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
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
When shopping for a Kentucky mortgage loan, keep in mind that mortgage rates can change daily. Different lenders have varying fees, and they may sell your loan to another bank. Your middle credit score is crucial, and good credit leads to better rates. Knowing your Annual Percentage Rate (APR) and reducing closing costs are important. Finally, you can refinance your home loan anytime and get a mortgage loan after a foreclosure with certain waiting periods.
Shopping for a Kentucky Mortgage Loan?
1. Mortgage Rates Change
Just like the stock market, mortgage rates change throughout the day. Mortgage rates you see today may not be available tomorrow. If you are in the market for a mortgage loan, be sure to check the current rates being offered by lenders. If you have already done your research and have found your dream home consider locking in your rate as soon as possible.
2. Different Lenders Charge Different Fees
Don’t expect every lender to charge the same fees for a mortgage loan. Every lender structures their fees differently, which is why it is important to shop with at least 3 lenders to compare. Next time you apply for a mortgage loan pay attention to the rates, points being charged and closing costs.
3. Lenders Can Sell Your Loan to Another Bank
Many borrowers have experience getting a mortgage loan with a certain lender only to find out that the loan has been sold to another bank. This occurs because lenders need to free up their liabilities in order to make room to give out more loans. This does not affect your mortgage whatsoever, but it’s important to pay close attention to your mortgage statement and any correspondence you receive in the mail to make sure you do not make payments to the wrong bank.
4. Your Middle Credit Score Matters
When you apply for a mortgage loan, the lender will pull your credit scores from three credit bureaus (Transunion, Equifax and Experian) to help them determined if you are credit worthy. Your middle score of the three is what lenders will use for loan qualification. However, the underwriter will review all three scores as part of the loan underwriting process. If you pull your own credit score through a website online, the credit scores displayed to you may be different than what lenders use because they use different reporting systems.
5. You Can Refinance Your Home Loan Anytime
You can refinance your mortgage anytime, but it doesn’t necessarily mean you should. Think about why you want to refinance. Is because you want to lower your monthly payments, to change the type of loan you are in or to take cash out from your equity? Whatever the reason is, make sure that it makes financial sense.
6. You Can Get a Mortgage Loan After a Foreclosure
Many homeowners have experienced a foreclosure after the recent mortgage crisis. There is good news for these borrowers because they can get a mortgage loan after foreclosure. There are waiting periods involved, for example, to apply for an FHA loan you must wait three years after foreclosure to apply. If you want to get a conventional loan the waiting period is seven years from foreclosure. For those seeking a VA loan, the waiting period is two-years.
There are exceptions to the waiting periods, but you have to show the lender that your foreclosure was caused by an event outside your control, such as losing your job or being seriously ill.
8. Good Credit Allows you to Get Better Mortgage Rates
Good credit scores mean a better rate in any type of loan, especially a mortgage loan. Your credit heavily impacts the type mortgage loan you will qualify for. To maintain a good credit report, make sure you monitored it closely. One of the advantages to good credit is that more banks will want to compete for your business, therefore giving you leverage to negotiate the closing costs.
9. Know Your Annual Percentage Rate (APR)
Knowing your APR will allow you see the true cost of your loan. While the interest rate shows the annual cost of your loan, the APR includes other fees such as origination points, admin fees, loan processing fees, underwriting fees, documentation fees, private mortgage insurance and escrow fees.
There may be more or less fees included in the ARP from what we mentioned. To be sure what fees are included in the APR, ask your lender to give you a breakdown of the closing costs included.
10. You Can Always Reduce Closing Costs
One way to reduce closing costs is to have the sellers contribute towards the closing costs when purchasing your home. This can be negotiated between the buyer and the sellers in the purchase contract. The amount the seller can contribute will depend on the type of loan. Another way to save on closing costs is to have the lender give you a credit to cover out of pocket loan costs.
Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916
American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364
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There are 4 basic things that a Kentucky-First Time Homebuyers in 2024 needs to show a lender in order to get approved for a mortgage. Each category has so many what-ifs and sub plots that each box can read as its own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you’re pretty much dead in the water:
1. Income
You need income. You need to be able to afford the home. But what is acceptable income? Let’s just say that there are two ratios mortgage underwriters look at to qualify you for mortgage payment:
First Ratio – The first ratio, top ratio or housing ratio. Basically, that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes, and Insurance. Whether you escrow or not every one of these items is factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.
Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 45% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.
What qualifies as income? Basically, it’s income that has at least a proven, two-year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable? Unverifiable cash income, short term income and income that’s not likely to continue like unemployment income, student loan aid, VA education benefits, or short term disability are not allowed for a mortgage loan.
2. 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. 3. Credit
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 580 to 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 580 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 trade lines are necessary to validate an applicant’s credit report score. Eligible trade lines 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.
4. Appraisal
Generally, there’s nothing you can do to affect this. The bottom line here is…..” is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally, you’ll find fewer issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the
Lower of the value or the contract price!!!
That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues….Talk to your loan officer.
For each one of these boxes, there are over 1,000 things that can affect if a borrower has reached the threshold to complete that box. So..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on!
