Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Good Neighbor Next Door Sales Program

The Good Neighbor Next Door Sales Program

The Good Neighbor Next Door Sales Program was established December 1, 2006. This program as many others are revised and/or clarified periodically by a HUD mortgagee letter. Mortgagee Letter 2013 – 20, dated June 12, 2013 was issued to further clarify the program.

via The Good Neighbor Next Door Sales Program.

“Low Rates and Fast Closings!- Honest, Friendly local advice.”
Mortgage Broker or Lender at Key Financial Mortgage of Kentucky NMLS #1800
Louisville, KY
License: NMLS #57916
(502) 905-3708
Contact Me
 
http://louisvillemortgageguide.com

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky 


Legal Disclaimer 
* 


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. 

**Download Fair Housing Booklet – CLICK HERE 


All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

The Good Neighbor Next Door Sales Program

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FHA vs. Conventional Mortgage: Should I Refinance?

FHA vs. Conventional Mortgage: Should I Refinance?.




Federal Housing Administration. FHA loans, which allow as little as 3.5 percent down, have traditionally been the go-to source for buyers with low down payments.
FHA loans have the advantage of allowing down-payment money from a gift or grant from other agencies.
The rising costs of FHA loans and the mortgage insurance that is required of FHA borrowers, though, have made the loans less attractive. In addition, the insurance premium on new FHA loans, unlike on other loans, is for the life of the loan.
• Veterans Affairs. VA loans, which are available to active or honorably discharged veterans and their spouses, require no down payment and no private mortgage insurance
• U.S. Department of Agriculture. Like VA loans, USDA loans require no down payment. They are available only in areas considered rural by the federal government, have income restrictions and can carry large upfront fees.
 Conventional loans. Conventional loans have gotten more flexible for those who can’t afford a full 20 percent down.
Many banks will lend up to 90 or even 95 percent of the property’s value. Such loans require a monthly private mortgage insurance fee, but the cost of such insurance has dropped while the cost of FHA insurance has risen, making conventional loans more attractive for those who can’t put 20 percent down.
Generally, the better a borrower’s credit score and the lower the debt-to-income ratio, the more likely a lender will allow a lower down payment.
“Conventional mortgage insurance now is much less expensive than FHA insurance,” Pausche said. “If you have the credit scores to qualify conventionally, it may be cheaper to put down 5 percent instead of going with FHA.”
In addition, Fannie Mae, the federal buyer of home mortgages, offers a program called My Community Mortgage that allows low- to moderate-income buyers to put down as little as 3 percent on a home.
Freddie Mac offers a similar program called Home Possible that allows buyers into homes with as little as 5 percent down, all of which can come from gifts.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

 



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Posted By Blogger to Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage at 7/28/2013 10:11:00 AM

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Low Income Mortgage, Affordable Housing & Homelessness

Low Income Mortgage, Affordable Housing & Homelessness.

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Refinance, Refinance Streamline, Streamline

Louisville Kentucky FHA Loan Streamline Refinance

FHA Loan Streamline Refinance Program Is Helping USA Homeowners to Refinance Mortgage with Lower Mortgage Payments (via SBWire)

Market And The Mortgage Rate Prevalent In The Market Tend To Change Constantly. Today, Due To The Drastic Drop In The Housing, Millions Of People Are Suffering From Declined Worth Of Their Homes. In Order To Allow Them To Refinance Their Mortgage, FHA…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

2013 Louisville Kentucky Mortgage programs

Business, Credit and Collection, Credit history, Credit score, Fannie Mae, Federal Housing Administration, Federal takeover of Fannie Mae and Freddie Mac, FHA, FHA loan, First-time buyer, kentucky usda lenders, Loan, louisville, Refinancing, United States Department of Agriculture, USDA, VA loan, Zero down home loans

via 2013 Louisville Kentucky Mortgage programs.

via 2013 Louisville Kentucky Mortgage programs.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Looks like it is getting more costly to purchase a home with FHA financing!

Looks like it is getting more costly to purchase a home with FHA financing!

Looks like it is getting more costly to purchase a home with FHA financing!.

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Interest Rates

Interest Rates.

