Tag: Mortgage

FHA Mortgage Requirements for Louisville Ky First Time Home Buyers

FHA Mortgage Requirements for Louisville Ky First Time Home Buyers.

via FHA Mortgage Requirements for Louisville Ky First Time Home Buyers.


>Kentucky First Time Home Buyer Programs 2011

>Kentucky First Time Home Buyer Programs 2011.

Louisville Ky FHA Mortgage Loans

Louisville Ky FHA Mortgage Loans.

 First Time Home Buyer in Kentucky Zero Down


Louisville Home Sales | All good news in August | Derby City Cents

Louisville Home Sales | All good news in August | Derby City Cents.



Louisville Home Sales | All good news in August

While it’s still far from a balanced market, today’s monthly sales report from the Greater Louisville Association of Realtors shows nearly all numbers moving in the right direction.


Sales were up 21 percent from a year earlier. Inventory is still high, but coming down. Sales are still off from last year’s pace, but the gap is closing. And the number of sales in the pipeline is up.

Keeping things in perspective, last month’s 1,133 sales is nowhere close to 1,521 in August 2007, before the recession hit, but it was the strongest August since that time, even surpassing the tax-credit infused market of 2009.

Here’s the Realtors full press release, including information specific to Jefferson, Oldham and Bullitt counties:

Overall Market Comment:

Members of the Greater Louisville Association of Realtors® replaced July as the year’s second most productive month by boosting sales 8% to end August 2011. August replaced July as the second most productive month of 2011 with 1,133 sold units, compared to 1,048 units in July.  For the year, July was moved to 3rd place, behind August (1133 units) and June which recorded 1,137 closed units. The August sales figures also continued a trend noted in July, a trend of outpacing same month figures from 2010. The August 2011 sales were a whopping 21% stronger than August 2010, providing more evidence that Realtors® are steadily surviving in a post Home Buyer Tax Credit market.   The average selling price for August 2011 slipped to $169,023, from $179,758 in July 2011, but was nearly even with August 2010’s average sales price of $172,949. Inventory, or the number of homes for sale, declined 2% in August to 9046 from 9,295 in July and 9,213 in June. Inventory remains near a 10 month supply; inventory levels near a 6 month supply are often associated with an in-balance market. Year-to-date sales remain nearly 10% behind last year’s pace, but the upward trend in July and August has closed the gap somewhat.

Overall, GLAR members are encouraged by the summer sales period (June-July-August) and continue to steadily move forward in a post- HBTC market.  While economic factors remain weak, predictions are that a low interest rate climate will likely remain in the 4th quarter, a tool Realtors® welcome.

Jefferson County Market Comment:

Realtors® posted 782 closed sales in Jefferson County in August 2011, up nearly 23% from August 2010. The average selling price in the county fell to $168,859, from $173,186 for July 2011, and $171,154 for June 2011.  Jefferson County inventory remains near a 9 month supply with 5,723 active units, down slightly from last month, but up 27% from August 2010. Year-to-date sales, in the county, stand at 5,108 units, down 11% from a similar period last year.  In summary, the Jefferson County market followed the broader GLAR analysis by breaking the year-to-date trend of lagging behind 2010 and posting an increase in sales volume when matched against the same period last year.

Oldham County Market Comment:

The number of closed sales in August jumped 38% compared to Aug 2010 (when the buyer tax credits were ending), bringing the YTD total up 7% compared to the same time last year. The average and median prices in Aug 2011 vs 2010 were up 12% and 6% respectively, reflecting the sale of some higher priced homes that had not sold in the Spring market. The YTD average and median figures were up a more modest 9% and 4% respectively, and are less volatile than single month data points. The number of sales going under contract was up 5% and the inventory of unsold homes remained slightly higher than last year by 6%. However, this was a 5% decrease in inventory compared to last month. Continued low mortgage rates will be the key factor in the resumption of a balanced market in Oldham County, as it will be with the broader Louisville market.

Bullitt County Market Comment:

Realtors® posted 73 closed sales in Bullitt County in August 2011, down from 80 sales in July 2011, but up nearly 24% from August 2010. The average selling price in the county, for August, was $138,439, a decline of 9% from July 2011, but up 1% from August 2010. Year-to-date sales, in the county, stand at 495 units, down 11% from a similar period in 2010. Supply, or the number of homes on the market, has fallen to 584 units, down 32 units from July 2011, but up nearly 13% from a similar period in 2010.

