Category: What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval

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


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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.
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New Fannie Mae Homes in Kentucky for Sale On the Homepath Program Foreclosures


Address Location Type Status Price Beds Baths
Previous Next
136 W Main St
Mount Sterling, KY
Single Family Under Contract $60,000 5 2
1660 Ecton Rd
Winchester, KY
Single Family Under Contract $62,500 4 2
328 Hillrise Dr
Monticello, KY
Single Family Under Contract $65,000 3 2
502 E Main St
Vine Grove, KY
Single Family Active $67,900 3 1
103 S Henderson Dr
Fulton, KY
Single Family Active $69,900 3 3
424 E Union St
Hartford, KY
Single Family Under Contract $69,900 4 2
9213 New Maple Rd
Louisville, KY
Single Family Price Reduced $71,900 3 1
6003 Murnan Rd
Newport, KY
Single Family Under Contract $72,500 3 2
1927 Brooklyn Chapel Rd
Morgantown, KY
Single Family Price Reduced $72,900 3 2
112 Valley Brook Dr
Frankfort, KY
Single Family Active $75,000 3 2
520 E 20th St
Covington, KY
Single Family Under Contract $75,500 4 2
10802 Milwaukee Way
Louisville, KY
Single Family Active $76,000 3 2
4421 Mcgill Dr
Louisville, KY
Single Family Active $76,900 4 2 First Look Program
7 Welby Rd
Louisville, KY
Single Family Back on Market $78,500 2 1
120 Ridgemont Rd
Paducah, KY
Single Family Active $79,000 3 3
711 N Lakeview Dr
Louisville, KY
Single Family Active $81,500 2 1
12 Crestwood Ave
Newport, KY
Single Family Active $82,900 2 1
2115 Joyce Ave
Newport, KY
Single Family Active $82,900 2 1
5973 Madisonville Rd
Hopkinsville, KY
Single Family Under Contract $82,900 3 2
102 Poppy Ct
Radcliff, KY
Single Family Under Contract $87,500 3 2
10 Kenil Ct
Louisville, KY
Single Family Under Contract $87,900 3 1
64 Seymour Ln
Horse Cave, KY
Single Family Price Reduced $88,900 3 2
21 Highway 578 N
Annville, KY
Single Family Active $89,900 4 2
488 E Frogtown Rd
Walton, KY
Single Family Just Listed $89,900 2 1 First Look Program
421 Newby Rd
Richmond, KY
Single Family Active $92,900 4 2
3603 Shadyside Dr
Erlanger, KY
Single Family Under Contract $95,000 3 1
3506 Tyrone Dr
Louisville, KY
Single Family Under Contract $96,500 4 1
1983 Cathy Ln
Lexington, KY
Single Family Price Reduced $99,900 3 1
145 Douglas Ave W
Stanford, KY
Single Family Under Contract $105,000 3 2
931 Robin Cir
Radcliff, KY
Single Family Active $107,000 3 2
1520 Bryan Rd
Boaz, KY
Single Family Under Contract $109,000 4 3
3731 Stanton Blvd
Louisville, KY
Single Family Under Contract $115,000 3 2
727 Agawam Rd
Winchester, KY
Single Family Under Contract $117,500 4 3
114 Dakota Cir
Carrollton, KY
Single Family Back on Market $119,900 3 2 First Look Program
1557 Dunbar Leetown Rd
Morgantown, KY
Single Family Active $124,500 3 2
2301 Paris Rd
Mount Sterling, KY
Single Family Just Listed $129,900 3 2 First Look Program
1338 Lewis Creek Ln
Beaver Dam, KY
Single Family Just Listed $129,900 3 2 First Look Program
843 Button Knob Rd
Liberty, KY
Single Family Under Contract $135,000 4 2
313 Shakers Landing Rd
Harrodsburg, KY
Single Family Under Contract $142,500 3 2
145 Copperas Lick Br
Prestonsburg, KY
Single Family Just Listed $142,900 3 2.5 First Look Program
9145 Flagg Springs Pike
Alexandria, KY
Single Family Back on Market $144,500 4 3
926 S Woodland Dr
Radcliff, KY
Single Family Active $144,900 3 2
231 Turkey Run Dr
Bowling Green, KY
Single Family Under Contract $155,000 3 2
46 Summershade Dr
Elizabethtown, KY
Single Family Active $157,500 3 2
10520 Pinoak View Dr
Louisville, KY
Single Family Under Contract $161,000 3 2
2250 Clearwater Dr
Lawrenceburg, KY
Single Family Active $165,000 3 3
10445 Calvary Rd
Independence, KY
Single Family Under Contract $167,500 3 2
2401 Venetian Way
Burlington, KY
Single Family Under Contract $169,900 3 3
147 Owl Creek Ln
Shepherdsville, KY
Single Family Active $179,900 3 2
114 Annette Dr
Richmond, KY
Single Family Under Contract $185,000 5 3

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.

