Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Federal Government Shutdown and Kentucky Housing Loans for 2019


Partial Federal Government Shutdown Affects Loan Programs at Kentucky Housing 
The partial shutdown of the federal government is affecting some of the first mortgage programs through Kentucky Housing Corporation (KHC).
RHS Guarantee Loans in Kentucky 
  • KHC will not purchase or close a loan without the RHS Conditional Commitment and tax transcripts. Again, no Kentucky USDA Rural Housing Loans can close at this time.loyment (VOE) on Conventional, FHA, and RHS Loans for Federal Employees
  • KHC will require a VOE within 10 days prior to closing.
  • The only exceptions will be conventional loans for military personnel who use their Leave and Earnings Statement (LES), or if their employment was validated by Desktop Underwriter (DU) service and follows all conditions.
Flood Insurance
  • KHC will follow agency guidelines that are in place during the partial federal government shutdown.
Federal Tax Transcripts and Social Security Validation
  • If federal tax transcripts or validation of social security numbers are required per underwriting, or are listed as an automated underwriting engines (AUS) finding within DU, then applicants will be required to provide copies prior to closing or purchase of a loan.
KHC Interest Rate Lock

If you have an existing interest-rate lock that will need an extension due to the partial federal government shutdown, please email KHC’s Single-Family Programs

.Partial Federal Government Shutdown Effects on KHC Loans
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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.

Government Shutdown Affects USDA Loans


Government Shutdown Affects USDA Loans

Louisville Kentucky Mortgage Loans

via Government Shutdown Affects USDA Loans

Government Shutdown Affects USDA Loans

Most are familiar with USDA Rural Housing Loan Program  being a great no money down program available and it is not just for Kentucky first time buyers. 
images (12)
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). USDA Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated…

View original post 21 more words

Kentucky Mortgage Rates for FHA, VA, KHC, USDA,


Louisville Kentucky Mortgage Loans

Kentucky Mortgage Rates for FHA, VA, KHC, USDA,
FHA, VA, USDA, Fannie Mae and KHC Mortgage Rates in Kentucky 30 year fixed, 15 year fixed, 10 year fixed rate mortgage loans in Kentu
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
Phone: 5029053708http://mylouisvillekentuckymortgage.com

Current Interest Rates

Fixed Rate Programs
Adjustable Rate Programs ]

Rates as of January 24, 2018  11:27:20 AM    Old Date?Lock
days
Qualifying
Ratios
ProgramRatePointsAPR
Conforming 30 year FRM3.7501.0004.9873035 / 45
rates subject to underwriting credit criteria-
Conforming 15 year FRM3.3751.0003.9843035 / 45
rates subject to underwriting credit criteria-
FHA 30 year FRM3.2501.0004.8743035 / 50
rates subject to underwriting credit criteria-
FHA 20 year FRM3.5001.0004.4253028 / 50
rates subject to underwriting credit criteria-
FHA 15 year FRM3.2501.0004.1873035 / 50

View original post 148 more words

Kentucky First Time Home Buyer Tips for a Smooth Closing after loan pre-approval


43493504_1149130891929130_6711749112900878336_n (1)

Kentucky Home Buyer Tips for a Smooth Closing after loan pre-approvalToo Tips For Home Buyers

Tip #1: Things to Avoid Before Buying a Your First Home in Kentucky!!!

 

 

 

Here are some things to avoid during the Kentucky First Time home buying process to assure your transaction goes smoothly:

-Don’t Make an Expensive Purchase

It’s best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing furniture with a credit card could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.

-Don’t Get a New Job

Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan-especially if you are going to be making more money. But for some people, getting a new job during the loan approval process could raise some concern and affect your application.

-Don’t Switch Banks or Move Money Around

As your lender reviews your loan package, you will be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account could make it difficult for the lender to document your funds.

-Don’t Disregard Your Lenders Requirements

You may have been pre-approved for the loan but your work with the lender is far from over. Your lender will need copies of your bank statements, W2s and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home.

Sincerely, 

We see a bunch of clients come in that could have saved themselves some headaches if they would’ve followed these tips for buying a home.

 

 

  1. Do NOT purchase a new vehicle. (If you can help it)
    1. You may be just graduating college or getting that well deserved promotion at work and be tempted to treat yourself to that shiny new vehicle. If at all possible, fight that urge! When we are calculating your debt-to-income ratio, that car payment can possibly take away the purchasing power that you wished you had. Instead of a $150,000 house, you’re now looking at an $80,000 home.
  2. Do NOT change jobs or how you’re paid.
    1. The main reason we try to not have people change jobs is not because of the history but the possibility of the way that you were and are paid now. If you were salaried 6 months ago and now you are paid a smaller salary but with commissions, there is a good possibility we won’t be able to count those commissions since you haven’t received them for two years. So if a job opportunity arises or HR is possibly promoting you to a new pay system, weigh the costs of maybe not being able to buy a home.
  3. Do NOT deposit cash or large untraceable deposits.
    1. The old saying used to be “cash is king”. Some people still think that they can bring their mattress money or rainy day funds to closing and unfortunately that is not the case anymore. When we are going through the loan process and see a large deposit that isn’t an auto deposit from payroll, things can get a little dicey. Ever since the mortgage crisis in 2008 and 2009, the government makes us “source” funds like that. It’s their way of making sure that there isn’t possible money laundering or fraud happening. If you sell a vehicle or an item for cash, please document it as clearly as possible.
  4. Listen to your loan officer
    1. This is an extremely easy one but you’d be surprised how many times people don’t follow this. An analogy that Don tells his clients is to think of buying a home like a maze. This is especially true with all the regulations and rules they have put in place since the mortgage crisis. You, the borrower, are trying to get to the end of the maze and get into the home. We as loan officers have a better view point of the maze and can help guide you through it. If you don’t trust us and let us guide you, it can take a lot longer to get into the home or possibly do something that makes it to where you can’t get a home at all.

