Tag: Second mortgage

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.

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7 LITTLE KNOWN WAYS TO IMPROVE YOUR CREDIT SCORE


7 LITTLE KNOWN WAYS TO IMPROVE YOUR CREDIT SCORE.

via 7 LITTLE KNOWN WAYS TO IMPROVE YOUR CREDIT SCORE.

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.

New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities


New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities.

via New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities.

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<<<< 

Home Ownership LOUISVILLE METRO HOUSING


Home Ownership LOUISVILLE METRO HOUSING

 

ELIGIBLE (APPLICANTS)
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.

All

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.

All

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.
ELIGIBLE PROPERTIES & OWNERSHIP
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.

TYPES OF ASSISTANCE

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

 

 

502-905-3708

Credit Scores Needed to qualify for a Ky Mortgage


Credit Scores Needed to qualify for a Ky Mortgage.

>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