Showing posts with label refinance. Show all posts
Showing posts with label refinance. Show all posts

Mobile Home Loan Guidelines for Kentucky: FHA, VA, USDA, and Conventional Loans

Manufactured home properties are often more affordable than standard single-family homes, making them an attractive option for many prospective buyers. Whether you're a first-time homebuyer or looking to refinance, there are financing options for manufactured homes through FHA, VA, USDA, and Conventional loan programs.

Important Guidelines for Manufactured Home Mortgages in Kentucky

Before diving into specific loan programs, it's essential to understand two critical requirements that apply to almost all manufactured home loans in Kentucky:

Permanent Foundation: The manufactured or mobile home must be on a permanent foundation. This means the home must be permanently affixed to the land with proper structural supports, meeting local building codes. Read more here what constitutes a permanent foundation ➡️https://www.huduser.gov/portal/Publications/PDF/foundation_guide_complete.pdf

Single Relocation: The home must have only been moved once, from the factory or dealership to the permanent site. Homes that have been relocated more than once typically do not qualify for financing.

Keeping these two key factors in mind will significantly improve your chances of securing a mortgage loan for a manufactured home.


Here's a detailed look at the requirements and guidelines for each program:


FHA Manufactured Home Loans

Minimum Credit Score: 500 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase or Rate-Term up to 96.5% LTV; Cash Out up to 80% LTV

Manual Underwrites: Allowed

Additional Requirements:

Real Property Conversion required at closing

Home must be your primary residence

Property cannot have been previously installed or occupied at another site

Age of Home: Home must have been constructed after June 15, 1976

USDA Manufactured Home Loans

Minimum Credit Score: 550 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase up to 100% LTV

Manual Underwrites: Required; Maximum Debt-to-Income (DTI) ratio is 29/41

Additional Requirements:

Home must be located in a USDA-eligible rural area

Real Property Conversion required at closing

Home must be a 2006 model or newer

Property cannot have been previously installed or occupied at another site

Must be your primary residence 

You cannot do not a mobile home loan on a USDA loan in Kentucky --Only available  in select pilot States and Kentucky is not in that program


VA Manufactured Home Loans

Minimum Credit Score: 500 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase or Rate-Term up to 100% LTV; Cash Out up to 80% LTV

Manual Underwrites: Allowed

Additional Requirements:

Real Property Conversion required at closing

Property can be previously installed or occupied at another site

Must be your primary residence

Age of Home: Home must have been constructed after June 15, 1976

Conventional Manufactured Home Loans

Minimum Credit Score: 620 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase or Rate-Term up to 95% LTV; Cash Out up to 65% LTV

Additional Requirements:

Real Property Conversion required at closing

Home must have been constructed after June 15, 1976

Property cannot have been previously installed or occupied at another site

Primary and second homes allowed

Why Choose a Manufactured Home Loan?

Manufactured homes offer a cost-effective alternative to traditional housing, with modern designs and layouts that meet the needs of today's homeowners. With these flexible loan options, Kentucky homebuyers have access to financing programs tailored to manufactured housing.

Whether you’re looking for a low credit score option, zero money down, or a loan for a primary or secondary residence, these programs cater to a variety of financial situations.

1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.



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Kentucky Mortgage Approval Checklist

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: THESE 10 MORTGAGE FACTS WILL GIVE YOU AN ADVANTAGE...:  


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Kentucky Mortgage Approval Guidelines



1. Mortgage Rates Change



Just like the stock market, mortgage rates change throughout the day. Mortgage rates you see today may not be available tomorrow. If you are in the market for a mortgage loan, be sure to check the current rates being offered by lenders. If you have already done your research and have found your dream home consider locking in your rate as soon as possible.



2. Different Lenders Charge Different Fees


Don’t expect every lender to charge the same fees for a mortgage loan. Every lender structures their fees differently, which is why it is important to shop with at least 3 lenders to compare. Next time you apply for a mortgage loan pay attention to the rates, points being charged and closing costs.



3. Lenders Can Sell Your Loan to Another Bank


Many borrowers have experience getting a mortgage loan with a certain lender only to find out that the loan has been sold to another bank. This occurs because lenders need to free up their liabilities in order to make room to give out more loans. This does not affect your mortgage whatsoever, but it’s important to pay close attention to your mortgage statement and any correspondence you receive in the mail to make sure you do not make payments to the wrong bank.



4. Your Middle Credit Score Matters



When you apply for a mortgage loan, the lender will pull your credit scores from three credit bureaus (Transunion, Equifax and Experian) to help them determined if you are credit worthy. Your middle score of the three is what lenders will use for loan qualification. However, the underwriter will review all three scores as part of the loan underwriting process. If you pull your own credit score through a website online, the credit scores displayed to you may be different than what lenders use because they use different reporting systems.



5. You Can Refinance Your Home Loan Anytime



You can refinance your mortgage anytime, but it doesn’t necessarily mean you should. Think about why you want to refinance. Is because you want to lower your monthly payments, to change the type of loan you are in or to take cash out from your equity? Whatever the reason is, make sure that it makes financial sense.


