Kentucky Home Buyers. Purchase a Home No Money Down.



I can answer your questions and usually get you pre-approved the same day. 

Call or Text me at 502-905-3708 with your mortgage questions.

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

Text/call:      502-905-3708

 

fax:            502-327-9119

FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015


Refinancing FHA Mortgage loans. 

FHA STREAMLINES: FHA to FHA Refinance

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

  • 620 minimum Credit Score
  • NO AUS findings run
  • NO Income stated on application or verified
  • NO Appraisal – COSTS CAN NOT BE ROLLED INTO LOAN –No longer an allowable option
  • Verify assets only for cash to close
    • If you pay ALL costs with interest rate credit, no assets needed to be verified.
    • This would mean paying for the re-establishment of their escrows.
    • If they pay for their new escrow account, verify those assets. They will get reimbursed by their previous servicer 2-3 weeks after closing.
  • New annual MI is Life of Loan, but is .85% instead of 1.35% in most cases.
  • FHA loans endorsed prior to May 31, 2009 may be eligible for up front MI of .01
  • Dropping a borrower usually requires credit qualifying – see full guidelines
  • 5% PI & MI reduction required for Net Tangible benefit to be met

We will do a verbal VOE to confirm their employment, but we won’t be verifying income. No DTI calculations are performed.  You WILL need to provide a 3 bureau credit report.

 Remember that a borrower may NOT get any cash back on a streamline so any credit in excess of closing costs must be applied as a principal reduction, with a max of $2k towards principal.

FHA loans are secured through the FHA, or Federal Housing Administration

Joel Lobb
Senior Loan Officer
(NMLS#57916)

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

Louisville Kentucky First Time Home Buyer Programs and Resources


Louisville Kentucky First Time Home Buyer Programs and Resources.

via Louisville Kentucky First Time Home Buyer Programs and Resources.

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

Joel Lobb - Mortgage Broker or Lender at Kentucky FHA, VA, USDA, KHC and  First Time H

FHA Streamline Refinance MIP


FHA Streamline Refinance MIP (For Loans Endorsed Before June 1, 2009)

If the existing FHA mortgage was endorsed prior to June 1, 2009, the mortgage insurance premiums have been “grandfathered”.

Upfront Mortgage Insurance Premiums (UFMIP)

For an FHA Streamline Refinance that replaces a loan endorsed prior to June 1, 2009, the new FHA mortgage’s upfront mortgage insurance is equal to 0.01 percent of the loan size, or 1 basis point.

For example, if the new FHA Streamline Refinance is for $100,000 mortgage, the FHA will assess a $10 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically adds the $10 payment to your new loan balance.

Annual Mortgage Insurance Premiums (MIP)

Annual MIP is similarly cheap for “old” FHA loans. For an FHA Streamline Refinance replacing an FHA loan endorsed prior to June 1, 2009, the annual MIP is 0.55% annually, or 55 basis points.

The complete annual MIP schedule is as follows :

  • 15-year loan terms with loan-to-value over 90% : 0.55 percent annual MIP
  • 15-year loan terms with loan-to-value under 90% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value over 95% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value under 95% : 0.55 percent annual MIP

15-year fixed rate mortgages with LTVs of 78% or less pay no annual MIP.

 

Kentucky FHA Streamline Refinance for 2014


Kentucky FHA Streamline Refinance MIP (For Loans Endorsed Before June 1, 2009)

If the existing Kentucky FHA mortgage was endorsed prior to June 1, 2009, the mortgage insurance premiums have been “grandfathered”.

Upfront Mortgage Insurance Premiums (UFMIP)

For an FHA Streamline Refinance that replaces a loan endorsed prior to June 1, 2009, the new FHA mortgage’s upfront mortgage insurance is equal to 0.01 percent of the loan size, or 1 basis point.

For example, if the new FHA Streamline Refinance is for $100,000 mortgage, the FHA will assess a $10 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically adds the $10 payment to your new loan balance.

Annual Mortgage Insurance Premiums (MIP)

Annual MIP is similarly cheap for “old” FHA loans. For an FHA Streamline Refinance replacing an FHA loan endorsed prior to June 1, 2009, the annual MIP is 0.55% annually, or 55 basis points.

The complete annual MIP schedule is as follows :

  • 15-year loan terms with loan-to-value over 90% : 0.55 percent annual MIP
  • 15-year loan terms with loan-to-value under 90% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value over 95% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value under 95% : 0.55 percent annual MIP

15-year fixed rate mortgages with LTV

Joel Lobb  Senior  Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 Company ID #1364 | MB73346

s of 78% or less pay no annual MIP.