Category: FHA Loans

New Fannie Mae Homes in Kentucky


New Fannie Mae Homes in Kentucky

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$22,500Back on Market

2691 Us 231 South
Beaver Dam, KY 42320

3 Beds |1 Baths | 1800 sq. ft.

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$72,500Back on Market

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

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$104,900Price Reduced

120 Ridgemont Rd
Paducah, KY 42003

3 Beds |3 Baths | 2429 sq. ft.

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$265,000Price Reduced

146 Grand Oak Blvd
Shepherdsville, KY 40165

4 Beds |3 Baths | 2534 sq. ft.

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$25,000Price Reduced

532 Kellacey Rd
West Liberty, KY 41472

3 Beds |1 Baths

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$59,000Price Reduced

517 Washington Ave
Paintsville, KY 41240

3 Beds |2 Baths | 2242 sq. ft.

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$89,900Price Reduced

112 Valley Brook Dr
Frankfort, KY 40601

3 Beds |2 Baths | 1127 sq. ft.

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$28,900Price Reduced

319 H Hale Dr
East Point, KY 41216

3 Beds |2 Baths | 1253 sq. ft.

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$315,000Price Reduced

2440 Lancaster Rd
Richmond, KY 40475

4 Beds |5 Baths | 3525 sq. ft.

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$139,900Price Reduced

1336 Equestrian Way
Frankfort, KY 40601

4 Beds |4 Baths | 1676 sq. ft.

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$64,900Price Reduced

2116 Quillman Rd
Louisville, KY 40214

4 Beds |1 Baths | 1440 sq. ft.

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$180,000Active

11131 Misty Wood Ct
Walton, KY 41094

4 Beds |2.5 Baths

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Kentucky Mortgage Rates Today


Today’s Rates for Kentucky FHA, VA, USDA, Conforming Mortgage Loans
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 Kentucky Mortgage Rates Interest Rate APR Discount Points Down Payment
30 Year Conforming Fixed 3.500% 3.561% 0.00 25%
15 Year Conforming Fixed 2.875% 2.983% 0.00 25%
30 Year FHA Fixed 3.250% 4.323% 0.00 3.50%
30 Year VA Fixed 3.250% 3.493% 0.00 0%
30 Year USDA Fixed 3.125% 3.931% 0.00 0%

Mortgage interest rates shown are based on a 30-day lock period.

Mortgage rates as of 10/26/2016 10:46 AM ET.   Interest rates and annual percentage rates (APRs) are based on current market conditions and are for informational purposes only. Interest rates and loan program terms are subject to change without notice and may be subject to pricing adjustors related to property type, loan amount, loan-to-value, credit score and other variables. Accuracy is not guaranteed and products may not be available to all borrowers, based on their individual situation. Kentucky Only Rates. This is not a credit decision or commitment to lend. Depending on loan guidelines, mortgage insurance may be required and the mortgage insurance premium could increase the APR and monthly mortgage payment. Additional loan programs may be available.

Kentucky Mortgage Loan Assumptions

  • Kentucky Conforming Conventional 15yr and 30yr Fixed
    • $300,000 Single-Family Purchase of Primary Residence (detached)
    • $225,000 Loan Amount (75% LTV and 25% Down Payment)
    • 745 FICO Score
  • Government Kentucky FHA 30yr Fixed
    • $200,000 Single-Family Purchase of Primary Residence (detached)
    • $193,000 Base Loan Amount (96.50% LTV and 3.50% Down Payment)
    • 720 FICO Score
  • Government  Kentucky VA 30yr Fixed
    • $200,000 Single-Family Purchase of Primary Residence (detached)
    • $200,000 Base Loan Amount (100% LTV and 0% Down Payment)
    • 720 FICO Score
  • Government Kentucky USDA 30yr Fixed
    • $200,000 Single-Family Purchase of Primary Residence (detached)
    • $200,000 Base Loan Amount (100% LTV and 0% Down Payment)
    • 720 FICO Score
  • Your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.

