42635 Foreclosure Sale
370 Sycamore St. 3/1 $26,130.00 – GovtBid
Brodhead, KY 40409 Foreclosure Sale
3793 Sunbeam Rd. 3/2 $30,150.00 – GovtBid
Leitchfield, KY 42754 Foreclosure Sale
5983 US Highway 68 W. 3/1.5 $37,520.00 – GovtBid
Benton, KY 42025 Foreclosure Sale
1502 3/2 $30,150.00 – GovtBid
Greasy Creek, KY 41562 Foreclosure Sale
42 Herald Lane 3/1 $14,740.00 – GovtBid
Prestonsburg, KY 41653 Foreclosure Sale
1085 Ashley Way 3/2 $84,555.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
204 Wayne Court 2/2 $90,705.00 – GovtBid
Winchester, KY 40391 Foreclosure Sale
5875 Morgantown Rd. 4/3 $65,450.00 – GovtBid
Russellville, KY 42276 Foreclosure Sale
702 Catlett Street 2/1 $5,360.00 – GovtBid
Hickman, KY 42050 Foreclosure Sale
1342 Left Rork of Joes Cr 3/1 $23,450.00 – GovtBid
Pikeville, KY 41501 Foreclosure Sale
117 Creekside Dr 3/2 $130,145.00 – GovtBid
Danville, KY 40422 Foreclosure Sale
1514 W Broadway 2/1 $24,790.00 – GovtBid
Mayfield, KY 42066 Foreclosure Sale
1618 Cedar Springs Court 3/2 $78,685.00 – GovtBid
LaGrange, KY 40031 Foreclosure Sale

 

 

 

 

***********Please Do Not Reply To This Message**********
Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 01/24/2018
State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD
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Address Bed/Bath Price
535 Hillview st 3/1 $35,510.00 – GovtBid
Grayson, KY 411431462 Foreclosure Sale
213 State Route 716 3/2 $50,710.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
2185 State Highway 1661 3/2 $53,600.00 – GovtBid
grayson, KY 411436823 Foreclosure Sale
240 hugh St 3/2 $24,790.00 – GovtBid
Grayson, KY 411431911 Foreclosure Sale
832 Daniels Drive 3/1 $28,140.00 – GovtBid
Worthington, KY 41183 Foreclosure Sale
175 Blue Jay Circle 4/2 $53,600.00 – GovtBid
Falmouth, KY 41040 Foreclosure Sale
1345 Alton Station Rd 3/1.5 $64,990.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
309 Windham Hill Court 3/2 $40,200.00 – GovtBid
Paris, KY 40361 Foreclosure Sale
235 Fuller Br 3/1 $55,720.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
302 E. St 3/1 $37,455.00 – GovtBid
Mt. Sterling, KY 40353 Foreclosure Sale
101 Maple Street 2/1 $73,885.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
72 Cedar Brook Court 3/1 $35,510.00 – GovtBid
Cynthiana, KY 41301 Foreclosure Sale
503 Sheffield 3/2 $103,080.00 – GovtBid
Woodford, KY 40383 Foreclosure Sale
177 Ramey Rd. 3/1 $44,960.00 – GovtBid
Sharpsburg, KY 40374 Foreclosure Sale
114 Judy Lynn Ct. 3/2 $82,930.00 – GovtBid
Shepherdsville, KY 40165 Foreclosure Sale
300 Skyview Drive 3/1 $79,930.00 – GovtBid
Paris, KY 40361 Foreclosure Sale

 

 

 

 

 

 

 

 

 

 

