Author: Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans
Thank you for visiting. I hope you find this website both informative and empowering as you explore your mortgage options. My goal is to help you feel confident in selecting the right home loan for your unique situation. I proudly serve all 120 counties in Kentucky, offering a full range of mortgage loan programs, including: FHA Loans VA Loans USDA Rural Housing Loans Fannie Mae Conventional Loans KHC Down Payment Assistance Programs With over 20 years of lending experience, I’ve had the privilege of helping more than 1,300 Kentucky families achieve their homeownership goals. Whether you're a first-time homebuyer or seeking a second opinion, I’m here to offer honest, no-pressure advice—always free of charge. I am dedicated to: Attending as many closings as possible Providing responsive, personalized service Ensuring quick, efficient, and accurate loan processing Making myself accessible every step of the way I've been consistently recognized as a top mortgage loan officer in Kentucky for VA, FHA, USDA, and KHC programs. I take pride in being thorough, transparent, and attentive with each and every client. Please take a moment to read my reviews below. If you have questions or need guidance, feel free to call or text me directly. Call/text at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.
Email me at kentuckyloan@gmail.com with your questions
I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance.
This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.
NMLS# 57916 http://www.nmlsconsumeraccess.org/
Joel Lobb Senior Loan Officer/p>
call/text phone: (502) 905-3708 kentuckyloan@gmail.com Company ID #1738461
EQUAL HOUSING LENDER
http://www.mylouisvillekentuckymortgage.com/
620 credit score or higher needed for this loan program. 4 years removed from bankruptcy minimum sometime longer. Private mortgage insurance required for over 80% loan to value on a refinance or down payments less than 20%. Tighter debt to income requirements with max backend-ratio usually not over 45% with less than 20% down payment. Easier on properties to qualify if they have deferred maintenance or need some fixing up to pass Government standards like FHA, VA, USDA loans. Down payment requirements are as little as 3% down payment. Better rates and lower mortgage insurance with a larger down payment and pmi is not for life of loan.
This is for stronger borrowers with good credit (above 680 or 720) and at least 3-5% down payment with no foreclosures or bankruptcies in he…
Minimum Credit Score Requirements for a Kentucky Mortgage Loan Approval Loan Here are the most common loan programs and their general guidelines on credit scores:
Kentucky First Time Homebuyers government mortgage programs offer expanded qualifying criteria for people with lower incomes or less-than-perfect credit.
Our expansive product set includes various Kentucky FHA, VA, and USDA loans for purchase, refinance, and renovations, and we now allow credit scores down to 580.
Other key features and benefits include:
Kentucky FHA Loans 3.5% down payment from borrower or other approved source1 Up to 6% seller’s concessions 580 credit score minimum Streamline and cash-out refinance options No reserves with most transactions AUS with TOTAL Mortgage Scorecard Kentucky VA loans Purchase, cash-out refinance, and Interest Rate Reduction Refinancing Loans (IRRRL) 100% loan-to-value available All closing costs may be paid by the seller No monthly mortgage insurance No prepayment penalty, and loan is assumable Kentucky USDA Mortgage Loans No down payment or reserves required 580 credit score minimum Financing available for closing costs and prepaid expenses2 Up to 6% interested party…
If closing costs can make or break a sale, interested parties are often happy to pitch in. Interested party contributions (IPCs) are becoming more popular, so it’s a great time to brush up on the details.
What is an IPC? IPCs, also called seller concessions, allow interested parties to cover a buyer’s fees and closing costs up to a certain amount.
Who can be an interested party? The seller, builder, or affiliate can all offer IPCs. The chart below shows the percentages of allowable IPCs.
The Federal Housing Administration (FHA) has announced, effective for case numbers endorsed on and after 03/20/2023, a 30 basis point reduction in the annual premium charged to mortgage borrowers.
