6 Tips to Boost Your Credit Score for Kentucky Mortgage Loans (FHA, VA, USDA, KHC)

6 Tips to Boost Your Credit Score for Kentucky Mortgage Loans (FHA, VA, USDA, KHC)

If you’re looking to buy a home in Kentucky, having a solid credit score is essential for qualifying for popular mortgage programs like FHA, VA, USDA, or KHC loans. Here are six actionable tips to improve your credit score and increase your chances of getting approved for your dream home loan.

1. Pay Your Monthly Bills on Time



Here are six tips for improving your credit score for a fresh financial start 
1. Pay Your Monthly Bills on Time
Paying monthly bills is a necessary chore that has a definite effect on your credit score. According to the FICO scoring model, your payments account for as much as 35 percent of your total score. Create reminders for due dates or establish a calendar for yourself to ensure you get everything paid on time.
2. Reduce Your Debts
Got credit card debt? Start paying it off now. Part of your credit score is based on the amount of available credit you have, known as your credit utilization ratio. So if you're carrying high balances, you'll want to lower them as soon as possible. Create a personal budget with a goal of reducing your spending so that it's lower than your income. Then, use any monthly surplus for your credit card debts until they're gone for good.
3. Limit Credit Inquiries
Looking for a new apartment? What about a mortgage? In either situation, try and group your applications together as much as possible. Applications for new lines of credit will generate a "hard pull" on your credit, and having too many of them in a short period of time can lower your score. However, credit reporting agencies usually consider a group of applications within a short period of time as one pull, as long as they're in the same category.
Similarly, limit yourself to opening up no more than one or two credit cards per year, which also generate hard pulls. Even if you get a ton of offers in the mail for stellar sign-up bonuses, they're likely to be offset by the damage to your credit. FICO reports that new credit and credit inquiries account for 10 percent of your total score.
4. Don't Cancel Old Cards
Have a card you don't use anymore? Don't close it. This can negatively affect your score as it lowers your amount of available credit. Instead, use it about once per month and don't forget to pay the bills in full, and on time.
5. Request Credit Limit Increase
If you only have one card and you're constantly approaching your spending limit, call the bank and ask for an increase in your credit line. This will raise the amount of available credit, which will eventually improve your score.
6. Take Care of Late Payments Before They Hit Your Score
If you do happen to miss a payment, contact the card issuer immediately. If you have good history built up, the company may agree to not report your late payment. Even if you can't avoid a late-payment fee, be sure to get your account up to date as soon as possible so you can limit the damage.
Your credit score is yours to own. It reflects your financial history and helps lenders predict how you will manage your finances in the future. Due to the lingering effects of credit, you don't want to waste any time to improve your credit.
6 Tips to Boost Your Credit Score for Kentucky Mortgage Loans (FHA, VA, USDA, KHC)






HOW LONG DOES BAD CREDIT STAY ON CREDIT REPORT?








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.

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.


Labels: , , , , , ,

Legal Separation vs. Divorce Decree for a Kentucky Mortgage Loan.

Did you know that a Kentucky  legal separation agreement may be substituted for a divorce decree for a Kentucky Mortgage Loan?

Divorce Kentucky Mortgage Loan,divorce,legal separation,First Time Home Buyer Louisville Kentucky Mortgage,




In most cases, a legal separation agreement can be substituted for a divorce decree for any circumstance where a divorce decree is required.  The agreement must:
If a borrower is not legally separated, then they are considered married, and the loan will be underwritten as such.  In cases where the there is no separation agreement, the 1003 should


Property in a Divorce




Click on a topic below:

What kinds of things are property?
Property is anything you own. It includes:
  • Real property, such as buildings and land, and
  • Personal property, such as money in cash or in a financial institution, furniture, jewelry, automobiles, etc.

What happens to our property in a divorce?
It depends. If it is property that you acquired during your marriage, called marital property, the court will try to divide the value of the marital property between you equally.
If it is your non-marital property, you will continue to be the legal owner.

