Category: Kentucky Mortgage Credit Grade Guide

Louisville Kentucky First Time Home Buyer 2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing

Louisville Kentucky First Time Home Buyer 2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing


2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing
louisvillekentuckyfirsttimehomebuyer.com
A Kentucky Mortgage Blog for First Time Home Buyers in Kentucky

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223

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

Company ID #1364 | MB73346E
EQUAL HOUSING LENDER
http://www.mylouisvillekentuckymortgage.com/

New Fannie Mae Homes in Kentucky


New Fannie Mae Homes in Kentucky

To: kentuckyloan@gmail.com

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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 List of Foreclosed Homes by Fannie Mae, USDA, and KHC


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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
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Address Bed/Bath Price
65 Bon Jan Lane 3/1 $51,590.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
7234 Nekirk Rd. 3/1 $25,460.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
275 Highway 227 N 3/1 $42,210.00 – GovtBid
New Liberty, KY 40355 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
1254 Baker Branch Rd 2/1 $60,195.00 – GovtBid
Tutor Key, KY 41263 Foreclosure Sale

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BRECKINRIDGE
331 E 6TH STREET 12/19/2016
HARDINSBURG, KY 40143
FAYETTE
419 DABNEY DRIVE 1/9/2017
LEXINGTON, KY 40502
HARDIN
249 INDIANA TRAIL 1/5/2017
RADCLIFF, KY 40160
JEFFERSON
1276 MORGAN AVE 1/13/2017
LOUISVILLE, KY 40213
1623 BELMAR DRIVE 1/13/2017
LOUISVILLE, KY 40213
1106 CLAYBOURNE ROAD 1/13/2017
LOUISVILLE, KY 40214
1529 BICKNELL AVE 1/13/2017
LOUISVILLE, KY 40215
1108 VINEWOOD RD 1/13/2017
LOUISVILLE, KY 40219
1534 WALTER AVE 1/27/2017
LOUISVILLE, KY 40215
4421 MCGILL DR 1/27/2017
LOUISVILLE, KY 40215
LOGAN
5360 TAYLOR BARROW ROAD 12/20/2016
AUBURN, KY 42206
MEADE
575 DUGOUT DR 1/9/2017
VINE GROVE, KY 40175
PENDLETON
310 BEECH ST 12/15/2016
FALMOUTH, KY 41040
SHELBY
46 CHRISTIANBURG ROAD 12/15/2016
SHELBYVILLE, KY 40065

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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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$82,900Price Reduced

8020 Us Highway 23 S
Pikeville, KY 41501

4 Beds |1 Baths | 3140 sq. ft.

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$109,900Price Reduced

245 Andromeda Dr
Paducah, KY 42001

4 Beds |3 Baths | 2566 sq. ft.

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$189,900Active

7815 Appleview Ln
Louisville, KY 40228

3 Beds |3 Baths | 2486 sq. ft.

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$74,900Active

313 Town Branch Rd
Manchester, KY 40962

3 Beds |2 Baths | 1248 sq. ft.

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$99,900Active

402 Linda Dr
Hopkinsville, KY 42240

3 Beds |3 Baths | 1440 sq. ft.

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$58,000Active

2708 Hidden Valley Dr
Catlettsburg, KY 41129

2 Beds |1 Baths | 1315 sq. ft.

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

 

11 New Fannie Mae Homes in Kentucky Louisville Kentucky Mortgage First Time Home Buyer


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$145,000Just Listed

1520 Bryan Rd
Boaz, KY 42027

3 Beds |2 Baths | 1421 sq. ft.

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$292,500Just Listed

3510 Mcneil Rd
Boaz, KY 42027

4 Beds |2 Baths

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$126,900Back on Market

7016 Maple Leaf Dr
Maysville, KY 41056

3 Beds |2 Baths | 1680 sq. ft.

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$74,900Price Reduced

313 Town Branch Rd
Manchester, KY 40962

3 Beds |2 Baths | 1248 sq. ft.

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$15,000Price Reduced

2030 Clay St
Paducah, KY 42001

4 Beds |2 Baths | 1660 sq. ft.

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$85,000Price Reduced

20763 Highway 190
Frakes, KY 40940

3 Beds |2 Baths | 1475 sq. ft.

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$21,900Active

210 N 35th St
Louisville, KY 40212

2 Beds |1 Baths | 1119 sq. ft.

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$325,000Active

15500 Pfanstiel Rd
De Mossville, KY 41033

3 Beds |4 Baths | 3389 sq. ft.

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$72,500Active

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

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Coming Soon

1924 Northern Dancer Ct
Owensboro, KY 42301

3 Beds |1 Baths | 1160 sq. ft.

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Coming Soon

2885 Laton Turner Rd
Upton, KY 42784

3 Beds |2 Baths | 1800 sq. ft.

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

Louisville Kentucky Mortgage Lender for  FHA, VA, KHC, USDA and Rural Housing  Kentucky Mortgage

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage
I specialize in Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; First time buyer $0 money down still a

Kentucky FHA Mortgage Guidelines


Kentucky FHA Mortgage Guidelines.

via Kentucky FHA Mortgage Guidelines.

Current Guidelines for Louisville Kentucky Mortgage programs including FHA, VA, KHC, USDA, and Fannie Mae Home Loans in the State of Kentucky
NMLS# 57916
502-905-3708
kentuckyloan@gmail.com

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

Louisville KY Mortgage Rates


Louisville KY Mortgage Rates

Louisville Kentuckly  Mortgage rates have fluctuated as a result of declining Louisville KY housing prices and decreasing available credit. People are having a hard time finding good Louisville KY mortgage lenders and good Louisville Ky mortgage brokers to trust with their financial future. When times are tough and you don’t know where to turn, it’s still possible to find the Louisville KY best mortgage rates.

I research the best Louisville Ky mortgage rates daily to  catalogue and organize the best Louisville KY mortgage rates and you can free mortgage request quotes for  yourself! We also make it easy to get a response: fill our our easy mortgage information form for the best Louisville KY mortgage rates information from all of the mortgage lenders and mortgage brokers in the city you’re looking in! It doesn’t matter if you’re looking at a house down the South end of  Dixie highway or a street in the east-end of St Matthews – we’ve got some of the the best mortgage rates Iin Louisville Ky

When mortgage companies are competing, you know you’re getting the best mortgage rates possible. All of a sudden, you become the focus and the one in control. With just a little information, buying a home and getting a mortgage turns from a painful process fraught with risks and unreliable brokers into a successful and satisfying conclusion. The best Louisville KY mortgage rates are waiting for you right here, so take a look around at our mortgage rates and compare them for free. I think we offer some of the lowest Louisville KY mortgage prices and mortgage rates.

Fill out my free mortgage pre-qualificaton form today by clicking here<<<< 

KHC’s First Mortgage Government Loan Products


KHC’s First Mortgage Government Loan Products

Federal Housing Administration (FHA)

Minimum 640 credit score required.

Financing to 96.50% of lesser of sales price or appraised value.

All KHC DAPs and other KHC-approved secondary financing may be used.

Maximum 6% seller-paid items.

Maximum ratios of 40/45 with AUS approval.

28 for HUD’s full policy.

All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.

Lender must follow the FHA maximum mortgage limits for particular area

see https://entp.hud.gov/idapp/html/hicostlook.cf

just follow Upfront and Annual Mortgage Insurance Premiums Guidelines (see information below).

Upfront and Annual Mortgage Insurance Premiums

Loan Terms Greater than 15 Years

Case numbers on or after Monday, April 18, 2011

LTV less than or equal to 95%

1% annual 1.10 monthly

LTV greater than 95%

1% annual 1.15 monthly

Conventional

Minimum 660 credit score required

Maximum loan-to-value (LTV) ratio is 80%.

Maximum ratios 40/45 with AUS approval.

No down payment assistance products may be used. Borrower must meet down payment requirements with their own funds or a gift.

Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement. Must be entered as subordinate

financing in DU/LP.

Pre-purchase education required as per AUS findings.

Not available for manufactured housing.

Appraiser Independence required (see page 4).

KHC does not presently have a product for 81% LTV or greater.

Rural Housing Services (RHS)

Minimum 640 credit score required.

Financing to 100% of the appraised value, plus guarantee fee of 3.5%.

All KHC DAP programs and other KHC-approved secondary financing may be used.

No maximum on seller-paid items.

Ratio requirements and guarantee fee per agency guidelines.

KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with approval, expanded

ratios up to 40/45.

Veteran’s Administration (VA)

Minimum 640 credit score required.

Ratios up to 40/45% with AUS Approval.

Financing to 100% of the lesser of the appraised value or sale price.

All KHC DAP programs and other KHC-approved secondary financing may be used.

Maximum 4% seller-paid items.

Follow agency guidelines for ratio requirements and funding fee.

>Kentucky Mortgage Credit Grade Guide


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Kentucky Mortgage Credit Grade Guide
This guide was designed to help you assess your possible credit rating and what type of terms you can expect from a lender. Please keep in mind this is only a general guide as some lenders place different grades based upon their own method of evaluation.The following main factors determine your Credit Grade:


Credit

The credit is broken into three primary categories:
1. Kentucky Mortgage Credit — Your payment history on your existing, or previous mortgage. The past repayment history on mortgage debt can be a good indication of a borrowers attitude toward mortgage obligations. Payment history on mortgage debt is very important in determining your credit grade. Obviously this relates to people who have owned a home before.
2. Consumer Credit — This category relates to installment and revolving credit. Installment credit encompasses longer term credit with structured payment plans, such as car loans or student loans. Revolving credit encompasses department store and bank credit cards. Generally, payments received 30 days past the due date are reflected in the credit report as late.
3. Public Records — The third category relates to public records such as previous bankruptcies, collections, foreclosures and judgements. The A borrower cannot have any bankruptcy within past 2-10 years. The D borrower could currently be in bankruptcy or foreclosure.
The more serious the credit problems, the further the grade decreases (see below). As the grade on loans decreases, lenders generally assess higher rates and fees.

