Full disclosure: I am not a mortgage loan officer. This is a brief overview of the biggest types of loans. You really sh

Here in the Greater Boston area the real estate market is red hot and moving fast. The current market is creating unprecedentedly low housing inventory. Inventory is scarce for many buyers, leaving buyers wondering when the next potential house will come along that suites their needs. This makes an FHA 203k Rehab loan a very viable option.Regardless of the market, a rehab loan in MA is available to most borrowers to access money to do necessary repairs or renovations to a home you just purchased or to refinance and fund renovations of a home you already own.FHA 203k Rehab loans

An FHA construction loan combines the advantages of a traditional FHA loan with the benefits of a short-term construction loan.

Understanding the FHA loan requirements well before you begin shopping for a home will help make the whole process much easier. We outlined the key requirements and guidelines that you need to know

Unlock homeownership with FHA student loan guidelines. Discover how to make your dream home a reality. Explore key insights now!

An FHA 203(k) loan helps you buy a fixer-upper or renovate your current home. See if you qualify for 203(k) mortgage financing.

Master how to apply for a FHA loan in 5 simple steps with Mortgage Rater – your path to home ownership starts here!

The FHA 203k loan is a home improvement loan available in all 50 states. Learn the major benefits, plus some things to watch out for.

MINIMUM CREDIT SCORES REQUIRED FOR KENTUCKY FHA, VA, USDA MORTGAGE LOANS

Explore top fha loan payment calculator picks to streamline your home-buying journey. Essential tips inside!

Mortgage Underwriters must follow both DU and agency guidelines when it comes to documenting and calculating qualifying income for a loan transaction. Income guidelines may vary slightly depending …

Is your borrower Home Ready to buy their first house in Kentucky? Limited cash for down payment for Kentucky Homebuyers(as low as 3% down pam) Credit score 􀂖 620; borrowers with credit scores of 680+ may get even better pricing Low to moderate income check here >>>>> https://homeready-eligibility.fanniemae.com/homeready/ First-time or repeat Kentucky home buyer Non-household friends, relatives or loved ones prepared to be co-borrowers Has gifts, grants or Community Seconds® to use toward down payment Receives rental unit or boarder income Wants to refinance to lower monthly payments -- Joel Lobb Mortgage Loan Officer email: [email protected] Individual NMLS ID #57916 American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364 click here for directions to our office Text/call: 502-905-3708 fax: 502-327-9119 https://www.mylouisvillekentuckymortgage.com/ 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/

Are you wondering about the VA loan inspection requirements? There are appraisal and inspection guidelines that VA inspectors must follow. Did you know that the homes you're looking at might not be acceptable to some lenders? It's true. Special loan programs like the Federal Housing Administration (FHA) and Veterans Administration (VA) loans are outstanding for those who can take advantage of them—but there are some inspection and appraisal requirements for these programs. Buyers and sellers must know these conditions when dealing with VA loans. There are inspection requirements for FHA loans, too. If you are a buyer seeking a VA

A home loan is called a ‘good’ loan because it helps you acquire a tangible asset that can appreciate over the long term.A look at the latest home loan interest rates of some leading banks

Are you wondering what an FHA loan is and how it works? Over my thirty-eight years as a real estate agent, many clients have asked me about FHA loans and whether they would be a good mortgage choice. FHA mortgage loans are a staple for many homebuyers. When considering buying a house, you will want to find the best mortgage. For many buyers – especially first-time homebuyers – the best mortgage option is an FHA or Federal Housing Administration loan. FHA loans tend to be available to borrowers with lower credit scores than conventional loans and don’t require as much

Knowing the meaning of these 10 terms will help you negotiate your next real estate deal like a pro.

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"Learn how FHA loans can make your dream of owning a home a reality! Enjoy low down payments and flexible credit requirements. #FHALoans"

Each mortgage underwriter views declining and irregular income differently depending on the underwriter's discretion where it cant' be used

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FHA and VA Construction loans are one of the most overlooked loan types when it comes to financing new construction projects.

What You Need to Know About FHA Loans

Is an FHA or conventional mortgage a better choice? Well, we have the answers for you based on your financial circumstances. Choosing between an FHA and a conventional loan is crucial when buying a home.

