Kentucky First-Time Home Buyer Loan Programs

 Kentucky First-Time Home Buyer Loan Programs

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

• 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 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!

 

 

—

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

 

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

 

click here for directions to our office

 

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

 

https://www.mylouisvillekentuckymortgage.com/

 

 

 

​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​​

😃

• 30 year fixed rate with no prepaypaymet penalty .​
• Loan requires 3% down payment but you can use the $6000 down payment assistance for your 3% contributions
• ​660 Minimum Credit Score Required
• No bankruptcies in the last 4 to 7 years 
• Must receive an Approved Eligible Recommendation through Desktop Underwriting System (AUS)
• No mortgage insurance 
• Free Homebuyer Education Course required. https://www.readynest.com/homebuyer-resources/the-test
• ​Home inspection not required but recommended
• Seller can contribute 3% toward buyer’s closing costs and prepaids
• Current cost of Conventional appraisal is $425. 
• Kentucky Housing Mortgage rates can change daily, but typically follow other mortgage rate trends. Everyone gets the same rates with KHC loans.
• Appraisal to meet Conventional Appraisal Guidelines​
• You have 45 days to close the loan once you lock the loan. If you go past this date, you will have to pay lock extension fees to KHC. 
• $6000 down payment assistance for down payment and closing costs and prepaids. Cannot be used for home repairs. 
• $6000 Down payment Assistance Second Mortgage over 10 years at 5.5% interest, or for lower household income you can do the $6,000 down payment assitance loan for 10 years at 1% interest. This falls under the Affordable Dap Income Limits http://www.kyhousing.org/Home-Buyers/Documents/Affordable%20DAP%20Income%20Limits.pdf
• Max housing ratios of 40% and 50% respectively. Meaning, your gross monthly income divided by your total house payment cannot be more than 40% of your total gross monthly income. And the bills listed on the credit report (monthly payments) combined with new house payment cannot be more than 50% of your total gross monthly income. 
• Household Income limits by county. Most limits are around $136,000 for the largest counties in Kentucky like  Jefferson, Fayette, 
• http://www.kyhousing.org/Home-Buyers/Documents/SMP%20Income%20Limitations.pdf

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/

— 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

 

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.

Louisville Kentucky First Time Home Buyer Classes

Consumer Credit Counseling Service

 (502) 458-8840

2100 Gardiner Lane, Suite 103A 1-800-278-9219 (toll-free)

Louisville, KY 40205

 https://kyfirsttimehomebuyer.wordpress.com/2012/01/11/louisville-ky-fha-mortgage-loans/

Since 1980, Consumer Credit Counseling Service has been a HUD approved

counseling agency. Many lenders look for this stamp of approval

in deciding where to send their customers for counseling. Consumer

Credit Counseling Service not only provides the one-on-one counseling

often required by lenders, but it offers a one-day Homebuyer Preparedness

Program. This free program covers such topics as working with a

real estate agent, finding a lender, figuring out how much you can afford

to spend and going through the application process. The agency is certified

by HUD to provide default and reverse equity mortgage counseling,

too. Counseling on debt management and budgets also is available. The

initial counseling session is free. Consumer Credit has six sites throughout

the area.

The Housing Partnership, Inc.

 (502) 585-5451

333 Guthrie Green, Suite 404 www.housingpartnershipinc.org

Louisville, KY 40202

The Housing Partnership, Inc. Home Ownership Program is the largest

HUD-certified program in Kentucky. The program provides counseling,

courses and other services to those who want to own a home. It also

provides counseling to home owners who are in danger of default. Participants

attend an orientation session before being assigned a counselor,

who provides information on budgeting and credit preparation. Participants

then must complete several short courses over six weeks. These

courses cover basics, such as sales contracts, home inspections, mortgage

loans, insurance and maintenance. A one-time fee based on income may

be assessed. Scholarships are available. The fee entitles participants to

a lifetime of service. Home buyers often come back for help on budget

and credit issues. The Housing Partnership has five satellite locations

scattered throughout the area, including two nearby in Indiana.

Kentucky Housing Corp.