    Just as an example, let’s say you are borrowing $250,000.00 for 30 years with an interest rate of 3.800%. If the value of your home is $300,000.00, your property taxes $3,000.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $1,644.06. This is because you need to pay $1,164.89 toward the actual loan, plus $250.00 for real estate taxes and $125.00 toward insurance.

    Since your loan to value ratio is 83.33%, you will also have to pay PMI for 25 months which will add an extra $104.17 a month. Don’t forget to drop the PMI when the 25 months is complete and you might save yourself some money each month. Canceling your PMI will require a reappraisal of your home in most cases.

    DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it’s applicability to your financial situation. Please consult your 0f financial and/or tax advisor.

 

 




 

 

 

 

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The vi0ew 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). I lend in the following states: Kentucky
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Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates


Louisville Kentucky Mortgage Rates

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I am available from 9 AM to 9 PM daily, including weekends. I make every effort to take all calls and respond to email promptly

 

15 Year Fixed Conventional                    3.75%            3.874% apr

30 Year Fixed Conventional                    4.25%            4.487% apr

30 Year Fixed Kentucky FHA                  3.75%            5.187%apr

30 Year Fixed Kentucky USDA                3.75%            3.971% apr

30 year Fixed Kentucky VA                      3.75%             3.784% apr

*Rates vary by geographic location, loan amount and credit qualifications. Rates are subject to daily changes without notice and may not be available at the time of closing. This does not constitute an offer to lend. All loans are subject to credit, income and asset verification. All rates are based on 1st Lien, 360 month term. Conventional rates based on $165K loan amount, 740 FICO and 80% LTV. FHA rates based on $165K loan amount, 740 FICO and 96.5% LTV. Non-conforming rates based on $420K loan amount, 740 FICO and 80% LTV. Interest rates assume a debt obligation of no more than 36%. County restrictions may apply. For a $165,000.00 mortgage loan at a rate of 4.000% (4.130% APR), with a loan-to-value (LTV) of 80%, you would make 360 payments of $787.74. The payment amount would differ if you choose a different loan amount. Payment amount does not include taxes, insurance, flood insurance, and/or mortgage insurance.
Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.
A 720 credit score or higher is assumed for a Kentucky  Conventional Rate Mortgage loanrates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors.
 
 
 

 
This website  is not a part of, nor are we affiliated with, the VA, FHA/HUD, USDA.  Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky
 
  HUD Settlement Cost Booklet | CHARM Booklet
Company NMLS Consumer Access Page
 
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Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENT

Down Payment and Closing Costs Assistance


Down Payment and Closing Costs Assistance.;

 

FAQ’s about Kentucky FHA Home Loans

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>How Can I Pay Off My Mortgage Faster? Basic Concepts—–Louisville Kentucky Mortgage Refinance


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How Can I Pay Off My Mortgage Faster? Basic Concepts

A 30 year mortgage, if paid monthly, is about 60% paid off in 24 years. If the borrower makes one extra monthly payment per year on a 30 year mortgage, the entire mortgage is paid off in 24 years. That’s six years of vacations, helping your children with college, or bolstering your retirement accounts.
To understand this, let’s look at how your mortgage payment is determined. We’ll use a $200,000 mortgage at 6.0% for our example.

  • The monthly payment would be $1199.10.
  • The interest payment is $200,000 * .06 = $12,000/ 12 months = $1000
  • The principal payment would be $199. That’s right. After one month you will have paid $1199.10 and your balance will have gone down $199.
  • A lower principal balance = a lower amount of interest. Each month the amount of interest paid goes down and the amount of principal paid goes up.
  • Anything extra

But who has an extra $1200 to make that extra payment? You do.

Call me today for your free refinance mortgage analysis..Rates are low and it is time to refinance
 I can be reached locally at 502-905-3708 or email me your questions to kentuckyloan@gmail.com


>Kentucky FHA Mortgage Rates | Buying down your mortgage rate, and “2-1 buy-down.”


