First Time Home Buyer Programs Louisville Kentucky.
via First Time Home Buyer Programs Louisville Kentucky.
Louisville Kentucky Mortgage Rates
Louisville Kentucky Mortgage Rates.
via Louisville Kentucky Mortgage Rates.
Joel Lobb
Senior Loan Officer
Senior Loan Officer
(NMLS#57916)
phone: (502) 905-3708
Fax: (502) 327-9119
Frequently Asked Questions about FHA Kentucky Home Loans
Frequently Asked Questions about FHA Kentucky Home Loans.
via Frequently Asked Questions about FHA Kentucky Home Loans.
FHA to 50%…up to 55% with comp factors and a strong borrower
Manual UW’s on FHA/ to 620 Score
FHA purchases and R/t refi’s down to a 580 with DU Approved Eligible
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Joel Lobb
Senior Loan Officer
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
FHA’s Galante Offers Alternatives to Rolling Back MI Premiums
The Department of Housing and Urban Development is pushing back against industry groups calling for the Federal Housing Administration to reduce or rebalance its mortgage insurance premiums. Three industry groups have urged FHA to rebalance its 1.35% annual MI premium and its 1.75% upfront MI premium to make FHA loans more affordable. But such a change would reduce FHA revenue. The commissioner stressed that it’s important to strengthen the FHA single-family mortgage insurance fund and find other ways to increase access to credit. “We must do both,” she told attendees at the Mortgage Bankers Association’s Washington Policy Conference. HUD is moving ahead with a housing counseling program called HAWK (Homeowners Armed with Knowledge) that will reward FHA borrowers that receive counseling.
via FHA’s Galante Offers Alternatives to Rolling Back MI Premiums.
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*
Kentucky FHA Credit Score Requirements for 2014, Based on Lender Feedback
FHA Minimum FICO
FICO 620-639 will be allowed as long as the borrower has an Approve through DU . Manually underwritten loans will still be capped at a minimum FICO of 640.
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
Kentucky FHA Mortgage Lender 