Louisville Ky FHA Mortgage Loans

Louisville Ky FHA Mortgage Loans.

Louisville Ky  Mortgage Loans

Do you have the ability to repay your Louisville Ky mortgage loans? Your banks and lenders are sure to ascertain that. You have to give them enough reasons to agree that you are indeed capable of repaying mortgage loans in Louisville. Start the “confidence building measure” by reducing your debts. Pay all the credit card balances in order to get qualified for Louisville Ky  mortgage loans. If you have too many debts, try to delay your loan application. A positive certification by your credit bureau would ensure that you obtain mortgage loans in the  Louisville Kentucky area.

Best terms and rates on a Louisville Ky home loans is now just a mouse click away. Apply now and secure the best terms and rates on your preferred mortgage program. We deal in a variety of Louisville home loans, including Louisville first residential mortgage, Louisville home loan refinance, and more…

Louisville Home Loans

Purchasing Louisville Home Loans can be a difficult task especially if you are new to the mortgage jargon. Let our reliable mortgage professionals help you in obtaining home loans in Louisville at best possible terms and prices. Key to receiving best terms on your Louisville home loan lies in comparing multiple offers and identifying a reliable state mortgage lender offering best terms and condition at lowest possible interest rates. Prior to applying for mortgage loans in Louisville you should figure out how much mortgage you can afford. Make sure you have sufficient savings to make required levels of down payments. There are many home loan programs in Louisville that require only a low down payment or no down payment, with less or no closing costs. There are also numerous options to choose from in the event you are looking to purchase a second mortgage or refinance existing mortgage.

Let us help you find offering best mortgage plans in tune with your requirements. Spare a few seconds to fill out our simple no obligation mortgage quote. We will study your needs and will find you excellent Louisville home loans at lowest possible rates.

Mortgage brokers in Louisville deal exclusively with mortgage loans. kentucky Louisville mortgage brokers not only have professional expertise but also access to various lenders and Kentucky Louisville mortgage bankers. Access to lenders and top Kentucky Louisville mortgage bankers give them access to variety of loan products, too. Experienced brokers in Louisville provide the most cost effective financing options. The best Louisville mortgage broker pays attention to both your financial and personal goals. See that your mortgage brokers in Louisville also provide individualized attention to your needs.


Act on the recommendations from your friends and co-workers while selecting Louisville mortgage lenders. They have a variety of financing options like Louisville mortgage loans, Louisville home loans etc… After selecting your kentucky Louisville mortgage lenders, contact them and appraise them about your financial situation and plans for your property. Check out the various loan programs suggested by your mortgage company in Louisville. Also note your lenders’ fees for each loan program. Compare rates and fees of different Louisville mortgage lenders to ascertain the competitiveness. Try to negotiate with the mortgage company in Louisville in case their rates and fees are not competitive.

Credit Fico Score for a Kentucky Mortgage FHA VA KHC

Fannie Mae

According to the “Washington Post,” Fannie Mae raised its minimum credit score for conventional loans in 2009 from 580 to 620. Even if you have a 20-percent down payment, you can be rejected if your score is below 620. Fannie Mae will also reject a loan if more than 45 percent of your income goes toward paying debt.

Government-Backed Loans

FHA recently changed its minimum credit score to 580, which qualifies you for lending programs that require only a 3.5 percent down payment.

VA loans are 100-percent financed and set aside for active and retired military, along with their families. There is no minimum credit score to qualify, though a better credit score will get you a better interest rate. Typically to get approved on A VA loan, you will need a 620 mid score with no bankruptcies or foreclosures in last 2 years with clean credit since BK or Foreclosures.

The better your score, the better your interest rate is likely to be. If your score is between 620 and 639—considered a risky score by some creditors—you could pay an interest rate of 5.718 percent on a $300,000, 30-year conventional mortgage. As of mid-August, 2010, If your score is at the high end, 760 to 850, your interest rate could be 4.129 percent on the same loan. A score of 650 may net you a rate of 5.172 percent.

USDA Home Loan Debt Ratio Waivers will be considered when the borrower has amiddle credit score of 660 or higher, and the co-borrower has a credit score of at least 620.  

If borrowers have credit scores of 659 or below, additional compensating factors will need to be documented for the USDA Home Loan Underwriters.

Joel Lobb
Senior  Loan Officer


phone: (502) 905-3708
 Fax:     (502) 327-9119
 Company ID #1364 | MB73346


Tuesday, June 21, 2011

Fico Score for Kentucky Mortgage

Credit Score needed in 2014 for a Kentucky Mortgage Loan Approval for a USDA, RHS, RD, FHA, VA, Fannie Mae and KHC Loan in Ky
Credit Score needed in 2014 for a Kentucky Mortgage Loan Approval for a USDA, RHS, RD, FHA, VA, Fannie Mae and KHC Loan in Ky
A FICO score rating is a credit rating “number” given to consumers. FICO stands for Fair, Isaac and Company and the FICO score rating was developed in 1989. This is a score that is used by lenders sometimes separate from or in addition to a score provided by the three major Credit Reporting Agencies – Experian, TransUnion and Equifax(although Equifax is affiliated with FICO so they will provide you with a FICO score when requesting a credit report).If you don’t know what your FICO score is, you should find out. The reason why this is important is because lenders will determine the type of loan they will offer you based on your credit history, employment history, other factors, credit reports and the FICO score. The numbers range between 350 and 800. The “average” score is about 725 to 750.How is a FICO Score / Rating Determined?Here’s general guideline of what the FICO score / rating numbers mean:

750 to 850 – Excellent

660 to 749 – Good

620 to 659 – Fair

350 to 619 – Poor

How is the FICO score rating determined? As a general rule, following factors help determine your FICO score:

35%, punctuality of payment in the past (only includes payments later than 30 days past due)

30%, the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)

15%, length of credit history

10%, types of credit used

10%, recent search for credit and/or amount of credit obtained recently

How to Improve Your FICO Score / Rating?

The following tips are recommended by FICO and credit reporting agencies to improve your FICO score and credit rating:

The most obvious tip: Pay your bills on time. Delinquent payments and collections can have a significantly negative impact on your FICO score.

If you have missed payments, get current and stay current.

Pay off debt rather than move it around.

Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them off on time may help in the long term. Opening a “secured” credit card (when your credit card limit is matched with a savings account with the lender/bank for the same amount) can help rebuild your credit.

Keep credit cards but manage them responsibly. In general, having credit cards and installment loans (and makingg timely payments) may help in the long term. Consumers with no credit cards, as an example, can be thought of by lenders as a higher risk than someone who has managed credit cards responsibly.

If you are having trouble paying your creditors, contact them to work out a payment schedule or contact a reputable credit counselor.

Keep credit card and revolving credit balances low.

Apply for and open new credit cards, loans, revolving accounts only as needed.

FICO Score / Rating Resources

The best resource in finding out your current score is the myfico website. For a fee, you can order a report that is compiled from the 3 major credit reporting agencies and will outline your FICO score.

Suze Orman also offers a FICO kit on her website, suzeorman.com, which is also available via the myfico website. Suze’s website also has excellent info about improving your FICO score and your credit.

Clink on this link for Free Credit Report and Application

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky.  For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.