Kentucky Fannie Mae HomePath Homes for Sale 2017 –

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$234,000Just Listed

111 Leatherwood Ln
Nicholasville, KY 40356

3 Beds |2.5 Baths | 2048 sq. ft.

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$89,900Price Reduced

145 Copperas Lick Br
Prestonsburg, KY 41653

3 Beds |2 Baths | 2376 sq. ft.

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$69,900Price Reduced

115 Meadow Hill Dr
Ft Mitchell, KY 41017

3 Beds |1 Baths | 988 sq. ft.

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$274,900Price Reduced

104 Kiawah Ct
Georgetown, KY 40324

3 Beds |3 Baths | 2440 sq. ft.

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$129,900Price Reduced

211 Crittenden Ct
Crittenden, KY 41030

3 Beds |2 Baths | 1108 sq. ft.

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$179,900Price Reduced

114 Rabbit Run Rd
Georgetown, KY 40324

3 Beds |3 Baths | 2327 sq. ft.

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$64,900Price Reduced

1053 Bald Knob Rd
Beaver Dam, KY 42320

3 Beds |1 Baths | 1748 sq. ft.

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$32,500Price Reduced

1533 Cumnock St
Henderson, KY 42420

3 Beds |2 Baths | 1334 sq. ft.

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$245,000Active

101 Stoney Brooke Dr
Ashland, KY 41101

6 Beds |3.5 Baths | 3996 sq. ft.

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$27,500Active

355 Holmes St
Frankfort, KY 40601

2 Beds |1 Baths | 1148 sq. ft.

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Kentucky Housing Foreclosure List for January 2017

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We are pleased to provide you with information about Kentucky Housing Corporation’s (KHC) master commissioner sales. These sales typically take place at the county courthouse where the property is located. The listings are arranged by county, according to the county in which the property is located.

BOONE
1516 TARAMORE DR UNIT 304 1/5/2017
FLORENCE, KY 41042
FAYETTE
419 DABNEY DRIVE 1/9/2017
LEXINGTON, KY 40502
1644 PRAIRIE CIR 1/9/2017
LEXINGTON, KY 40515
HARDIN
249 INDIANA TRAIL 1/5/2017
RADCLIFF, KY 40160
HARLAN
107 LAUREL BRANCH RD 1/24/2017
EVARTS, KY 40828
JEFFERSON
2721 SAINT XAVIER ST 1/13/2017
LOUISVILLE, KY 40212
1276 MORGAN AVE 1/13/2017
LOUISVILLE, KY 40213
1623 BELMAR DRIVE 1/13/2017
LOUISVILLE, KY 40213
1106 CLAYBOURNE ROAD 1/13/2017
LOUISVILLE, KY 40214
1529 BICKNELL AVE 1/13/2017
LOUISVILLE, KY 40215
1108 VINEWOOD RD 1/13/2017
LOUISVILLE, KY 40219
1534 WALTER AVE 1/27/2017
LOUISVILLE, KY 40215
4421 MCGILL DR 1/27/2017
LOUISVILLE, KY 40215
KENTON
140 PINE LAKE DRIVE UNIT 7 2/14/2017
ERLANGER, KY 41018
MEADE
575 DUGOUT DR 1/9/2017
VINE GROVE, KY 40175


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 views of my employer. Not all products or services mentioned on this site may fit all people

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Kentucky First Time Home Buyer Questions to Ask Your Lender?

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Kentucky First Time Home Buyer Questions to Ask Your Lender?

∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?

Answer. Most lenders will wants a middle credit score of 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 640 middle score on their programs.

If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.

Another popular no money down loan is VA. Most VA lenders will want a 620 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.

A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.

Does it costs anything to get pre-approved for a mortgage loan?

Answer: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application.
∘ How long does it take to get approved for a mortgage loan in Kentucky?

Answer: Typically if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours. They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System.

If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios,  or lack of down payment,  the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer

Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers?

Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs
∘ When can I lock in my interest rate to protect it from going up when I buy my first home?

Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future.

Interest rates are kinda like gas prices, they change daily, and the general trend is that they have been going up since the Presidential election in November 2016.
∘ How much money do I need to pay to close the loan?

Answer: Depending on which loan program you choose, the outlay to close the loan can vary. Typically you will need to budget for the following to buy a home: Good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $400-$450 for an appraisal fee; home inspection fees. Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDAS, Fannie Mae does not require a termite report, but most borrowers get one done.

There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiated the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit.

The lender has to issue a breakdown of the fees you will incur on your loan pre-approval.
How long is my pre-approval good for on a Kentucky Mortgage Loan?

Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval.

How much money do I have to make to qualify for a mortgage loan in Kentucky?

Answer: The general rule for most FHA, VA, KHC, USDA and Fannie MAe loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios.

There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, is the new house payment divided by your gross monthly income.  The back-end ratio, is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans.

Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations.

If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio.

So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan?

Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio.

Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio.

So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.

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.

 

New Fannie Mae Home Foreclosures in Kentucky

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New Fannie Mae Home Foreclosures in Kentucky

$21,900Active

210 N 35th St
Louisville, KY 40212

2 Beds |1 Baths | 1119 sq. ft.

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$28,500Active

1002 S 43rd St
Louisville, KY 40211

3 Beds |1 Baths | 1692 sq. ft.

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$96,900Active

111 Park Ave
Erlanger, KY 41018

4 Beds |3 Baths | 1326 sq. ft.

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$111,500Active

1924 Northern Dancer Ct
Owensboro, KY 42301

3 Beds |1 Baths | 1160 sq. ft.

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$19,900Active

2707 Algonquin Pkwy
Louisville, KY 40210

2 Beds |1 Baths | 1148 sq. ft.

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$279,900Active

532 Park Ridge Dr
Richmond, KY 40475

4 Beds |4 Baths | 3288 sq. ft.

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$19,000Active

1229 Hermes Ave
Covington, KY 41011

1 Beds |1 Baths | 1344 sq. ft.

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$16,500Active

1226 Holman Ave
Covington, KY 41011

3 Beds |2 Baths | 1776 sq. ft.

View Property

Joel Lobb
Senior Loan Officer
(NMLS#57916)

If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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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 views of my employer. Not all products or services mentioned on this site may fit all people
 


Posted By Blogger to Kentucky First Time Home Buyer Mortgage Loans

http://www.mylouisvillekentuckymortgage.com

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

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage
I specialize in Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; First time buyer $0 money down still a