Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages

I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461

Accessory Dwelling Units (ADUs) for qualifying for a Kentucky FHA Mortgage Loans

Kentucky FHA Expands Access to Financing
for Kentucky Homes with ADUs

The Federal Housing Administration (FHA), today announced a new policy which allows lenders to count income from Accessory Dwelling Units (ADUs) for qualifying for a Kentucky FHA Mortgage Loans.

This change allows for the inclusion of rental income from the ADU in the borrower’s qualifying income, potentially allowing more borrowers to qualify for FHA financing for properties with ADUs.

The policy will specifically allow for 75% of the estimated ADU rental income for some borrowers to qualify for an FHA-insured mortgage on a property with an existing ADU.

“One of the reasons we’re making this policy change is to help more borrowers qualify for homeownership and counting rental income is one way to do that,” said FHA Commissioner Julia R. Gordon.

Accessory Dwelling Units (ADUs) are second independent living unit located on the grounds of the primary unit. Adding an ADU raises the value of the property and creates a source of passive income through short-term and long-term rentals.

The new policies:

Allow 75% of the estimated ADU rental income for some borrowers to qualify for an FHA-insured mortgage on a property with an existing ADU. This additional income flexibility will help to increase access to homes with ADUs for home buyers with limited incomes, allowing them to benefit from the wealth-building opportunity of a property with an ADU.
Use 50% of the estimated rental income, for some borrowers, from a new ADU the borrower plans to attach to an existing structure, such as in a garage or basement conversion, to qualify for a mortgage under FHA’s Standard 203(k) Rehabilitation Mortgage Insurance Program. This will enable more home owners with limited incomes to build ADUs, helping them sustain homeownership and expanding the production of ADUs as rental housing.
Include ADU-specific appraisal requirements for appraisers to clearly identify, analyze, and report on ADU characteristics and the estimated rent the ADU can be expected to generate.
Add ADUs to the types of improvements that can be financed under FHA’s mortgages for new construction. This allows new homes to be built with ADUs from the ground up, an important source of ADU production in addition to rehabilitating existing structures.

Kentucky FHA-approved lenders can begin offering borrowers mortgages on properties with ADUs under the new policies effective immediately.

View the HUD press release.s

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Down Payment Assistance Kentucky 2023 Kentucky Hou...

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Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

Kentucky USDA Rural Housing Mortgage Lender: No Credit Score USDA Borrower in Kentucky

Kentucky USDA Rural Housing Mortgage Lender: No Credit Score USDA Borrower in Kentucky: Kentucky Rural Housing USDA Borrower with No Credit Score Question: My USDA client has no credit score and filed Chapter 13 in 2019. Would...

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Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

Fannie Mae Changes Down Payment Requirements on 2-4 unit property to 5% down payment on Conventional Loans

Fannie Mae is making a big change to its loan guidelines. On November 18, 2023, the maximum LTV ratio for two- to four-unit principal residence purchase and limited cash-out transactions will increase to 95%.

This means that borrowers can now put down as little as 5% on a two- to four-unit property, making it easier for them to buy a home or investment property.

Here's what you need to know:

This change applies to loans that are submitted or resubmitted to Fannie Mae's Desktop Underwriter (DU) on or after the weekend of November 18, 2023. 🗓

This change does not apply to high-balance mortgage loans or loans that are manually underwritten.

This is a great opportunity for those who are looking to buy a two- to four-unit property.

Fannie Mae Changes Down Payment Requirements on 2-4 unit property to 5% down payment on Conventional Loans

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky First Time Home Buyer Questions Answered:

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky First Time Home Buyer Questions Answered:: What will my mortgage rate be? We’ll begin with what always seems to be everyone’s number one concern, saving money. Similar to any other mo...

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

Kentucky USDA Rural Housing Mortgage Lender: Kentucky USDA Rural Development Loans Program Guid...

Kentucky USDA Rural Housing Mortgage Lender: Kentucky USDA Rural Development Loans Program Guid...: Kentucky USDA Rural Development Loans Program Guidelines Loan Purpose of Kentucky Rural Housing Loans Purchase One-time Close Constr...

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

Why Might You Consider A Kentucky VA Loan Over A Kentucky Conventional Mortgage?

Kentucky VA Loans which are backed by the Department of Veteran Affairs, are specifically designed for active-duty military personnel, veterans, and their families.

Here are a few benefits of Kentucky VA loans:

No down payment
One of the most significant advantages of a Kentucky VA loan is that it often allows for 100% financing. This means you may not have to make a down payment, making homeownership more accessible.

Lower interest rates
Kentucky VA loans typically offer competitive interest rates compared to conventional mortgages.

No private mortgage insurance (PMI)
Unlike many conventional loans, Kentucky VA loans do not require private mortgage insurance. This can save you additional money each month.

Flexible credit requirements
Kentucky VA loans tend to have more flexible credit requirements than conventional mortgages. While a good credit score is still important, the VA loan program may be more forgiving of past financial difficulties with no minimum credit score subject to approval

Assistance in case of financial hardship^*
If you experience financial difficulties and are unable to make your mortgage payments, the Kentucky VA offers support through dedicated counselors who can help negotiate with lenders on your behalf.

Joel Lobb Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916 | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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).

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

What Happens If the Federal Government Shuts Down and the effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky

How would this effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky?

A federal government shutdown could impact your first mortgage loan closing through Kentucky FHA, VA, USDA and Fannie Mae Home Loans

Kentucky FHA and VA Mortgage loans and Government Shutdown

Loans will be able to close as normal and access to FHA Connection and VA’s WebLGY system will be available. However, any function that requires staff involvement may be impacted by a shutdown.

Kentucky Fannie Mae Mortgage Loans

Loans will be able to close as normal.