Glossary of Mortgage Terms to Know For A Kentucky Mortgage Loan.
ACCRUED INTEREST: Accumulated interest since the principal investment that has not yet been paid. AMORTIZATION: Paying off debt, principal and interest, with a fixed repayment schedule in regular installments over a fixed period of time. ANNUAL PERCENTAGE RATE (APR): The annual rate charged for borrowing money expressed as a percentage. APR takes into account interest, discount points, lender fees and mortgage insurance. APPLICATION FEE: A fee charged by a lender to cover the initial costs of processing a loan application. APPRAISAL: A written estimate of a property’s current market value, based on the current condition of the property and recent sales information from similar properties in the same area. APPRAISAL FEE: The cost to have a licensed, certified appraiser estimate the market value of a property as of a specific date. BORROWER: An individual who receives a loan from a lender with the intention of repaying the loan in full over the agreed upon time-frame. CAP: A limit on the amount the interest rate can increase or decrease for an ARM, either in an adjustment period or over the life of the loan. CERTIFICATE OF ELIGIBILITY: A document given to qualified veterans entitling them to a VA loan. Obtained by sending DD-214 (Separation Paper) to the local VA office with VA form 1880 (request for Certificate of Eligibility). CERTIFICATE OF REASONABLE VALUE (CRV): An appraisal issued by the VA. CLOSING: Also called “settlement,” is when all parties in a mortgage loan transaction sign the necessary documents to legally transfer property and funds. CLOSING COSTS: Expenses incurred during the home purchase or refinance process that are paid at closing, including the loan origination fee, discount points, attorney’s fees, title insurance, appraisals, etc. CLOSING DISCLOSURE (CD): A five-page document listing final details about the mortgage such as loan terms, projected monthly payments and total closing costs. COMMITMENT LETTER: A legal document issued to a loan applicant from the lender to provide them with a mortgage under certain terms and conditions. COMPARABLES: An abbreviation for “comparable properties;” recently sold properties with similar characteristics and location to the subject property that help the appraiser determine the fair market value of the subject property. CONVENTIONAL LOAN: A loan not secured by the U.S. government, such as FHA, VA, or USDA. DEBT-TO-INCOME RATIO (DTI): A percentage of an individual’s debt, measured by dividing total monthly recurring debt payments by gross monthly income. DEED: A written legal document showing who owns a particular property. This must be signed to transfer a property’s ownership rights to a new homeowner. DEPARTMENT OF VETERANS AFFAIRS (VA): A government agency that manages benefits and other services for eligible veterans of the military. DOWN PAYMENT: The upfront money paid to purchase a home. It is deducted from the total amount of a mortgage and represents the beginning equity.
EARNEST MONEY: A security deposit made by a buyer to a seller to demonstrate that the buyer is serious and willing to purchase the property. EQUAL CREDIT OPPORTUNITY ACT (ECOA): Federal law enacted in 1974 making it unlawful for any creditor to discriminate based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. EQUITY: The portion of a property that homeowner owns. Equity is the difference between the home’s fair market value and the outstanding balance of the mortgage on the property. ESCROW: A third party that holds money to ensure pay property taxes, homeowner’s insurance or mortgage insurance is paid on time. HAZARD INSURANCE (HOMEOWNER’S INSURANCE): Protects a homeowner against loss due to fire or other natural disasters in exchange for a premium paid to the insurer. HOMEOWNERS ASSOCIATION (HOA): An organized group of owners, usually found in condominiums or closed communities, who manage the common areas and enforce rules. INTEREST RATE: The amount charged to borrow money from a lender, expressed as a percentage of the principal loan. LOAN ESTIMATE (LE): A three-page document that explains the important details about a borrower’s loan, including the estimated interest rate, monthly payment and total closing costs for the loan. The LE will be provided within three business days of the lender receiving the loan application. LOAN-TO-VALUE RATIO (LTV): The percentage of the loan amount to the appraised value of the property. LOCK-IN RATE: An offer by a lender to guarantee an interest rate for a set period of time. MARKET VALUE: Also called “home value;” the amount for which a house will likely sell. MORTGAGE INSURANCE (MI): Insurance that protects the lender if a borrower defaults on their mortgage loan. MI is usually required if the down payment is less than 20% of the purchase price. ORIGINATION FEE: A fee charged by a lender to cover the administrative costs of processing a loan. PREPAYMENT: An advanced principal payment prior to the due date, thus saving money on interest. PREPAYMENT PENALTY: A fee charged to borrowers for paying ahead on their mortgage. PRINCIPAL: Outstanding loan balance still owed to the lender, not including interest. REALTOR: A licensed real estate professional who represents a buyer or seller in a real estate transaction in exchange for a commission; a member of the National Association of Realtors. REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA): A federal law requiring lenders to provide disclosures to borrowers informing them of loan settlement costs. These guidelines provide acceptable practices and fees in real estate transactions. SECOND MORTGAGE: An additional mortgage, or lien, placed on a property with subordinate rights to the first mortgage. TERM: The period of time that covers the life of the loan, usually in years. TITLE: A document that indicates ownership of a property, as well as rights of ownership and possession of the property. TITLE INSURANCE: Insurance that protects the lender (lender’s policy) or the buyer (owner’s policy) against loss due to disputes over property ownership.
