Tag: Kentucky census statistical areas

Louisville 2014 Home Prices up 2.7% with Slightly Fewer Homes Sold

Louisville 2014 Home Prices up 2.7% with Slightly Fewer Homes Sold.

via Louisville 2014 Home Prices up 2.7% with Slightly Fewer Homes Sold.


No Money Down Home Loan Elizabethtown Ky

 No Money Down Home Loan Elizabethtown Ky.

via  No Money Down Home Loan Elizabethtown Ky.

### No Money Down Home Loan Elizabethtown Ky

100% Financing Zero Down100% Rural Housing loan in Kentuckyrhs loans kentuckyRural Housing/ USD LOANS ZERO DOWNUncategorizedUSDA No money down mortgage Louisville Kentucky Kentucky housing corp 30 year fixed | Tagged 

Government Shut Down Effects – What you need to know

Government Shut Down Effects – What you need to know.

via Government Shut Down Effects – What you need to know.

Signs of credit-score easing for buyers as market softens | Business & Technology | The Seattle Times

Signs of credit-score easing for buyers as market softens | Business & Technology | The Seattle Times.

via Signs of credit-score easing for buyers as market softens | Business & Technology | The Seattle Times.

Dealing with Mortgages in Kentucky

Dealing with Mortgages

Looking for the Best Mortgage?


Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage— whether it’s a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.


Find detailed information about the Home Affordable Refinance and Modification programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration’s program. Through this website, borrowers can connect with free counseling resources; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer.


Agency: Department of the Treasury


Gives you key points to help you choose the mortgage that is best for you. Provides tips on determining your budget, understanding pricing and fees, comparing loan options and gathering information from trusted resources.


Ideas and information on topics such as how to: get the best possible interest rates, avoid paying unnecessary fees, find “emergency” cash at affordable prices, and steer clear of credit-related rip-offs and scams.


This brochure explains how mortgage modification programs can help those at risk of foreclosure save their home.


Agency: Federal Deposit Insurance Corporation


The Consumer Advisory, issued by the Office of the Comptroller of the Currency, is designed to help you better understand reverse mortgages. Reverse mortgages are complex loans, and are secured by your home. It is important to understand their terms, risks, and costs before you sign a reverse mortgage contract. It is also important to consider alternatives to reverse mortgages.

General Audience, Bank Customers

Agency: Office of the Comptroller of the Currency


Common types of foreclosure rescue scams, how they work, and what you can do if you are facing foreclosure.


Agency: Office of Thrift Supervision


The Office of the Comptroller of the Currency’s Consumer Advisory provides advice to help prevent borrowers from becoming victims of mortgage modification and foreclosure rescue scams.  It outlines what people should watch out for to avoid mortgage modification and foreclosure rescue scams.  The advisory provides a list of resources people can use to find qualified sources for help and is also published in Spanish.

General Audience, Homeowners

Agency: Office of the Comptroller of the Currency


The Office of the Comptroller of the Currency maintains a Web site www.Helpwithmybank.gov, a clearinghouse that provides consumers with answers to more than 250 frequently-asked questions (FAQs) on such financial topics as bank accounts, deposit insurance, credit cards, consumer loans, insurance, mortgages, identity theft, and safe deposit boxes.

General Audience, Bank Customers who need help

Agency: Office of the Comptroller of the Currency


This web page provides quick access to several resources to help homeowners, community stakeholders, and the banking industry help prevent unnecessary foreclosures and stop foreclosure “rescue” scams that promise false hope to consumers at risk of losing their homes. For Additional information call toll-free 1-877-ASK-FDIC (1-877-275-3342); hearing impaired 1-800-925-4618.

General Public, Homeowners, Educators, Housing Counselors

Agency: Federal Deposit Insurance Corporation


More Americans feel added stress and anxiety about their financial future as talk of rising consumer debt, falling housing prices, rising costs of living, and declining retail sales bring up worries about the nation’s economic health. Money is often on the minds of most Americans. In fact, according to the American Psychological Association’s 2007 Stress in America survey, money and work are two of the top sources of stress for almost 75 percent of Americans. Add to the mix headlines declaring a looming economic recession, and many begin to fear how they can handle any further financial crunch.


Agency: Department of Agriculture


Learn if a home equity plan is right for you and how to shop for the best plan.


Agency: Board of Governors of the Federal Reserve System


Alerts consumers to potential borrowing pitfalls and provides tips for getting the best financing deal possible. Warns consumers that regardless of whether a home equity loan is for home repair, bill consolidation, or some other purpose, it’s important to shop around.


Agency: Federal Trade Commission


Lenders offer home equity credit lines in a variety of ways. The questions and answers listed may help you decide if a home equity line of credit is right for you.


Agency: Federal Trade Commission


Explains The Home Ownership and Equity Protection Act of 1994, what loans are covered, what disclosures are required, and what practices are prohibited.


Agency: Federal Trade Commission


Shop for the mortgage package that best meets your financial needs.


Agency: Board of Governors of the Federal Reserve System


Owning a home is part of the American dream, but exotic mortgages also may carry risks. This publication, also available in Spanish, educates homebuyers on the loan terms and risks associated with non-traditional mortgage products.  Read this brochure, prepared by the Office of the Comptroller of the Currency and the federal bank, thrift and credit union regulatory agencies, to find out what I-O mortgage payments and payment option ARMs entail. The brochure includes a worksheet to assist homebuyers when comparing mortgages.

General Audience, Homeowners, Bank Customers

Agency: Office of the Comptroller of the Currency


Explains mortgage servicers’ responsibilities, in particular under the RESPA enforced by HUD; urges consumers to keep records of their payments, insurance coverage, and other information; explains how consumers can file disputes with their loan servicer; and includes sample letters that consumers may use when filing a dispute with their lender/servicer or with a credit bureau.


Agency: Federal Trade Commission


Explains your rights under Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), and what to do if your loan is rejected.


Agency: Federal Trade Commission


Helps consumers evaluate what to expect in today’s mortgage market.

Dealing with Mortgages



Whether you are buying a house or refinancing your mortgage, this information can help you decide if an interest-only mortgage payment (an I-O mortgage)–or an adjustable-rate mortgage (ARM) with the option to make a minimum payment (a payment-option ARM)–is right for you.


Agency: Board of Governors of the Federal Reserve System


Find out about the risks and advantages of an adjustable rate mortgage. Use the Mortgage Checklist to help with your decision. Handbook is designed to help consumers understand an important and complex mortgage option available to homebuyers.


Agency: Board of Governors of the Federal Reserve System


The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of Private Mortgage Insurance on home mortgages. Find out if you qualify.


Agency: Federal Trade Commission


This Consumer Advisory, issued by the Office of the Comptroller of the Currency (OCC), describes common scams, suggests ways to protect yourself, provides information on U.S. government loan programs and counseling resources, and lists 10 warning signs of a mortgage modification scam.


Agency: Department of the Treasury


For consumers who may be having trouble paying their mortgage. Explains options to help save their homes, and how to recognize and avoid foreclosure scams.


Agency: Federal Trade Commission


Explains how various foreclosure rescue scams work, and where consumers can find legitimate help.


Agency: Federal Trade Commission


The Federal Reserve Banks have established Foreclosure Resource Centers to help address local and regional challenges in their mortgage markets and local communities. The site contains a map with links to these regional foreclosure centers, where you’ll find resources for small municipalities, housing counselors, and consumer and community groups.


Agency: Board of Governors of the Federal Reserve System


Suggests do’s and don’ts when you are dealing with foreclosure.


Agency: Board of Governors of the Federal Reserve System


View a 30-second ad from the Federal Reserve Board directing consumers to free foreclusure prevention resources on the agency web site.


Agency: Board of Governors of the Federal Reserve System


This website provides information that may be helpful to consumers, financial institutions, and the community groups working with them on foreclosure-related issues. 

Homeowners, General Public, Housing Counselors

Agency: Federal Deposit Insurance Corporation


This booklet explains how property owners can avoid losing their homes because of delinquent payments.


Agency: Department of Housing and Urban Development


Whether you’re in foreclosure now or worried about it in the future, we have the information that can help.


Agency: Department of Housing and Urban Development


Includes terms, tips, a checklist, and information to help you find a plan that meet your needs, and protect your interests.


Agency: Federal Trade Commission


Practical information and resources to help you make your mortgage payments and keep your home.


Agency: Board of Governors of the Federal Reserve System


Compare monthly mortgage payments and the amount of equity you’ll build for up to six types of fixed- and adjustable-rate mortgages.


Agency: Board of Governors of the Federal Reserve System


FDIC Consumer News provides practical guidance on how to become a smarter, safer user of financial services. Consumer News articles issued in 2009 and beyond are being adapted for audio. Individuals are able to click the desired issue to download or listen to the articles in that issue; go to http://treas.gov/cgi-bin/redirect.cgi?http://www.fdic.gov/consumers/consumer/news/audio/index.html

General Public

Agency: Federal Deposit Insurance Corporation


The form used by a consumer to file a complaint about a thrift or savings association.


Agency: Office of Thrift Supervision

Jefferson County Kentucky Foreclosures Information

Jefferson County Kentucky Foreclosures Information


Free Mortgage Application less than 5 minutes. Apply today for your next Louisville Kentucky Mortgage

Frequently Asked Questions

The Commissioner’s Office cannot give legal advice.  The following are frequently asked questions that are procedural:

.margin { MARGIN-LEFT: 15px } [-] I just purchased property at the commissioner sale. What do I need to do now?

Discuss with an attorney the necessity for a title search. Thirty (30) days from the date of sale one-fourth (1/4) of the bid price, including deposit paid the day of sale, needs to be paid into the Commissioner’s Office. Six (6) months from the date of sale the balance of the bid price needs to be paid. Interest is 12% per annum on the unpaid balance.

[-] When do I get access to the property?

You are entitled to possession of the property after the Report of Sale has been confirmed by the Court. This can happen any time ten (10) days after the Report of Sale has been filed in the Court record.

[-] How do I get keys to the property?

Through the party whose judgment under which the property was sold or its attorney.

[-] What happens after all liens have been satisfied and there is money left over?