The cut, widely anticipated by the industry, will result in mortgage insurance premiums (MIP) of 55 bps for most borrowers, down from 85. The reduction also amends the Base Loan amount threshold used to establish MIP rates to the national conforming loan limit of $726,200, which increased from $625,500. Please refer to the following for the 03/20/2023 Annual Mortgage Insurance Premium MIP reduction:
FHA Loans with Terms > 15 Years
Base loan Amount and LTV:
Less than or equal to $726,200
≤ 90.00% (50 bps) 11 years
> 90.00% but ≤ 95.00% (50 bps) Mortgage term
> 95.00% (55 bps) Mortgage term
Greater than $726,200
≤ 90.00% (70 bps) 11 years
> 90.00% but ≤ 95.00% (70 bps) Mortgage term
> 95.00% (75 bps) Mortgage term
FHA Loans with Terms < 15 Years
Base loan Amount and LTV:
Less than or equal to $726,200
≤ 90.00% (15 bps) 11 years
> 90.00% (40 bps) Mortgage term
Greater than $726,200
≤ 78.00% (15 bps) 11 years
> 78.00% but ≤ 90.00% (40 bps) 11 years
> 90.00% (65 bps) Mortgage term
Please Note:
There is no change to the Upfront Mortgage Insurance Premium (UFMIP). This remains at 175 Basis Points (bps) (1.75%) of the Base Loan Amount
The MIP reduction applies to all Title II mortgages except Streamline Refinance and Simple Refinance Mortgages used to refinance a previously FHA endorsed Mortgage on or before May 31, 2009.
On February 22, 2023, HUD announced a 30 basis point MIP reduction on certain Kentucky FHA loans. According to the government agency, an estimated 850,000 borrowers could benefit this coming year, and the average Kentucky FHA homeowner will save $800 annually.
What you need to know:
The new rate is effective on loans endorsed for insurance by FHA on or after March 20, 2023.
Current clients could refinance to lower their monthly payments or shorten their term.
A lower MIP could open the door for more homebuyers who previously could not qualify.
FHA loans have many benefits, including flexible qualifications and low down payment requirements, and they allow for down payment assistance. Plus, there are no appraisal fees on a streamline refinance.
Contact your borrowers and prospects who are currently in an Kentucky FHA loan or could benefit from one to discuss how this change can work to their advantage.
FHA Reduces Annual Mortgage Insurance Premiums by 30 Basis Points to Support Affordable Homeownership
The Federal Housing Administration (FHA) announced today through Mortgagee Letter 2023-05 a 30 basis point reduction to the Annual Mortgage Insurance Premiums (annual MIP) it charges borrowers for FHA-insured Single Family Title II forward mortgages. This reduction supports the Biden-Harris Administration’s goals of making homeownership more accessible and affordable for the nation’s homebuyers. FHA mortgage insurance facilitates broader availability of mortgage financing to those not adequately served by the conventional mortgage market, particularly households of color for whom FHA-insured mortgages have been a cornerstone of access to affordable homeownership.
Today’s Mortgagee Letter provides additional information for mortgagees to implement the annual MIP reductions effective for mortgages endorsed for FHA insurance on or after March 20, 2023.
FHA estimates this reduction will benefit approximately 850,000 borrowers over the coming year, saving them $678 million in aggregate in the first year of their FHA-insured mortgage. For the average borrower purchasing a one-unit single family home with a down payment of 3.5 percent and a mortgage amount of $467,700 the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage.
Wednesday, the Biden-Harris Administration announced reduced costs for FHA-backed mortgages.
In lowering annual mortgage insurance premiums 0.30 percentage points, the government makes homeownership more affordable and attainable for first-time buyers.
Kentucky FHA loans can be an excellent option for first-time homebuyers and borrowers with lower incomes or less-than-perfect credit. They can also be an easy way to refinance. .
Features and benefits:
Low down payment from borrower or other approved source1
580 credit score with 96.5 Financing and down to 500 score with 500 score on case by case
Streamline option refinance with no appraisal
Up to 6% seller contributions to pay your closing costs and prepaids
AUS with FHA TOTAL Mortgage Scorecard
Waivers for some ratio and documentation
Purchase, rate/term, or cash-out refinance of a primary residence. Program terms available may vary based on the state or county in which the financed property is located. Mortgage insurance is required. CONSIDERATIONS: Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing. Please consult your tax advisor regarding the deductibility of interest. Contributions may have limitations based upon occupancy and loan to value ratios and cannot be used for purposes of down payment, reserve requirement or meet minimum contribution requirements Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval and product requirements, including loan to value, credit score limits and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend. 11/22
Getting An FHA Loan
In order to get an FHA loan to buy your next house, it’s a good idea to first check your credit score. That way, you can see what your maximum LTV would be through the FHA and decide whether an FHA loan might be right for you.
Depending on which FHA lender you’re working with, it may also be a good idea to get pre-qualified for an FHA loan. This can help you establish how much you’ll likely be able to borrow and what your interest rate may be.