RHS Guarantee Loans USDA Loans In Kentucky

Lenders will not be able to purchase or close a loan without the RHS Conditional Commitment and tax transcripts.

Housing Education and Counseling

Housing Education and Counseling Services should continue as usual.

Verification of Employment (VOE) on Conventional, FHA and RHS Loans for Federal Employees

Most Lenders will require a VOE 10 days prior to closing.
- The only exceptions for conventional loans:
  - The military can use Leave and Earnings Statement (LES).
  - Employment was validated by DU service and follows all conditions.

Flood Insurance

The National Flood Insurance Program (NFIP) expires at 11:59 p.m. September 30. As a result, KHC will follow agency guidelines in place during the federal government shutdown.

Federal Tax Transcripts and Social Security Validation

If federal tax transcripts or validation of social security numbers are required per underwriting or listed as an AUS finding, then they will be required prior to closing or purchase of a loan. SSA Form 89 is used to validate social security numbers.

Please stay tuned for further updates on this topic. These policies will be enacted only if the federal government shuts down and will remain in effect throughout the period of shut down.

Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky

Joel Lobb Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916 | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA

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A Little About Me

I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you a better deal locally in some cases. Whereas most banks will offer offer you their one set of loan products. I have access to over 15 different mortgage companies to broker your loan through to get you the competitive pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.

You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.

Give us a try or let us compare your options on your next mortgage transaction. Call/text at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance.

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb Senior Loan Officer/p>

call/text phone: (502) 905-3708 kentuckyloan@gmail.com Company ID #1738461
EQUAL HOUSING LENDER
http://www.mylouisvillekentuckymortgage.com/

Customer Testimonials

We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel's website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.

Angela Forsythe

"We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel's website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him." September 2016

Monica Leinhardt

"We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definetly recommmend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin

“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010

Tim Beck
“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010

Nancy Nalley

“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012

Jon ClarK

“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011

RICHARD VOLZ , Residential Sales , Remax Foursquare Realty
“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say's they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010
Stacie Drake

"We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else."

Melody Glasscock March 2014

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn't expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.

Cee Bellisle August 2018

Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.

Anderson Johnson April, 2018

We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He's AWESOME!

Patty Kingston July 2018

Wow, what a great loan officer. I was referred to him by our agent and he was great to work with. We used him for a USDA no money down loan in Shelby County and we were really impressed. We were afraid we could not buy a home since we did not have money saved for a down payment, but Joe l was able to get us a zero down loan and we even got our appraisal fee and good faith deposit back at closing. We actually got money back at closing!!! I Can't think him enough. Our family moved from our apartment in the south end of town to get our own home with 5 acres for our kids and 2 dogs, at a payment that is equal to our rent payment also. .Thanks Again Joel. May god bless you

Patty Locker April 2019

We contacted Joel about buying a house on our move from Ohio for my husband's job transfer with Ford. We put a lot of trust in him since we were new to the area and first time home buyers in the Louisville KY market, and he always delivered on what he said. It took us a while to find a home due to the lack of homes, but once we got one, he was always quick to respond our questions via text or email ,and kept us informed through the process. We got to meet him at the closing and he was super nice and even got us a closing gift for our home which we didn't expect at all. Super nice guy ��!!! I would definitely recommend him for a local Home loan in the Louisville area.

Pam Dolby June 2019

I got a VA loan with Joel and he was great. He is an ex-army guy so he could relate to my past experiences of being a veteran and moving around the country a lot. I had some credit issues that required a little extra work but Joel was able to find A VA lender to approve my situation as far as having past bad credit problems and a lower credit score. We closed yesterday on our home here in Louisville and we could not be happier. We finally have a home of our own thanks to Joel .I would definitely recommend him for a mortgage loan. Great experience and closed 8 days before expected close date so we were able to move in early.

Betty Parsons February 2019

I contacted Joel about the $10,000 KY Housing Grant last month and we were able to get it and I just closed on my home. He was great to work with and if you are a first time home buyer here in Louisville, I would definitely contact him. I met him at his office and he was very nice and knowledgeable and kept me informed through the process. No surprises either so I was very happy. I am new homeowner thanks to Joel .

July 1st 2019 Johnathan Simmons

Website Fine Print

The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of his employer.

Joel Lobb or his employer assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.

This website participates as an Equal Opportunity Lender. All rights Reserved.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916.

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.

Full Disclosure Policy

This policy is valid from 11 July 2013

This blog is a sponsored blog created or supported by a company, organization or group of organizations. For questions about this blog, please contact Joel Lobb 502-905-3708 or email kentuckyloan@gmail.com NMLS# 57916.

This blog does not accept any form of advertising, sponsorship, or paid insertions. We write for our own purposes. However, we may be influenced by our background, occupation, religion, political affiliation or experience.

This blog abides by word of mouth marketing standards. We believe in honesty of relationship, opinion and identity. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post will be clearly identified as paid or sponsored content.

The owner(s) of this blog is not compensated to provide opinion on products, services, websites and various other topics. The views and opinions expressed on this blog are purely the blog owners. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider.

This blog does contain content which might present a conflict of interest. This content will always be identified.

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Kentucky FHA Expands Access to Financingfor Kentucky Homes with ADUs

Kentucky VA Loans which are backed by the Department of Veteran Affairs, are specifically designed for active-duty military personnel, veterans, and their families. Here are a few benefits of Kentucky VA loans:

Joel Lobb Mortgage Loan Officer

How would this effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky?

Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky

Joel Lobb Mortgage Loan Officer

Kentucky FHA Expands Access to Financing
for Kentucky Homes with ADUs

Kentucky VA Loans which are backed by the Department of Veteran Affairs, are specifically designed for active-duty military personnel, veterans, and their families.

Here are a few benefits of Kentucky VA loans: