Tag: National Urban League

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.

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Newburg Revitalization
The Home Owner Assistance Program

is for any applicants that are purchasing an existing or newly constructed home in Jefferson County. You do not have to be a first time buyer to qualify.


Applicant(s) must be credit and income qualified. Gross income must be 80% or below of the area median income adjusted to family size, as determined by HUD.


applicant(s) must attend HUD approved homeownership classes in order to obtain the required certificate and to qualify for the down payment assistance. Contact one of the agencies listed below for counseling. Since each situation is unique you may talk to your loan specialist for details.

Applicant(s) must obtain first mortgage financing through a local lender.

Applicant(s) approved through Housing Choice Homeownership Program are also eligible.

applicant(s) must be a first time homebuyer and purchase an existing or newly constructed home in the Newburg targeted area.
The buyer(s) can either purchase a single-family unit or a single-family unit in a multifamily row house. Ownership must be in fee simple title or an ownership or membership in a condominium or cooperative unit.

The property purchased by the homebuyer must be occupied as their principal residence and cannot be mixed use, or business conducted there.

The property purchase price may not exceed the median area appraised value as published by HUD. (203b guidelines).

Prior to approval of the second mortgage, the property to be purchased will be inspected for code violations and a lead safe living environment. Louisville Metro Housing & Community Development shall be listed as the second loss payee on homeowners insurance. Taxes and insurance must be escrowed. Under no circumstances will funds from the mortgage result in cash back to the borrower(s), nor will the sum of all financing exceed 100% of the property cost plus any normal prepaid loan expenses.


Newburg Revitalization Project

Assistance may be provided to a First-time homebuyer in the form of a Forgivable Mortgage for down payment and closing cost for the purchase of a newly constructed or existing home in the Newburg target area. The amount of Newburg Assistance received is based on income and may not exceed $20,000.00 for an existing home or $25,000.00 for new construction.
Home Ownership Assistance Program
Assistance may be provided in the form of a Forgivable Mortgage for down payment assistance for the purchase of an existing or a newly constructed home in the Louisville Metro area to a household at 70% or below of the median income. Assistance up to $5,000.00, plus an additional $4,000.00 could be available on a matching basis. Assistance may not exceed $9,000.00.

$4,000.00 on a matching basis may be provided in the form of a Forgivable Mortgage, to cover the down payment for those households at 71% to 80% of the median income. Assistance may not exceed $4,000.00.

Assistance up to $18,000.00 may be provided in the form of a Forgivable Mortgage for down payment assistance. This applies to households at or below 80% of the median income in purchasing newly constructed homes built on lots formerly known as City, Landbank Authority, or Urban Renewal




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

Kentucky Fannie Mae and Freddie Mac First Time Home Buyer Education Requirements

 Kentucky Fannie Mae and Freddie Mac First Time Home Buyer Education Requirements

 Kentucky Fannie Mae and Freddie Mac Home Possible Education Requirements

Home Possible

® Mortgages Homeownership Education Requirements

Home Possible homeownership education requirements, including:

 • AIG United Guaranty’s

The Road to Home Ownership® at https://www.ugcorp.com/rtho.html

Genworth Financial’s homebuyer education series at http://mortgageinsurance.genworth.com/EmergingMarkets/HomebuyerEducation.aspx

 • MGIC’s Buyers Ed program at http://www.mgic.com/education/buyersed.html

 • PMI’s homebuyer education at


• RMIC’s pre-homeownership education course at http://www.rmic.com/productsandservices/prehomeownershiped/borrowereducation/Pages/default.aspx

 Homeownership Education Providers

 Many affiliates/members of national organizations provide homeownership education and counseling:


• NeighborWorks® America at


• Housing Partnership Network at www.housingpartnership.net

 • National Council of La Raza at www.nclr.org

 • National Urban League at www.nul.org

 • Local Initiatives Support Corporation’s (LISC) at www.liscnet.org

 • The Enterprise Foundation at


• National Coalition for Asian Pacific American Community Development at



Other Helpful Resources

 The Department of Housing and Urban Development (HUD) lists non-profit organizations with HUD-approved counselors at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?weblistaction=summary. We recommend that this HUD designation be considered along with other factors when deciding if a specific homeownership education program is sufficient

 Guidance on Additional Sources for Homeownership Education

 We recommend utilizing a comprehensive curriculum containing the minimum core content specified by the National Industry Standards for Homeownership Education and Counseling (www.homeownershipstandards.com). Those topics include:


• Assessing Readiness to Buy a Home

• Budgeting and Credit

• Financing a Home

• Selecting a Home

• Maintaining a Home and Finances

• Budgeting for Homeownership

• Sustaining Homeownership and Avoiding Delinquency


Freddie Mac’s CreditSmart Resources

 Several CreditSmart (www.freddiemac.com/creditsmart) modules can be combined and deployed as live, instructor-led sessions by your organization, provided the following modules are included: