Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Can You Buy A House After Bankruptcy in Kentucky?

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Can You Buy A House After Bankruptcy in Kentucky?: Mortgage Loan Options After Bankruptcy in Kentucky In some cases, you have exhausted your emergency fund, and have decided there is no optio...

New USDA Loan Guidelines for Kentucky Home Buyers

I wanted to share an important update regarding the USDA Single Family Housing Guaranteed Loan Program (SFHGLP) for Kentucky home buyers. 

The USDA has recently proposed revisions to several chapters of their technical Handbook 1-3555, which may impact various aspects of the loan process. These proposed changes are currently open for comment until December 8, 2024, with final publication expected soon. Here’s an overview of the proposed revisions:

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Key Proposed Updates to Kentucky Rural Housing USDA Guidelines:

Seller Concessions: Clarifies that funds provided by the seller to pay the buyer’s real estate commission fees are excluded from the 6% seller concession cap.

Refinancing Eligibility: The seasoning period for an existing loan to be eligible for refinancing has been updated to 180 days.

Payment History Requirement: To qualify for a refinance, the existing loan must not have any delinquencies greater than 30 days within the previous 180-day period.

Manufactured Homes: Removed existing manufactured homes from the list of prohibited loan purposes.

Builder’s Warranty: The one-year builder’s warranty must include the date, warrantor, buyer, location, and signatures.

Rehabilitation and Repair: The maximum for non-structural repairs with a home purchase is updated to $75,000. Structural repairs now have a reserve period extended to 10 months if exceeding $75,000.

Manufactured Homes Repairs: Repairs to manufactured homes (both new and existing) are no longer listed as prohibited purposes.

Title Insurance: Community land trust, leasehold interest properties, and manufactured homes now require title insurance.

New Manufactured Homes: Must be built within 12 months of loan closing. The certification label should remain visible after installation is complete.

Existing Manufactured Homes: New guidelines for financing existing manufactured homes align with the requirements in the upcoming Existing Manufactured Home Final Rule.

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These revisions enhance flexibility for Kentucky USDA home buyers, especially with updates related to manufactured homes, property types, and refinancing eligibility. If you’re interested in discussing how these changes may affect your eligibility or if you have any questions about Kentucky Rural Housing USDA loan options, please feel free to reach out. I’m here to help you navigate these updates and find the best financing solution for your new home.

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

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Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

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

Key ways to get your best rate possible on your Kentucky Home loan

 Kentucky Mortgage Rates

 Key ways to get your best rate possible on your Kentucky Home loan

Historically speaking, current mortgage rates are pretty average.

But considering all the other factors involved in our post-pandemic housing market, many people are struggling to afford a home.

 Here are the top ways you can get your best mortgage rate, even in a tough market:

• Improve your credit score by paying down your debt and making all payments on time
• Consider all your loan options, including your term length and fixed rate vs. adjustable-rate mortgages
• Shop around for a lender and compare rates and terms

These key factors can mean the difference in paying thousands of dollars extra over the life of your loan.

It all depends on your unique situation.

Best loan options for Kentucky Mortgage borrowers in today’s market

• Conventional purchase — best for borrowers with a high credit score and at least 5% down payment
• 
  
• FHA loan — best for first-time borrowers with more flexible credit requirements with lower credtit scores 500 to 580- 
• 
  
• VA loan — potential for zero down for active-duty military personnel, veterans, and eligible surviving spouses
• 
  
• USDA loan — potential for zero down for for borrowers in rural areas who have moderate to low incomes
• 
  
• Bank statement loan — for self-employed individuals
• 
  
• KHC Loan --Down payment Assistance Grant for Zero Down Home Loans

 Ask your lender about 2-1 buydowns and adjustable-rate mortgages for methods to get a lower initial rate.

 How much home can you afford?

Let’s demystify the mortgage process.

Here are three common models lenders use to calculate how much of your income should go toward your monthly mortgage payment:

• 28/36 rule: Your max monthly mortgage payment can’t exceed 28% of your gross monthly income, and your mortgage plus other monthly debts cannot exceed 36%

While this is a good starting point, this standard is nearly impossible to hit in many housing markets. Most borrowers today have "debt-to-income ratios" closer to 40-50% of their gross income.

Beyond your debts, lenders will evaluate your income, employment history, and credit score.

That's how to get the lowest mortgage rate possible for your borrower scenario.

What about getting the lowest monthly mortgage payment possible?

• Boost your credit score
• Make a larger down payment
• Choose a more affordable home
• Shop around for the best mortgage rate
• 2-1 mortgage buy down with points pay to lower rate 
• Mortgage Revenue Bonds Programs Kentucky Housing Corp.
• Shared Appreciated Mortgage (SAM) in Kentucky

Discounted Mortgage Rate 5.5% 30 year fixed rate loan. ***

 Exciting News! KHC is thrilled to reintroduce its MRB program, now featuring an interest rate of 5.5%!