What is the difference between marital and non-marital property?
Marital property is property that:
  • Was obtained during your marriage (even if the title is in only one of your names),
  • Was given to both of you as a gift, or
  • You inherited together.
Non-marital property is property that:
  • You already had when you got married, or
  • You inherited or received as a gift individually. (If your spouse says the property was given to both of you, you will have to prove that it was given only to you.)

Does the court divide marital property 50-50?
Usually, but not always. The court may give one spouse more marital property than the other if it thinks that it would be fair based on the facts of your case.
To decide, the court will consider many factors, including:
  • Each spouse's financial situation, including income, spousal maintenance, and non-marital property,
  • Each spouse's contribution to their marital property,
  • Which spouse will stay in the marital home, if there are children, and
  • If a spouse improperly destroyed marital property after you separated.

What if I do not agree with what my spouse says is non-marital property?
Either spouse can ask for a court hearing to decide what property is marital, and what is non-marital.

What about property from after the separation, but before the divorce is final?
In most cases, property or debts acquired after the established date of separation belongs to the person that got it.

Will I get half of each asset?
Probably not. The court will look at the value of all your assets. Often, one spouse keeps the home, and the other gets other property, like cars, bank accounts, or other assets. Or the house could be sold, and the spouses would split any profit. The court tries to make the total value of all assets that each spouse gets equal, not cut the specific assets in half.

How do we know the value of our home?
It depends on the equity, value, and other things, like market conditions. The court will order an appraisal if you and your spouse cannot agree on the value. This can be complicated. If you own real property or a business, it's best to talk to a lawyer.

Will the court allow us to divide our property the way we want to?
Yes. If your agreement is fair, the court will probably approve it. If your agreement is not 50-50, you should each explain to the court why you agreed to an uneven split.


divorce decree for a Kentucky Mortgage Loan?


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.

Labels: , , ,

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: How to get a Kentucky mortgage loan with bad credi...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: How to get a Kentucky mortgage loan with bad credi...:   To get a Kentucky mortgage loan with bad credit through FHA, VA, USDA, or the Kentucky Housing Corporation (KHC), you'll need to take ...

Kentucky Housing Corporation (KHC) Down Payment Assistance Program of $10,000 2025



Program Highlights

  1. Regular DAP

    • Maximum Purchase Price: Up to $510,939 with Secondary Market or Mortgage Revenue Bond (MRB) income limits.
    • Loan Amount: Up to $10,000, provided in $100 increments.
    • Repayment Terms:
      • 10-year term.
      • Fixed interest rate of 3.75%.

  2. Eligibility:

    • Available to all recipients of a KHC first-mortgage loan.

For more information or to apply, contact your KHC-approved lender. They can assist you with the application process and answer any questions about your eligibility.


Kentucky Housing Corporation (KHC) Down Payment Assistance Program (DAP)

The Kentucky Housing Corporation offers a program designed to help homebuyers overcome the financial challenges of down payments, closing costs, and prepaid expenses.

Program Details for 2025

  • Loan Amount:

    • Up to $10,000 in assistance, provided in $100 increments.

  • Repayment Terms:

    • 10-year term at a fixed interest rate of 3.75%.

  • Purchase Price Limit:

    • Homes priced up to $510,939.

  • Eligibility:

    • Assistance is available to all KHC first-mortgage loan recipients.
    • Income limits apply based on the Secondary Market or Mortgage Revenue Bond (MRB) guidelines.
Kentucky Housing Corporation (KHC) Down Payment Assistance Program (DAP) The Kentucky Housing Corporation offers a program designed to help homebuyers overcome the financial challenges of down payments, closing costs, and prepaid expenses. Program Details for 2025 Loan Amount: Up to $10,000 in assistance, provided in $100 increments. Repayment Terms: 10-year term at a fixed interest rate of 3.75%. Purchase Price Limit: Homes priced up to $510,939. Eligibility: Assistance is available to all KHC first-mortgage loan recipients. Income limits apply based on the Secondary Market or Mortgage Revenue Bond (MRB) guidelines.