Debt Ratio

Besides credit considerations, lenders review the capacity of the borrowers to repay the Kentucky mortgage obligation. 
Kentucky Lenders calculate the debt ratio dividing the total monthly debts (the housing expenses for the proposed loan plus the borrower other monthly credit obligations) by the total monthly income. For example, if the total obligations of the borrower is $1,400 ($1,000 for housing expenses and $400 for other credit obligations), the debt ratio would be 35% ($1,400/$4,000 = 35%).If a borrower has a low debt ratio, the grade will be higher. Conversely, if a borrower has a high debt ratio, the grade will be lower.

Max LTV

Loan-to-Value Ratio, or LTV as it is commonly referred to, is the ratio of loan amount to the appraised value (or the sales price, whichever is less) of a property. For example, a loan of $100,000 on a property valued at $200,000 is at an LTV of 50%. The higher the LTV, the stringent the lenders become on credit and debt ratio. The A borrower can get 100% LTV loan and in some cases even 125%. For the D borrower maximum loan-to-value ratio averages 65-75%.

Credit Score

Kentucky Mortgage lenders and other creditors frequently use credit scores, known as FICO scores, to determine the credit risk. The higher the credit score, the better the credit risk.
FICO stands for Fair Isaac Company, the company that created the original scoring system. Each credit bureau has its own unique system that allows them to offer a score based solely on the contents of the credit bureau’s data about an individual. However, a numerical score at one bureau is the equivalent of the same numerical score at another. Thus, a score of 700 from Experian indicates the same creditworthiness as a score of 700 from Trans Union or Equifax, even though the calculations used to determine those scores are different at each bureau. The scores range from 375 to 900 points, and in general, a score of 650 or above indicates a very good credit history. Average FICO scores fall into the range between 620 and 650.
It must however be noted that not all lenders give same value to a particular credit score. Besides, not all lenders use credit scoring system and even when they do they may not use credit scoring system for all their loan programs.

The interest rate a lender will charge depends on these four main factors. If all the factors are great, the loan is assigned A grade and therefore qualifies for the best interest rate. If even one of the factor is not up to par, the quality of the loan is downgraded to A-,  B, C, or D paper. D papers refers to what is known as hard money loans which are mostly based on the equity in your home and not on your credit. A lender who is making a B, C or D paper loan is taking a higher risk since there is an increased likelihood of the loan defaulting. The lender is compensated for higher risk by charging the borrower a higher interest rate:

A- papers could have rates 1% – 1.75% higher than A papers
B papers — ” — ” — 0.25% – 0.75% higher than A- papers
C papers — ” — ” — 0.75% – 1.5% higher than B papers
D papers — ” — ” — 1% – 1.75% higher than C papers

The interest rates quoted for A-, B, C or D papers, like for adjustable programs, could vary vastly from lender to lender.
Below are typical of the requirements used by many lenders, but are not absolute grades – lenders typically have similar but somewhat different specifications.
  



Grade Credit Score Debt Ratio Max LTV Delinquencies
within last
12 months
Credit Bankruptcy / Foreclosure
Mortgage Installment Revolving
A+ to A 670+ 36-38 95-100 30 days 0 0-1 1-2 Good/excellent credit during last 2-5 years. No mortgage lates within 24 months. No bankruptcy within the last 2-10 years.
60 days 0 0 0-1
A- 650 45 95 30 days 0-1 1-2 2-3 No 60-day mortgage lates.  Minimum 24-48 months since bankruptcy discharge.
60 days 0 0-1 0-2
B+ to B- 620 50 75-85 30 days 1-2 2-4 3-5 24-48 months since bankruptcy discharge. Re-established credit.
60 days 0-1 1-2 1-2
C+ to C- 580 55 75 30 days 3-4 4-6 5-7 12-24 months since bankruptcy discharge. 
60 days 0-2 2-4 3-5
D+ to D- 550 60 65-70 60 days 1-3 5-7 6-8 Bankruptcy discharged within last 12 months.
Poor payment record with limited 90 day, isolated 120 day lates.
E 520- 65 50-65 Poor payment record with a pattern of 30, 60 and 90+ lates Possible current bankruptcy or foreclosure.  Stable current employment.


Please note that the figures shown here are general guidelines and may vary from lender to lender. Exceptions are always possible with strong compensating factors that reflect low credit risk. Some compensating factors are history of savings, long-term job stability, history of making monthly credit payments that equal or exceed the proposed payments, a substantial down payment or a large cash reserve after the close of escrow.
Note: If you plan on shopping around for a mortgage we advise that you take the time to order your credit report from all three credit reporting agencies and check it for errors. The 3 major credit reporting agencies are:EquifaxTransUnion, and Experian.