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Tight Inventory Translates to Quick Home Sales Greater Louisville Association of Realtors
Blogger
Oct 2to me
KHC has $5 million available at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting Monday, August 1, 2016, with NEW reservations.
The program is targeted to:
Households whose gross annual income does not exceed $35,000.
An existing or new construction property (purchase price limit $115,000).
640 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 is receiving disability income.
A single- or two-parent household with at least one dependent child under the age of 18 living in the household.
Borrowers with properties located in Non-targeted counties must be a first time homebuyer — no ownership interest in the last 3 years.
Borrowers with properties located in Targeted counties can be a repeat home buyer.Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
2.00%
2.00%RHS Streamlined-Assist Refinance Program
3.50%.
RHS USDA Recent News
Good news! Kentucky Mortgage holders of USDA Mortgage loans can get new drastically lower fees starts with commitments starting tomorrow October 1. If you have an USDA eligible Loan up to $417,000 with no money down in most Kentucky Counties.If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
Joel Lobb
Senior Loan Officer
(NMLS#57916)Text or call phone: (502) 905-3708
email me at kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.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 views of my employer. Not all products or services mentioned on this site may fit all people
The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6.6% compared the same time last year. Sales in September 2016 were up 7.7%, vs September 2015, with 1,60…
Source: Tight Inventory Translates to Quick Home Sales
The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6.6% compared the same time last year. Sales in September 2016 were up 7.7%, vs September 2015, with 1,600 homes and condos sold. The median price was up 4.8% YTD and the average was 3.0% higher YTD.
In Jefferson County, the average price in September 2016 was $205,975 and the median was $167,000. For all MLS areas, the inventory of available properties was 22.5% lower than at the same time last year. In Jefferson County the inventory of homes and condos for sale was 23.7% lower than September 2015.
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SURRENDURING YOUR HOME IN BANKRUPTCY
fha loan foreclosure process ky
SURRENDURING YOUR HOME IN BANKRUPTCY.
Kentucky Mortgage after a bankruptcy, foreclosure, short sale approval
by: Tracy L. Hirsch, Attorney
One of the hardest decisions a family has to make is deciding to surrender their home in a bankruptcy proceeding. Often times, this means allowing a home to go through the foreclosure process and discharging their mortgage obligations in a Chapter 7 bankruptcy. Many homeowners are concerned about the foreclosure process and their obligations to their mortgage company once their bankruptcy process is complete.
Often times, when a person chooses to surrender their home in bankruptcy, he is in the middle of the foreclosure process. Filing a bankruptcy petition creates an automatic stay, which puts an immediate halt to the foreclosure process. The mortgage company may then choose to either file a motion with the court to re-start the foreclosure process (called a motion to terminate the automatic…
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USDA Lowers Loan Costs for Kentucky Home Buyers and Home Owners
Kentucky FHA Mortgage Guidelines
In “100% Financing Zero Down”
Kentucky FHA Loan Requirements For Loan Approval.
FHA Handbook 4000.1 Updates
Administration (FHA) Single Family Housing Policy Handbook 4000.1. These updates are effective September 30, 2016 and
Clarification that an Upfront Mortgage Insurance Premium (UFMIP) refund calculation applies even if original UFMIP was
not financed.
Mortgage Debt Not Included in Credit Report: Clarification that a manual downgrade is not required when there is no history of late payments, as detailed below.
o Not currently delinquent; and
o No 30 day late payments within 12 months of the case number assignment date; and
o No more than 2 x 30 day late payments within 24 months of the case number assignment date.
A link has been added in the FHA Product Description from Mortgage Payment History requirements to “Credit History
Requirements for Manually Underwritten Loans.”
Appliances that add contributory value must be operable.
Mechanical components and utilities: The appraiser must report the utility, safety, and capacity of the mechanical systems.
The appraiser must observe and operate all applicable mechanical systems and utilities. In conjunction with this guidance,
existing FHA Handbook guidance on the following topics will be added:
o Electrical System
o Heating and Cooling
o Plumbing
o Utilities
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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 views of my employer. Not all products or services mentioned on this site may fit all people
HomePath listings in Jefferson County, Louisville Kentucky!
HomePath listings in Jefferson County, Louisville Kentucky!
Check out the HomePath listings in Jefferson County and Louisville, Kentucky!Let your clients know these properties are available. Some have special incentives! Select the property address to find out more information. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Can you refinance a Kentucky Rural USDA Housing Loan?
For commitments issues on or after October 1, 2016:
USDA charges the lender, who can pass the charge to the borrower, a one-time up-front cost, which is known as a Guarantee Fee. The Guarantee Fee can be financed in addition to the maximum base loan amount. The Guarantee Fee is calculated as follows as of October 1, 2016:
PURCHASE TRANSACTION CALCULATION:1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.
CALCULATION FOR REFINANCE TRANSACTIONS:1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.
ANNUAL FEE:
All loan transactions will include an annual fee of .35%REPAYMENT RATIOS REFINANCE
FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
USDA – GUS Approved
USDA – Manual Underwrite – Must meet USDA guideline maximum debt ratios of 29 & 41%–No Exceptions Allowed.TERM OF NEW LOAN
FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
TERM OF THE NEW LOAN WILL BE A 30 YEAR FULLY AMORTIZED FIXED RATE MORTGAGE ONLY.INTEREST RATE
Interest rate of the new loan must be a fixed rate.