Application and Underwriting
Once you’ve identified a home you want to purchase and are ready to formally apply for your mortgage loan, you’ll need to choose an FHA-approved lender and work through its individual application and underwriting process. The application process will include completion of a Uniform Residential Loan Application.
As part of your application, you’ll also need to get an appraisal for the home you’re buying, so your lender can ensure your loan won’t violate FHA’s LTV limits. From there, you’ll need to work through your individual lender’s underwriting process, which will include showing proof of income, running credit checks and demonstrating that you can afford your down payment.
Some of the documentation you’ll likely need to supply for underwriting include:
A credit report
Employment history for two years
Income verification with recent pay stubs, bank statements and/or three years of tax returns
Proof that you are using the loan for a primary residence
An FHA-approved appraisal
After you complete your lender’s application process and underwriting, your lender can formally approve your loan and you can close on your home.
Who Should Consider FHA Loans
FHA loans don’t have stated income maximums or minimums, but are generally designed to benefit low- to moderate-income Americans who would have trouble qualifying for conventional financing or affording the down payment required by other loans.
Some potential cases when FHA loans can be particularly helpful include:
First-time homebuyers who can’t afford a large down payment
People who are rebuilding their credit
Seniors who need to convert equity in their homes to cash
Types Of FHA Loans
There are more than a dozen home loan programs available through the FHA. Many of these programs are ideal for different borrowers in a variety of circumstances, offering everything from 30-year fixed-rate mortgages to adjustable rates, improvement loans, refinancing solutions and even reverse mortgages.
Some of the most popular FHA loan programs are:
FHA Section 203(b) loan. The FHA’s most popular home loan program, offering fixed rates on properties from one to four units.
FHA Section 203(k) loan. FHA mortgages designed to help homebuyers finance up to $35,000 in improvements to their new homes.
Streamline Refinancing. An option for existing FHA borrowers to refinance their loans with streamlined underwriting.
FHA Loans Vs. Conventional Mortgages
Most conventional mortgages require down payments of at least 20% of a home’s purchase price in order to avoid paying private mortgage insurance, along with minimum credit scores of 620 to 640 in order to qualify. With private mortgage insurance (PMI) that helps homeowners pay their mortgage if they lose their jobs, some lenders require lower down payments.
FHA loans have two types of built-in mortgage insurance that allow borrowers to buy homes with as little as 3.5% down—or 10% if they have bad credit. In addition, these loans allow homebuyers to qualify for lower interest rates than they would get with conventional mortgages, all because their loans are federally insured.
FHA Loan
Conventional Mortgage
Minimum credit score
500
620
Minimum down payment
3.5% if your credit score is 580 or higher; 10% for scores under 580
20% to avoid mortgage insurance
Maximum loan term
30 years
30 years
Mortgage insurance requirement
Two types of mortgage insurance required
Required if down payment is under 20%
Pros of FHA Loans
High maximum loan-to-value
Competitive interest rates
Multiple programs available
Can qualify with bad credit
Closing costs are sometimes paid by lenders
Cons of FHA Loans
Mortgage insurance is required for extra cost
Only available for a primary residence
Must show proof of income
Debt-to-income ratio must be under 43% (slightly lower than a conventional loan requires)
Bottom Line
The Federal Housing Administration (FHA) was created in the 1930s in response to the Great Depression to help Americans who couldn’t otherwise afford the dream of homeownership.
Today, the FHA continues to help Americans through more than a dozen loan programs that help Americans with low incomes or bad credit qualify for lower interest rates than they would otherwise get, and buy homes with much smaller down payments than those required by conventional lending tools. The FHA does this by working with approved lenders to insure loans across the country and by building two types of mortgage insurance into all of the loans that it insures.
So, if you have poor credit or are struggling to save for a down payment, you may want to consider using an FHA loan for your next home purchase.
Joel Lobb Mortgage Loan OfficerIndividual NMLS ID #57916
$5000 WELCOME HOME GRANT KENTUCKY, $7500 DOWN PAYMENT ASSISTANCE KHC, 10000 DOWN PAYMENT ASSISTANCE, 2023 WELCOME HOME PROGRAM FOR KENTUCKY HOME BUYERS, WELCOME HOME GRANT $10,000 FOR 2023 KENTUCKY HOMEBUYERS, WELCOMEO HOME PROGRAM $5000 GRANT
Kentucky FHA Mortgage Lender 