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Kentucky FHA Mortgage–Pay points to buy down rate : What t is the difference

Gina Pogol
October 19th, 2010
If you spend much time reading about Kentucky FHA mortgages, you come across two terms: “Buying down” your mortgage rate, and “2-1 buy-down.” They sound similar, but they are completely different concepts.
Buying down your mortgage rate
This simply means getting a lower interest rate by paying higher fees. For example, you might be able to get a 30-year mortgage with a 5% interest rate at no cost — no loan fees, no appraisal fees, no nothing. Or you might be offered 4.5% with standard fees. But what if you want 3.5%? You’d have to pay extra — that extra cost is in the form of what are called “discount points.” Each point is one percent of the loan amount, and gets you a discount on your mortgage rate. It might cost you several extra discount points to lower your mortgage rate by a full percent.
Should you pay extra to lower your mortgage interest rate?
It depends on how much it costs and how long you expect to keep the mortgage. An Kentucky FHA mortgage calculator can help with this. For example, if you take out a $300,000 mortgage with no points at 4.75% and expect to keep you home for five years, does it make sense to pay points? A point costs you $3,000, and if it lowers your mortgage rate to 4.5%, the difference in your monthly payment is $45 ($1,565 – $1,520).  In five years, you would have saved $2,700. It doesn’t make sense to pay $3,000 to save $2,700. So what if you shop around for better Kentucky FHA mortgage rates and find a better lender that will drop your rate to 4.25%  for that same $3,000? Your new monthly payment is $1,476, your monthly savings increases to $89, and your savings over five years increases to $5,340. It may then be worth buying your rate down.
The 2-1 buydown
Mortgage rate buydowns are a different story. The FHA 2-1 buydown gets you an interest rate that is lower than the going rate for the first couple of years. So if the market rate on a 30-year mortgage is 4.75%, your interest rate the first year would be 2.75%, the second year it would be 3.75%, and then it would be 4.75% from year three on out. But it’s not like the lender just gives you that sweet deal for nothing. Rate buydowns require that you pay the difference upfront.
Huh?
Yep. Here’s an example of how the cost of a buydown is calculated.
Example: Standard 30-year Kentucky FHA Loan
$100,000 loan amount
8% interest rate = $8,000 a year in interest.
With the 2/1 buy-down the transaction would be as follows:
$100,000 loan amount
1st. year = 6% Interest rate = $6,000 in interest, a savings of $2,000
2nd. year = 7% interest rate = $7,000 in interest, a savings of $1,000
So the lender would charge you $3,000 now for the privilege of saving $3,000 over the next two years.
This is slightly oversimplified because the calculations are a bit more complicated, but it’s pretty much how it works. So unless you can get your seller to pay for it, there is little advantage in the 2-1 buydown for you.
The difference between buying your rate down and a 2-1 buydown is that the 2-1 won’t ever save you more than you pay for it. Buying your rate down can potentially save you more than the cost of the points.

  

>FHA loans Louisville Ky Kentucky


>FHA Loans for First-time Home Buyers

Getting an HUD Insured Home Loan with Low Down Payment

FHA loans are attractive for first-time home buyers with a less than perfect credit history and who find it difficult to come up with the 10 to 20% down payment.

FHA loans are once again gaining popularity due to a variety of reasons. Their market share dropped significantly during the period from 2000 to 2007 due to the surge in popularity of sub-prime loans and loans that allowed zero down payment. However the recent sub-prime crisis and the flurry of foreclosures led to most of the lenders tightening the mortgage requirements. FHA loans are once again becoming a viable option for low-to-middle income families for acquiring home loans. The recent bridge loan for the $8000 tax credit which is limited to FHA loans may well be another boost for the popularity of FHA loans.

How FHA Loans Work

The FHA loans are available to purchase or refinance a principal residence. Federal Housing Administration(FHA), which is a part of HUD do not fund a loan, instead they insure the loan. The mortgage loan is funded by a lending institution, such as a mortgage company, bank or savings and loan association.

Borrowers are required to pay a small upfront mortgage insurance premium(1.5% of the purchase price) and a small monthly mortgage insurance (MMI) premium.

Advantages of FHA Loans

1. Low Down Payment- The minimum down payment requirement for FHA loans is 3.5%. Combined with a HUD down payment assistance grant or other similar programs, the borrower can often purchase a home with zero down payment.

2. Less than perfect credit history- FHA loans are ideal for borrowers with less than perfect credit history who will find it difficult to qualify for a conventional loan. Since the loan is guaranteed by the government, lenders will

3. Ideal for first-time home buyers- The typical first-time home buyer is someone who is young and in the early stages of their career. They will have other student debts and will find it difficult to come up with the 5 to 20% down payment required for a conventional loan. They are also likely to have a blemished credit history. FHA loans are much more suited to this type of home buyers because they allow for higher debt-to-income ratios, less than perfect credit history and lower down payment.

4. Down payment can be gifted by a family member or non-profit organization- One significant advantage of FHA loans is that the down payment can be gifted by a parent, a government agency or a non-profit organization which will allow people with out money for down payment to buy a home.

5. Foreclosures and bankruptcy- While borrowers whose homes have been foreclosed or who have gone into bankruptcy will have to wait for a longer period to get a conventional loan, FHA will allow a home purchase two years after a Bankruptcy and three years after a foreclosure.

6. No prepayment penalties- FHA loans do not have any prepayment penalties and can be easily refinanced.

7. Higher debt-to-income ratios- The maximum allowable debt-to-income ratio for a FHA loan is 41%, which is higher than most conventional loans.

Limitations of FHA Loans

Relatively low limits- One important disadvantage of FHA loans is that loan limits for FHA loans is typically less than the loan limits for most conventional loans. If the loan amount exceeds the loan limits, the borrowers will have to contribute additional money or they will have to look for other types of loans.

Borrowers with good credit history can find better rates- FHA loans are typically for borrowers with a blemished credit history or who find it difficult to come up with the 10 to 20% down payment. Borrowers with a good credit history who can also come up with the 10 to 20% down payment can find better rates with conventional loans.

FHA loans are a great option for first-time home buyers who are looking to buy a home in this buyer’s market. Lenders are willing to give better rates even with tighter credit norms since they are assured that the loan will be paid off by HUD in the event of a foreclosure.
FHA Limits

Lending limits for FHA loans insured for KENTUCKY counties.

County NameSingle FamilyDuplexTri-plexFour-plex

——————————————————————————–

ADAIR$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

ALLEN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

ANDERSON$271,050$347,000$419,425$521,250

FRANKFORT, KY (MICRO)

——————————————————————————–

BALLARD$271,050$347,000$419,425$521,250

PADUCAH, KY-IL (MICRO)

——————————————————————————–

BARREN$271,050$347,000$419,425$521,250

GLASGOW, KY (MICRO)

——————————————————————————–

BATH$271,050$347,000$419,425$521,250

MOUNT STERLING, KY (MICRO)

——————————————————————————–

BELL$271,050$347,000$419,425$521,250

MIDDLESBOROUGH, KY (MICRO)

——————————————————————————–

BOONE$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

BOURBON$271,050$347,000$419,425$521,250

LEXINGTON-FAYETTE, KY (MSA)

——————————————————————————–

BOYD$271,050$347,000$419,425$521,250

HUNTINGTON-ASHLAND, WV-KY-OH (MSA)

——————————————————————————–

BOYLE$271,050$347,000$419,425$521,250

DANVILLE, KY (MICRO)

——————————————————————————–

BRACKEN$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

BREATHITT$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

BRECKINRIDGE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

BULLITT$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

BUTLER$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CALDWELL$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CALLOWAY$271,050$347,000$419,425$521,250

MURRAY, KY (MICRO)

——————————————————————————–

CAMPBELL$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

CARLISLE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CARROLL$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CARTER$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CASEY$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CHRISTIAN$271,050$347,000$419,425$521,250

CLARKSVILLE, TN-KY (MSA)

——————————————————————————–

CLARK$271,050$347,000$419,425$521,250

LEXINGTON-FAYETTE, KY (MSA)

——————————————————————————–

CLAY$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CLINTON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CRITTENDEN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