Louisville Kentucky Primary Mortgage Market Survey Results from Freddie Mac

Louisville Kentucky Primary Mortgage Market Survey Results

September 15, 2011

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.09 4.11 4.16 4.12 4.13 4.01
Fees & Points 0.7 0.6 0.8 0.6 0.8 0.9
15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.30 3.32 3.31 3.29 3.37 3.25
Fees & Points 0.6 0.7 0.8 0.4 0.7 0.6
5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.99 3.03 2.95 3.13 2.96 2.90
Fees & Points 0.6 0.6 0.6 0.4 0.8 0.6
Margin 2.74 2.75 2.75 2.72 2.76 2.73
1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.81 2.85 2.72 3.13 2.70 2.68
Fees & Points 0.6 0.7 0.6 0.5 0.6 0.5
Margin 2.76 2.80 2.75 2.72 2.77 2.75
The National Mortgage Rate Snapshot One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 4.37   3.82   3.55   3.40   4.12   3.33   2.96   2.84  
Fees & Points 0.7   0.6   0.6   0.7   0.7   0.6   0.6   0.6  
Margin N/A N/A 2.74   2.77   N/A N/A 2.74   2.76  

Louisville Kentucky Mortgage Market Survey

Freddie Mac’s Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available from any lender. Freddie Mac may change the methodology used to conduct the PMMS at any time and without notice.

Kentucky VA Home Loans, Zero Down

Fireworks from the riverfront in Owensboro, KY...
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KentuckyVA Home Loans – A great Zero Down home loan program for Kentucky VETERANS. We provide VA home loans in all Counties of Kentucky, including Louisville, Lexington, Bowling Green,  Owensboro, Etown, Radcliff, and all Northern Kentucky Counties

VA Loans require no down payment and allow you to qualify for a more expensive home. Plus, today mortgage rates on VA loans are very low, making homes even more affordable.

The VA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan.

VA Home Mortgage Loan Advantages vs Other Mortgage Loan OptionsMilitary VA Home Mortgage Loan lender in Minneapolis St Paul MN Milwaukee Madison WI

VA home loans do not require a down payment, unless the purchase price is more than the appraised value or in excess of current loan limits.

VA home loans have limitations on which closing costs may be assessed to the veteran.

VA home loans have no prepaid without penalty.

 Maximum (zero down) VA loan has increased to match conforming loans!

VA home loans may have forbearance extended to worthy VA homeowners experiencing temporary financial difficulty

VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties

Rates are competitive with conventional loan interest rates.

VA home loans do not require mortgage insurance premiums.

Although there is no down payment required – There are still lender closing costs, but the seller usually pays ALL of the veteran’s closing costs (and with a $0 down payment, the veteran can literally purchase a home for nothing).

VA FastTrack IRRRL Streamline Refinace

US FlagWe are sensitive to the needs of our American Veterans. But before you get a VA loan, you will need a Certificate of Eligibility, and your DD-214. If you do not have one, or cannot find it, you must contact the VA to get one. Click HERE for details on how to obtain these forms.

If WE are your lender – we can under most circumstances, get your required Certificate of Eligibility for you for free.

VA Frequently Asked Questions… Click HERE

Eligibility Requirements

World War II 09/16/40 – 07/25/47 90 Days
Peacetime 07/26/47 – 06/26/50 181 Continuous Days
Korean Conflict 06/27/50 – 01/31/55 90 Days
Post Korean 02/01/55 – 08/04/64 181 Continuous Days
Vietnam 08/05/64 – 09/07/80 90 Days
Post Vietnam 05/08/75 – 09/07/80 181 Continuous Days
Enlisted 09/08/80 – 08/01/90 2 Years
Officers 10/17/81 – 08/01/90 2 Years
Persian Gulf 08/02/90 – present 2 Years of period called to active duty, not less than 90 days.

Income Guidelines for VA Home Loans

When buying a home in Kentucky, the VA still requires a borrower to have sufficient and adequate income to cover the repayment of the mortgage.  Before a borrower can be approved for a Kentucky VA home mortgage loan, the stability of income and the continuance of the borrower’s income must be established through acceptable sources of income, the borrower’s past employment record, and the employer’s confirmation of continued employment must be established. 

Stability of a person’s income is generally derived from their employment history.  VA requires verification for the previous two full years and must be documented through lender verifications of previous employment or W-2’s.  This income must be analyzed to determine whether it can be expected to continue through the first 3 years of the mortgage loan (if the borrower intends to retire during this period, the expected retirement income, social security benefits, etc. should be used).  Any gaps in employment must be reasonably explained by the borrower.  Schooling or education for  the borrower’s profession (e.g. nursing school) can be counted towards the 2 year requirement.  Allowances for seasonal employment, such as is typical in the building trades for example, may be used.  


In order for VA to guarantee the home loan in Minnesota or Wisconsin, there is a closing cost assessed by the VA to originate the loan called a funding fee.  This fee will vary, depending upon the type of VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.

