Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Home Mortgage Rates Ky, Kentucky State Mortgage Rates, locking in rate, mortgage rates

Best mortgage rates today in Kentucky for FHA, VA, USDA and Conventional Home Loans

How to get the best mortgage rate in Kentucky

How to get the best mortgage rates today in Kentucky involves understanding the differences between Kentucky FHA, VA, USDA, and conventional home loans. Each loan type has its own criteria, benefits, and rate determinants. Here’s an overview of how to obtain the best rates for each:

1. Kentucky FHA Loans

Federal Housing Administration (FHA) loans are popular among Kentucky first-time homebuyers due to their flexible credit requirements and low down payments.

Best Practices to Secure the Best Rates:

  • Credit Score: Aim for a score of 720 or higher. While Kentucky FHA loans accept lower scores, higher scores typically secure better rates.
  • Down Payment: Putting down more than the minimum 3.5% can sometimes lower the interest rate. 500 is the minimum score with 10 % down and 580 and above score will you get you to a minimum down payment of 3.5%
  • Debt-to-Income Ratio (DTI): Maintain a DTI of 56.99% or lower to increase your chances of getting a favorable rate.
  • Shopping Around: Compare offers from different lenders in Kentucky for FHA lenders. Each lender may have different rates and terms for FHA loans.
  • Larger Loan amounts: will yield better rates. A lender will get you a better rate if the loan is larger due to they will make more money on the loan vs a small loan amount.

2. Kentucky VA Loans

Veterans Affairs (VA) loans are available to veterans, active-duty service members, and certain members of the National Guard and Reserves. These loans often offer lower rates and do not require a down payment or private mortgage insurance (PMI).

Best Practices to Secure the Best Kentucky VA loan Rates:

  • Credit Score: A score of 720 or higher is generally preferred, although some lenders might accept lower scores. No minimum score set by VA lenders in Kentucky
  • Service History: Ensure your service record meets the eligibility requirements. 2 year work history usually needed
  • Loan Comparison: Even within VA loans, rates can vary between lenders. Obtain multiple quotes to find the best rate.
  • Funding Fee: Understanding the VA funding fee and including it in your budget can help in comparing the true cost of loans.

3. Kentucky USDA Loans

United States Department of Agriculture (USDA) loans are designed for rural and suburban homebuyers who meet certain income requirements.

Best Practices to Secure the Best Kentucky USDA Loan Rates:

  • Credit Score: Aim for a score of 720 or higher to access better rates. No minimum score for USDA loans
  • Income Limits: Ensure your income falls within the USDA’s eligibility guidelines for your area.
  • Property Location: The home must be in an eligible rural or suburban area. Use the USDA’s property eligibility tool to confirm.
  • Guaranteed Loan Program: USDA offers both direct and guaranteed loan programs. The guaranteed loan program often has more favorable terms.

4. Kentucky Conventional Loans

Conventional loans are not insured or guaranteed by the government and typically require higher credit scores and down payments. They are much more sensitive to down payments, credit score, debt to income ratio when it comes to getting the best rate and getting loan approval. They will typically have a higher rate than government backed mortgage loans in Kentucky like FHA, VA, and USDA, but the mortgage insurance is cheaper and not for life of loan and require less red tape to close.

Best Practices to Secure the Best Conventional loan Rates:

  • Credit Score: A score of 780 or higher is ideal to secure the best rates. Minimum credit score for Conventional loans in Kentucky is 620
  • Down Payment: A larger down payment (40% or more) can significantly lower your interest rate and eliminate PMI.
  • DTI Ratio: A DTI ratio of 45% or lower is preferred.
  • Loan Term: Consider shorter loan terms (15 or 20 years) for lower rates, though monthly payments will be higher.
  • Large Loan Amounts: Larger Loan Amounts will yield better rates vs a small loan amount.