 

 Reservation System Open Monday – Friday from 10:00 a.m. to 9:00 p.m.

Rates subject to change without notice.

Secondary Market Interest Rates — 45-Day Lock

Loan Type

Rate without Down Payment Assistance

Rate with Down Payment Assistance

FHA, VA & RHS

  • 640 credit score
  • AUS approval
  • Purchases & Refinances

4.250%

4.750%

Conventional

  • 680 credit score
  • No MI required
  • LTV 80.01% -97.00%
  • *DU AUS approval
  • Purchases

5.375%

5.375%

Mortgage Revenue Bond Interest Rates — 45-Day Lock

Loan Type

Rate without Down Payment Assistance

Rate with Down Payment Assistance

FHA, VA & RHS

  • 640 credit score
  • AUS approval
  • Purchases

4.250%

4.750%

Conventional

  • 680 credit score
  • No MI required
  • LTV 80.01% -97.00%
  • *DU AUS approval
  • Purchases

5.375%

5.375%

 * Run through DU for Approve/Eligible BEFORE reserving with KHC.  Select HFA Preferred Risk Sharing program located on Additional Data Screen.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans mi changes for FHA, mip, Mortgage Insurance UFMIP

Understanding PMI

Understanding PMI.

via Understanding PMI.

Understanding PMI

Trust me for your next FHA loan Call 502-905-3708
Trust me for your next FHA loan Call 502-905-3708

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*

Steps for refinancing FHA Mortgage Loans

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Steps for refinancing FHA Mortgage Loans

Steps for refinancing FHA Mortgage Loans.

via Steps for refinancing FHA Mortgage Loans.

Steps for refinancing FHA Mortgage Loans

Steps for refinancing FHA Mortgage Loans

Posted on April 15, 2013

26Step 1: Get in touch with your local FHA mortgage lender / bank and make clear that you would like to refinance the present FHA mortgage loan. You don’t require working with the loaner /the bank that’s presently servicing the loan. You’re able to shop about for lenders to put forward the least fees / the speediest turnaround time.

Conditions needed to get a FHA Loan:

•    stable employment record, not less  than 2 years of service history

•    Consistent revenue over the last 2 years

•    Any Chapter seven bankruptcy on documentation must be not less than 2 years old with excellent credit for the 2 successive subsequent years.

•    Any foreclosure have to be not less than 3 years old

•   Inquire the lender regarding streamlined FHA refinance. This kind of refinance happens to only be for homeowners who by now contain an FHA loan. FHA Streamline mortgage refinance have need of a good deal less documentation compared to a refinance that isn’t traditional. You are only going to be qualified for streamlined refinancing in the event of you currently being in a FHA Loan.

Step 2: have the lender sent by mail, fax, or e-mail, based on first choice, all documents that mortgage lender asks for.

Step 3: Provide the lender with authorization to verify your credit & to evaluate your house. Both are significant for the mortgage refinance (or Mortgage Refinancing) process. Lenders depend on customer’s credit score – anything over 720 is thought to be good, even as scores beneath 620 is thought to be bad – to establish if they are going to lend you cash and what ROI. They would be sending an appraiser for ensuring that your home worth has sufficient equity. The majority of lenders & banks require you to have not less than 90% equity in your residence.

FHA house Mortgage Loans happen to be backed by the Federal Housing management and is a more and more popular option for house buyers. This happens to be partly for the reason that the FHA Refinance need just a 3.5 advance in the house purchase cost, as the majority of mortgage lenders need 20% down payment. Find an FHA accepted Mortgage Lender.

The benefits of Streamline FHA Mortgage Refinance Loans:

1. The house owner is able to get a lesser ROI and this is going to assist them to decrease their monthly mortgage imbursement.

2. They are able to alter the terms of their present loans like loan length.

3. Rapid processing and abridged paperwork & documentation. This is the way in which they obtain the name “streamlined”. It is going to be taking less time to close up and you would be spending less time attempting to get all the paperwork & information together.

4. Closing prices are able to be chosen to incorporate them in the fresh loan if there’s sufficient equity in the house or they are able to opt to have no closing prices but that possibly will bring about a higher ROI.