View Property

$292,500Just Listed

3510 Mcneil Rd
Boaz, KY 42027

4 Beds |2 Baths

View Property

$126,900Back on Market

7016 Maple Leaf Dr
Maysville, KY 41056

3 Beds |2 Baths | 1680 sq. ft.

View Property

$74,900Price Reduced

313 Town Branch Rd
Manchester, KY 40962

3 Beds |2 Baths | 1248 sq. ft.

View Property

$15,000Price Reduced

2030 Clay St
Paducah, KY 42001

4 Beds |2 Baths | 1660 sq. ft.

View Property

$85,000Price Reduced

20763 Highway 190
Frakes, KY 40940

3 Beds |2 Baths | 1475 sq. ft.

View Property

$21,900Active

210 N 35th St
Louisville, KY 40212

2 Beds |1 Baths | 1119 sq. ft.

View Property

$325,000Active

15500 Pfanstiel Rd
De Mossville, KY 41033

3 Beds |4 Baths | 3389 sq. ft.

View Property

$72,500Active

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

View Property

Coming Soon

1924 Northern Dancer Ct
Owensboro, KY 42301

3 Beds |1 Baths | 1160 sq. ft.

View Property

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 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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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

 

>What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval


>What Not To Do

What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval

Congratulations! You applied for your loan and maybe you finally found the house of your dreams. You made a bid, had it accepted by the seller, and went through the mortgage application process. It looks like you’ll qualify. The closing is only weeks away, and you are feeling pretty good.

It’s smooth sailing from here, right? Probably. However, more than one buyer has had the wind taken out of his sails at this point in a real estate transaction. If at all possible, steer clear of the following “NO-NOs” until AFTER you have gone to settlement.

· Do not take on new debt or apply for new credit cards. The temptation is strong. There are so many big purchases people potentially want to make in connection with a move: appliances, window treatments, furniture, etc.. When you add to this the fact that, today, everyone offers easy terms and no money down – well, why not just do it? Answer: because you will change what the industry calls your “back-end ratios” ( the relationship of your income to your debt). It could also lower your credit score.

· Do not be difficult to reach. The loan officer or processor may need to reach you for additional information or documents. Check your voice mails and emails often. Check your junk email file also. Communication is the key to a smooth closing.

· Do not quit your job, change jobs or take a leave of absence. If at all possible, try not to make a career move during the time between your mortgage application and the closing on the home you are purchasing. But, you ask, “What if it is a BETTER job, for MORE money, in a DIFFERENT field?” Still, try and wait until AFTER closing. One of the factors mortgage companies consider is length of present employment; they are partial to stability. At the very least, changing jobs initiates the need for more paperwork, and maybe a delay in closing.

· Do not stop paying your bills. Pay all your bills on time including rent or mortgages.

· Do not pack too soon. Well, go ahead and pack your clothes and pictures. But, do not pack away your bank statements, tax returns, or other important paperwork. Most especially, do not pack away your checkbook! More than one buyer has had closing delayed while a friend or relative hurried over with additional funds because the checkbook was in the moving van.

· Do not lease a new car. This should go under the general heading of “no new debt”. It is highlighted here because, for some strange reason, many buyers do run right out and lease a new car during the intervening time between mortgage application and closing! As with any debt, this will change your “back-end ratios”, and may cause you not to qualify for your mortgage.

· Do not throw away pay stubs, bank statements, or other financial documents.

· Do not spend your money needed for closing.


· In short, do nothing that negatively impacts your ability to qualify for your mortgage loan, or initiates a new round of paperwork.

These suggestions are merely that – suggestions. No one is saying, flat out, that bad things will necessarily follow if you do any of the above. They are offered as cautions. Many buyers seem to view the mortgage application procedure as an static entity, a snap shot of their financial lives at a given moment in time. It is not. It is an on-going process that can take into account everything you do right up until the day of closing.

What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval

>Kentucky First Time Home Buyer Programs 2011


>Kentucky First Time Home Buyer Programs 2011.