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

Mortgage Rates Kentucky

Mortgage Rates Kentucky.

via Mortgage Rates Kentucky.

 

Mortgage Rates Kentucky

May 14, 2012EditLeave a commentGo to comments

153 Votes

Current Kentucky mortgage rates today

Over 500 loans closed in Kentucky and still going strong. Call us today for your personal, free loan quote. We are a local company that is here to serve your home loan needs. 502-905-3708 or kentuckyloan@gmail.com

Today’s Louisville Kentucky Mortgage Rates may contain points

Subject to credit approval
Rates are subject to change without notice.

FHA, VA, KHC, Rural Housing, USDA, Fannie Mae Mortgage Loans

Related articles
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Down payment assistance, FHA Guidelines, fha mortgage insurance premiums, first time buyer, First Time Home Buyer, Grants And Down payment Assistance

Down-payment Assistance Programs Louisville and Kentucky

Down-payment Assistance Programs Louisville and Kentucky.

via Down-payment Assistance Programs Louisville and Kentucky.

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

FHA Mortgage Requirements for Louisville Ky First Time Home Buyers

FHA Mortgage Requirements for Louisville Ky First Time Home Buyers.

via FHA Mortgage Requirements for Louisville Ky First Time Home Buyers.

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

Down Payment Assistance Program – Housing & Community Development – LouisvilleKy.gov

Down Payment Assistance Program – Housing & Community Development – LouisvilleKy.gov.

 

Down Payment Assistance Program

 
 
The Down Payment Assistance Program provides qualified homebuyers a loan to assist with purchasing a home which will be their primary residence.

Homebuyer households must have income no greater than 80% of median income, adjusted for family size.

All Homebuyers must complete HUD approved homeownership counseling before assistance can be committed. A Certificate of Completion from the counseling agency must be submitted with the application. Contact The Louisville Urban League at (502) 585-4622 or The Housing Partnership Inc.at (502) 585-5451 for counseling.

Metro Government has revised its Down Payment Assistance Program increasing the amount of assistance.

We are now offering Metro Wide assistance, and homebuyers may qualify for a forgivable mortgage which will be forgiven over a five (5) year period of 10% of the purchase price of the home to a maximum of $10,000.

We will continue to provide maximum assistance in our 2009 Target Area neighborhoods, and homebuyers may still qualify for a forgivable mortgage which will be forgiven over a ten (10) year period of 20% of the purchase price of the home to a maximum of $20,000.

Our Department has also allocated closing cost assistance in the amount of up to $2,000 for down payment assistance programs; however, homebuyers must pay all prepaid costs from their own funds.

Homebuyers are responsible for obtaining primary financing with a fixed rate mortgage from a reputable lender.

A Housing Quality Standards inspection will be conducted by a Louisville Metro inspector before closing. All deficiencies must be corrected and verified by re-inspection prior to closing

A HUD-1 closing statement must be received two working days (48 hours) prior to closing.

Applications will be accepted at any time. Assistance is granted on a first come, first serve basis. For more information about the Down Payment Assistance Program, please call 574-3107. 


810 Barret Avenue, Louisville, Kentucky  40204
Office Hours:  8:00 a.m. – 5:00 p.m.
Clients are seen by appointment – please call
Phone: (502) 574-3107

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

FHA Updates Credit Qualifying Guidelines

FHA Updates Credit Qualifying Guidelines.

 

FHA (Federal Housing Administration) mortgages are known for the easier and flexible credit qualifying guidelines that are offered to borrowers. It is for this reason that so many people choose FHA mortgages for their financing. Recently, FHA has updated the credit qualifying guidelines for disputed accounts and collections that becomes effective April 1st.

When the borrower has one or several disputed credit accounts and/or collections with a total balance that is equal to or above $1,000, the accounts must be resolved by payment arrangement or paid in full prior to or at closing. If not paid in full, these payments will be included in the debt to income ratios. If payment arrangements have been made, there must be at least three months of verified payments as per the agreement made with the creditor. Any disputed account or collections that are the result of credit card theft, identity theft or unauthorized use are excluded from the $1,000 calculation. There must be related and appropriate documentation, such as a police report, to substantiate this claim.

When the total amount due on outstanding credit and/or collection accounts is below $1,000 the borrower does not have to pay off the accounts in order to receive approval. It is not considered an acceptable resolution according to FHA to pay down balances on any of these accounts in order to bring the balance below $1,000. FHA requires that court ordered judgments be paid in full prior to FHA mortgage approval. In the case of a court ordered judgment in which the borrower has an agreement to make regular payments and can show the documentation that at least three months of payments have been made, a borrower can continue to pay off the judgment and the payments will be included in the debt to income ratios.

Acceptable documentation to support any resolutions to credit or collection accounts include a letter from the creditor which outlines the terms of the payment arrangements or verifies the payoff of debt, canceled checks or a credit report supplement that verifies the payoff or payment arrangements. It is likely that more borrowers will be cleaning up their credit prior to making an FHA mortgage application once these FHA updates for credit qualifying go into effect.