The interest rate must be lower than the existing loan to be refinanced.
Funded buy down accounts are not permitted.
HOUSEHOLD INCOMETotal adjusted income for the household cannot exceed the moderate level for the area as established in HB-1-3555.
LOAN SECURITY
Loan security must include the same property as the original loan.
The security property must be owned and occupied by the applicants as their principal residence.
RURAL / NONRURAL AREASSFHGLP refinance loans are permissible for properties in areas that have been determined to be non-rural since the existing loan was made.
PROPERTY VALUATION
The value of the new mortgage loan request must be supported by a new appraisal. The loan amount cannot exceed the present market value plus the one-time 2 percent guarantee fee. The new loan amount can include closing costs or lender fees if supported by market value.
INSPECTIONSThe lender must confirm the property meets or continues to meet the current requirements of HUD Handbook 4150.2 and 4905.1.
No further inspections or repairs required by Rural Development.
Lender may require inspections or repairs. Expenses related to inspections or repairs may not be financed.
NET TANGIBLE BENEFITEvery refinance
You can refinance your existing USDA Rural Housing Loan. See details below:
Can you refinance a Rural Housing Loan? The short answer is yes. See below for qualifying criteria
KENTUCKY USDA LOAN GUARANTEED RURAL HOUSING REFINANCE FEATURES
- Loan must be secured by the same property as the original loan. The original loan must be Guaranteed Rural Housing (GRH) or USDA Section 502 Direct only. The Program may not be used to refinance FHA, VA, or other government or conventional mortgages.
- Term of the new loan will be 30 years.
- Interest rate of the new loan cannot exceed the interest rate of the loan being refinanced. However, the interest rate of the new loan does not have to meet the interest rate requirements established in RD Instruction 1980-D, §1980.320 Interest rate.
- Property must be owned and occupied by the borrowers as their principal residence.
- The guarantee fee is 1.00% of the…
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Kentucky Housing Corporation’s (KHC) master commissioner sales or Foreclosure Sales
Kentucky Housing Corporation’s (KHC) master commissioner sales or Foreclosure Sales
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The Kentucky Guaranteed Rural Housing (GRH) Loan Program
Looking for 100% Financing?
Effective 10/1/2016 the Up Front Guarantee Fee is reduced to 1.0%*
No down payment required
Up to 6% Seller Concessions
Minimum 620 FICO
Aggressive Interest Rates/ Pricing for 30 year fixed rate
For list of eligible properties: USDA Property Eligibility
For income eligibility limits: USDA Income Eligibility
*Note – the up front guarantee fee may be financed into the loan
The Kentucky Guaranteed Rural Housing (GRH) Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own …
Source: The Kentucky Guaranteed Rural Housing (GRH) Loan Program
$10,000 DOWN PAYMENT ASSISTANCE GRANT FOR LOUISVILLE KENTUCKY HOME BUYERS BEGINNING SEPTEMBER 1ST 2016
$10,000 DOWN PAYMENT ASSISTANCE GRANT FOR LOUISVILLE KENTUCKY HOME BUYERS BEGINNING SEPTEMBER 1ST 2016
Get Ready Louisville Kentucky First Time Home Buyers. KHC is offer $4 million in funding available with new reservations on or after Thursday, September 1, 2016. This will go super fast so I recommend have a house under contract before that date so you can attempt to secure the $10,0000 Downpayment Assistance Grant. First come, First Serve basis. The last grant like this one was gone within first few hours.
You must have a house under contract and meet the following guidelines below:
- Zero percent interest rate for Louisville Kentucky first-time home buyers.
- A non-repayable second mortgage for $10,000.
- Forgiven after five years.
- Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
- Applicants must meet secondary market income and buying limits.
- Minimum 640 Credit Score
- Max Purchase Price Limit of $283,000
- Max Household Income Limits of $117,250
- Must provide 3 years tax returns to prove a first…
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Can you do a Kentucky VA Cashout Refinance Mortgage Loan Up to 100% of the home’s value?
2016 Kentucky VA Mortgage Changes, credit score, debt ratio, fico score, Fort Knox VA loans, Funding Fee Chart, Guide to Kentucky VA Loans, Kentucky VA Homes for Sale, Kentucky VA Mortgage Calculator, kentucky va mortgage refinance guidelines, refinance, refinance cashout, VA Funding Fee, VA Guidelines, VA mortgage refinancing
Does VA allows 100% equity Cash-Out on Refinances for Kentucky VA Mortgages?
Yes is the simple answer, but a lot of VA lenders will only go to 90%, so be careful shopping out there for quotes and qualifying info. VA allows Kentucky VA Mortgage holders and veterans to finance 100% of the purchase price of a home, but they also allow Kentucky VA Mortgage veterans to take cash-out up to 100% of the value of their home! You are still subject to the funding fee unless disabled, and the cash out maybe limited in hand depending on your credit score.
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Kentucky FHA Mortgage Lender 