Saturday, December 29, 2012

Wednesday, December 26, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: 2013 Louisville Kentucky FHA Streamline Refinance ...

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: 2013 Louisville Kentucky FHA Streamline Refinance ...: 2013 Louisville Kentucky FHA Streamline Refinance Guidelines Louisville Kentucky FHA Streamline Refinances are FHA-to-FHA rate/t...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Friday, December 14, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates:                                                   Kentucky Mortgage  Rates FHA, VA, USDA, Jumbo, Conventional Fannie Mae Rates Ke...

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates:                                                   Kentucky Mortgage  Rates FHA, VA, USDA, Jumbo, Conventional Fannie Mae Rates Ke...

Fill out my form!

Monday, December 10, 2012

Louisville Kentucky VA Home Mortgage Loans: Louisville Kentucky VA Home Loans

Louisville Kentucky VA Home Mortgage Loans: Louisville Kentucky VA Home Loans: Louisville Kentucky VA Home Loans Eligibility Frequently Asked Questions Questions about who is eligible for a VA loan and reuse of eligi...

What Is Private Mortgage Insurance (PMI)?

What Is Private Mortgage Insurance (PMI)?


Private Mortgage Insurance

What is PMI?
PMI is insurance lenders require from most home buyers who need loans which are more than 80 percent of their new homes value.
In other words, borrowers with less than 20 percent down would normally need PMI unless they were to use a first and second loan combination known as 80/20, 80/15, 80/10 or any combination of the two loans.
Benefits of PMI
PMI benefits lenders by giving them added protection against defaults on riskier loans and by giving buyers the ability to obtain financing with a much smaller down payment than would otherwise be possible.
New Federal Law on PMI Requirements
The Homeowners Protection Act (HPA) sets new rules making it easier for homeowners to cancel private mortgage insurance (PMI) on primary residence loans secured by a borrower's principal residence.
It applies to loans that closed on or after July 29, 1999.  The new law makes dropping the PMI just as much the lender's responsibility as the homeowner's.
What Loans Are Covered?
The new HPA law does not cover VA or FHA guaranteed loans.  Neither does it cover high-risk loans.  The HPA does not give guidance as to what should be considered high-risk, leaving those requirements up to Fannie Mae and Freddie Mac.
How Do You remove or Terminate PMI?
Under the new HPA law in order to cancel your PMI you need to pay the balance down to 80% of the original purchase price.
You also need to have a good payment history with no 30 days late in the previous year or 60 days late in the previous two years.
If you have a second mortgage or your home is worth less than what you originally bought it for, expect to have some additional requirements.
Remember the new law still does not require lenders to remove PMI based on "current property value" all figures must be on original purchase price or original appraisal

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: The Beloved $0 Down USDA Home Loans to get more ex...

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: The Beloved $0 Down USDA Home Loans to get more ex...: Kentucky Guaranteed  Loans  Offer  Affordable Financing  To Rural Homebuyers. The mission of  Kentucky Rural Development’s Single Fam...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Tuesday, November 20, 2012

Wednesday, November 14, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: No Closing Costs Mortgage Louisville Kentucky

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: No Closing Costs Mortgage Louisville Kentucky: Zero Closing Costs Mortgage in Louisville Kentucky . Apply Below for your free No Closing Costs Mortgage. Joel Lobb  (NMLS#57916) Seni...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Wednesday, November 7, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates: Kentucky Mortgage  Rates FHA, VA, USDA, Jumbo, Conventional Fannie Mae Rates Kentucky Mortgage Current Interest Rates Fixed Rate ...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Tuesday, November 6, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates: Kentucky Mortgage  Rates FHA, VA, USDA, Jumbo, Conventional Fannie Mae Rates Kentucky Mortgage Current Interest Rates Fixed Rate ...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Monday, November 5, 2012

Monday, October 22, 2012

Monday, July 16, 2012

Kentucky USDA credit score and mortgage requirements for 2012

Credit Scores and the Kentucky USDA Rural Development Loan Program




The Kentucky USDA Rural Development Loan Program is by far the most credit score friendly loan program currently available. While USDA is willing to work with scores lower than 640 most lenders won't. Thus, pragmatically the minimum credit score required by USDA is 640.