Kentucky Housing Corporation (KHC) Down Payment Assistance Program (DAP) The Kentucky Housing Corporation offers a program designed to help homebuyers overcome the financial challenges of down payments, closing costs, and prepaid expenses. Program Details for 2025 Loan Amount: Up to $10,000 in assistance, provided in $100 increments. Repayment Terms: 10-year term at a fixed interest rate of 3.75%. Purchase Price Limit: Homes priced up to $510,939. Eligibility: Assistance is available to all KHC first-mortgage loan recipients. Income limits apply based on the Secondary Market or Mortgage Revenue Bond (MRB) guidelines.


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.



Kentucky Homebuyers in 2025: Increased Loan Limits for Conventional and FHA Mortgages

New 2025 Loan Limits in Kentucky for Conventional and FHA Mortgage Loans

The Federal Housing Finance Agency (FHFA) has announced increased loan limits for 2025, providing more opportunities for homebuyers in Kentucky. These higher limits apply to both conventional loans acquired by Kentucky Fannie Mae and Freddie Mac,Fannie Mae and Freddie Mac, as well as Kentucky FHA loans, making homeownership more accessible—especially for first-time homebuyers.


Starting January 1, 2025, the FHFA maximum conforming loan limit for a single-unit property will increase to $806,500, reflecting a 5.21% increase from 2024. This adjustment allows Kentucky homebuyers to borrow more under the conforming loan limit without moving into jumbo loan territory.


Simultaneously, the Federal Housing Administration (FHA) has also raised its loan limits, providing even more options for those seeking low down payment mortgage solutions.

Property Type Conventional Loan Limit (FHFA) FHA Loan Limit

1-Unit $806,500         $524,225

2-Unit $1,032,650 $671,200

3-Unit $1,248,150 $811,275

4-Unit $1,551,250 $1,008,300

These increases give Kentucky buyers greater flexibility to purchase or refinance homes, whether using a conventional loan or an FHA loan.

Key Dates to Remember

The new loan limits go into effect January 1, 2025.

Borrowers applying for loans that close in 2024 may still take advantage of the new limits as long as the loan closes on or after January 1, 2025.

Take Advantage of the New Limits

With these increased loan limits, Kentucky homebuyers can explore more options for financing their dream homes in 2025. Whether you’re interested in a conventional loan backed by Fannie Mae or Freddie Mac or an FHA mortgage with its low down payment and credit score flexibility, now is the time to act.


New 2025 Loan Limits in Kentucky for Conventional and FHA Mortgage Loans


-

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.

Labels: , , ,

What is an FHA Loan and Is It Right for You?

What is an FHA Loan and Is It Right for You?


The Federal Housing Administration insures what are called FHA loans. These mortgage loans provide opportunities for buyers with less-than-perfect credit or limited down payments to purchase homes, but they aren’t without potential pitfalls.

FHA loans are available to borrowers with a credit score of at least 580, and you have to make a minimum 3.5% down payment. They’re a popular option for first-time home buyers.

Lenders such as banks and credit unions issue the mortgages, which are insured by the FHA. That protects the lender if the borrower defaults, which is why the terms are more favorable than a traditional mortgage.

Around eight million single-family homes have loans insured by the FHA.

What Can an FHA Loan be Used For?

You can use an FHA loan to refinance single-family houses, to buy a single-family home, to buy some multifamily homes and condos and certain mobile and manufactured homes. There are particular types of FHA loans that can be used to renovate an existing property or for new construction.

How is an FHA Loan Different from a Conventional Mortgage Loan?

The biggest differentiator between an FHA loan and a conventional mortgage is that it’s easier to qualify for an FHA loan. You may get a loan with a lower credit score than you would otherwise, and your mortgage insurance payments may be lower too.

There are also fewer restrictions as far as using gifts from family or donations for your down payment.

If you have a FICO score of at least 580, you have to make a 3.5% down payment. With a FICO score between 500 and 579, you’re required to make a 10% down payment, and mortgage insurance is required. Your debt-to-income ratio needs to be less than 56.99% whereas with a conventional loan it’s usually 45%. You do need to have proof of income and steady employment, as you would need with a conventional loan.

