Wells Fargo cheered by Realogy, Home Depot leaders for loosening up on FHA loans | Inman News.
via Wells Fargo cheered by Realogy, Home Depot leaders for loosening up on FHA loans | Inman News.
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 FHA Streamline Refinance
Our Kentucky FHA lenders can help you buy a home with no money down or refinance to the lowest rates possible!
via Kentucky FHA Streamline Refinance.
Kentucky FHA Streamline Refinance
Welcome to the Kentucky FHA Streamline Refinance program! Our KY FHA lenders can help you save money each month on your FHA mortgage. Want to take advantage of the current low rates? No problem! We service all areas of The Bluegrass State and we’re here to help!
This FHA Streamline Refi process is so simple that it’s been called “Streamline” because it allows you to refinance the interest rate on your current home mortgage rather quickly. Appraisals are usually not required and there is also less paperwork involved – saving both you and the lender time and money!
***Starting June 11, 2012 if you currently have an FHA loan you may qualify for a refinance that will reduce your upfront mortgage premium to only .01 percent and your annual premium of .55 percent!***
Louisville Ky homeowners looking to for a FHA refinancing offers benefits for current real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage (s).
Some advantages of using a Louisville KY FHA mortgage for your mortgage refinance are as follows:
- Cash-Out Refinance up to 85% for existing or new FHA mortgages.
- Cash-Out up to 85% of your properties value.
- Consolidate first and second mortgages into single loan.
- Bill consolidation programs.
- Easier credit and income qualifications.
- FHA regulated closing costs.
- Rate and Term Mortgage Refinancing up to 96.5% of your homes value.
- Consolidate first and second mortgages* into a single loan.
- min. 640 credit score.
- Competitive rates for borrowers with a Bankruptcy older than two years.
- Competitive rates for borrowers with a Foreclosure older than three years.
- Easier credit and income qualifications.
- FHA regulated closing costs.
- Louisville KY FHA Streamline Refinance for existing FHA loans only.
- No Cost Interest Rate Reductions programs.
- No Income or Credit Qualifications*.
- Zero cost refinance options available.
- Easily switch amortization for adjustable to fixed or vice versa.
- Easily shorten or lengthen term of your existing loan.
- Easier credit and income qualifications.
What Are the New Changes That Make FHA Streamline Loans Even Better?
These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.
At least until now…
New changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.
In an effort to assist more Kentucky homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.
This new change alone means thousands of dollars in savings for most borrowers.
According to the FHA, based upon a $200,000 30 year mortgage with a loan-to-value higher than 95%, those who took out loans on or before May 31st, 2009, will now realize the following savings:
- NO employment verification is required*
- NO income verification is required*
- NO credit score verification is required*
Government shutdown hits mortgage market – wave3.com-Louisville News, Weather & Sports
Government shutdown hits mortgage market – wave3.com-Louisville News, Weather & Sports.
via Government shutdown hits mortgage market – wave3.com-Louisville News, Weather & Sports.
FHA, Government shutdown, Interest rate, Internal Revenue Service, Kentucky, Loan, Loan officer,louisville, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage, Mortgage loan,Real Estate, Refinancing, Social Security Administration, Social Security number, United States Department of Agriculture, USDA, VA loan, Washington, Zero down home loans
Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013
Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013.
via Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013.
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FHA-backed mortgages will be halted in a shutdown | Money – WYFF Home
FHA-backed mortgages will be halted in a shutdown | Money – WYFF Home.
The good news is that most government-backed home loans – those purchased and securitized by Fannie Mae and Freddie Mac – will be unaffected by a shutdown. Those companies pay for their operations out of the fees that they charge lenders.
The bad news is that loans guaranteed by the Federal Housing Administration, the Veteran’s Administration and the rural development loans of the United States Department of Agriculture, won’t be processed. If an application for an FHA-insured loan has not been approved by the time of the shutdown, it will have to wait until after the shutdown ends.
FHA-backed loans accounted for 45% of all mortgages used to purchase homes issued in 2012, according to the Federal Reserve. The FHA alone insures about 60,000 loans a month.
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
Two Credit Unions Offering No Money Down Mortgages
Two Credit Unions Offering No Money Down Mortgages.
100% Financing Zero Down Payment Financing Kentucky Mortgages and Home loans. Buy a Home with No Down-Payment or Refinance Your Mortgage to 100% the USDA, VA, KHC Mortgage loans offer zero down financing
—
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
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- Signs of credit-score easing for buyers as market softens | Business & Technology | The Seattle Times (kentuckyfirsttimehomebuyer.com)
- Signs of credit-score easing for buyers as market softens | Business & Technology | The Seattle Times (mylouisvillekentuckymortgage.com)
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FHA Mortgages
via FHA Mortgages.
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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.
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.
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Kentucky FHA Mortgage Lender 