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 email@example.com I try to respond to all requests within minutes during regular business hours. NMLS# 57916 Equal Housing Lender
We basically look at the below items to get you pre-approved to buy a home.
Credit: Most lenders want a 640, but there are some lenders now doing FHA loans down to a 620 score with no bankruptcies or foreclosures in the last 3 year.
Assets: FHA loans require a 3.5% down payment, so depending on how much house you are trying to buy, you will need to put the minimum 3.5% down payment. Some programs are out there where you don’t need a down payment, USDA and KHC come to mind.
In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.
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.
As Always, No Admin Fee On VA Loans!
ü FHA/VA Purchase Transactions and FHA Full Credit Qualifying No Cash Out Refinances
• FHA only: Credit qualifying no cash out finances are included.
• VA purchase transactions only.
• FRM, single family primary residence only.
• Loan must receive an AUS approve/accept.
• DTI maximum is 49. 99%, regardless of AUS approve/accept
The week-old federal government shutdown is a disaster on many levels. For rural America, one major impact is in the area of housing.
For the near future, low- and moderate-income homebuyers who have applied for mortgages guaranteed or made directly by the U.S. Department of Agriculture (USDA) Rural Housing Service are out of luck. So are very low-income homeowners seeking repair grants or loans.
The financing these homebuyers need cannot close because no USDA rural housing staff are working at the local level. Banks make the guaranteed loans, which are like the mortgages insured by the Veterans Administration or the Federal Housing Administration. But USDA staff have to approve the guarantees and provide the necessary paperwork to the lender before the loan can be issued. With no staff, there can be no approvals.
In FY 2012 USDA guaranteed about 145,000 of these loans worth $19.2 billion, helping substantially with the housing recovery. USDA made almost 8,000 direct homeownership loans totaling just under $900 million.
Plus USDA Rural Development local offices also make a number of other grants and loans for housing, community facilities, businesses and utilities. But not this week. Since October 1 and the shutdown, none — zero — of the 3,336 USDA Rural Development field office staff have been working. All were declared “non-essential” and are furloughed. So no loans or grants in any programs can move forward.
Mainstream media institutions, which usually pay little attention to rural concerns, are beginning to cover this issue:
A poignant summary of the problems comes in a letter-to-the-editor in the October 8Washington Post from a woman in Maine who is pre-approved for a USDA mortgage: Each day that the government shutdown continues means that I am closer to losing the chance to buy my first home. … Losing this home would crush our spirits. It’s been a long road to homeownership for us, and to even consider that we will lose this home because of politics in Washington makes me sick to my stomach.
On October 5 the Washington Post had a page-one article on the stalling of federally insured home loans due to the shutdown. The article uses as a prime example a young Virginia couple’s likely loss of their USDA-backed first-home purchase.
A Bloomberg news story October 8 calls the stoppage of USDA loans “an early warning of how the government’s first partial closing in 17 years could put a drag on the wider housing market.”
And the St. Louis Post-Dispatch’s article on the impact of the government closure on the housing industry leads with a mortgage broker who says USDA loans account for 12-13% of his company’s business.
Much of the Department of Agriculture appears to have disappeared during the shutdown. USDA’s web site shows nothing but a short notice about the closure. Housing and Urban Development’s site has more information but no entries after September 30. Some HUD FHA-insured home loans may also be slower to close during the shutdown. Veterans Affairs-insured mortgages are not affected so far. VA home-loan offices are currently open. (Politicians panic at the thought of cutting services to veterans.)
Photo by Bob Nichols/USDAChristopher, Hope, Makenna and Natasha Goetz play on the deck of their home in Garnett, Kansas. The Goetz’s used a USDA Rural Development loan guarantee to purchase their home.
The Office of Management and Budget’s posted contingency plans show that 100% of USDA Rural Development local and state office staff were furloughed on October 1. A total of 53 Rural Development staff in the agency’s Washington, D.C., headquarters and the St. Louis finance office, out of 1,394 normally in those locations, are still on the job. At HUD, 337 of 8,709 employees are still working.
The plan for USDA Rural Development said no new loans or guarantees would be made without an appropriation, and all offices would close except for Washington, D.C., and the St. Louis finance office. St. Louis is the contact for servicing on existing loans.
So check back later. They may be open; they may not. For now, that’s all homebuyers and the housing industry can do.