6. You Can Get a Mortgage Loan After a Foreclosure


Many homeowners have experienced a foreclosure after the recent mortgage crisis. There is good news for these borrowers because they can get a mortgage loan after foreclosure. There are waiting periods involved, for example, to apply for an FHA loan you must wait three years after foreclosure to apply. If you want to get a conventional loan the waiting period is seven years from foreclosure. For those seeking a VA loan, the waiting period is two-years.


There are exceptions to the waiting periods, but you have to show the lender that your foreclosure was caused by an event outside your control, such as losing your job or being seriously ill.


8. Good Credit Allows you to Get Better Mortgage Rates



Good credit scores mean a better rate in any type of loan, especially a mortgage loan. Your credit heavily impacts the type mortgage loan you will qualify for. To maintain a good credit report, make sure you monitored it closely. One of the advantages to good credit is that more banks will want to compete for your business, therefore giving you leverage to negotiate the closing costs.



9. Know Your Annual Percentage Rate (APR)


Knowing your APR will allow you see the true cost of your loan. While the interest rate shows the annual cost of your loan, the APR includes other fees such as origination points, admin fees, loan processing fees, underwriting fees, documentation fees, private mortgage insurance and escrow fees.


There may be more or less fees included in the ARP from what we mentioned. To be sure what fees are included in the APR, ask your lender to give you a breakdown of the closing costs included.


10. You Can Always Reduce Closing Costs


One way to reduce closing costs is to have the sellers contribute towards the closing costs when purchasing your home. This can be negotiated between the buyer and the sellers in the purchase contract. The amount the seller can contribute will depend on the type of loan. Another way to save on closing costs is to have the lender give you a credit to cover out of pocket loan costs.



http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb
Senior Loan Officer
(NMLS#57916

text or call my phone: (502) 905-3708

email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky Mortgage Approval Checklist



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Cash Out Refinance seasoning requirement on Kentucky Mortgage Loans


 Cash Out seasoning requirement on Kentucky Mortgage Loans for FHA, VA, Fannie Mae


Did you know that Freddie Mac is making a change to their Cash Out seasoning requirement effective March, 7 2023?


  The new guideline will require at least 12 months to have passed from the Note date of the mortgage being refinanced.  Please see below for the agency specific cash out seasoning requirements and let us know if you have any questions.   

 

 

FNMA:  6 months

 

FHLMC:  12 months (Effective 3/7/2023)

 

Kentucky FHA Mortgage Loan: 12 months

 

Kentucky VA Mortgage Loans:  210 days/6 months

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Kentucky USDA Rural Housing Mortgage Lender: Kentucky First Time Home Buyer Programs For Home M...

Kentucky USDA Rural Housing Mortgage Lender: Kentucky First Time Home Buyer Programs For Home M...: Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky USDA Rural Housing Streamline Refinance G... :  How does a Kentuck...



Kentucky USDA Rural Housing Mortgage Lender Refinance

Refinance Kentucky USDA Rural Housing Mortgage Lender


Refinance Kentucky USDA Rural Housing Mortgage







Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/



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KENTUCKY FHA STREAMLINE REFINANCE TRANSACTIONS.

Fill out my form!


 KENTUCKY FHA STREAMLINE REFINANCE TRANSACTIONS.
502-905-3708 for your free FHA Mortgage Prequalification