The original property owners have a right to those funds.

[-] Someone is still living in the home. What should I do?

If they refuse to leave, the Court can enter a writ of possession directing the sheriff of Jefferson County to set the individuals and their property out.

[-] I cannot meet the 30-day or six-month deadlines. What should I do?

Contact the attorney for the party under whose judgment the property was sold.

[-] What if the Commissioner’s Sale brings less than two-thirds (2/3rds) of the appraisal?

The homeowner has a one year right of redemption.

[-] What is a right of redemption?

It is a right held by the property owner giving them one year to repay to the purchaser the amount of money paid into the Commissioner plus 10% per annum. KRS 426.530

[-] Whose name is on the Commissioner’s deed?

The Commissioner’s deed will be in the name of the purchaser at the Commissioner’s Sale. If the purchaser desires it be titled otherwise, the purchaser can file an Assignment of Bid in the Court record and the deed will then be titled in the assignee’s name.

[-] How do I make payments to the Commissioner’s Office for my bid price?

Only in cash or certified funds for the sale day deposit and only certified funds thereafter.

[-] Where are the sales conducted?

Usually on the first floor of the Old Jail Building, 514 West Liberty Street, Louisville, Kentucky. On occasion if they are held elsewhere, notice may be obtained from the Commissioner’s Office or this website.

[-] Can I inspect the property before the Commissioner’s Sale?

Only if the individuals in possession allow it (or by contacting the attorney for the party who has a Judgment and Order of Sale) if the property is vacant.

[-] Is the property insured?

It is the responsibility of the purchaser at the Commissioner’s Sale to insure the property, to the extent of the purchaser’s interest, until purchaser takes full title.

[-] Where can I get a list of foreclosure actions filed in Jefferson County or placed on a mailing list?

No such list is maintained. The Commissioner’s Office does not create a mailing list or mail information to individuals.

[-] When do I get the deed to the property?

You will need to move the court for a deed, tender an order, and pay the purchase price plus interest.

[-] If my post-purchase title search shows liens by entities not parties to the litigation?

File in the Court record an objection to confirmation of sale. This will bring the lienholder issue to the Court for resolution.

[-] What happens if I fail to pay the full balance of my bid price?

You run the risk of losing any monies you have paid up to that point and if the property sells the second time for less than what you paid for it, you might be liable for the difference.

[-] Can I get my deposit back if I do not like the property or if I cannot get financing?


[-] Is a bond necessary from the purchaser?

Yes. The bond requirement can be satisfied with either a corporate surety or if a property owner, not having an interest in the litigation, signs a bond pleading real estate located in Jefferson County. KRS 426.705


>4 Things Every Borrower Needs to Get Approved for a Mortgage or Home Loan In Kentucky

>4 Things Every Borrower Needs to Get Approved for a Mortgage or Home Loan In Kentucky

FHA VA KHC, Conventional, Fannie Mae, Freddie Mac

4 Things Every Borrower Needs to know to Get Approved for a Loan!!!!

There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as it’s own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you’re pretty much dead in the water:

1. Income

You need income. You need to be able to afford the home. Without it, forget it! But what is acceptable income? Basically, it all depends on the type of loan that a borrower applies for. Jumbo, V.A., USDA, FHA, Conventional, Kentucky Housing KHC Super Jumbo? Let’s just say that there are two ratios:

First Ratio – The first ratio, top ratio or housing ratio. Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.

Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 43% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.

What qualifies as income? Basically, it’s income that has at least a proven, two year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable?????? Cash income, short term income and income that’s not likely to continue.

2. Assets

For the most part this is fairly simple. Do you have enough assets to put the money forth to qualify for the downpayment that the particular program asks for. USDA says that there can be no money down. FHA, for now, has a 3.5% downpayment. Some loans require 20% down. These assets need to be validated through bank accounts and sometimes gifts. Can you borrower the down payment? Sometimes. Generally if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. TALK TO YOUR LOAN OFFICER FIRST when discussing what’s acceptable?

3. Credit
Whewwwwwwwwwwwwwwwwwwwwwwwwwwww. This can be the bane to every borrower, every loan officer and every lender……and yes, to every realtor. How many times has a borrower said my credit’s good, only to find out that it’s not nearly as good as a borrower thinks or nearly as good as the borrower needs. Big stuff for sure. 620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 700 is when you really start to get in the “as a lender we love you” credit score. 720 is even better. Watch your credit!!!!! Check out my post:

Kentucky Housing VA FHA KHC USDA and FNMA all require 620 credit score!

4. Appraisal

In many ways this is the easiest box. Why????? Generally, there’s nothing you can do to affect this. Bottom line here is…..”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the

Lower of the value or the contract price!!!

That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues….Talk to your loan officer.

For each one of these boxes, there are over 1,000 things that can effect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on!

Call me today at Key Financial Mortgage for your free pre-approval for your next home or refinance…Call 502-905-3708 or kentuckyloan@gmail.com

I can answer your questions and usually get you pre-approved the same day.

I can be reached at my Louisville Ky office at 502-905-3708 Ask for Joel

Kentucky HUD Homes for Sale Below $100 Down

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