Here are the important points about Kentucky USDA Rural Housing Loans: USDA loan are only available in certain counties of Kentucky. There are two types of USDA loans available: Direct and Guaranteed. 100% financing. No down payment USDA will go down to a no score and uses and automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval. Kentucky USDA Rural Housing Income limits based on county and number of people in household. Must be 3 years removed from bankruptcy and foreclosure No purchase price limit Upfront funding fee of 1% of loan amount paid to RD at closing Annual mi fee of .35% paid each month for life of loan. Takes on average 30-45 days to close. 30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates. Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable. Appraisal has to meet FHA minimum standards You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities. There is no set max acreage but the appraisal will dictate approval of property by USDA. You can only use USDA loans to purchase property or refinance an existing USDA loan Pools are okay and homes in a flood zone are okay. This is a recent change Here are some important facts about Kentucky FHA Loans: FHA loans can be made in any county of Kentucky. FHA loans require 3.5% down payment FHA Mortgage terms are available in 30, 20, 15, 10 year terms. Credit score down to 500 are acceptable but subject to investor approval. will need 10% down payment Most lenders will want a 620 score, with some going down to 580 with conditions will need 3.5% down payment FHA loans are pre-approved using DU, an online automated underwriting system that will dictate your loan approval conditions. FHA has max income limits in Kentucky with the maximum being $498,257 for most Kentucky Counties There are no income limits on the household for FHA loans There is a upfront mi premium of 1.75% and a monthly fee of .85% payable each month. If you finance over 90% of the homes value, the monthly mi factor of .85% is for life of loan. If less than 90%, 11 year term for annual mi fee. FHA, USDA rates are really comparable on paper, no big difference except for the mi FHA requires 3 years out on a short-sale or foreclosure FHA requires 2 years out on Chapter 7 and 1 year out on a Chapter 13 with good clean history for the last 12 months with no lates. Not required to be a first time home buyer Can refinance an existing FHA loan to another without appraisal, income, a processed call FHA streamline refinance Can go no money down potentially with a 620 credit score with a grant. We offer these. 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 [email protected] 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/

The FHA loan is one of the most-used mortgage programs for first time home buyers and there are some very good reasons why. The Federal Housing Administration introduced the FHA loan back in 1934 and since then has been the preferred choice for "first-timers." FHA loans are one of the three "government-backed" mortgages. The other two are the VA and USDA programs. This government backing means should the loan ever go into default, the lender is compensated for all or part of the loss. With the FHA loan, the compensation to the lender is 100 percent of the loss. This compensation is in effect the result of an insurance policy and FHA loans carry two such policies. There is an upfront policy that is rolled into the final loan amount and is not paid for out of pocket. The upfront policy is currently 1.75% of the base loan amount. The other policy is an annual one that is paid in monthly installments. Today, for most FHA loans, the premium is 0.80 percent of the outstanding loan balance. It is for this reason that lenders can relax their lending guidelines somewhat due to these two policies. As long as the lender followed the proper FHA guidelines when approving the loan, the guarantee is in place. Note, the FHA does not physically approve any mortgage. Instead, approved lenders do. Instead of the FHA being a mortgage program, it really acts more like an insurance policy. The FHA does, however, prescribe a minimum credit score of 500 yet you'll be hard-pressed to find a lender who will approve an FHA loan with such a low score. In certain instances, lenders can approve an application with a 580 score while others ask for a score to be 600 or even higher. Individual lenders can set their own minimums. Another reason why first-timers like the FHA loan is probably the most important one. The minimum down payment for an FHA loan is just 3.5% of the sales price. This makes it easier for first-time buyers to save up enough money for a down payment and accompanying closing costs. Conventional low down payment loan programs, on the other hand, make it harder to qualify by increasing rates for low down payment loans. And speaking of money, FHA loans are a bit more lenient when it comes to receiving a financial gift. Buyers can receive a financial gift for all or part of the funds needed to close as long as the funds are coming from a family member or qualified non-profit agency.

Kentucky FHA Loans with Past Bad Credit