fha streamline refinance louisville kentucky

502-905-3708 for your free FHA Mortgage Prequalification




In order to be in compliance with HUD Mortgagee Letter 2009-32, the following changes
to Kentucky  FHA Streamline Refinances will be effective for new case numbers assigned 
**** Revised Streamline Refinance Transactions WITHOUT an Appraisal ****
The maximum insurable mortgage cannot exceed:
• The outstanding principal balance* (from payoff) minus the applicable
refund of the UFMIP,
PLUS
• The new UFMIP that will be charged on the refinance.
**Closing cost cannot be included in the new maximum loan amount.
****Revised Streamline Transaction WITH an Appraisal****
The maximum insurable mortgage is the lower of:
1) Outstanding principal balance* minus the applicable refund of UFMIP, plus
closing costs, prepaid items to establish the escrow account and the new
UFMIP that will be charge on the refinance;
OR
2.) 97.75 percent of the appraised value of the property plus the new UFMIP that
will be charged on the refinance.
Discount points may not be included in the new mortgage. If the borrower
has agreed to pay discount points, the lender must verify the borrower has the
assets to pay them along with any other financing costs that are not included in
the new mortgage amount.
* Outstanding principle balance for the above calculations is defined as the principle balance of the loan
and may include interest charged by the servicing lender when the payoff is not received on the first day of
the month but may not include delinquent interest, late charges or escrow shortages.
The following changes apply for Kentucky FHA Streamline loans with or without appraisal:
A.) Seasoning – At the time of loan application, the borrower must have made at least 6
payments on the FHA-insured mortgage being refinanced.
B.) Payment History – Current mortgage must be 0x30 in the last 12 months or for the life of the loan if loan is < 12 months old and > 6 months old. ) If borrower has less than 12 month history on current loan and has a previous consecutive mortgage, that mortgage must be 0x30 up to the 12 months required.
C.) Net Tangible Benefit – The lender must determine that there is a net tangible benefit
as a result of the streamline refinance transaction, with or without an appraisal. The
transaction must meet FHA  net tangible
benefit.
For FHA Net tangible benefit is defined as:
1.) A reduction in the total mortgage payment (principal, interest, taxes and
insurances, HOA fees, ground rents special assessments and all
subordinate liens): The new total mortgage payment is 5% lower than the
total mortgage payment for the mortgage being refinanced. Example: Total
mortgage payment on the existing FHA mortgage is $895; the total mortgage
payment for the new FHA mortgage must be $850 or less.
2.) Refinancing from an adjustable rate mortgage (ARM) to a fixed rate
mortgage: The interest rate on the new fixed mortgage will be no greater
than 2 percentage points above the current rate of the one-year arm. For
hybrid ARMs, the total mortgage payment on the new fixed rate mortgage may
not increase by more than 20%. Example: total mortgage payment on the
hybrid ARM is $895; the total mortgage payment for the new fixed rate
mortgage must be $1,074 or less.
3.) Reducing the term of the mortgage: For transactions that include a
reduction in the mortgage term, that loan must be underwritten and closed as
a rate and term (no cash-out) refinance transaction.
D.) Employment – Streamline refinances must now include evidence of employment and
include a verbal (must be on 1003).
E.) Assets – If there are any closing cost to be paid at close, verification of funds to close
must be included in the file submission.
F.) The file must also include the pay-off statement.
G.) Maximum Combined Loan to Value –
Kentucky Mortgage guidelines will remain at
125% CLTV.)
• For streamline refinance transactions WITHOUT an appraisal, the CLTV is
based on the original appraised value of the property.
• For streamline refinance transactions WITH an appraisal, the CLTV is based on
the new appraised value. H.)TOTAL Scorecard – Lenders should not use TOTAL on streamline refinance
transactions. If a lender uses TOTAL, that loan must be underwritten and closed
as a rate and term (no cash-out) refinance transaction
If you have any questions regarding this announcement,
Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
Apply for Free for your Louisville Kentucky Mortgage-Takes only 3 Minutes


download
Definition of Credit history highlighted in green with text marker.

Getting a FHA loan in Kentucky in 2017 you will be confronted with minimum credit score requirements set forth by FHA and the lender. Even though FHA will insure the mortgage loan at a certain credit score, you will see that lenders will create  “credit-overlays” to protect their risk and ask for a higher credit score.
So keep in mind when you are getting a FHA loan in 2017, some lenders will have higher credit score minimums in addition to the FHA Mortgage Insurance program.
For a Kentucky Home buyer wanting to purchase a home or refinance their existing FHA loan, FHA requires a 3.5% down payment and the borrower must have a 580 FICO Credit Score. If the score is below 580, then you would need 10% down and still qualify on a manual underwrite.
You must have a FICO score of at least 500 to be eligible for an Kentucky  FHA loan. If your FICO score is from 500 to 579, your down payment on the loan is 10 percent of the loan.
If your FICO score is 580 or higher, your down payment is only 3.5 percent. If your credit score is less than 580, it may be more cost effective to take the necessary steps to improve your score before taking out the loan, rather than putting the money into a larger down payment.
How do they get the credit score:  There are three main credit bureaus in the US. Equifax, Experian, and Transunion. The three scores vary but should be relativley  close as long as the same creditors are reporting to the same bureaus.
You will get a variation in the scores due to all creditors or collection companies don’t report to all three bureaus. This is why they take the mid score.  So if you have a 590 experian, 680 equifax, and 620 transunion, your qualifying credit score would be 620
Based on my experience with lenders that I deal with in Kentucky on FHA loans,  most lenders require 620 middle credit score for consideration for loan approval.
How do they get the score:  They take the mid score, so if you have a 590 experian, 680 equifax, and 620 transunion, your qualifying score would be 620.

home-loan-with-low-credit-scores-150x128

Kentucky FHA Loans with less than 620 Score

If your score is below 620, a manual underwrite is where the AUS (Automated Underwriting System) refers your loan to an human being, and they look at the entire file to see if they can overturn and approve the mortgage loan because the Desktop Underwriting Automated Software could not approve you.
With scores below 620, they typically will want to verify your rent history, have no bankruptcies in last two years, and no foreclosures in the last 3 years.
If you have had any lates since the bankruptcy this will probably result in a denial on a refer manual underwrite file.
Your max house payment will be set at 31% of your gross monthly income,  and your new house payment plus the bills you are paying on the credit report cannot be more than 43%.
Typically, on scores below 620 for FHA loans, they will also look at reserves or money you have saved-up after the loan is made to try and qualify you. For example, if you have a 401k or savings account that have at least 4 months reserves (take your mortgage payment  x 4) and this would equal your reserves. They look at this as a rainy day fund and could help you keep up on your bills if you were unemployed or could not work.
Maximum FHA loan limits in Kentucky are set around $285,000 and below.
If you are looking to take a FHA loan in 2017 to buy or refinance a home in Kentucky, please contact me below with your questions about the credit score requirements and how they affect your loan approval.


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