The VA funding fee is required by law. The fee, is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users is a bit more expensive. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment.

The following table breaks down the funding fee charged by VA:

First time use, purchase of an eligible property
Down Payment Active Duty Reserves/NG
0% to 4.99% 2.15% 2.4%
5% to 9.99% 1.50% 1.75%
10% + 1.25% 1.50%
Second time use, purchase of an eligible property
Down Payment Active Duty Reserves/NG
0% to 4.99% 3.30% 3.3%
5% to 9.99% 1.50% 1.75%
10% + 1.25% 1.50%


Cash-Out Refinance
  Active Duty Reserves/NG
First Use 2.15% 3.3%
2nd Use 2.40% 3.3%


IRRL Streamline Refinance
  Active Duty Reserves/NG
All Homes .50% .5%
Moble Homes 1.0% 1.0%


An “Interest Rate Reduction Refinance Loan” (IRRRL) or Streamline Refinance allows Veterans to refinance their current mortgage interest rate to a lower rate than they are currently paying. This program is only available to veterans who are refinancing their original VA mortgage in which they utilized their original eligibility.

Loan  Conditions:

  • The VA charges ½ percent funding fee to guarantee the IRRRL Loan.
  • There is no cash out on an IRRRL loan.
  • The loan being refinanced must be current and have a perfect pay history for the last 12 months.
  • 2nd mortgages cannot be included and must subordinate.
  • No assumptions are allowed.
  • This loan can be done with “no out of pocket money” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.

VA Cash-Out Refinance

Cash-out refinances on properties owned more than one year prior to the refinance are permitted on owner occupied principal residences only, and are limited to 90% of the appraised value plus the allowable closing costs.

A cash-out refinance is when a borrower refinances their current mortgage for more than they owe in order to pull out the built up equity that has accrued in the home.  The amount a home owner can borrower is limited by the value of the property compared to the loan amount (otherwise known as the loan-to-value or LTV).  

The following are basic requirements of a cash-out VA refinance loan:

  • If the property was purchased less than one year preceding the refinance, the borrower is allowed to refinance up to 90% of the original sales price plus the allowable new closing costs or the appraised value plus the allowable closing costs (whichever is lesser)
  • If the property was purchased more than one year preceding the refinance, the borrower can cash-out 90% of the the appraised value plus the allowable closing costs
  • Applies to owner occupied properties only
  • 2nd mortgages may be paid off with the cash-out refinance (the second mortgage must be at least 12 months old)
  • Loan amounts may not exceed 90% of the appraised value.
  • The borrower must have sufficient entitlement for the loan (not including any existing entitlement that was used for loans to be paid off by the refinance
  • There must be a first lien against the property
  • If the new loan is to refinance an existing mortgage to buy out an ex-spouse’s equity, a divorce decree or settlement agreement must be provided to document the equity awarded to the ex-spouse
  • All borrowers must credit qualify
  • A funding fee of 3.00% will be added to the loan amount at time of closing (there are no refunds for previous funding fees assessed by the VA).
  • Borrower may receive cash proceeds at closing
  • Maximum loan term is 30 years plus 32 days

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<<<< 

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


INFORMATION needed for your Kentucky Mortgage Application FHA, VA, USDA, RHS Conventional Fannie Mae !

needed for your

 Kentucky Mortgage Application FHA, VA, USDA, RHS, Rural Housing and Conventional Fannie Mae !

  • W-2 employed:
        Residence Address – 2 years history


        Information – 2 years history
        Last 2 Years of W-2s and Tax Returns
          One Month Pay Stubs, with


        Last 3 Months Bank Statements
          Name, Account Numbers for



    Credit Cards

          Information on all

    Real Estate

        Check for Credit Report and Property Appraisal


  • Self Employed: (Additional)
        Current P& L
          Last 2 Years of

    Business Tax

        Last 3 Months of Bank Statements on Business
        Corporate/Partnership K-1 tax returns (If applicable)


  • VA Applicant: (Additional)
        Certificate of Eligibility

    Photo ID

        and Social Security Card


  • FHA Applicant: (Additional)
        Photo ID and Social Security Card



  • Credit
        Landlord Name, Address, Phone. Payment History must be obtained for credit.
        Letters of Explanation covering Gifts, Gap in employment, Bankruptcy, Credit problems, Others.


  • Additional Information: (If Applicable)Divorce Papers
        Bankruptcy Discharge
        Letters of Explanation for Slow Credit
        Leases, When Income derives from Rental Income
        Blue Prints, Contractor Resume and References
        Contracts on Land, Utilities and Upgrades
        Child Support, Alomony, Social Security, Retirement Income.