(502) 564-7630, ext. 324

1231 Louisville Road 1-800-633-8896 (Kentucky only)

Frankfort, KY 40601 www.kyhousing.org

The “Yes You Can…Own a Home” series of classes is presented periodically

throughout the state by local lenders and nonprofit organizations.

Local coordinators team up with housing-related professionals

who volunteer their time to serve as instructors. Topics include finding

the right house, completing a loan application, the mortgage loan process,

budget and credit issues and basic home maintenance. The classes

are free and open to all. In addition, the agency offers a counseling

program for potential home buyers who have been declined financing

by the Kentucky Housing Corp. or by a KHC-approved lender or who

have completed the “Yes You Can” course and are within KHC’s income

limits. As the state housing-finance agency, the Kentucky Housing

Corp. also offers a down-payment assistance program, low-interest-rate

mortgages, financing for the production of rental housing and a variety

of rental assistance programs.

Louisville Urban League

 (502) 561-6830, ext. 122

1535 W. Broadway www.lul.org

Louisville, KY 40203

The Louisville Urban League Housing Services & Neighborhood

Revitalization Department offers the Home Ownership Training (HOT)

Program. Through individual and group counseling, HOT prepares

and prequalifies people for mortgages. In one-on-one sessions with a

certified HUD counselor, clients learn about budgeting, credit and home

ownership options. When financially ready (clean credit, steady budget

and savings), clients take four classes. These cover sales and purchase

contracts, inspections and maintenance, loan applications and closing,

and insurance. Classes are held the last two Tuesday and Thursday

nights of the month. Those who already save, budget and have established

good credit are eligible for a “fast track” version of this training—a

one-day group session called “Home Track.” The Urban League charges

a lifetime membership fee, which is set on a sliding scale, based on

income. The fee ranges from $100 to $250. Kentucky residency is not

required. Additional counseling is available on such issues as reverse

mortgages, delinquencies, refinancing and rental options.

f you’re thinking about buying a home, you might want to think

about talking to one of these agencies first. They can provide

you with valuable advice on every step of the process, from

budgeting your income to negotiating a contract to closing on a

loan. The assistance doesn’t stop once you’ve moved in; many

agencies will also give you guidance on how to maintain your

home and how to prevent foreclosure. Most of these agencies

provide their services at no charge. Usually, anyone can

take advantage of the programs, although they are aimed primarily at

first-time buyers. In some cases, counseling is required by lenders,

especially if any government assistance is being provided to help lower

a loan rate or help pay for closing costs. All of the agencies will provide

interpreters for those who don’t speak English.