For Kentucky homebuyers with a minimum credit score of 640 lenders may streamline the credit approval process normally required as part of the underwriting process. This means that a borrower:
With a lack of credit "depth" will not have to document non-traditional credit items such as utility or insurance payments
A negative past credit history may allow the Underwriter to not request letters of explanation for the cause of the past challenges
Collection accounts can remain open provided the Underwriter believes it unlikely that the account will eventually turn into a judgment
However, USDA is not willing to overlook certain overtly negative credit items even when the credit scores are over 640. For instance borrowers with any of the following adverse past credit should not expect to obtain credit approval using the USDA loan program:


Foreclosure or short sale within the last 3 years
Chapter 7 bankruptcy discharged within the past 3 years
Chapter 13 bankruptcy debt restricting plan completed within the last 12 months
Late mortgage payments within the last 12 months
Applicant or co-applicant delinquent on a federal debt; such as taxes, student loans, or previous agency loan (i.e. VA loan in which the eligibility was forfeited due to a foreclosure)

USDA may be willing to give a borrower an exception to a past bankruptcy or foreclosure prior to the three year period provided the borrower can document the cause of the past negative credit experience as being related to an illness or job loss and unlikely to reoccur.

Once the credit score exceeds 640, USDA allows this score to be considered as justification for allowing the borrowers debt-to-income-ratio to exceed the target ratios of 29% for the housing costs and 41% for the total debt ratio. Frequently USDA will approve loans where the housing ratios are in the high 30% range and total debt ratios are in the high 40% range.

Bottom line the Kentucky USDA Rural Development Loan Program is more flexible in approving a perspective borrower than any other loan program. But like any loan program today, the Loan Officer shouldn't assume that this level of credit flexibility will result in an automatic positive underwriting decision if the Underwriter doesn't feel strongly that the borrowers chance of success at homeownership is strong.


USDA RURAL DEVELOPMENT MORTGAGE OVERVIEW

Expanded qualifying ratios
Buyers with satisfactory credit may qualify with higher Debt-to-Income ratios to accommodate high cost housing areas, etc
Seller is allowed to pay Buyer's Closing Cost (ask USDA Specialist for details)
Reduces out of pocket costs for Buyers
Low minimum credit score (640 minimum credit score required)
Buyers with non-traditional or no credit histories may qualify
Very low monthly PMI
Low monthly mortgage insurance means a lower monthly payment for the Buyers and additional cash each month












Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*














Kentucky USDA credit score requirements

Wednesday, July 4, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Mortgage Rates Louisville, Kentucky

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Mortgage Rates Louisville, Kentucky:  Louisville Kentucky Mortgage Rates Today FHA, VA, KHC, USDA, Conventional Mortgage Rates Mortgage Rates Louisville, Kentucky Cu...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Wednesday, March 14, 2012

KHC Mortgage Interest Rates


KHC Mortgage Interest Rates 

3/14/2012, 10:00 a.m. ET

Rates subject to change without notice.

Mortgage Revenue Bond Interest Rates (Purchases ONLY):

60-Day Lock 

  All Lenders  
Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
  • 640 credit score 
  • AUS approval 

3.375% 
3.625% 
Conventional
  • 660 credit score 
  • AUS approval 
  • Maximum 80% LTV* 
 
3.375% 
NOT AVAILABLE 
Borrower must use own funds or gift funds 
 * LTV = Loan to Value  

Wednesday, February 8, 2012

Home Loans hard to come by

Home Loans hard to come by: 25 percent of the consumers who apply for home loans are turned down

Louisville, KY (WDRB News) -- Interest rates for home buyers remain low. But only highly qualified borrowers are applying for such financing.

Banks have plenty of money to lend, but government restrictions are so tight that they may be keeping people away who might qualify for a mortgage.

One reason -- the home building industry has had such a difficult time bouncing back is that while interest rates are low, too many consumers no longer meet the qualifications to get a mortgage.

"It is far too difficult to get a loan," says Tara Brinkmoeller of the Home Builders Association of Louisville.

According to the Federal Reserve, about 25 percent of the people who apply for a home loan these days are turned down.

"Three, four, or five years ago everybody could get a loan," says the president of Republic Bank Scott Trager. "They did not have to have any documentation and that was a farce, now that crisis has forced the pendulum to go the other way and now it is too tight."

On most loans, banks today want 20 percent down. Trager believes the tighter restrictions by federal regulators to discourage risky lending are discouraging some people from even applying who might actually meet the higher qualifications.