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

http://www.nmlsconsumeraccess.org/
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.

Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.


Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial
Compensating factors may affect the loan decision for a Kentucky VA Mortgage. These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio. They cannot be used to compensate for unsatisfactory credit.
Valid compensating factors to over turn a Kentucky VA Mortgage loandenial should represent unusual strengths rather than mere satisfaction of basic program requirements. For example, the fact that an applicant has sufficient assets for closing purposes, or meets the residual income guideline, is not a compensating factor.
Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan. For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.
502-905-3708
Compensating factors include, but are not limited to the following:

· excellent credit history,
· conservative use of consumer credit,
· minimal consumer debt,
· long-term employment,
· significant liquid assets,
· sizable downpayment,
· the existence of equity in refinancing loans,
· little or no increase in shelter expense,
· military benefits,
· satisfactory homeownership experience,
· high residual income,
· low debt-to-income ratio,
· tax credits for child care, and
· tax benefits of home ownership.
If you looking to get approved for a Kentucky VA Mortgage, give us a call today. We can go down to 640 credit scores for VA loans in Kentucky, and the maximum debt to income ratio on some cases can go as high as 50% with the above compensating factors.

click to apply

Louisville Kentucky Mortgage Loans

via Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial

Compensating factors may affect the loan decision for a Kentucky VA Mortgage.  These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income…

View original post 216 more words

Mortgage Insurance Rates Increasing on Louisville Kentucky FHA Loans


Mortgage Rates Kentucky « Kentucky First Time Home Buyer Mortgage Loan

Kentucky FHA Mortgage Loans Guidelines

Mortgage Insurance Rates Increasing on FHA Loans.

Mortgage Insurance Rates Increasing on FHA Loans in Louisville Kentucky

by MERIDITH DOUCETTE on MARCH 21, 2012


FHA Mortgage Insurance Rates Will Be Going Up on All New FHA loans in Louisville Kentucky Assigned April 9, 2012 and After.

FHA Loans are loans insured by the Federal Housing Administration (FHA). These insured loans minimize the risk lenders face by allowing buyers a down payment less than 20% of the price of the home. FHA Loans offer features that are attractive to many home buyers such as:

  • Low Down Payment – as low as 3.5% of the purchase price of the home
  • Low Closing Costs – closing costs, mortgage insurance and other fees can be included in the loan
  • Easier Credit Qualifications – those who don’t have the credit score or history to qualify for a conventional loan may qualify for FHA financing

View original post 428 more words

Fed Raises Mortgage Interest Rates and Projects Three More Hikes in 2018 & 2019


Kentucky Mortgage Rates for FHA, VA, KHC, USDA,
FHA, VA, USDA, Fannie Mae and KHC Mortgage Rates in Kentucky 30 year fixed, 15 year fixed, 10 year fixed rate mortgage loans in Kentu
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
Phone: 5029053708 http://mylouisvillekentuckymortgage.com
Current Interest Rates

Fixed Rate Programs
[ Adjustable Rate Programs ]

Rates as of January 24, 2018 11:27:20 AM Old Date? Lock
days Qualifying
Ratios
Program Rate Points APR
Conforming 30 year FRM 3.750 1.000 4.987 30 35 / 45
rates subject to underwriting credit criteria-
Conforming 15 year FRM 3.375 1.000 3.984 30 35 / 45
rates subject to underwriting credit criteria-
FHA 30 year FRM 3.250 1.000 4.874 30 35 / 50
rates subject to underwriting credit criteria-
FHA 20 year FRM 3.500 1.000 4.425 30 28 / 50
rates subject to underwriting credit criteria-
FHA 15 year FRM 3.250 1.000 4.187 30 35 / 50
rates subject to underwriting credit criteria-
VA 30 Year FRM 3.250 1.000 4.379 30 41 / 41
rates subject to underwriting credit criteria-
VA 15 Year FRM 3.250 1.000 4.987 30 0 / 0
rates subject to underwriting credit criteria-

Adjustable Rate Programs

Rates as of January 24, 2018 11:27:20 AM Old Date? Lock
days Qualifying
Ratios
Program Rate Points APR Index Margin Caps
Please note:
This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.
APR calculations based on a loan amount of $200,000 for conforming loans, $500,000 for jumbo loans and a maximum loan-to-value ratio of 80%.
Rates, points and programs are subject to change without notice and cannot be guaranteed.
Rates Last Updated: 1/6/2018 10:50:17 AM

This web page is designed and maintained by Mortgage-X.com

Rates expected to upsurge to 4.6% in 2018 and over 5% in 2019 and 2020.

Fed Raises Mortgage Interest Rates and Projects Three More Hikes in 2018 and 2019.

2017 has been quite a ride for Mortgage Interest rates in the US. While some months, saw a decrease in rates, others saw an increase owing to the rate hikes by the FED. The US economy saw the third interest hike of 2017 with the Federal Reserve raising interest rates by a quarter of a percentage point on Wednesday (Dec 13) and is projecting three more hikes in 2018 and two more in 2019. Also, according to a recent Housingwire article, top economists at the Mortgage Bankers Association (MBA) predict purchase mortgage volume will grow, while refinances will decrease as interest rates continue to rise. Mortgage interest rates are expected to upsurge to 4.6% in 2018 and exceed 5% by 2020.  This does raise a question about borrowers’ ability to handle growing rates as well…

View original post 338 more words