I

Reach, Inc.  733 Red Mile Rd Lexington, KY 40504-1153 WEBSITE: http://www.reachky.com  PHONE: 859-455-8057 LANGUAGES: Arabic, ASL, Cambodian, Cantonese, Chinese Mandarin, Creole, Czech, English, Farsi, French, German, Hindi, Hmong, Indonesian, Italian, Korean, Polish, Portuguese, Russian, Spanish, Swahili, Turkish, Ukrainian, Vietnamese	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Financial, Budgeting and Credit Repair Workshops Non-Delinquency Post Purchase Workshops Predatory Lending Education Workshops Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops	0.5 miles
Apprisen – Lexington  2265 Harrodsburg Road Suite 303 Lexington, KY 40504-3500 WEBSITE: http://www.apprisen.com/home.asp  PHONE: 800-355-2227 EMAIL ADDRESS: info@apprisen.com LANGUAGES: English	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Pre-purchase Counseling Rental Housing Counseling	1.6 miles
Community Ventures Corporation  1450 N Broadway Lexington, KY 40505-3162 WEBSITE: https://www.cvky.org  PHONE: 859-231-0054 EMAIL ADDRESS: lwhalen@cvky.org LANGUAGES: English, Spanish	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Fair Housing Pre-Purchase Education Workshops Home Improvement and Rehabilitation Counseling Non-Delinquency Post Purchase Workshops Predatory Lending Education Workshops Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops Rental Housing Counseling	3.0 miles
Kentucky Housing Corporation  1231 Louisville Rd. Frankfort, KY 40601-6156 WEBSITE: http://www.kyhousing.org  PHONE: 502-564-7630-775 EMAIL ADDRESS: shillard@kyhousing.org LANGUAGES: English, Spanish	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Fair Housing Pre-Purchase Education Workshops Predatory Lending Education Workshops Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops	22.8 miles
Frontier Housing , Inc.  5445 Flemingsburg Rd Morehead, KY 40351-9138 WEBSITE: http://frontierky.org  PHONE: 606-784-2131 LANGUAGES: English	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Home Improvement and Rehabilitation Counseling Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops	56.9 miles
Apprisen – Cccs of the Midwest – Louisville  11492 Bluegrass Pkwy Ste 105 Louisville, KY 40299-2334 WEBSITE: http://www.apprisen.com  PHONE: 800-355-2227 EMAIL ADDRESS: info@apprisen.com LANGUAGES: English	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Pre-purchase Counseling Rental Housing Counseling	56.9 miles
Campbellsville Housing and Redevelopment Authority  400 Ingram Ave Campbellsville, KY 42718-1627 WEBSITE: http://www.cvillehousingonline.com  PHONE: 270-465-3576-236 EMAIL ADDRESS: jhall@campbellsvillehousing.com LANGUAGES: English	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Financial, Budgeting and Credit Repair Workshops Fair Housing Pre-Purchase Education Workshops Services for Homeless Counseling Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops Rental Housing Counseling Rental Housing Workshops	65.3 miles
The Housing Partnership, Inc  1126 Berry Blvd Louisville, KY 40215-2702 WEBSITE: http://www.wearehpi.org  PHONE: 502-585-5451 LANGUAGES: English	Financial Management/Budget Counseling Financial, Budgeting and Credit Repair Workshops Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops	69.4 miles
Catholic Charities, Diocese of Covington  3629 Church St Covington, KY 41015-1430 WEBSITE: https://www.covingtoncharities.org  PHONE: 859-581-8974 EMAIL ADDRESS: panderson@covingtoncharities.org LANGUAGES: English, Spanish	Mortgage Delinquency and Default Resolution Counse Financial Management/Budget Counseling Fair Housing Pre-Purchase Education Workshops Services for Homeless Counseling Non-Delinquency Post Purchase Workshops Predatory Lending Education Workshops Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops Rental Housing Counseling	69.7 miles
Louisville Urban League  1535 W Broadway Louisville, KY 40203-3515 WEBSITE: http://www.lul.org  PHONE: 502-566-3362 LANGUAGES: English	Mortgage Delinquency and Default Resolution Counse Resolving/Preventing Mortgage Delinquency Workshop Financial Management/Budget Counseling Financial, Budgeting and Credit Repair Workshops Home Improvement and Rehabilitation Counseling Non-Delinquency Post Purchase Workshops Predatory Lending Education Workshops Pre-purchase Counseling Pre-purchase Homebuyer Education Workshops Rental Housing Counseling Rental Housing Workshops

 

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/

 

— 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.

Mortgage Rates Drop for Fourth Straight Week for Kentucky Mortgage Loans

30 year and 15 year fixed rate Mortgage Loans in Kentucky

Mortgage rates continue to decline while lowering borrowing costs for home buyers this spring.

“Mortgage rates fell for the fourth consecutive week and continued the medium-term trend of lower rates since late 2018,” says Sam Khater, Freddie Mac’s chief economist. “The drop in mortgage rates is causing purchase demand to rise, and the mix of demand is skewing to the higher end as more affluent consumers are typically more responsive to declines in rates.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 23:

• 30-year fixed-rate mortgages: averaged 4.06%, with an average 0.5 point, falling from last week’s 4.07% average. Last year at this time, 30-year rates averaged 4.66%.
• 15-year fixed-rate mortgages: averaged 3.51%, with an average 0.4 point, falling from a 3.53% average last week. A year ago, 15-year rates averaged 4.15%.
• 5-year hybrid adjustable-rate mortgages: averaged 3.68%, with an average 0.4 point, rising from last week’s 3.66% average. A year ago, 5-year ARMs averaged 3.87%.

Source:

Freddie Mac

The decrease is particularly enticing to higher-end buyers who are rushing to lock in the low rates.

Source: Mortgage Rates Drop for Fourth Straight Week