Address Bed/Bath Price
206 Maysville Road 1/1 $26,800.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
23 Hale St. 3/1 $26,800.00 – GovtBid
Stanton, KY 40380 Foreclosure Sale
500 White Oak Rd 3/2 $17,000.00 – GovtBid
Irvine, KY 40336 Foreclosure Sale
148 Falls Lane 3/1 $33,500.00 – GovtBid
Clearfield, KY 40313 Foreclosure Sale
1023 Byrtle Grove Rd 3/1 $63,085.00 – GovtBid
Leitchfield, KY 42754 Foreclosure Sale
3465 Old Gallatin Rd 3/2 $42,950.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
1203 S 6th St 4/2 $12,500.00 – GovtBid
Mayfield, KY 42066 Foreclosure Sale
604 Wells Avenue 3/2 $16,750.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
15077 N. State Highway 7 3/1 $24,120.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale
1905 Stacy Lane Rd 3/1 $16,750.00 – GovtBid
Irvine, KY 40336 Foreclosure Sale
24 Golden Gates Drive 4/2 $47,570.00 – GovtBid
Wingo, KY 42088 Foreclosure Sale
406 Indian Hills Circle 3/1 $34,170.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
91 Roxanne St 3/1 $18,760.00 – GovtBid
Clearfield, KY 403139771 Foreclosure Sale
117 Beechmont Drive 3/1 $31,490.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
177 Crawford Rd 3/1 $30,820.00 – GovtBid
Clearfield, KY 403139648 Foreclosure Sale
2201 Brent Drive 3/1 $8,500.00 – GovtBid
Madisonville , KY 42431 Foreclosure Sale
1225 Tim Tam Way 3/2 $64,695.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
171 State Route 1461 3/2 $24,790.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
204 N. Madison St. 2/1 $26,800.00 – GovtBid
Owenton, KY 40359 Foreclosure Sale
125 Gloria Dr. 3/1 $36,850.00 – GovtBid
Shelbyville, KY 400658910 Foreclosure Sale
2 Pebble Court 3/1 $30,820.00 – GovtBid
Frankfort, KY 40601 Foreclosure Sale
381 Dunroven Dr. 4/1.5 $40,200.00 – GovtBid
Versailles, KY 40383 Foreclosure Sale
377 Damron Br. 3/1 $26,130.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale

 

 

 Mortgage Pre-Approval Checklist

 

  1. One full month’s or 30 days worth of pay stubs
  2. Last 2 years W-2′s
  3. Last 3 years tax returns
    4.  Last two months bank statements for all accounts including 401 k or retirement account if you have one.  
     _______________________________________________

 


I don’t need originals, copies are fine. You can fax or email me the above documents or meet me face-to-face if you wish.

Let me know your questions.

Thanks and look forward to helping you.

 

 

 

 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

 

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223


phone: (502) 905-3708

 Fax:     (502) 327-9119

kentuckyloan@gmail.com

 

 

http://www.mylouisvillekentuckymortgage.com

Dear Valued Customers –

With the upcoming Kentucky Rural Housing USDA program changes effective October 1, 2016, we  will be offering USDA training sessions next week to help prepare you for the enhancements to the USDA Program.

Beginning with Conditional Commitments issued by USDA on and after October 1, 2016, the up front guarantee fee will be reduced to 1.0% (currently 2.75%) and the annual fee will be reduced to 0.35% (currently 0.50%).  These changes make the USDA program a very attractive financing option for borrowers that need 100% financing and meet the USDA qualifications.

In addition to the USDA changes, Fairway is pleased to roll out the USDA Streamline Assist Program available immediately – which replaces the former USDA Refinance Pilot Program.  The USDA Streamline Assist program is offered nationally.

 

Now offering Kentucky Rural Development USDA loans

We are excited to offer you USDA loans as our new product offering. Guidelines have been posted on our website, and our EASY portal now allows USDA submissions.

Product Highlights:

  • 640+ FICO
  • 101% LTV including the Guarantee Fee
  • Max DTI and minimum reserves determined by GUS Underwriting Results
  • Owner Occupied, 1 unit properties only
  • Up to 6% Seller Concessions allowed
  • baner2_buyyourdreamhome

Kentucky Housing Corporation’s (KHC) master commissioner sales or Foreclosure Sales