"There are a lot of programs we have, that the government has, so why not try?" asks Trager.

Trager agrees that the loan process can be intimidating. His best advice is that consumers should be prepared. He advises, "Make sure you have your pay stubs, your tax returns, your credit cards, your debts, the balances and who they are, account numbers, and all of the information on your income."

Trager is looking forward to the day the credit markets will loosen up a bit. "I am hoping that by the end of 2012," he says, "or the beginning of 2013, that we will see the requirements reduced and loosened up."

Trager says his bank is developing an online site where consumers could apply for home loans in an effort to take some of the hassle out of the mortgage application process.

Copyright 2012 WDRB News. All Rights Reserved.

Thursday, January 26, 2012

VA Home Loan Centers Announces New Regulations May Adversely Affect Veterans Who Apply for a VA Home Loan Modification

VA Home Loan Centers Announces New Regulations May Adversely Affect Veterans Who Apply for a VA Home Loan Modification



VA Home Loan Centers Announces New Regulations May Adversely Affect Veterans Who Apply for a VA Home Loan Modification


VA Home Loan Centers announces new updates to the loan mod regulations may be too restrictive to provide adequate assistance for those seeking assistance with their VA loans.

The Department of Veterans Affairs has enacted temporary changes to the administrative law governing federal VA home loan modification.

VA Home Loan Centers comprehends that the intention of the short-term regulation reform was to allow loan servicers direct authority to modify VA loans in their portfolios. This adjustment would seemingly provide mortgage relief to veteran and active-duty homeowners who are in default on VA home loans. Although the program was designed to streamline the modification process, the United States Department of Veterans Affairs has stated that an unintended consequence of the new law has been the emergence of additional obstacles for the borrowers and loan services.

The good news according to VA Home Loan Centers is that the program creates certain protections for military homeowners in trouble. The temporary law makes it faster to get assistance while limiting the costs lenders can charge for the loan modification. Late fees cannot be added to the new home loan balance, but unpaid taxes, homeowners association dues and insurance can be rolled into the mortgage.

The new rules allow VA loans older than one year to be repaid in a new 10- or 30-year repayment plan. If the borrower has a need, they may apply for another modification after three years. The new modified VA loan must provide a fixed interest rate, but this new rate can be higher than the rate of the prior VA loan.

VA Home Loan Centers interprets the law to reflect that while the good intentions are evident, an ironic result of the new regulation is that borrowers who need help the most may not be able to receive the benefits of the program.

The regulations state that as a condition of eligibility for loan modification, the borrower must have acceptable income, expenses, assets and credit history. The problem is that homeowners who are in default usually do not have what lenders would consider an acceptable credit or income history. VA Home Loan Centers recognizes that this clause is too restrictive and may allow service providers the ability to deny many modification applicants. Once a borrower has been denied, the remaining options are usually bankruptcy, foreclosure or a short sale of the home.

VA Home Loan Centers acknowledges that while the new rules to the loan mod program are intended to give a second chance, many borrowers will not be able to get relief. The result is likely to keep the program from completing its objective.

"While veteran borrowers are not guaranteed a loan modification, they can apply for one if they meet very restrictive criteria," said Philip Georgiades, chief loan steward for VA Home Loan Centers. "Although some veterans can benefit from the loan mod program, many will not. The new update to the law was supposed to make it easier for veterans to obtain a loan modification. The adjustment to the law is an insufficient way to protect those who protect us."


VA Home Loan Centers is a qualified lender of mortgage loans to United States veterans. The VA loan program helps veterans, active and former duty military, and certain spouses of U.S. service personnel to achieve home ownership. Services provided by VA Home Loan Centers include real estate representation, such as VA loan short sale processing, purchase assistance and VA loans application administration. VA Home Loan Centers offers no cost / low cost beneficial loans and services to all eligible veterans and their families.

A loan through VA Home Loan Centers is easier to qualify for than other loan programs by offering relaxed credit guidelines as well as the no-down-payment, no-closing-costs option (VA no/no). Other benefits include the ability to finance the funding fee, no mortgage insurance premiums, no prepayment penalties, low interest rates and monthly costs. VA loans available include 15-year and 30-year fixed-rate mortgages. Borrowers who apply directly through VA Home Loan Centers may also be eligible for a rebate of up to 1.5 percent of the total loan amount.