5. The house owner doesn’t have to authenticate income /employment status.

Certainly there’re some qualifications which you must meet to be able to get the Streamlined FHA Refinance loan.

Steps for refinancing FHA Mortgage Loans

Steps for refinancing FHA Mortgage Loans

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Louisville Kentucky FHA Streamline Mortgage Refinance Progra,

How to Get Qualify for FHA Streamline Mortgage Refinance Program

 

Eligibility Requirements
Oddly enough, the FHA Streamline mortgage refinance program is one of the easiest to qualify for. All one has to have is a current FHA-insured mortgage loan. To refinance it, one does not need a new appraisal of his home; the FHA will count the original value of the house as its existing worth. The only homeowners who cannot qualify for this program are those whose conventional loans are owned or serviced by Sallie Mae or Freddie Mac.
The Streamline Mortgage Refinance Plan
There are official rules for participating in an FHA mortgage Streamline refinance. The first of these is that one must have an excellent payment record that goes back at least three months. Another is that all loans must be current at the time they are closed upon. Also, the FHA mandates that borrowers complete 6 mortgage payments on their FHA mortgages, and that no less than 210 days go by from the most current closing to qualify for Streamline refinance.
What Verification?
Another perk of FHA Streamline mortgage refinance is that there is no verification of … anything, really. A person should be aware of the FHA Streamline refinance mortgage rates, but that’s all he’ll need to know. The FHA does not require income verification, proof of employment, or that one provide income tax returns. It also doesn’t look at one’s credit score because it relies on payment histories to determine future loan functioning. Add to that the fact that there’s no need for an appraisal, and this is a pretty good deal.

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KENTUCKY FHA MORTGAGE – ACCEPTABLE DOCUMENTATION FOR DOWN PAYMENT FUNDS

KENTUCKY FHA MORTGAGE  – ACCEPTABLE DOCUMENTATION FOR DOWN PAYMENT FUNDS

PROVIDED BY FEDERAL, STATE OR LOCAL GOVERNMENTS
 
FHA recently released Mortgagee Letter 2013-14, requiring documentation that mortgagees must provide to demonstrate eligibility for FHA mortgage insurance of loans when a Federal, State, or local government, its agency or instrumentality, directly provides the borrower‘s required Minimum Cash Investment through secondary financing.
Acceptable forms of documentation include the following:
  • A cancelled check, evidence of wire transfer or other draw request showing that prior to or at the time of closing the Government Entity had authorized a draw of the funds on its account provided towards the borrower’s required Minimum Cash Investment from the Government Entity’s account; or
  • A letter from the Government Entity, signed by an authorized official, establishing that the funds provided towards the borrower’s required Minimum Cash Investment were funds legally belonging to the Government Entity at or before closing
Where a letter from the Government Entity is submitted, the precise language of the letter may vary because of differences in the funding and legal authority of each Government Entity. Examples of acceptable language, which would establish the funds were legally belonging to the Government Entity, would include the following:
  • A statement that the Government Entity has, at or before closing, incurred alegally enforceable liability as a result of its agreement to provide the funds towards the borrower’s required Minimum Cash Investment;
  • A statement that the Government Entity has, at or before closing, incurred alegally enforceable obligation to provide the funds towards the borrower’s required Minimum Cash Investment; or
  • A statement that the Government Entity has, at or before closing, authorized a draw on its account to provide the funds towards the borrower’s required Minimum Cash Investment.
        The mortgagee is not required to document the actual transfer of funds in satisfaction of the obligation or liability, which resulted from the funding of the borrower’s required Minimum Cash Investment by the Government Entity, before closing, provided the mortgagee has obtained documentation that a legally enforceable liability or obligation was incurred at or before closing. Where such documentation is provided establishing that a legally enforceable liability or obligation was incurred at or before closing, the funds provided at closing for down payment assistance will be considered by HUD to be funds legally belonging to the Government Entity. However, failure of the Government Entity to satisfy the obligation or liability may result in a determination that the funds were provided by a prohibited source.
         Note, it is still required that you provide a Gift Letter for the borrower’s Cash to close, including the required Minimum Cash Investment, as described in HUD Handbook 4155.1 5.B.5. – a Gift Letter Requirement
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