Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans louisville ky fha seller contributions

Louisville Kentucky FHA Seller Contributions and Closing Costs

Louisville Kentucky FHA Seller contributions can make a big impact for a first time home buyer struggling to save the required 3.5% down payment let alone all other related fees. A seller who understands the benefit and has the ability to offer assistance could make the difference between purchasing a home now and continuing to rent.

Louisville Kentucky FHA Maximum Seller Contributions

Louisville Ky FHA guidelines allow the seller to contribute up to 6% of the sales price toward the buyers closing costs, discount points, and prepaids. The seller is also allowed to pay the upfront mortgage insurance premium (MIP) which is typically rolled into the cost of the loan.

Common FHA Closing Costs:

Below is a list of customary fees associated with an Kentucky FHA loan. This is only an example of costs the seller may pay on your behalf and does not include all allowable costs per Kentucky FHA guidelines. Make certain your lender provides you with an itemized list known as a Good Faith Estimate.

  • Origination fee – The maximum origination fee is 1 percent of your loan amount, or 2 percent of the loan amount if it’s a home equity conversion loan.
  • Appraisal fee to determine the value of the home
  • Costs associated with your mortgage credit report
  • Attorney’s fees, title search fees, title insurance – Attorney’s fees are not typical in Colorado, but title fees are and can range from $250 to $1,500 depending on the home’s location.
  • Prepaid interest – You will pay interest accrued between the closing date and the end of the month.
  • Upfront premium for your Kentucky FHA mortgage insurance. This will be 1.5 percent of the loan amount, but you may be able to roll it into your loan.
  • Escrow amounts for future taxes and insurance – You will be required to pay 1 year of homeowner’s insurance and a few months of your property taxes.
  • Discount points (if applicable)
  • Up Front Mortgage Insurance Premium (MIP)
  • Buy Downs (cost incurred for a permanent or temporary interest rate buy down)While the total amount of your closing costs might seem like a hefty price to pay, keep in mind what you’re getting in return:A home you can call your very own.

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

Kentucky FHA Streamline Mortgage Refinance Program at Lower Interest Rates

FHA Streamline Mortgage Refinance Program at Lower Interest Rates

Pittsfield, MA — (SBWIRE) — 03/28/2013 — Real-estate-yogi.com understands that he’ll need advice about this process, and is here to provide it, including:

– FHA Streamline Refinance Defined
– Eligibility for FHA Streamline Refinance
– Advantages to FHA Streamline Refinance
– No Verification of Information

Explanation of FHA Mortgage Streamline Refinance

An FHA Streamline mortgage refinance is a special financial product available only to those who currently have an FHA mortgage loan. Being part of the FHA Streamline mortgage refinance program is the fastest way for an FHA-insured borrower to refinance his mortgage. The program’s crucial characteristic is that there’s no need to have the home appraised. As an alternative, the FHA allows one to use the original price of the home as its current value, no matter what it is valued at today.

Qualify for FHA Streamline Mortgage Refinance Program at Lower Interest Rates , Apply Here!!

Eligibility Requirements for FHA Streamline Refinance

The first eligibility requirement for FHA mortgage Streamline refinance is to have a current FHA-insured mortgage. A homeowner must be current on his existent loan and have a history of on-time payments for one year. He must own the property for a minimum of six months before refinancing, and he must work with an FHA-approved lender. Closing costs must be paid up-front to make the process smoother.

FHA Streamline Refinance Advantages

There are several advantages to having an FHA refinance. FHA Streamline refinance mortgage rates are lower than those of non-FHA loans. They vary from 2. 25% to 2.75%. Private lenders may charge up to 5% or more. The difference between the two can mean a yearly savings of $3,000, or $250 per month. People whose credit leaves something to be desired can be approved for this type of refinancing, and the refinance mortgage is “assumable,” which means that if someone purchases one’s home, the loan can be taken over by the buyer.

No Need to Verify Data

When applying for an FHA Streamline refinance mortgage, keep this in mind: There is no need to verify any information on the application. That’s right; no checking of employment records, no looking at income, no confirmation of any data. It’s not as nutty as it seems; what the FHA does is “insure” mortgages, it doesn’t create them, so it’s in the best interests of the FHA to help lots of folks enjoy today’s low refinance rates. That’s why they don’t authenticate any data.

About Real-estate-yogi
Real-estate-yogi.com is here to help those in need of financial guidance receive it – at no cost –from the fiscal experts on hand, located in Pittsfield, Massachusetts. For a complimentary conference, dial 800-987-1397.

Repost.Us - Republish This Article
This article, FHA Streamline Mortgage Refinance Program at Lower Interest Rates, is syndicated from SBWire and is posted here with permission.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans fha mortgage insurance premiums

Kentucky FHA Mortgage Insurance Premiums 2011

 

 

Kentucky FHA Mortgage Insurance Premiums 2011

Kentucky FHA Mortgage Insurance Premium Amounts
EFFECTIVE FOR CASE ASSIGNMENTS DATED ON OR AFTER APRIL 18, 2011

 
FHA Single Family Mortgage Insurance
Upfront and Annual Mortgage Insurance Premiums
(Loan Terms greater than 15 years)
All premiums are specified in basis points (0.01%)
LTV UFMIP Annual
≤95 100 110
>95 100 115
 
FHA Single Family Mortgage Insurance
Upfront and Annual Mortgage Insurance Premiums
(Loan Terms 15 years or less)
All premiums are specified in basis points (0.01%)
LTV UFMIP Annual
≤90 100 25
>90 100 50

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