Property Flipping Rules for Mortgages for FHA VA USDA Conventional Appraisals

Property Flipping Rules for Mortgages for FHA VA USDA Conventional Appraisals


FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:
 Not eligible for FHA financing
Resales occurring between 91 days and 180 Days after Acquisition:
 Obtain 2nd appraisal if resold between 91 to 180 days after acquisition
 Obtain 2nd appraisal if resale price is 100% or more over price paid by seller
 If 2nd appraisal is more than 5% lower than value of first appraisal, the lower value must be used
 Borrower not allowed to pay for 2nd appraisal
Exceptions to FHA Flipping Rules:
 Property purchased by an employer or relocation company due to relocation of an employee
 Resales by HUD – REO program
 Sales by other government agencies (i.e., IRS, court-ordered, DEA, etc.)
 Sales of non-profit agencies approved to purchase HUD properties
 Acquisition due to inheritance
 Sales of properties by federally chartered financial institutions
 Sales of properties by GSE’s
 Sales of properties by local or state governments
 Sales by builders selling a new home
 Sales of properties in federally declared disaster areas
NOTE: Mortgage Company must obtain a 12-month chain of title to document time restrictions above.
VA MORTGAGE AND FLIPPING RULE

 No Flipping Rules – Overlays may apply or at Underwriter’s discretion
USDA RURAL HOUSING MORTGAGE FLIPPING RULES
 Lender is responsible to ensure that any recently sold property’s value is strongly supported when a significant
increase between sale and purchase occurs.
 Lender must ensure that the appraisal value is supported with validated comps and protect the borrower from
predatory lending.
Fannie Mae Appraisal Flipping Rules
 No Flipping Rules – Lender overlays may apply
Freddie Mac
 No Flipping Rules – Lender overlays may apply

 

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.






http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 

 

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
To change your preferences, click here.
 17239881_775751675922650_7038471065514053792_o18620181_10155313419539522_1978393373589071269_nScreenshot_2017-06-06-11-19-16 (4)top_banner
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 Rural Housing USDA – Upcoming Changes – October 2016 Submit your applications beginning Tuesday, September 13, 2016


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The USDA has announced exciting changes that will be implemented in October 2016. USDA is a great product that offers 100% financing, zero down payment for certain rural areas.

Effective in October 2016, there will be two big changes to the USDA product:

  • The Up Front Funding Fee will be reduced to 1%. It currently stands at 2.75%. This reduction can help to reduce the total loan amount. 
  • The Monthly PMI will be reduced to .35%. It currently stands at .50%. 

These two significant changes by the USDA program will certainly be welcomed and will help borrowers to obtain their dream home.

 

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.

 

 

Kentucky Rural Development Has Funds Available for Rural Housing Loans in Kentucky for 2015


Funds for purchase and refinance loan commitment authority for the guaranteed loan program in Kentucky have been allocated to Kentucky. Please obligate conditional commitments issued “subject to” funding through these steps before processing any new applications.

Fiscal Year 2015 Funds Now Available!

Funding for Rural Development’s Single Family Housing Guaranteed Loan program is now available for fiscal year (FY) 2015.  The funding received is based on a Continuing Appropriations Resolution, 2015 (P.L. 113-164, H.J. RES.124).

Loans that were issued Conditional Commitments “subject to” commitment authority will be obligated on the Agency’s Guaranteed Loan System (GLS).

If the loan has closed, the lender may submit their request for Loan Note Guarantee, together with their closing package.  Ensure the lender certification on Form RD 1980-18 “Conditional Commitment for Single Family Housing Loan Guarantee” is dated on or after the obligation date provided by Rural Development.

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HUD Homes in KY 2013
I have over 15 years originating Kentucky Rural Development Guarantee Loans. Put my experience to work for you. Free Pre-Approvals, usually same day on Kentucky Rural Housing Loans. I have direct access to GUS, (Guarantee Underwriting System) for fast pre-approvals. Call or email me today Joel Lobb Senior Loan Officer (NMLS#57916) A(502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/

Kentucky Rural Housing Mortgage Loans Require No Money Down


 

100% Financing, No Money to closing Fast Approval, Low Fixed Payment USDA Loans
Kentucky Rural Housing Mortgage Loans
Kentucky USDA Guaranteed Rural Housing Loans
 
Did you know that home buyers can still get a mortgage with no money down, even with less than perfect credit? The Kentucky Guaranteed Rural Housing Loan Program offers these options in a wide range of areas, including many suburbs.

This loan program is offered through the Kentucky  Rural Housing Service, an agency of the U.S. Department of Agriculture and designed to assist low and moderate-income residents by providing better access to affordable housing finance options including little or no out-of-pocket costs in eligible areas.

  • To see if your market area falls in a designated Kentucky USDA Rural area, visit:http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
  • Available to low- and moderate-income borrowers whose adjusted income is equal to or less than 115% of the area median income
  • Owner-occupied single family non-farm residences, approved condos and PUDs
  • New construction properties are eligible
  • Home buyers can finance up to 100% of the market appraised value, including all recurring and non-recurring closing costs, in some circumstances Loan amounts as high as $417,000 in the continental U.S. Higher in Alaska and Hawaii.
  • Credit scores as low as 620 No asset or reserve requirements. Gift funds are allowed

Call me today to learn more about this program.

 

 
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