Sunday, September 24, 2017

Tuesday, September 19, 2017

KENTUCKY FIRST TIME HOME BUYERS MORTGAGE REQUIREMENTS







Kentucky First Time Home Buyers Programs for 2017



Rest assured, most Kentucky  first-time home buyers in 2017 are confused and lack confidence when it comes to buying their first home in Kentucky. However, in 2017 there are some great Kentucky First Time Home Buyer Programs so you can buy a home with little or nothing down at really low fixed rates.






There are basically 4 mortgage programs for first time home buyers in Kentucky to consider:

1. FHA: 

Kentucky FHA loans are a popular choice in Jefferson County Kentucky first time home buyers because they allow the least down payment of 3.5%, vs Fannie Mae which now requires a 5% investment on primary residences.

The current credit score requirements center around the 580 score for most FHA loans in Kentucky, with no bankruptcies in the last 2 years and no foreclosures in the last 3 years.

Even though FHA insure a mortgage loan down to a 580 credit score or lower sometimes, it is very difficult to find a lender that will approve the loan with scores below 620. Keep that in mind.

The house payment will need to be around 30% of your gross monthly income. For example if you gross around $3000 a month, then the maximum mortgage payment you would qualify would be $1000 a month. If the loan comes back as an accept, the debt to income ratio can be substantially higher than the 31% rule.

All FHA loans are pre-approved through an AUS, an automated underwriting system upfront that will dictate your loan approval. The software underwriting engine looks at your credit, income, assets and figures your loan approval and will recommend an accept, refer/eligible, or refer/ineligible, or out of scope.

Most FHA investors will want a Accept on your underwriting findings to do a loan. It it comes back referred, then there are additional conditions or overlays that could stop your loan from being approved.

Check Kentucky FHA Rates Here----->>>>>>>>
http://mortgage-x.com/x/viewrate.asp?uid=kentuckyloan


2. VA:

Kentucky VA loans require no down payment but you must have a VA certificate of Eligibility issued by the Veterans Administration to purchase a home using your VA loan entitlement.

The current credit score that most Kentucky VA lenders want is 580. There can be no bankruptcies or foreclosures in the last two years with good reestablished credit.

The maximum debt to income ratio is 41% with a residual income of around $1000 a month after you pay all your bills. For example, if you make $4000 gross monthly, then the maximum house payment along with your other household bills would be set at $3000 a month so as you have the $1000 residual income requirement met. There are some variances on the residual income to whereas it is based on the number of people living in the household and which state you live in.


Check Kentucky VA Mortgage Rates Here------>>>>>>>


3. USDA/Rural Housing:


USDA or Rural Housing loans are not available in the more highly populated counties in Kentucky . The counties of Jefferson and Fayette Counties are not eligible for USDA loans.

USDA loans require no down payment and are subject to income and property eligibility requirements by County..


Check Kentucky USDA  Income Limits Here"----->>>>

Check Kentucky USDA Property Eligibility Limits Here--->>>>


All Kentucky Rural Housing Loans are ran through GUS, Guarantee Underwriting System, an online to determine your loan approval

The Automated Underwriting engine will come back with an Accept, Refer, or Ineligible.

Most USDA mortgage investor want an Accept on the initial underwriting approval to do the loan.

640 is the score that most USDA lenders want, but USDA will go down to a 580 credit score in their guidelines but it is very difficult to get approved.

If you have a score below 640 and trying to go USDA, work on getting your credit scores up first.

4. Kentucky Housing Corp or KHC 

KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy a home with no down payment.
Down Payment Assistance for Ky First Time Home Buyer, 100% Financing


Down Payment:  There are still housing programs that exist for Kentucky home buyers whereas you can purchase a home with no down payment. You will need a 620 mid credit score to purchase a home using the KHC loan programs for their no down payment credit requirements.

How the Down Payment Assistance Program (DAP) Works

A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $4500-$6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%. These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.

Regular DAP

·     
·         Assistance in the form of a loan up to $6,000 in $100 increments.
·         Repayable over a ten-year term at 5.50 percent.  A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
·         Available to a KHC first-mortgage loan recipients


  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $294,000
  • Borrower must meet KHC's Secondary Market Income Limits

Affordable DAP

·         Purchase price up to $243,000.
·         Assistance up to $4,500.
·         Repayable over a ten-year term at 1.00 percent.
·         Borrowers must meet Affordable DAP household income limits.







•Households whose gross annual income does not exceed $40,000.
•An existing or new construction property (purchase price limit $130,000) in a county not receiving HHF DAP funds*.
•620 minimum credit score.
•FHA, VA, or RHS first mortgage options.
•Households who meet one of the following criteria:
◦At least one of the home buyers is age 62 or older.
◦At least one member of the household is disabled and receiving disability income.
◦A single-or two parent household with at least one dependent child under the age of 18 living in the household.

-- 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
text or call 502-905-3708 cell
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/


This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines


Remember, we are even available this weekend for pre-qualifications or questions.  Call our cell phone or email us.  If you miss us, leave a message and we WILL call you back

Louisville, Kentucky First Time Home Buyer Grant for $10,000 for 2017 FH...

Friday, September 15, 2017

Wednesday, September 6, 2017

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.







Operation KY Home - MRB Special Funding Program
Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today,Wednesday, September 6, 2017, with new reservations beginning at10 a.m.
This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA or RHS first mortgage options.
  • Households who include active or non-active duty veterans. Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 - Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
  • Both Regular and Affordable DAP are available.


Home Loans for Kentucky's Military Veterans

Kentucky Housing Corporation (KHC) has $3 million available in Mortgage Revenue Bond (MRB), special funding, for active or non-active duty veterans at 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting Wednesday, September 6, 2017, with new reservations.​

Find a KHC-Approved Lender to Apply  


This homeownership program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households who include active duty or non-active duty veterans. Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 – Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply. 

How to Apply

For all KHC loans, a home buyer must apply through a KHC-approved lender. We partner with approved lenders across the state to provide you with the best mortgage loan options. By doing this, the buyer will know how much house they can afford based on income and debts. KHC’s loans are subject to certain restrictions that the lender will see if meet the qualifying guidelines. Additionally, the lender will be able to recommend any KHC down payment assistance for which you may qualify.

APR 3.058%  - based on $130,000 FHA loan at 2% interest rate.


So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.












Joel Lobb
Senior  Loan Officer
(NMLS#57916)


text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.