Tag: Mortgage

WHAT IS THE WAIT TIME INVOLVED TO GET APPROVED FOR A MORTGAGE AGAIN AFTER A BANKRUPTCY, FORECLOSURE, SHORT-SALE AND JOB GAP LOSS


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fha-pre-qualification-quote

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.

First Time Homebuyer’s Guide: Loan Pre-Approval


First Time Homebuyer’s Guide: Loan Pre-Approval.

via First Time Homebuyer’s Guide: Loan Pre-Approval.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

Jumbo mortgage loans are back on the table – The Santa Fe New Mexican: Home/Real Estate


Jumbo mortgage loans are back on the table – The Santa Fe New Mexican: Home/Real Estate.

via Jumbo mortgage loans are back on the table – The Santa Fe New Mexican: Home/Real Estate.

>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

Realty Times – Get a HUD Home for $100 Down Get a HUD Home for $100 Down | Kentucky First Time Home Buyer Mortgage Loan


HUD Home for 0 Down Get a HUD Home for 0 Down | Kentucky First Time Home Buyer Mortgage Loan

Realty Times – Get a HUD Home for $100 Down Get a HUD Home for $100 Down | Kentucky First Time Home Buyer Mortgage Loan.

via Realty Times – Get a HUD Home for $100 Down Get a HUD Home for $100 Down | Kentucky First Time Home Buyer Mortgage Loan.

Seller Concessions to Close the Transaction


Seller Concessions to Close the Transaction.

via Seller Concessions to Close the Transaction.

via Seller Concessions to Close the Transaction.

 

Seller Concessions to Close the Transaction

Key Financial Mortgage (NMLS#1800)

107 South Hurstbourne Parkway 

Louisville KY 40222

Joel Lobb NMLS #57916

Ph. 502-905-3708

Fax. 502-813-2795

Jlobb@keyfinllc.com

http://keyfinllc.com

 

Kentucky Mortgage Underwriting Guidelines updated for 2013


Kentucky Mortgage Underwriting Guidelines updated for 2013.

via Kentucky Mortgage Underwriting Guidelines updated for 2013.

via Kentucky Mortgage Underwriting Guidelines updated for 2013.

Americans Expect Home Prices and Mortgage Rates to Increase – WDRB 41 Louisville – News, Weather, Sports Community


Americans Expect Home Prices and Mortgage Rates to Increase – WDRB 41 Louisville – News, Weather, Sports Community.

via Americans Expect Home Prices and Mortgage Rates to Increase – WDRB 41 Louisville – News, Weather, Sports Community.

SOURCE Fannie Mae

Attitudes About Economy and Household Finances Remain Flat

WASHINGTON, March 7, 2013 /PRNewswire/ — Consumer attitudes toward the economy and housing continue to diverge this winter, according to Fannie Mae’sFebruary 2013 National Housing Survey results. On the one hand, consumers continue to express strong positive attitudes toward housing. On the other hand, sentiment about the economy and household finances is stalled. Average 12-month home price expectations and the share of consumers who believe home prices will go up over the next year both rose to record highs, and the percentage of Americans who say mortgage rates will rise reached its highest level sinceAugust 2011. At same time, Americans’ views on their personal financial situation, household income, and the direction of the economy fell or remained flat.

“Despite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “We expect home prices to firm further amid a durable housing recovery, gradually reducing the population of underwater borrowers and helping to boost the share of consumers who say that now is a good time to sell.”

“Since reaching its trough last September, the share of consumers expecting mortgage rates to rise has trended up,” continued Duncan. “However, despite historically low mortgage rates, nearly half of borrowers have never refinanced their mortgage. Combined with the scheduled year-end HARP deadline, rising rate expectations should prompt some borrowers to refinance soon to take advantage of more favorable mortgage terms and add to their disposable income, helping to offset ongoing fiscal drag.”

SURVEY HIGHLIGHTS

Homeownership and Renting

  • The average 12-month home price change expectation increased 0.5 percent over last month to 2.9 percent, the highest level since the survey’s inception.
  • At 48 percent, the share who believe home prices will go up in the next 12 months also reached a survey high, while the share who believe home prices will go down held steady at the survey low of 10 percent.
  • The percentage who think mortgage rates will go up increased by 4 percentage points to 45 percent, the highest level since August 2011, while those who think they will go down held steady at 7 percent.
  • Twenty-five percent of respondents say it is a good time to sell a house, the highest level since the survey’s inception in June 2010.
  • At 3.9 percent, the average 12-month rental price change expectation increased 0.2 percent over January.
  • Fifty percent of those surveyed say home prices will go up in the next 12 months, holding steady from January at the highest level since the survey’s inception.
  • The share of respondents who said they would buy if they were going to move increased by 2 percentage points to 67 percent.

The Economy and Household Finances

  • At 38 percent, the share of respondents who say the economy is on the right track has held steady over the past three months.
  • The percentage who expect their personal financial situation to get better over the next 12 months fell by 2 percentage points to 41 percent.
  • Twenty-one percent of respondents say their household income is significantly higher than it was 12 months ago, a 2 percentage point decrease from last month.
  • Thirty-one percent report significantly higher household expenses compared to 12 months ago, a 7 percentage point decrease and the lowest level sinceJune 2010.

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,008 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the February 2013 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The February 2013 Fannie Mae National Housing Survey was conducted between February 2, 2013 and February 21, 2013. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae enables people to buy, refinance, or rent a home. We play a leading role in America’s economic recovery today and in building a better housing finance system for the future.

Follow us on Twitter: http://twitter.com/FannieMae.

©2012 PR Newswire. All Rights Reserved.

 

First Time Home Buyer Louisville Kentucky Mortgage Programs


First Time Home Buyer Louisville Kentucky Mortgage Programs

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All Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest. The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding. To qualify, you must meet KHC’s regular income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history. Some Kentucky Housing loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years. However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006. The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.

Conventional Insured by approved mortgage insurance company. Minimum credit score of 660 or better. Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA Insured by the Federal Housing Administration. Down payments as little as 3.5 percent. Can use DAP for 3.5 percent down payment requirement. Upfront and monthly mortgage insurance. Minimum credit score of 640.

VA Guaranteed by the Veterans Administration for qualified military veterans. No down payment if the property appraises for the sale price or greater. Credit underwriting is flexible. Minimum credit score of 620. No monthly mortgage insurance payments.

RHS Guaranteed by Rural Housing Services (RHS). Home must be located in a rural area as defined by RHS. No down payment if the property appraises for the sale price or greater. Minimum credit score of 640. No monthly mortgage insurance payments.

Mortgage Credit Certificates (MCC) A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an

income tax deduction

for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.

Special First Mortgage Loan Programs New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis. Guidelines Interest rate determined by the families’ ability to repay the loan. For new homes with a purchase price of $115,000 or less. Eligible borrowers: Single parents (at least one dependent under the age of 18 must live in the home.) Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.). Households where at least one of the home buyers is age 62 or older. Income guidelines: $28,000 for a household of 1 or 2 people; or $33,000 for a household of 3 or more people. Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance. Applying for a Kentucky Housing loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing loan.

applynow
Joel Lobb (NMLS#57916) Senior Loan Officer American Mortgage Solutions, Inc 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 (: (502) 905-3708 | 7 Fax: (502) 327-9119|