CUMBERLAND$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

DAVIESS$271,050$347,000$419,425$521,250

OWENSBORO, KY (MSA)

——————————————————————————–

EDMONSON$271,050$347,000$419,425$521,250

BOWLING GREEN, KY (MSA)

——————————————————————————–

ELLIOTT$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

ESTILL$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

FAYETTE$271,050$347,000$419,425$521,250

LEXINGTON-FAYETTE, KY (MSA)

——————————————————————————–

FLEMING$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

FLOYD$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

FRANKLIN$271,050$347,000$419,425$521,250

FRANKFORT, KY (MICRO)

——————————————————————————–

FULTON$271,050$347,000$419,425$521,250

UNION CITY, TN-KY (MICRO)

——————————————————————————–

GALLATIN$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

GARRARD$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

GRANT$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

GRAVES$271,050$347,000$419,425$521,250

MAYFIELD, KY (MICRO)

——————————————————————————–

GRAYSON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

GREEN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

GREENUP$271,050$347,000$419,425$521,250

HUNTINGTON-ASHLAND, WV-KY-OH (MSA)

——————————————————————————–

HANCOCK$271,050$347,000$419,425$521,250

OWENSBORO, KY (MSA)

——————————————————————————–

HARDIN$271,050$347,000$419,425$521,250

ELIZABETHTOWN, KY (MSA)

——————————————————————————–

HARLAN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

HARRISON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

HART$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

HENDERSON$271,050$347,000$419,425$521,250

EVANSVILLE, IN-KY (MSA)

——————————————————————————–

HENRY$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

HICKMAN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

HOPKINS$271,050$347,000$419,425$521,250

MADISONVILLE, KY (MICRO)

——————————————————————————–

JACKSON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

JEFFERSON$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

JESSAMINE$271,050$347,000$419,425$521,250

LEXINGTON-FAYETTE, KY (MSA)

——————————————————————————–

JOHNSON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

KENTON$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

KNOTT$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

KNOX$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

LARUE$271,050$347,000$419,425$521,250

ELIZABETHTOWN, KY (MSA)

——————————————————————————–

LAUREL$271,050$347,000$419,425$521,250

LONDON, KY (MICRO)

——————————————————————————–

LAWRENCE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

LEE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

LESLIE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

LETCHER$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

LEWIS$271,050$347,000$419,425$521,250

MAYSVILLE, KY (MICRO)

——————————————————————————–

LINCOLN$271,050$347,000$419,425$521,250

DANVILLE, KY (MICRO)

——————————————————————————–

LIVINGSTON$271,050$347,000$419,425$521,250

PADUCAH, KY-IL (MICRO)

——————————————————————————–

LOGAN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

LYON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MADISON$271,050$347,000$419,425$521,250

RICHMOND-BEREA, KY (MICRO)

——————————————————————————–

MAGOFFIN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MARION$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MARSHALL$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MARTIN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MASON$271,050$347,000$419,425$521,250

MAYSVILLE, KY (MICRO)

——————————————————————————–

MCCRACKEN$271,050$347,000$419,425$521,250

PADUCAH, KY-IL (MICRO)

——————————————————————————–

MCCREARY$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MCLEAN$271,050$347,000$419,425$521,250

OWENSBORO, KY (MSA)

——————————————————————————–

MEADE$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

MENIFEE$271,050$347,000$419,425$521,250

MOUNT STERLING, KY (MICRO)

——————————————————————————–

MERCER$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

METCALFE$271,050$347,000$419,425$521,250

GLASGOW, KY (MICRO)

——————————————————————————–

MONROE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MONTGOMERY$271,050$347,000$419,425$521,250

MOUNT STERLING, KY (MICRO)

——————————————————————————–

MORGAN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

MUHLENBERG$271,050$347,000$419,425$521,250

CENTRAL CITY, KY (MICRO)

——————————————————————————–

NELSON$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

NICHOLAS$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

OHIO$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

OLDHAM$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

OWEN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

OWSLEY$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

PENDLETON$337,500$432,050$522,250$649,050

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)

