Category: Uncategorized

Lock Extensions Cost Money – Blame it on Investors


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.

RPM Mortgage, Inc.

Written by Guest Blogger Jennifer Fortier of Stratmor Group
Originally published in Rob Chrisman’s Daily Mortgage News and Commentary

When a borrower locks a rate with a lender, the lender promises to hold that rate for the borrower until the loan closes. But there is a deadline and moving that deadline back costs money. Depending on what the mortgage rates are doing, this sometimes makes perfect sense to everyone, but other times, it seems counter-intuitive. This is the story behind the “extension fee”.

The Risk of the Borrower Lock

When a lender takes a rate lock, it takes on risk. The lender grants a lock today on a promise by the borrower to close a loan in the future, say 30 days later. Between today and the day the loan closes, the market is likely to fluctuate at least a little, and sometimes quite a lot. This leaves uncertainty about…

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FHA Approved Condo List Louisville Kentucky Jefferson County


FHA Approved Condo List Louisville Kentucky Jefferson County

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

FHA Approved Condo List Louisville Kentucky #Jefferson County#.

FHA Approved Condo List Louisville Kentucky Jefferson FHA Approved Condo List Louisville Kentucky Jefferson

Condominiums List

Condominiums (HRAP/DELRAP Approval Method) as of 03/12/2017
Condo
Name
Condo ID /
Submission
Address County Approval
Method
Composition
of Project
Comments Document
Status
Manufactured
Housing
FHA
Concentration
Status Status
Date
Expiration
Date
ARBOR CREEK CONDOMINIUMS A002562 001 ARBOR CREEK DRIVE AND ARBOR MEADOW WAY
LOUISVILLE, KY 40228
JEFFERSON HRAP 170 Units. DB 08278, PG 0268. None Recorded/
Not Uploaded
No 7.05% Approved 09/09/2015 09/09/2017
AUTUMN GARDENS CONDOMINIUMS A002616 001 10013 AUTUMN GARDENS WAY
LOUISVILLE, KY 40229
JEFFERSON HRAP 10 Buildings, 45 Units. DB08290PG0253, DB09109PG0706. None Recorded/
Not Uploaded
No 17.77% Approved 11/06/2015 11/06/2017
AUTUMN TRACE CONDOMINIMUM A002589 001 7520 AUTUMN POINTE DR
LOUISVILLE, KY 40214
JEFFERSON HRAP 105 Units. None Recorded/
Not Uploaded
No

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Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2017


2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS Student Loan Payment Calculation Must include all student loans in the borrower’s liabilities, regardless of the paymen

Louisville Kentucky Mortgage Loans

2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOAN

2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS Student Loan Payment Calculation Must include all student loans in the borrower’s liabilities, regardless of the payment type o…

Source: Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2017

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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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2017 Kentucky First Time Home Buyer Loan Programs


2017 Kentucky First Time Home Buyer Loan Programs, credit report, Credit Scores/Credit Report Tips, debt to income ratios, Down Payment Assistance, Fannie Mae Loan, first time buyer kentucky, first time home buyer loans, fort knox ky zero down loan, kentucky first time home buyer grant, kentucky rhs loan, KHC loan, KY FHA LOANS, ky first time home buyer, ky housing rates, ky mortgage rates, ky usda, ky va, ky va loans, louisville homes for sale, Louisville Ky First Time Home Buyers, louisville ky mortgage, usda mortgage, Zero down home loans

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

Kentucky First Time Home Buyer Programs for 2017

There are basically 5 popular programs that Kentucky Home buyers use to purchase their first home.
• At least 3%-5% down
Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no-closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.
Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.
The rates are…

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HOW MUCH ARE CLOSING COSTS FOR A FHA, VA, USDA MORTGAGE LOAN IN KENTUCKY?


First Time Home Buyer Louisville Kentucky Mortgage Programs 1
First Time Home Buyer Programs Louisville Kentucky 1
A Complete Guide to Closing Costs

Louisville Kentucky Mortgage Loans

A Complete Guide to Closing Costs .    Complete Guide to Closing Costs A Complete Guide to Closing Costs Types of Closing Costs Let’s talk briefly about the types of closing costs you might enc…

A Complete Guide to Closing Costs

A Complete Guide to Closing Costs

Types of Closing Costs

Let’s talk briefly about the types of closing costs you might encounter and how much those costs tend to run. Understand that closing costs, especially tax-related costs, will vary widely depending on where you live. But some costs can be estimated based on national averages.
Also, you should know that with fluctuations in the real estate market, closing costs are also fluctuating. A 2012 US News article pointed out that closing costs dropped 7 percent over 2011-2012 to an average of about $3,754.
The drops are, in part…

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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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Student Loans and their Impact in the Total Debt Ratio for a Kentucky Rural Housing USDA Loan Approval


Kentucky USDA/Rural Development Changes for Student Loans in 2016
Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky

Kentucky USDA Rural Housing Mortgage Loans

USDA/Rural Development. The Annual Guarantee Fee is set to INCREASE October 1. Kentucky USDA/Rural Development Changes for Student Loans in 2016

Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky

Recent updates to the 3555 Handbook intended to simplify guidance for the delivery of the guaranteed loan program have caused some misperception in regards to total debt ratio calculations, specifically in the subject of student loans. The Agency is working on revisions to Chapter 11: Ratio Analysis; however, we want to further clarify the subject at this time.
Total debt includes monthly housing expenses plus any other credit obligations incurred by the applicant. Student loan payments must be included in the calculation of the total debt-to-income ratio and captured under liabilities on the application. Student loan payments should be treated as described below:
Fixed payment loans: A fixed payment may be used in the debt ratio when the lender retains documentation to verify the…

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Kentucky FHA Mortgage Guidelines Changes for 2015


Kentucky FHA Mortgage Guidelines Changes for 2015 | Louisville Kentucky Mortgage Loans

Kentucky FHA Mortgage Loans Guidelines

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Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015?

• Job Changes –

FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability.

And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she:
–is employed in the current job for six months or longer, and
–can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise…

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