Borrowers with a Veterans Administration mortgage who would like to apply for a VA home loan modification, are advised to contact the company (mortgage servicer, lender, or bank) where they remit their payment.

Borrowers with a VA loan who have been denied a home loan modification, are advised to contact VA Home Loan Centers to apply for a VA loan short sale. Free short sale VA loan assistance and grants are available to all borrowers who qualify.





Friday, January 6, 2012

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Mortgage Rates Louisville, Kentucky

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Mortgage Rates Louisville, Kentucky: Louisville Kentucky Mortgage Rates Today FHA, VA, KHC, USDA, Conventional Mortgage Rates Mortgage Rates Louisville, Kentucky Current Lou...

Fill out my form!

Louisville home sales likely down for 2011 | Derby City Cents

Louisville home sales likely down for 2011 Derby City Cents


Louisville home sales likely down for 2011
Posted on January 3, 2012 by Chris Otts

A photo I shot in off Greenbelt Highway in southwest Jefferson County in October
Official figures are not available yet, but it looks like Louisville-area Realtors sold 4 percent fewer houses and condos in 2011 than in 2010, when the now-expired $8,000 tax credit for first-time buyers was available.
Re/Max agent Bob Sokoler reports on his sitethat 860 homes were sold in December, which would bring the annual total to 10,975, down from 11,442 last year.
That is in line with what the Greater Louisville Association of Realtors expected, according to the group’s November sales report.
The sales dip comes despite the average 30-year mortgage rate being below 5 percent for nearly the entire year.
Sales did pick up in the final five months of the year, and the number of houses and condos on the market has been coming down (though it is still pretty high).
The Realtors’ group last sales report, posted last week, pretty well sums up the stagnant state of the market:
“GLAR members continue to sell homes and move inventory in a challenging market. Realtors® continue to absorb a barrage of housing news and data, likewise, buyers and sellers are also saturated with headlines relative to the housing market, whether a bottom has been reached, the depth of foreclosures and low mortgage interest rates. The fact remains that Metro Louisville home prices have retreated from 2010 levels, but remain above lows posted in the current year.”
.AR_1 .ob_what{text-align:right;clear:both;}
.AR_1 .ob_clear{clear:both;}
.AR_1 .ob_dual_container{
clear:both;
}
.AR_1 .ob_dual_left,.AR_1 .ob_dual_right {
float:left;
width:46%;
padding:0 2%;
}
.AR_1 .ob_empty{
display:none;
}

YOU MIGHT BE INTERESTED IN
corelogic october foreclosure (Derby City Cents)
Where Louisville-area foreclosures sting the most (Derby City Cents)
Drivers run over about 15 posts placed on Kennedy Bridge (The Courier-Journal)
Louisville Realtors sold more homes in November but overall sales for year likely to be down (The Courier-Journal)
Greg Scruggs blogs apologies to U of L fans (Eric Crawford)

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky VA Jumbo Mortgage Loan

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky VA Jumbo Mortgage Loan: Kentucky VA Jumbo Mortgage Loan · The Kentucky VA Jumbo Program is for total loan amounts that exceed $417,000. Total loan amount is the...

Fill out my form!

Thursday, January 5, 2012

Homecoming for Fort Knox soldiers - WDRB 41 Louisville - News, Weather, Sports Community

SLIDESHOW: Homecoming for Fort Knox soldiers - WDRB 41 Louisville - News, Weather, Sports Community



LOUISVILLE, KY. (WDRB) -- 257 soldiers from the 3rd Brigade Combat Team, 1st Infantry Division Soldiers returned from Afghanistan after a year's deployment on Wednesday.Friends, family, and other servicemembers greeted them in a ceremony at Fort Knox.The soldiers had been providing security in Afghanistan's Khowst and Paktya provinces. They also helped educate and mentor the Afghan National Security Forces. They made more than 14,000 combat patrols and captured about 1,600 insurgents. 280 of those were identified as being in leadership positions.The soldiers also helped the Afghan government and its people establish communication channel between one another.Copyright 2012 WDRB News. All Rights Reserved.NOTE: To view the slideshow, click on the "filmstrip" above to open the slideshow player, then click on the left and right arrows to toggle through the individual slides. Slideshow may not appear on some mobile devices.