Join Our Mailing List

BOONE
1122 WATERFORD COURT 4/19/2018
HEBRON, KY 41048-8312
FAYETTE
1900 SANDERSVILLE RD 4/9/2018
LEXINGTON, KY 40511
FLOYD
71 HATFIELD ESTATES 4/6/2018
PRESTONSBURG, KY 41653
HARDIN
98 MEADOWVIEW DR 4/4/2018
ELIZABETHTOWN, KY 42701
201 MASTERS ST 4/11/2018
ELIZABETHTOWN, KY 42701
HARRISON
136 SYCAMORE DRIVE 4/18/2018
CYNTHIANA, KY 41031
3311 N KY HWY 1842 4/20/2018
CYNTHIANA, KY 41031
JEFFERSON
1324 SHORT STREET 4/13/2018
LOUISVILLE, KY 40213
143 OUTER LOOP 4/13/2018
LOUISVILLE, KY 40214
4105 BUBBLING OVER DR 4/13/2018
LOUISVILLE, KY 40216
6344 DOE RUN ROAD 4/13/2018
LOUISVILLE, KY 40216
3123 DELL BROOKE AVE 4/13/2018
LOUISVILLE, KY 40220
821 CAMDEN AVENUE 5/11/2018
LOUISVILLE, KY 40215
KENTON
4210 NOLIN COURT UNIT 6 4/10/2018
ERLANGER, KY 41018
4108 WINSTON AVENUE 5/1/2018
COVINGTON, KY 41015
58 PARK AVE 5/8/2018
ELSMERE, KY 41018-1932
LOGAN
174 SUNSET ST 4/6/2018
LEWISBURG, KY 42256
MERCER
149 GRACE COURT 4/19/2018
HARRODSBURG, KY 40330
WEBSTER
176 CANDY LN 4/6/2018
PROVIDENCE, KY 42450
WOODFORD
268 BRYANWOOD DRIVE 4/20/2018
VERSAILLES, KY 40383

 

 

 

We are pleased to provide you with information about Kentucky Housing Corporation’s (KHC) master commissioner sales. These sales typically take place at the county courthouse where the property is located. The listings are arranged by county, according to the county in which the property is located.

 

If you do not see a county listed, there is not a property available in that county at this time.Please note: We are not able to send individualized emails for specific counties.

 

lease be advised, as of March 1, 2015, KHC will start bidding properties in at a specified percentage of fair market value instead of total debt on all FHA-insured properties.

 

 

BULLITT
179 WILDERNESS RD 10/25/2016
BROOKS, KY 40109
CASEY
292 CLEARY HILL ROAD 10/8/2016
LIBERTY, KY 42539
CHRISTIAN
1705 E 7TH STREET 10/3/2016
HOPKINSVILLE, KY 42240
DAVIESS
2024 BLUFF AVENUE 10/17/2016
OWENSBORO, KY 42303
3819 KIPLING DR 10/17/2016
OWENSBORO, KY 42303
FAYETTE
4000 BONANZA DRIVE 10/3/2016
LEXINGTON, KY 40509
1418 EDGELAWN AVENUE 10/24/2016
LEXINGTON, KY 40505
HARRISON
2018 KY HWY 1842W 10/21/2016
CYNTHIANA, KY 41031
JEFFERSON
242 DALE ROAD 10/18/2016
LOUISVILLE, KY 40229
9502 BAYBERRY GREEN LANE #203 11/18/2016
LOUISVILLE, KY 40291
5216 WINDY WILLOW DR 10/14/2016
LOUISVILLE, KY 40241
1500 LOU GENE AVENUE 10/21/2016
LOUISVILLE, KY 40216
KENTON
111 PARK AVE 10/11/2016
ELSMERE, KY 41018-1933
LINCOLN
292 GENTRY DR 10/21/2016
STANFORD, KY 40484
MADISON
219 BYBEE LOOP 11/30/2016
WACO, KY 40385
WARREN
627 FERN HILL ST 11/2/2016
BOWLING GREEN, KY 42101

 

The program is targeted to:
Households whose gross annual income does not exceed $35,000.
An existing or new construction property (purchase price limit $115,000).
640 minimum credit score.
FHA, VA or RHS first mortgage options.
Households who meet one of the following criteria:
At least one of the home buyers is age 62 or older.
At least one member of the household is disabled and is receiving disability income.
A single- or two-parent household with at least one dependent child under the age of 18 living in the household.
Borrowers with properties located in Non-targeted counties must be a first time homebuyer — no ownership interest in the last 3 years.
Borrowers with properties located in Targeted counties can be a repeat home buyer.
Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
2.00%
2.00%

RHS Streamlined-Assist Refinance Program
3.50%
.
RHS USDA Recent News
Good news! Kentucky Mortgage holders of USDA Mortgage loans can get  new drastically lower fees starts with commitments starting tomorrow October 1.  If you have an  USDA eligible Loan up to $417,000 with no money down in most Kentucky Counties.
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people.