——————————————————————————–

PERRY$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

PIKE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

POWELL$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

PULASKI$271,050$347,000$419,425$521,250

SOMERSET, KY (MICRO)

——————————————————————————–

ROBERTSON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

ROCKCASTLE$271,050$347,000$419,425$521,250

RICHMOND-BEREA, KY (MICRO)

——————————————————————————–

ROWAN$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

RUSSELL$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

SCOTT$271,050$347,000$419,425$521,250

LEXINGTON-FAYETTE, KY (MSA)

——————————————————————————–

SHELBY$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

SIMPSON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

SPENCER$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

TAYLOR$271,050$347,000$419,425$521,250

CAMPBELLSVILLE, KY (MICRO)

——————————————————————————–

TODD$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

TRIGG$271,050$347,000$419,425$521,250

CLARKSVILLE, TN-KY (MSA)

——————————————————————————–

TRIMBLE$302,500$387,250$468,100$581,750

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)

——————————————————————————–

UNION$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

WARREN$271,050$347,000$419,425$521,250

BOWLING GREEN, KY (MSA)

——————————————————————————–

WASHINGTON$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

WAYNE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

WEBSTER$271,050$347,000$419,425$521,250

EVANSVILLE, IN-KY (MSA)

——————————————————————————–

WHITLEY$271,050$347,000$419,425$521,250

CORBIN, KY (MICRO)

——————————————————————————–

WOLFE$271,050$347,000$419,425$521,250

NON-METRO

——————————————————————————–

WOODFORD$271,050$347,000$419,425$521,250

LEXINGTON-FAYETTE, KY (MSA)

>For a Quick Easy Loan Approval:Have These Items Ready When You Apply For a Loan


>For a Quick Easy Loan Approval:

Have These Items Ready When You Apply For a Loan

•Income Items

◦W2 forms for the last two years

◦Most recent pay stubs covering a 30 day period

◦Federal tax returns (1040’s) for the last two years, if:

■you are self-employed

■earn regular income from capital gains

■earn sizable interest income, etc.

■earn more than 25% of your income from commissions or bonuses

■own rental property

■or are in a career where you are likely to take non-reimbursed business expenses).

◦Year-to-Date Profit and Loss Statement (for self employed)

◦Corporate or Partnership tax returns (if you own more than 25% of the business)

◦Pension Award letter (for retired individuals)

◦Social Security Award letters (for those on Social Security)

•Asset Items

◦Bank statements for previous two months (sometimes three) on all accounts. All pages, even if you don’t think them important.

◦Statements for two months on all stocks, mutual funds, bonds, etc

◦Copy of latest 401K statement (or other retirement assets because they can count as reserves)

◦Explanations for any large deposits and source of those funds

◦Copy of HUD1 Settlement Statement on recent sales of homes

◦Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed

◦Gift letter (if some of the funds come as a gift from a family member – the lender will supply a blank form)

◦Gifts can also require:

■Verification of donor’s ability to make the gift (bank statement)

■Copy of the check used to make the gift

■Copy of the deposit receipt showing the funds deposited into bank account or escrow

◦Note: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower’s name, account number, and the name of the institution.

•Credit Items

◦Landlord’s name, address, and phone number (if you rent – for verification of rental)

◦Explanations for any of the following items which may appear on your credit report:

■Late payments

■Credit inquiries in the last 90 days

■Charge-offs

■Collections

■Judgments

■Liens

◦Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

•Other

◦Copy of purchase agreement (if you have already made an offer)

◦To document receipt of child support (if you desire to show it as income)

■Copy of Divorce Settlement (to show the amount)

■Copies of twelve months canceled checks to document actualreceipt of funds

•FHA Loans

◦Copy of Social Security Card (or other documentation of social security number)

◦Copy of Driver’s license

•VA Loans

◦Copy of DD214

•Refinances

◦Copy of your most recent monthly mortgage bill

◦The following cannot hurt to have ready, but are not as necessary as they once were:

Copy of Note on existing loan

Copy of HUD1 Settlement Statement on existing loan

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