Showing posts with label FHA and VA Mortgage loans in Kentucky. Show all posts
Showing posts with label FHA and VA Mortgage loans in Kentucky. Show all posts

KENTUCKY VA MORTGAGE LENDER APPROVAL REQUIREMENTS

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Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Louisville Kentucky Mortgage Lender for FHA, VA, ...

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Louisville Kentucky Mortgage Lender for FHA, VA, ...: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Zero Down Kentucky Mortgages : ZERO DOWN...



Zero Down Kentucky Mortgages ZERO DOWN HOME LOANS IN KENTUCKY There are a few programs that feature zero down payment in Kentucky For Home buyers: USDA and VA. USDA is typically for rural areas, and VA is for military veterans. Lastly Kentucky Housing with the Down Payment Assistance Program of $6,000 and the $5000 Welcome Home Grant. I’ve included some info on each for you on your home journey to buy a home in Kentucky! USDA Loans USDA loans are backed through the Rural Housing Division of the U.S. Dept. of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments. Features, benefits and things you need to know: Zero Down - No down payment is required for USDA loans. Thirty-year, fixed-rate loans with no pre-payment penalty are the norm. Rates are very competitive with conventional loans. Eligible Property - These loans are limited to "rural" areas, though you might be surprised by some of the suburbs of major metropolitan areas that qualify as rural. Homes should be modest in size and cost and constructed per local codes and regulations. Eligible Borrowers - Funds are available for qualified borrowers who earn up to 115% of the area median income. Even candidates who have had past credit issues with late pays, bankruptcies or foreclosure may be eligible. Borrower's income must support the proposed payments and meet the program requirements for approval. Primary occupancy is required. This program is not for investment properties. Benefits - Minimum cash is needed to close. The USDA Guarantee Fee and some eligible closing costs may be financed. Gift money, grant money and seller contributions are allowed. VA Loans Veteran's Administration or "VA" loans are available for active, non-active and retired Army, Air Force, Marine, Navy, National Guard and Coast Guard vets who meet the established service requirements. 100% financing/No down payment No monthly mortgage insurance (PMI) Gift funds acceptable for closing costs No cash reserve requirements A variety of terms or loan types available Available for purchase and refinance Reduced costs for disabled veterans Seller can pay for closing costs Seller pays for any required repairs No pre-payment penalty No minimum credit score 2 years removed from bankruptcy or foreclosures To determine your ability to participate in this program, just provide your Certificate of Eligibility (COE) or your Discharge/Separation form (DD214). If you do not have your COE, you can request one using form 26-1880. Kentucky Down Payment Assistance Programs From first-time buyers to current homeowners, many state, county and local housing agencies offer affordable loan programs with Down Payment Assistance (DPA), subject to availability of funds and credit qualifying. Down payment assistance can vary with single products or sometimes can be a combination of products such as Mortgage Credit Certificates (MCC), Grants, DPA’s along with closing cost assistance and low interest rates and fees that can help individuals and families become successful homeowners. All borrowers must qualify for an underlying mortgage product according to the Housing Finance Agency authority (FHA, VA, USDA or Conventional). Housing loan programs are then layered on top to provide additional benefits. If eligible, the borrower can also add a down payment and closing cost assistance to their loan according to individual program guidelines. What state are you in? I assume Kentucky? I will help you gather more information if this is something you want to look into. The general terms are below: KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.


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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs to Conside...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs to Conside...: First Time Home Buyer Programs to Consider for 2021 Kentucky Homebuyers. Zero Down Mortgage Loans in Kentucky The Kentucky VA and the Kentuc...

  • Kentucky Federal Housing Administration (FHA) loans: “With a 3.5% down payment, Kentucky homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
  • Kentucky Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
  • US. Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 640 for a USDA loan, though some may go as low as 580.”
  • US. Department of Veterans Affairs (VA) loans: “VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Lock Kentucky Mortgage Loan Rate

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Lock Kentucky Mortgage Loan Rate: 👍👎👀 Guidelines for Locking In A Kentucky Mortgage Rate All About Lock-Ins In most cases, the terms you are quoted when ...




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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: What is an FHA Loan and Is It Right for You?

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: What is an FHA Loan and Is It Right for You?: What is an FHA Loan and Is It Right for You? The Federal Housing Administration insures what are called FHA loans. These mortgage loans prov...
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When can you get a VA Mortgage again after a foreclosure or short sale?

Foreclosure, Deed-in-Lieu of Foreclosure, and short sales:

Kentucky VA Mortgage Guidelines for getting a VA mortgage after a foreclosure or Short Sale?

See guidelines below:

VA
  • Follows guidelines provided for bankruptcies filed under straight liquidation (Chapter 7)
  • 2 years from transfer date on Commissioner’s or Transfer deed 
  • If the bankruptcy was discharged within 1 to 2 years, it is probably not possible to determine that the applicant is a satisfactory credit risk unless both of the following requirements are met
  1. The applicant has obtained credit subsequent to the bankruptcy and has made satisfactory payments over a continued period of time, and 
  2. The bankruptcy was caused by circumstances beyond the control of the applicant such as unemployment, prolonged strikes, medical bills not covered by insurance and the circumstances are verified.   Divorce is not viewed as a circumstance beyond the applicants control
  •  If the foreclosure or Deed-in-Lieu of a Foreclosure was on a VA loan, the applicant may not have full entitlement.  Information on entitlement not restored and remaining entitlement available can only be determined by borrower’s COE (Certificate of Eligibility)


VA loans are for veterans and active duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2% for first time use, and 3% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.
VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and the max loan is $453,000 in Kentucky
Most VA lenders I work with will want a 580 credit score.
VA requires 2 years removed from bankruptcy or foreclosure.




http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346


Text/call 502-905-3708
 kentuckyloan@gmail.com


http://www.nmlsconsumeraccess.org/

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/

-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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KHC has $1.8 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years








Home Buyer Tax Credit Program Continues
Kentucky Housing Corporation (KHC) is pleased that the $1.5 trillion tax reform bill was signed into law, retaining the tax-exempt bonds and preserving the Mortgage Credit Certificate (MCC), Homebuyer Tax Credit, program.
$1,500 Affordable Closing Cost Fund - Extended
KHC still has $73,500 available for the Affordable Closing Cost Fund. The ACC Fund is a $1,500 gift, documented by the KHC Commitment Letter, for borrowers that utilize a conventional first mortgage and who fall under the Affordable DAP Income Limits. Pursuant to Fannie Mae Selling Guide under part B3-4.30-06: The $1,500 will show as a gift in the DU findings and the Closing Disclosure will show ACC Funds from KHC in Bucket L, Paid Already by or on behalf of Borrower at Closing. There is a special feature code 843 but it is not entered into DU. The loan must close by Wednesday, February 28, 2018.


Operation KY Home - MRB Special Funding Program
KHC has $1.8 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.
More information is available at www.OperationKYHome.com.
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 / non-active duty veterans or other persons receiving VA Benefits.                                           
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.





http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346


Text/call 502-905-3708
 kentuckyloan@gmail.com


http://www.nmlsconsumeraccess.org/

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/

-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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