General Tips for All Loan Types to get the lowest Mortgage Rates in Kentucky

  • Credit Score, debt ratio, : Maintain a strong credit history, stable income, and low debt levels.
  • Rate Shopping: Use online comparison tools and consult multiple lenders. Rates can vary significantly with each lender.
  • Points: Consider paying points to lower your interest rate. This is an upfront fee that can reduce your monthly payments over the loan term.
  • Pre-approval: Get pre-approved for a mortgage to understand what rate you qualify for and to strengthen your offer when shopping for a home.
  • Locking Loan: Lock in for a shorter term. For example, lock in the rate for 30 days vs 60 days and you will get a better rate. Be aware if you go past the lock the date, you will be subject to worse case pricing.

By understanding the specific requirements and best practices for each loan type, you can position yourself to secure the most favorable mortgage rates in Kentucky.–


NMLS ID# 57916, (www.nmlsconsumeraccess.org).

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans FHA Back to Work Program Ky, first time buyer, first time buyer kentucky, First Time Home Buyer, Kentucky Housing, KY FHA LOANS, Louisville Ky Home Loans

First Time Home Buyer Programs Louisville Kentucky

First Time Home Buyer Programs Louisville Kentucky.

via First Time Home Buyer Programs Louisville Kentucky.

 

 

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

Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

 

 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

First Time Home Buyer Programs Louisville Kentucky

First Time Home Buyer Programs Louisville Kentucky

First Time Home Buyer Programs Louisville Kentucky.

via First Time Home Buyer Programs Louisville Kentucky.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans FHA, FHA Back to Work Program Ky, FHA Co-signors, FHA Guidelines, fha mortgage insurance premiums, FHA Streamline Refinance, KY FHA LOANS, Loan Limits for FHA, mi changes for FHA

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

— 

 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

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

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

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!***

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

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 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.
  • 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:

Before June 11th, 2012

After June 11th, 2012

Mortgage Premium at Closing

$3,500

$20

Monthly MI Premium

$208.33

$91.67

Upfront MI Premium Percentage

1.75%

0.01%

Annual MI Premium Percentage

1.25%

0.55%

 



Fill out my form!

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

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.

 

 

Read more: http://www.wyff4.com/news/money/FHA-backed-mortgages-will-be-halted-in-a-shutdown/-/9323996/22157598/-/fkmhqwz/-/index.html#ixzz2gWiF9kf7

 

Joel Lobb (NMLS#57916)
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*

 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans foreclosure, short sales

Don’t Let a Short Sale Keep You From a New Mortgage | Consumer Information

Don’t Let a Short Sale Keep You From a New Mortgage | Consumer Information.

July 26, 2013

by

Colleen Tressler
Consumer Education Specialist, FTC

If you negotiated a short sale of your home, you may be surprised to learn that some mortgage loan underwriting systems can’t distinguish short sales from foreclosures on consumer reports. And that may keep or delay you from getting a new mortgage.

You see, borrowers who go through a foreclosure typically have to wait seven years before they’re eligible for a new mortgage. But short sellers may qualify in as little as two years. When you’re trying to buy a new home, an additional five years can seem like a lifetime. So is there anything you can do to improve your financial footing? You bet there is.

  • Get a letter from your lender confirming that your loan closed in a short sale, not a foreclosure. Send a copy of the letter to each of the nationwide credit reporting companies: Equifax, Experian, and TransUnion.
  • Order a copy of your credit report. Make sure the information is accurate. If you find a mistake, contact the credit reporting company and business providing the information to correct the error.
  • When you’re ready to buy another home, get pre-approved for a loan. A pre-approval letter from a lender shows that you are able to go through with a purchase. Pre-approval is not a final loan commitment; it means you met with a loan officer, your credit report was reviewed, and the lender believes you can qualify for a specific loan amount. This pre-approval process allows your lender to identify issues and errors in your credit report that may keep you from qualifying for a loan. That, in turn, allows you to correct inaccuracies before they can prevent you from buying another home.
Related Articles
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans condos

FHA proposes new workaround for condo market | Inman News

 

FHA proposes new workaround for condo market | Inman News.

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…

Continue reading “Louisville Kentucky FHA Loan Streamline Refinance” →