There are several alternative mortgage options available if you don’t have a down payment, haven’t established a strong credit history, or are unable to supply documentation for a “traditional” mortgage. Some options include:
DOWN PAYMENT ASSISTANCE (DPA) by KHC
These programs often come from states and municipalities allowing you to purchase a home with a smaller down payment. Many DPA programs come in the form of a repayable second mortgage or a deferred or forgiven grant
Kentucky FHA (FEDERAL HOUSING ADMINISTRATION)
An FHA loan is insured by the Federal Housing Administration and is ideal for low- or moderate-income individuals or families, or borrowers with past credit problems or limited down payment resources.
FHA loans are popular for Kentucky first-time home buyers because they offer down payment options as low as 3.5% and an upfront Mortgage Insurance Premium (MIP) financed into your loan amount. 100% of the money needed at closing is allowed to be a gift.
FHA also allows a “streamline” refinance when rates go down to lower your interest rate.
Kentucky VA (VETERAN’S ADMINISTRATION)
If you have served or are currently serving in the U.S. military, we thank you for your service! The VA loan program offers low rates and low- or no-money-down payment options. VA loans do not require mortgage insurance, and also offer a low-cost Interest Rate Reduction Loan (IRRL) program allowing you to refinance and lower your mortgage payment. The maximum VA loan amount varies, so check with your Mortgage Professional for up-to-date information.
Kentucky USDA Mortgage Loans
If you plan to live in a more rural area, the USDA (United States Department of Agriculture) has a variety of loans to help low- or moderate income individuals and families buy, repair or renovate a home. USDA loans often carry lower interest rates and do not require a cash down payment. Not all properties qualify, so check with your
KENTUCKY HOME PURCHASE DOCUMENT CHECKLIST
l. INCOME SALARY/HOURLY Most recent 30 days of pay stubs Last 2 years of W2s Most recent tax return (pages 1 and 2) SELF EMPLOYED (all schedules) 2 years personal tax returns 2 years business tax returns P&L and balance sheet through most recent quarter (FHA & Jumbo required) OTHER (Social Security/Pension/Annuity) 2 years 1099s Awards letter
ASSETS (every page)
Most recent 2 months bank statements Most recent quarterly statement for 401K, Retirement, Profit Sharing accounts
PROPERTY
Purchase Contract: disclosures, addendums,
copy of Earnest Money check
Homeowner’s Insurance: Agent name and
MISCELLANEOUS (if applicable) Divorce Decree *These documents may Child support order upon receipt of fully ex Bankruptcy documents with discharge VA: Certificate of Eligibility (COE) / DD-214 Papers OTHER PROPERTIES OWNED: Mortgage Statement Proof of Insurance Proof of any association fees
GIFT LETTER: Evidence of transfer/deposit (Conventional) Evidence of transfer/deposit and document donor ability to gift (FHA)
THE 8 STEPS OF HOMEOWNERSHIP There are several events that will occur throughout your new home purchase process. This guide will help you fully understand the process to eliminate stress:
Save for Down Payment & Credit Scores
Apply for Pre-Approval
Determine Housing Criteria & Neighborhood
Hire an Agent & Start Your Home Search
Complete the Loan Application
Move Through the Loan Process
Set a Closing Date
Understand Monthly Mortgage Payments STEP 1: SAVE FOR DOWN PAYMENT & CREDIT SCORES Buying a home requires some upfront cash, including your down payment and closing costs. Financial experts typically recommend a down payment of 20% of the purchase price. However, you can purchase a home with a down payment as little as 0-3% of the purchase price. While you’re working on saving for your down payment, keep an eye on your credit score. Your credit score is a number that indicates how much of a credit risk you pose when you borrow money and helps determine your interest rate. Typically, the higher your score, the lower your rate. There are three different credit scores agencies: Equifax (BEACON), Experian (FICO Risk Model), and TransUnion (FICO Risk Score, Classic). Credit scores range from 300-850. Each credit reporting agency gives you different scores, but all three should be pretty similar. Your credit score is divided into five factors: 10% 10% 35% Payment History……………………………………………………. 35% Amounts Owed……………………………………………………… 30% Length of Credit History………………………………………. 15% Inquiries……………………………………………………………………. 10% Type of Credit Used………………………………………………. 10% 15% 30% Often, when you’re shopping for a mortgage, you may look for the best rate from multiple lenders. Each lender may pull your credit report which is typically bad for your score. However, credit reporting agencies distinguish a single loan search from a search for many new credit lines by the length of time the inquiries occur. Avoid lowering your score by completing your rate shopping within a short period of time, such as 14 days.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
kentuckyloan@gmail.com
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/
Joel Lobb, American Mortgage Solutions (Statewide)
Joel has worked with KHC for 12 of his 20 years in the mortgage lending business. Joel said, “A lot of my clients would not have been able to purchase a home of their own or possibly delayed their purchase due to lack of down payment but with the $6,000 DAP loan program, this gets them into a house sooner and starts their path to homeownership while building equity instead of throwing their money away.”