Are There FHA Loan Limits?

There are limits on the mortgage amount you can get with an FHA-guaranteed loan. The limits vary based on your county, Yes, FHA loans have limits based on your county's median home prices. 

 In 202​5, Max FHA loan in Kentucky for Kentucky FHA Loan Limits by County are: $524,225 1 unit $671,200 2 unit $811,275 3 unit $1,008,300 4 unit– This changes every year 

The limit amounts are updated by the FHA each year based on fluctuations in home prices.

The Benefits of the FHA Loan

The primary benefits of an FHA loan are that buyers who wouldn’t otherwise qualify may be able to own a home and for a lower down payment. Sometimes the FHA will help facilitate coverage of closing costs. If you have problems making payments on an FHA loan you may be eligible for a forbearance period if you qualify.

What Are the Downsides of an FHA Loan?

You will have to pay an upfront mortgage insurance premium with an FHA loan to protect the lender. The fee is due when you close and it’s 1.75% of your loan. You will also have to pay an annual mortgage insurance premium for the life of your loan. The amount can range between 0.45% and 1.05%.

When you buy a home with an FHA loan, it has to meet strict standards in terms of health and safety.

Also, while there are set standards from the FHA, approved lenders can create their own requirements.

Applying for an FHA Loan

You’ll have to first find an FHA-approved lender to get one of these home loans. You’ll need some documents, including proof of U.S. citizenship, legal permanent residency, or eligibility to work in America. You’ll need bank statements for at least the past 30 days, and you’ll probably need to show pay stubs.

Some of the information your lender may be able to obtain on your behalf, such as your credit reports, tax returns and employment records.

There are advantages to an FHA loan because it expands homeownership to more people than conventional loans. It’s just important that if you’re considering this loan you understand the costs and that you’re not taking on more than you’re financially prepared for because of the less stringent approval requirements.

Written by Ashley Sutphin for www.RealtyTimes.com Copyright © 2020 Realty Times All Rights Reserved.





Kentucky FHA Mortgage Qualifying Guidelines
If you’re planning to buy your first home in Kentucky, FHA loans in Kentucky may be the ideal solution. They may help if you have faced challenges qualifying for a conventional mortgage. FHA loans in Kentucky may be the ideal solution. These loans are backed by the Federal Housing Administration (FHA). They offer flexibility and affordability. Lower barriers to entry make homeownership a reality for many borrowers.











FHA MORTGAGE QUALIFICATION APPLICATION FOR KENTUCKY FHA LOANS






Joel Lobb

Mortgage Loan Officer

Individual NMLS ID #57916

 


 

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

 

 

ffffsfasfs.png







Labels: , , , , ,

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...

How to get approved for a Kentucky Mortgage Loan with Bad Credit

There are several mortgage loans programs for Kentucky Homebuyers that may have had experienced bad credit in the past. 

Below is a summary of programs that borrowers can use to get approved for a mortgage loan with bad credit..
 FHA loans in Kentucky, FHA will go down to a 500 minimum credit score with at least 10% down payment or 10% equity on a refinance. 
If your scores is over 580, then you could use a FHA loan in Kentucky to with just 3.5% down payment or refinance with that much equity. 
If it turns out that you have a 620 credit score or higher, you can look at doing an Conventional loan with just 3 to 5% down payment. Typically on conventional loans if your score is below 660, you would need 5% down payment.
If you happen to be a Veteran and qualify for a Kentucky VA loan,  you could possibly get approved for a VA loan with no minimum credit score. 
In reality, it is very difficult to get for a VA loan with a score below 560 to 580 range, with most VA lenders requiring a 620 credit score. 
If you are looking to purchase a home in a rural area, you can look at doing a Kentucky USDA loan because they have no minimum credit score but most lenders will want a 620 to 640 credit score. 

Kentucky FHA Loan are your best bet you have a lower fico score or credit score.


FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment. 

Kentucky FHA Loan are your best bet you have a lower fico score or credit score. FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment.



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.

Labels: , , , , , ,
Subscribe to: Posts (Atom)