BONUS!!! Add $10,000 in down payment assistance to this amazing program for a power move!
Eligibility requirements for the programs do apply, so reach out to us today for more information. Call or Message us now and seize the moment!

***Subject to Credit Qualifying Criteria and subject to change.

(1) The above rate quote has the following assumptions: $200,000 purchase; $194,000 loan amount; 0% down payment; 620 FICO credit score; property is SFR; borrower has sufficient income and assets to qualify; Tax and insurance impounds required; Estimated closing costs affecting the 6.375% APR include all standard fees. Monthly payment without taxes and insurance is $1,481.00. Rate and Annual Percentage Rate shown as of 11/01/2024, subject to change.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916




Text/call: 502-905-3708

How to Qualify For A Kentucky Mortgage Loan

https://www.mylouisvillekentuckymortgage.com/p/underwriting-guidelines.html

Own a Home in Kentucky with No Money Down!-Get a Free Mortgage Application and Credit Report Today

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4. Step 4: Work with our dedicated mortgage experts to find your perfect loan.

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"The free application and credit report helped us see what we qualified for right away – highly recommend!"

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All loans subject to credit approval. Equal Housing Lender. Joel Lobb, NMLS #57916, American Mortgage Solutions, Inc.

Contact: (502) 905-3708 | Email: kentuckyloan@gmail.com

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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KHC's Down payment Assistance Program (DAP)

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KHC's Down payment Assistance Program (DAP): Down Payment Assistance Programs in Kentucky Kentucky Down payment assistance loans are available up to $10,000 for Mortgage For Kentuck...

Job Gaps in Employment and Getting Approved for a Mortgage Loan in Kentucky for FHA and Fannie Mae Conventional loans

Gaps in Employment and getting approved for a KY FHA and Conventional Mortgage Loan A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment.  Fannie:  Fannie does not address gaps in employment in their guidelines.  We must ensure that DU’s income documentation can be met.  This will typically require the borrower’s most recent paystub and a W-2 from the most recent year.  FHA:  borrower must be employed at their current job for 6 months or more at the time of case number assignment and a 2 year work history prior to the gap can be documented. Can income from employment that has not begun be considered effective income? Expected income refers to income from cost-of-living adjustments, performance raises, a new job, or retirement that has not been, but will be received within 60 days of mortgage closing.  The Mortgagee must verify and document the existence and amount of expected income with the employer in writing and that it is guaranteed to begin within 60 days of mortgage closing.  Income is calculated in accordance with the standards for the type of income being received. The Mortgagee must also verify that the borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between mortgage closing and the beginning of the receipt of the income.   For additional information see Handbook 4000.1 II.A.4.c.xii.(L) or II.A.5.b.xii.(L) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh How does FHA view borrowers who change jobs frequently? If the borrower has changed jobs more than three times in the previous 12-month period, or has changed lines of work, the Mortgagee must take additional steps to verify and document the stability of the borrower’s employment income. The Mortgagee must obtain: • transcripts of training and education demonstrating qualification for a new position; or • employment documentation evidencing continual increases in income and/or benefits.  For additional information see Handbook 4000.1 II.A.4.c.xi.(A) or II.A.5.b.xi.(A) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh How does FHA view borrowers who change jobs frequently? If the borrower has changed jobs more than three times in the previous 12-month period, or has changed lines of work, the Mortgagee must take additional steps to verify and document the stability of the borrower’s employment income. The Mortgagee must obtain: • transcripts of training and education demonstrating qualification for a new position; or • employment documentation evidencing continual increases in income and/or benefits.  For additional information see Handbook 4000.1 II.A.4.c.xi.(A) or II.A.5.b.xi.(A) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh Joel Lobb  Mortgage Loan Officer 1 -  Email - kentuckyloan@gmail.com  2.   Call/Text - 502-905-3708

USDA Proposed Rule – Significant Derogatory Credit and Refinance Seasoning and Payment Performance

 

On September 19, 2024, a Proposed Rule was published in the Federal Register to amend the Single-Family Housing Guaranteed Loan Program (SFHGLP) regulation to implement changes related to the consideration of a previous USDA loss as significant derogatory credit and the seasoning and payment history requirements for refinance transactions.  Specifically, this rule proposes to:

• Establish a timeframe of seven-years following a previous Agency loan that resulted in a loss to the government for the loss to be considered significant derogatory credit.
• Eliminate the seasoning requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined and non-streamlined refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application (or since origination, if the account has not been open 180 days).
• Establish a six-month seasoning period requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined-assist refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application.

Rural Development invites the public to submit comments on all aspects on the proposed rule. Comments to the proposed rule may be submitted via the Federal e Rulemaking Portal located at www.regulations.gov. While the public comment period is open for 60 days, Rural Development encourages all interested parties to submit comments as soon as feasible. Comments must be submitted on or before November 18, 2024.

1 -  Email - kentuckyloan@gmail.com 

2.   Call/Text - 502-905-3708

Joel Lobb Mortgage loan officer COMPANY NMLS# 1738461   PERSONAL NMLS# 57916