10 facts about the Kentucky VA Home Loan program 1. No down payment, no mortgage insurance These are perhaps the biggest advantages to a VA loan. You don’t need a down payment. None whatsoever. Most mortgage programs, such as FHA and conventional loans, require at least 3.5 percent to five percent down.That’s up to $12,500 on a $250,000 home purchase. With a VA loan, you can buy immediately, rather than years of saving for a down payment. With a VA loan, you also avoid steep mortgage insurance fees. At 5 percent down, private mortgage insurance (PMI) costs $150 per month on a $250,000 home, according to PMI provider MGIC. With a VA loan, this buyer could afford a home worth $30,000 more with the same monthly payment, simply be eliminating PMI. Using a VA loan saves you money upfront, and tremendously increases your buying power. 2. Use your benefit again and again Your VA home loan benefit is not one-and-done. You can use it as many times as you want. Here’s how. Assume you purchased a home with a VA loan. But now, you’ve outgrown the home and need something bigger. When you sell the home and pay off the VA loan completely, you can re-use your benefit to buy another home. Your entitlement is restored in full. But that’s not the only way to re-use your benefit. Eligible Veterans and Service persons can receive a one-time restoration when they pay off the VA loan, but keep the home. This scenario comes into play if you purchased the home long ago, and have paid off the loan. It also applies if you have refinanced the VA mortgage with a non-VA loan. In these cases, you can keep the home, and enjoy the benefits of VA home buying one more time. 3. Your benefit never expires Once you have earned eligibility for the VA home loan, it never goes away. Those who served 20, 30, even 50 years ago often wonder whether they can still buy a home today if they never used their benefit. If eligibility can be established, the answer is yes. Eligibility is based on the length of time served, and the period in which you served. For instance, a U.S. Army Veteran with at least 90 days in service during the Vietnam era is likely eligible. To check eligibility, first obtain your DD Form 214. With that document, a VA-approved lender can request your VA Certificate of Eligibility for you, or you can request it directly from VA’s eBenefits website. You may be eligible to buy a home using a VA home loan, even if you served long ago. 4. Surviving spouses may be eligible More than 3,000 surviving spouses purchased a home with their fallen partner’s VA benefit in 2015. Un-remarried husbands and wives of Service-persons who were killed in action can buy a home with zero down payment and no mortgage insurance. Plus, the VA funding fee is waived. There’s no way to repay the spouse of a fallen hero, but this benefit surely helps them move forward after tragedy. 5. VA Loan Rates Are Lower According to loan software company Ellie Mae, VA loan rates are typically about 0.25% lower than those of conventional loans. The VA backs the mortgages, making them a lower risk for lenders. Those savings are passed on to Veterans. Additionally, VA loans come with some of the lowest foreclosure rates of any loan type, further reducing risk for lenders. No surprise here, but Veterans and Service persons take home ownership seriously. These factors add up to lower rates and affordable payments for those who choose a VA loan. 6. VA loans are available from local lenders The VA home loan is unlike most other VA benefits. This benefit is available from private companies, not the government itself. The Department of Veterans Affairs does not take applications, approve the loans, or issue funds. Private banks, credit unions, and mortgage companies do that. The VA provides insurance to lenders. It’s officially called the VA guaranty. The VA assures the lender that it will be repaid if the Veteran can no longer make payments. In turn, lenders issue loans at superior terms. In short, a VA loan gives you the best of both worlds. You enjoy your benefit, but have the convenience and speed of working with your chosen lender. 7. Buy, refinance or tap into home equity The VA home loan benefit is not just for buying homes. Sure, it provides unmatched home buying advantages, but you can also use it to refinance your existing mortgage, whether it’s a VA loan or not. Homeowners with a VA loan can use the Interest Rate Reduction Refinancing Loan, or IRRRL, to easily drop their rate and payment without an appraisal, or even paystubs, W2s or bank statements. The VA streamline refinance, as it is commonly known, gives VA loan holders a faster, cheaper way to access lower refinance rates when rates fall. Even homeowners without a VA loan can use a VA refinance. The VA cash-out loan is available to eligible Veterans who don’t have a VA loan currently. As its name suggests, a VA cash-out refinance can be used to turn your home’s equity into cash. You simply take out a bigger loan than what you currently owe. The difference is issued to you at closing. The VA cash-out loan amount can be up to 100 percent of your home’s value in many cases. Use the proceeds for any purpose – home improvements, college tuition, or even a new car.Many homeowners today are dropping their rate and taking cash out simultaneously, accomplishing two goals at once. But you don’t have to take out cash to use this VA loan option. You can also use it to pay off a non-VA loan. Eligible homeowners who pay mortgage insurance or are dealing with other undesirable loan characteristics should look into refinancing with a VA loan. It can eliminate PMI, get you into a stable fixed-rate loan, pay off a second mortgage, or simply reduce your rate to make homeownership more affordable. 8. Lenient guidelines for lower credit scores, bankruptcy, foreclosure Unlike many loan programs, a lower credit score, bankruptcy or foreclosure does not disqualify you from a VA home loan. Shop around at various lenders, because each will have its own stance on past credit issues. However, VA guidelines do not state a minimum credit score to qualify. This gives lenders leniency to approve loans with lower scores. In addition, VA considers your credit re-established when you have established two years of clean credit following a foreclosure or bankruptcy. Many homeowners across the U.S., military and civilian, experience bankruptcies and foreclosures due to a loss of income, medical emergency or unforeseen event. Fortunately, these financial setbacks don’t permanently bar VA-eligible home buyers from ever owning again. The exception, though, is a foreclosure involving a VA home loan. In this case, you may need to pay back the amount owed on the foreclosed VA loan to regain eligibility. But for most home buyers with past credit issues, a VA home loan could be their ticket to home ownership. 9. Funding fee waivers VA typically charges a funding fee to defray the cost of the program and make home buying sustainable for future Veterans. The fee is between 0.50 percent and 3.3 percent of the loan amount, depending on service history and the loan type. However, not everyone pays the VA funding fee. Disabled Veterans who are receiving compensation for a service-connected disability are exempt. Likewise, Veterans who are eligible for disability compensation, but are receiving retirement or active duty pay instead, are also exempt from the fee. 10. Buy a condo with a VA loan You can buy many types of properties with a VA loan, including a single-family (free-standing) home, a home of up to four units, and even manufactured homes. But condominiums are commonly overlooked by VA home buyers. Condominiums are ideal starter homes. Their price point is often lower than that of single-family homes. And, condos are often the only affordable option in many cities. The VA maintains a list of approved condominium communities. Veterans can search by city, state, or even condominium name on VA’s condo search tool. It’s not a short list. For example, there are more than 2,400 approved condo communities in Washington State, about 1,000 in Texas, and a staggering 9,000 in California. As a Veteran or Service-member, consider the array of home types when shopping for a home.

Buying your first house in Kentucky involves several steps, which can vary depending on the type of loan program you choose. Here’s a detailed guide on the steps and requirements for various Kentucky First Time Home Buyer loan programs: 1. Kentucky FHA Loans Credit Score: Minimum credit score typically required is 580 for 3.5% down payment. Scores between 500-579 may qualify with a 10% down payment. Income: Stable and sufficient income to cover the mortgage payments. Work History: At least 2 years of consistent employment history. Down Payment: 3.5% of the purchase price if the credit score is 580 or higher. FICO Score: Minimum FICO score of 580 for maximum financing. Bankruptcy and Foreclosure: Chapter 7 bankruptcy: 2 years from discharge with reestablished good credit. Chapter 13 bankruptcy: 1 year of the payout period with satisfactory payment history. Foreclosure: 3 years from completion date. Debt Ratio: Typically, a maximum debt-to-income (DTI) ratio of 56.9% on backend and 45% on the front end debt ratio. Collections: Must be addressed if they affect the borrower’s ability to repay the loan. Collections not required to be paid but must count in debt to income ratio sometimes if aggregate total on credit report is over $1000 total…Non-medical bills only, medical bills don’t count and usually not required to be paid or figure a payment unless you have a judgement of garnishment against your paystubs. Mortgage Insurance: Required for all FHA loans. Includes an upfront mortgage insurance premium (UFMIP) and monthly mortgage insurance premiums (MIP). Time to Close: Approximately 30-45 days. Appraisal Requirements: Property must meet minimum property standards set by HUD. Mortgage Documents Needed for Pre-Approval Letter in Kentucky to Buy a House using a Kentucky FHA loan: Proof of income (pay stubs, last two years W-2s, tax returns). Proof of employment. Last two years Proof of assets (last two bank statements). 401k or retirement account and stocks and bonds. Kentucky Mortgage Credit report for all three credit bureaus Experian, Equifax and Transunion 2. Kentucky USDA Rural Housing Loans Credit Score: Minimum credit score of 640 is preferred for automated underwriting. No minimum score required. Scores below 640 may qualify with manual underwriting down to a 580 credit score Income: Must meet USDA income eligibility guidelines (typically low to moderate income). 2 year history of income. Work History: Stable employment history, usually for the past 2 years. Down Payment: No down payment required (100% financing). FICO Score: Minimum FICO score of 640 for automated underwriting. can go down to 580 possible Bankruptcy and Foreclosure: Chapter 7 bankruptcy: 3 years from discharge. Chapter 13 bankruptcy: 1 year of the payout period with satisfactory payment history. Foreclosure: 3 years from completion date. Debt Ratio: Typically, 33% for housing expenses and 45% for total DTI. Collections: Must be resolved if they impact the ability to repay the loan. Collections typically don’t have to be paid but may have to count a payment in your debt to income ratio if aggregate is over 1k and non-medical Mortgage Insurance: Annual fee and upfront guarantee fee. Currently 1% upfront and .35% month Time to Close: Approximately 30-45 days, including USDA processing time. Appraisal Requirements: Must meet HUD FHA standards. Mortgage Documents Needed for Pre-Approval: Proof of income (pay stubs, last two years W-2s, tax returns). Proof of employment. Last two years Proof of assets (last two bank statements). 401k or retirement account and stocks and bonds. Kentucky Mortgage Credit report for all three credit bureaus Experian, Equifax and Transunion 3. Kentucky VA Home Loan Credit Score: No minimum credit score requirement by the VA, but lenders typically require a score of 620. Income: Sufficient income to cover mortgage payments and other obligations. Work History: Stable employment, usually for the past 2 years. Down Payment: No down payment required (100% financing). FICO Score: Typically, a minimum FICO score of 620. Bankruptcy and Foreclosure: Chapter 7 bankruptcy: 2 years from discharge. Chapter 13 bankruptcy: 1 year of the payout period with satisfactory payment history. Foreclosure: 2 years from completion date. Debt Ratio: Typically, a maximum DTI ratio of 41%. Collections: Must be resolved if they impact the ability to repay the loan. Mortgage Insurance: No mortgage insurance, but a VA funding fee is required. Time to Close: Approximately 30-45 days. Appraisal Requirements: Property must meet VA Minimum Property Requirements (MPRs). Mortgage Documents Needed for Pre-Approval Certificate of Eligibility (COE). Credit report. Proof of income (pay stubs, last two years W-2s, tax returns). Proof of employment. Last two years Proof of assets (last two bank statements). 401k or retirement account and stocks and bonds. Kentucky Mortgage Credit report for all three credit bureaus Experian, Equifax and Transunion 4. Kentucky Down Payment Assistance Loans Credit Score: Varies depending on the program; typically, a minimum of 580 for some programs and with KHC it requires a 620 score. . Income: Must meet specific program income limits. Work History: Stable employment history. Last two years Down Payment: Assistance provided to cover down payment and closing costs. 25k welcome home grant, 10k down payment assistance loan from KHC and 5% grant used available toward closing costs and down payment FICO Score: Minimum FICO score requirement varies by program. Bankruptcy and Foreclosure: Varies by program. Debt Ratio: Typically aligns with Kentucky FHA, VA, or USDA requirements. Collections: Must be addressed if they impact the ability to repay the loan. Mortgage Insurance: Depends on the primary loan program (FHA, VA, USDA). Time to Close: Approximately 45-60 days. Appraisal Requirements: Must meet the requirements of the primary loan program. Mortgage Documents Needed for Pre-Approval: Proof of income (pay stubs, W-2s, tax returns). Proof of employment. Proof of assets (bank statements). Credit report. 5. 100% Financing Loans in Kentucky Credit Score: Varies depending on the program; typically, a minimum of 620-640. Income: Must meet specific program income limits. Work History: Stable employment history. Down Payment: No down payment required (100% financing). FICO Score: Minimum FICO score requirement varies by program. Bankruptcy and Foreclosure: Varies by program; typically 2-3 years from discharge or completion. Debt Ratio: Varies by program, typically around 41-45%. Collections: Must be addressed if they impact the ability to repay the loan. Mortgage Insurance: Depends on the primary loan program (FHA, VA, USDA). Time to Close: Approximately 30-45 days. Appraisal Requirements: Must meet the requirements of the primary loan program. Mortgage Documents Needed for Pre-Approval: Proof of income (pay stubs, W-2s, tax returns). Proof of employment. Proof of assets (bank statements). Credit report. General Steps for Buying Your First Home in Kentucky Check Your Credit Score: Obtain a copy of your credit report and check your credit score. Determine Your Budget: Use a mortgage calculator to estimate your monthly payments and determine a comfortable budget. Get Pre-Approved: Contact a mortgage lender to get pre-approved for a loan. Provide necessary documents for income, employment, and assets. Choose a Real Estate Agent: Select a knowledgeable real estate agent to help you find a home that meets your needs and budget. Start House Hunting: Visit properties, attend open houses, and narrow down your choices. Make an Offer: Once you find a home, work with your real estate agent to make a competitive offer. Home Inspection: Hire a professional inspector to check the condition of the home. Finalize Your Loan: Work with your lender to finalize the loan application and submit all required documents. Appraisal: The lender will order an appraisal to determine the home’s value. Closing: Review and sign all closing documents. Pay any remaining closing costs and receive the keys to your new home. Following these steps and meeting the specific requirements of your chosen loan program will help you successfully purchase your first home 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 email: [email protected] http://www.mylouisvillekentuckymortgage.com/ NMLS 57916 | Company NMLS #1364/MB73346135166/MBR1574

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Clarification and New Policy for Student Loan Debts and Obligations 1. Purpose. The purpose of this Circular is to clarify and explain new policy regarding student loans for the underwriting of Department of Veterans Affairs (VA) guaranteed home loans. 2. Background. The policy in the Lender’s Handbook- VA Pamphlet 26-7, chapter 4, section 5, paragraph G will now be titled Student Loans. The clarification will apply to deferred student loans and the new policy will provide guidance for student loans in repayment or, to begin repayment within 12 months of a VA loan closing. Student loans under certain repayment plan types are described at studentaid.ed.gov. This policy applies to all student loan repayment types. 3. How to Calculate a Student Loan Monthly Payment. a. If the Veteran or other borrower provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing, a monthly payment does not need to be considered. b. If a student loan is in repayment or scheduled to begin within 12 months from the date of VA loan closing, the lender must consider the anticipated monthly obligation in the loan analysis and utilize the payment established in paragraph (1) or (2) below. Calculate each loan at a rate of 5 percent of the outstanding balance divided by 12 months (example: $25,000 student loan balance x 5% = $1,250 divided by 12 months = $104.17 per month is the monthly payment for debt ratio purposes). (1) The lender must use the payment(s) reported on the credit report for each student loan(s) if the reported payment is greater than the threshold payment calculation above. (2) If the payment reported on the credit report is less than the threshold payment calculation above, the loan file must contain a statement from the student loan servicer that reflects the actual loan terms and payment information for each student loan(s). The statement(s) must be dated within 60 days of VA loan closing and maybe an electronic copy from the student loan servicer’s website or a printed statement provided by the student loan servicer. It is the lender’s discretion as to whether the credit report should be supplemented with this information 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] 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#57916 http://www.nmlsconsumeraccess.org/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

How to Apply for a Kentucky VA Loan Kentucky VA Funding Fee Kentucky VA Home Loan Credit Issues Kentucky VA Loan Credit Score Requirements Kentucky VA Loan Guidelines Kentucky VA Loan…

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Bankruptcy VA Mortgage Loan Requirements Chapter 7 : 2 years from discharge date •Chapter 13: No seasoning required if discharged. If open requires court approval and 0x30 last 12 months to trustee. Borrower must demonstrate re-established credit since dismissal from Bankruptcy. Judgments VA Mortgage Loan Requirements •Judgments must be paid or in a repayment plan for 12 months with a most recent 0x30x12 timely payments. Student Loans VA Mortgage Loan Requirements •Monthly payment does not need to be considered if the Veteran or borrower provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing •Use payment shown on credit report (unless credit report reflects $0 or no payment amount). Use Balance x 5% / 12 for payment Foreclosure and VA Mortgage Loan Requirements •Foreclosure - 2 years removed from sale date of home Collection Accounts and VA Mortgage Loan Requirements •Collection and charge-offs are generally not required to be paid off, however follow Desktop Underwriting Findings through Fannie Mae DU or Freddie Mac LP Findings automated underwriting systems if payoff is required. •A letter of explanation is required for all collection/charge-off/judgment accounts. •Collections and charge offs must be included in DTI at the amount on credit or 5% of balance if no payment shown. •Borrowers with a history of collection/charge-off accounts should have re-established a 12 month satisfactory credit history. 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/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

Can you get a mortgage loan while in a Chapter 13 Bankruptcy? Here is a brief summary: You must have 12 payments paid into the Chapter 13 before you can apply for a mortgage loan. The payments must be made on time for last 12 months or after 12 months if you have been in longer, so no late payments to the Chapter 13 while in it. You have to ask permission from the courts to seek a mortgage loan. They usually grant this. I have never not seen them grant it. You have to qualify with the new house payment along with Chapter 13 payments and other debts listed on credit report. Debt to income ratios usually center around 31 and 43% respectively, meaning the new house payment should not be more than 31% of your gross monthly income and your total house payment and debts listed on credit report along with Chapter 13 payment should not be more than 43% of your total gross monthly income. Credit scores: Most FHA lenders I work with will want a 620-middle score. You have three fico scores from Experian, Equifax, and Transunion, and they throw out the high and low score and take middle score. For example, if you had a 598, 679, and 590 scores respectively for all three bureaus listed above, your qualifying score would be 598. There are some FHA investors that I am set up with that will go down to 580, but I have seen in my past experiences 620 will get you a better deal and far greater chance of closing on your loan with FHA. Down payment: For FHA loans, you will need to have at least 3.5% down payment saved up. It is extremely hard to find a no money down loan program to get you approved for a mortgage while you are in a Chapter 13 plan. FHA, VA and USDA are really the only two options that I know of that offer financing for a borrower with a current Chapter 13 Bankruptcy plan, so keep that in mind. Conventional loan program offered by Fannie Mae will not allow a mortgage loan for someone in a Chapter 13 Bankruptcy plan. On USDA loans, it is possible to get 100% Financing after you have paid into the plan for 12 months with a good pay history. The credit scores needed for a USDA loan approval really need to be above 640 in my past experience in getting them approved. A lot of USDA lenders will say they will do down to 620, but it is very difficult getting them approved. Best to get your scores up to increase your changes in qualifying for a USDA loan. There is not much that difference in getting your scores up to that range if you are at a 620 score now. With USDA loans, they have income and property eligibility requirements that FHA does not have, so below is a rough run down of FHA vs USDA loan for you: Typically, USDA-eligible properties are located in rural areas. It is a mistake, however, to think that you have to live far out in the country to qualify for a USDA loan. USDA-eligible properties are often located near urban areas. A property’s eligibility is determined by its location with respect to USDA’s map of eligible locations. The USDA program also places limits on your household income based on median earnings in an area. If you exceed that limit, you can’t obtain a USDA loan. The FHA, by contrast, does not place limits on household earnings. The FHA, however, does establish a maximum limit on the amount of money that can be borrowed through the program. So, if you were in a hurry to buy, after you have been in your Chapter 13 plan for 12 months, I can look at getting you approved to buy a home if you wish: So, if you were in a hurry to buy, after you have been in your Chapter 13 plan for 12 months, I can look at getting you approved to buy a home if you wish: 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. Joel Lobb Senior Loan Officer (NMLS#57916) Text or call phone: (502) 905-3708 email me at [email protected] http://www.mylouisvillekentuckymortgage.com/

Minimum credit score Qualifying for Veteran Home Loans The Veteran Loan program is designed for veterans who meet the minimum number of days of completed service. Some of the other eligibility requirement for the VA loan program[5] and some specific home loan benefits include the length of service or service commitment, duty status and character of service. The program does allow for benefits to Surviving Spouses. The VA does not have a minimum credit score used for pre-qualifying for a mortgage loan, however, most Lenders require a minimum credit score of at least 620.[6] A Veteran who has used their entitlement to previously purchase a home, may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits then you might still have some of that “Entitlement” available to you for the purchase a new home. To Calculate Maximum Entitlement available, consider the following: If your previous home was purchased using a VA Loan, and that loan was paid off by the new owners, the full entitlement may have been restored. If you sold your home to someone, and allowed them to assume your VA Loan, then you might have the full entitlement restored, if one or more of the purchasers were also Veterans. If you still own the home, and you are renting it out – you might be able to purchase a new home using your partial entitlement, but there are several restrictions. Allowable Income Sources used to qualify for a VA Loan include: Retirement Income, Social Security Income, Child Support, Alimony and Separate Maintenance, BAH, BAS and Disability Income. Dependency and Indemnity Compensation (DIC) for a Surviving Spouse can also be included. In addition, stable, documented income from employers remains the best income source for VA loans. Requirements VA Loan application The VA loan application is a standardized loan application form 1003 issued by Fannie Mae also known as Freddie Mac Form 65. It is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements on a VA loan application under the provisions of Title 18, United States Code, Section 1001, et seq. You will need the following paperwork to apply: Copies of your W2 statements for the past two years, so your gross household income can be confirmed, Copies of your previous two pay stubs, Documentation of other assets (checking accounts, savings accounts, financial investments, trust funds, etc.), If self-employed, two years of consecutive tax returns will be required. The Veteran also needs to supply their DD 214 and Certificate of Eligibility (COE) On June 25, 2019, the Blue Water Navy Vietnam Veterans Act of 2019 was signed into law temporarily increasing the VA funding fee for active duty service members and veterans starting January 1, 2020. The law removed VA county loan limits for homebuyers with full VA loan entitlement and made Purple Heart recipients exempt from paying the VA funding fee.[3] Several members of Congress were displeased after the passing of the act, writing an open letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy asking that future bills not be paid for by increasing VA loan fees.[4] Funding fees A funding fee must be paid to VA unless the veteran is exempt from such a fee because he or she receives a minimum of 10% VA disability compensation. If a veteran is awarded disability compensation after paying a funding fee, he/she can apply for a refund of this funding fee, so long as the beginning date of the disability is prior to the closing date of the home mortgage. In August 2012, Congress passed a bill that allows a Veteran to receive the benefits of having Veteran Disability while it is still pending. The amount paid for the funding fee can be refunded back to the Veteran when a determination is made and the paperwork is received. The VA Funding fee may be paid in cash or included in the loan amount. Closing costs such as VA appraisal, credit report, loan processing fee, title search, title insurance, recording fees, transfer taxes, survey charges, or hazard insurance may not be included in the loan. However, the seller may pay these on behalf of the VA borrower. Purchase and construction loans Due to the Blue Water Navy Vietnam Veterans Act of 2019, the VA funding fee is equalized for all branches of service starting January 1, 2020. For active duty military members and veterans, this means an increase in VA funding fee costs for a period of 2 years. If you have a service-connected disability that you are compensated for by the VA or if you are a surviving spouse of veteran who died in service or from service-connected disabilities, the funding fee is waived. Type of Veteran Down Payment First Time Use Subsequent Use Regular Military, Reserves/National Guard None 5%-9.99% 10% or more 2.3% 1.65% 1.4% 3.6%* 1.65% 1.4% The VA funding fee can be financed directly into the maximum loan amount for the county in which the home is located. For subsequent use VA loans, if the sales price and the financed VA funding fee total more than maximum loan amount for that county, the borrower or seller must pay for the fee out of pocket. All VA loans require an impound account for property taxes and homeowners insurance which makes the monthly payment of VA loans calculated as a PITI payment.** Cash-out refinancing loans Type of Veterans Percentage for First Time Use Percentage for Subsequent Use Regular Military, Reserves/National Guard 2.3% 3.6%* The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan. Other types of loans Type of Loan Percentage for Either Type of Veteran Whether First Time or Subsequent Use Interest Rate Reduction Refinancing Loans .50% Manufactured Home Loans 1.00% Loan Assumptions .50% Veterans who previously lived in a home they had to then rent out will typically qualify for a no appraisal Interest Rate Reduction Refinance. The Veteran's Administration also allows Veteran Homeowners to refinance from a Conventional loan to a VA mortgage Loan. This process, however, does require an appraisal. 0% DOWN PAYMENT 580 or Higher Credit Score with most lenders I work with even though VA does not have a minimum credit score. 2.30% Upfront Mortgage Insurance Premium (First-Time Use) Financed into Loan Amount Will Vary Depending on Down Payment and Subsequent Use No Mortgage Insurance Required No Maximum Loan Amount Higher Loan Amounts Available with Down Payment Great Option for Veterans or Active Military

Photo Listing Type Street Address City State County Zip Price/Bid Beds Baths Sq. Ft. Details Foreclosure 245 Midway Ave Map Madisonville Kentucky Hopkins 42431 $17,155 3 2 1426 Details Foreclosure 1495 Highland Dr. Map Beaver Dam Kentucky Ohio 42320 $26,800 3 1.5 1112 Details Foreclosure 207 Kess Drive Map Mayfield Kentucky Graves 42066 $32,830 3 2 1804 Details Foreclosure 4937 Walnut Creek Rd Map Scottsville Kentucky Allen 42164 $33,500 4 2 1980 Details Foreclosure 145 Stonegate Dr Map Paducah Kentucky McCracken 42003 $36,850 3 2 1894 Details Foreclosure 3560 Whitney Rd Map Scottsville Kentucky Allen 42164 $39,005 2 1 840 Details Foreclosure 2624 Wesco Dr. Map Madisonville Kentucky Hopkins 42431 $59,785 3 1 1138 Details Foreclosure 1456 Tucker Schoolhouse R Map Madisonville, Kentucky Hopkins 42431 $65,405 3 2 1871 Details Foreclosure 2119 Antioch Church Rd Map Hanson Kentucky Hopkins 42413 $75,150 3 2 1388 Details Foreclosure 651 Sherwood Place Map Madisonville Kentucky Hopkins 42431 $78,795 3 2 1632 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/ — Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. 0

Application fee. This covers the upfront cost of processing and taking the initial home loan request and could include the credit check and other administration fees. It cannot be more than $100 in the State of Kentucky. We never charge an application fee in Kentucky for a mortgage loan but some mortgage lending companies will collect a credit report fee upfront. Just depends. Appraisal fee. This is paid to a third-party appraiser to determine the property value. A professional appraiser will come out to the home and evaluate its market value. This generally costs between $300-$500. Appraisal fees in Kentucky have went up due to the new laws that state we have to use a third party (AMC) to order the appraisals and they add their costs to the report. A typical appraisal in a suburban area usually costs around $300, sometimes more in rural areas with less appraisers to choose from, but with the added costs of the AMC this has really increased the costs of appraisal reports. Attorney fee. This is paid to the attorney to review all the financial documents prepared. Not all states require an attorney. In Kentucky you can use a title company with most closing fees being between $400 on the low-end to high-end $650. This can also be called an closing fee by a title company Origination fee. Lenders charge this to process your loan paperwork and is typically about 1% of the loan amount. Sometimes lenders will charge more origination fees in exchange for a lower rate. Sometimes this is called paying discount points to buy-down the rate upfront. Credit report fee. Lenders may charge the borrower for pulling your credit report. They cannot charge more than the actual invoice used at closing, so make sure to check this out at closing. Home inspection. A professional inspector will come to the home and is tasked with uncovering any problems such as a leaky roof, mold, plumbing, electrical or hvac unit or other structural issues. Typical costs will range on the low-end from $275 to high-end $550.00 with most being around the $350 to $400 range. Points. If your interest rate was locked with points, you will have to pay that amount at closing. One point is equal to 1% of the loan. FHA Upfront MIP. This fee is collected by the lender and sent to HUD or FHA to insure the loan. The current upfront funding fee is 1.75% of the loan amount in Kentucky. Processing Fee: A fee charge by the lender to process your mortgage loan. Most processing fees are between $300 to $650 in Kentucky for mortgage loans. Not all lenders will charge this just like other fees USDA Funding Fee: This a a fee charge by USDA to insure a USDA Rural Housing loan. The current upfront funding fee paid to USDA is 1% of the loan amount. This is almost always s financed into the loan and not paid out of pocket by the borrower. For example, if you finance an $100,000 USDA no money down, your total loan amount would be $101.000 Property insurance. This is paid to insure the property. The insurance amount depends on your provider and the size of the home. Insurance costs could be added to escrow and collected each month as part of the monthly mortgage payment. Usually you have to have the first year of home insurance premium paid at closing. This is sometimes called a prepaid expense. Property taxes. The tax amount would be prorated for the year. Like property insurance, this could also be included in the monthly mortgage payment. All real estate taxes in each 120 Kentucky Counties are due on December 1st Title search. This fee covers the search for any liens on the property and to insure the person selling is indeed the owner. Typical title search fees are around $200 to $400 depending on they attorney or title company handing the title work for the Kentucky Home loan. Title Insurance. There are two types of title insurance. Lenders and Owner's title insurance. Lender's title insurance is always required, where owner's title insurance is optional in Kentucky. Basically it protects the title search done on your home in case there was a mistake made in the title search process. i.e. missed lien, encroachment, boundary dispute, missed judgement or old mortgage not paid off that could close the title once you go to refinance or sell the home down the road. VA Funding Fee. If this is a VA loan, you may need to pay the VA funding fee or you can roll the fee into your loan. This fee is used to support the government VA loan program. Learn more about the VA funding fee. Fee varies from 2.30 to 3.6% depending on use of loan. If you are disabled, you may have the right to get this wavier by VA After going over the fees and looking through the documents, take time to ensure all information is accurate. Check the loan amount, interest rate, term and monthly payment. Note that many home buyers decide to roll the closing costs into the loan, so they don’t incur these costs out of pocket. Just remember that the more money that is rolled into the loan, the higher the loan amount, your interest and monthly payments. You’ll save money over the life of the loan by paying these fees upfront. After all is complete and keys have changed hands, you can breathe a sigh of relief as you will officially be a homeowner. Welcome home! Joel Lobb Senior Loan Officer (NMLS#57916) Text or call phone: (502) 905-3708 email me at [email protected] 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

Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Mortgage loans for Active Duty Milita...: ACTIVE DUTY MILITARY PAY FOR FORT KNOX KY AND FORT CAMPBELL SOLDIERS AND KENTUCKY VA LOAN REQUIREMENTS Kentucky VA Mortgag... Here are 7 reasons why VA loans are the perfect option for veterans: Flexible qualifying and credit requirements. While every mortgage loan has a specific set of underwriting guidelines each applicant must meet in order to qualify for the loan, the qualification requirements for VA loans are more flexible. For example, veterans only need a FICO score of 620 to meet credit score requirements. Zero down payment. It’s a myth that you have to have a 20% down payment to buy a house. While other loan programs feature low down payments, the VA loan program requires zero money down! Yes, you read that correct. When you apply for a VA mortgage loan, you are not required to put any money down (although you could if you wanted). This significantly lowers the amount of money you owe at closing and reduces your upfront investment. No monthly private mortgage insurance (PMI). Typically, when homebuyers have a down payment of less than 20%, lenders will charge the borrower private mortgage insurance each month. This practice is put in place to protect lenders should a borrower default on their loan. However, veterans who obtain VA loans are not required to pay PMI—which can add up to hundreds of dollars in savings each month. Low rates. Although mortgage rates remain near historic lows, interest rates have been steadily increasing over the last year. Interest rates on VA loans are typically a half point lower than conventional loans. While a .5% difference may not seem like much, it can add up to thousands of dollars in interest saved over the life of your loan. Property tax exemption. Last December, the governor of Michigan signed an act into law that exempts disabled veterans from paying property taxes and extended this tax benefit to spouses of veterans in the unfortunate event their significant other should pass away. This greatly reduces the cost of homeownership for disabled military veterans who were honorably discharged and are unable to work. Specially Adapted Housing grant. Under the Specially Adapted Housing (SAH) Grant, disabled veterans can use government funding to make any necessary modifications to their new home. Eligible veterans may receive up to 50% of the total VA loan amount, not exceeding the maximum amount allowed by Congress of $67,500, to use toward home modifications. For example, if your home loan comes to $100,000 and contractors quote modifications at $30,000, you can receive up to 50% of $130,000 (or $65,000 total) for funding. Lower fees. Veterans are also exempt from paying the followingfollowing closing fees if a 1% origination fee is charged at closing: Lender’s appraisal – Veterans can only be charged for one appraisal unless the VA deemed a second appraisal mandatory. Lender’s inspection – If it is not required on the appraisal, it cannot be charged to the veteran Settlement fees, escrow fees or closing fees Document preparation fee Underwriting fee Processing fee Pest inspection fee Attorney fees if for something other than title work Assignment fee Administrative fees, such as copying or emailing fees

Kentucky FHA, VA, USDA Appraisal Requirements for Mortgage Loans

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HomeReady vs FHA loans: See how an affordable home financing program that offers low down payment options like HomeReady stacks up against FHA loans. Not available in all states. See better.com/about-us/licensing-disclosure.

How long does it take after a Bankruptcy, foreclosure or short-sale to get approved for A Kentucky VA, USDA, Rural Housing, FHA, and Conventional Mortgage loan? Kentucky Mortgage Loan…

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Ready to consider refinancing your mortgage? It can seem like an overwhelming prospect. So we broke it down into the key points you’ll need to take care of — eight checkpoints that can help make sure you’re on track, each step of the way. But it’s important to remember that [...]

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For Kentucky USDA Rural Housing Loans, the income limits have increased by about 5%. For a family of one to four people, USDA Rural Housing Kentucky County income limits are around $82,700 depending on the county. For a family of over five people, income limits are around $109,150. The USDA Rural Development (RD) home loan program helps individuals achieve home ownership in small towns or rural areas. The program is open to home buyers whose annual income does not exceed the USDA’s income limits. The best part of the USDA RD Loan? It doesn’t require a down payment! That’s right, this is a true 100% financing home loan. With the recent increase in income limits, even more families will now be able to qualify for a USDA home loan. Want to see if you qualify for a Kentucky USDA Home Loan? Apply today for a Rural Housing Loan in Kentucky for 2018! Kentucky USDA Income Limits as of 06/13/2018 USDA income limits increased TODAY in most counties in Kentucky This program is awesome and allows for up to 100% financing. In addition, homes that Appraise for more than the purchase price will allow the buyer to roll the closing costs into the loan! Most Kentucky Area income limits are now $82,700 for households of 1 to 4 and $109,150 for households of 5 or more. Daycare or other child care expenses may allow higher incomes. A Kentucky USDA Home Loan might not seem like the right fit for you and your real estate needs, but the program actually has fairly high income limits and the “rural” areas are often not as far out of town as you may think. If you feel you might have trouble coming up with a down payment, or simply want to explore all your loan options then here is a Guideline to the Kentucky USDA Home Loan Requirements. Get Pre-Qualified Today! Some Highlights: Your household must make no more than 115% of the median income of the county you want to purchase in. USDA allows you to have lower credit scores than other programs but you will still need to have a score of 620 but exceptions can be made. The USDA Home Loan requires an appraiser to look over the house to make sure it meets the USDA Home Standards The house must be in a USDA eligible area, if you want to know if the area you want to purchase in is eligible please leave a comment or contact us here and we will answer any questions you have on eligibility or anything about the US Text/call: 502-905-3708 fax: 502-327-9119 email: [email protected] 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#57916 http://www.nmlsconsumeraccess.org/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification

"If you were on any type of foreign soil, more than likely you are eligible," said Grant...

Check your eligibility for the following Kentucky First Time Home Buyer Programs below! Kentucky First Time Home Buyer Common Questions and Answers below:👇 ∘ What kind of credit score do I need to qualify for different first-time home buyer loans in Kentucky? Answer. Most lenders will want a middle credit score of 620 to 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 620 to 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 580 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 cost 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 kind of like gas prices, they change daily ∘ 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, USDA, 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 negotiate 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 you know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios. There are basically 4 mortgage programs for first time home buyers in Kentucky to consider: 1. FHA LOANS IN KENTUCKY Kentucky FHA loans are a popular choice in Kentucky first time home buyers because they allow the least down payment of 3.5% and can use down payment assistance to meet the 3.5% down payment requirements. The current credit score requirements center around the 580-620 score for most FHA loans in Kentucky, Even though FHA insure a mortgage loan down to a 500 credit score or lower sometimes, it is very difficult to find a lender that will approve the loan with scores below 580.👀 The house payment will need to be around 30% of your gross monthly income. For example, if you gross around $3000 a month, then the maximum mortgage payment you would qualify would be $1000 a month. If the loan comes back as an accept, the debt-to-income ratio can be substantially higher than the 31% rule. All FHA loans are pre-approved through an AUS, an automated underwriting system upfront that will dictate your loan approval. The software underwriting engine looks at your credit, income, assets and figures your loan approval and will recommend an accept, refer/eligible, or refer/ineligible, or out of scope. Most FHA investors will want a Accept on your underwriting findings to do a loan. It it comes back referred, then there are additional conditions or overlays that could stop your loan from being approved. 2. Kentucky VA Home Loans Kentucky VA loans require no down payment, but you must have a VA certificate of Eligibility issued by the Veterans Administration to purchase a home using your VA loan entitlement. The current credit score that most Kentucky VA lenders want is 580-620. There can be no bankruptcies or foreclosures in the last two years with good, reestablished credit. The maximum debt to income ratio is 41% with a residual income of around $1000 a month after you pay all your bills. For example, if you make $4000 gross monthly, then the maximum house payment along with your other household bills would be set at $3000 a month so as you have the $1000 residual income requirement met. There are some variances on the residual income to whereas it is based on the number of people living in the household and which state you live in. 3. Kentucky USDA/Rural Housing: Kentucky USDA or Rural Housing loans are not available in the more highly populated counties in Kentucky. The counties of Jefferson and Fayette Counties, parts of Boone, Kenton and Campbell, parts of McCracken County, and parts of Bowling Green, Richmond, Frankfort, Hopkinsville, and Owensboro and Henderson County. are not eligible for USDA loans. Kentucky USDA loans require no down payment and are subject to income and property eligibility requirements by County. Check Kentucky USDA Income Limits Here"----->>>> Check Kentucky USDA Property Eligibility Limits Here--->>>> All Kentucky Rural Housing Loans are ran through GUS, Guarantee Underwriting System, an online to determine your loan approval The Automated Underwriting engine will come back with an Accept, Refer, or Ineligible. Most Kentucky USDA mortgage investors want an Accept on the initial underwriting approval to do the loan or at least a 620 to 640 score to do a manual underwrite on the loan. 640 is the score that most USDA lenders want, but USDA will go down to a 581-credit score in the guidelines but it is very difficult to get approved. If you have a score below 640 and trying to go USDA, work on getting your credit scores up first. 4. Kentucky Housing Corp or KHC Kentucky Down payment assistance loans are available up to $10,000 for Mortgage ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky! 1. KHC is increasing the down payment assistance program amount of $10,000. $10,000 Down Payment assistance from Kentucky Housing Below see details below for restrictions: ​Secondary Market Eligibility To qualify for a Secondary Market KHC loan, you must meet the following requirements: Meet Secondary Mark​et Income​ Limits for your county. Be a U.S. citizen, other national or qualified alien person Have a minimum credit score of 620. Be a first-time or repeat homebuyer. Property Eligibility The home you wish to purchase must meet the following guidelines. Borrower must occupy the home within 60 days of closing and for duration of loan. New or previously occupied detached, single-family home. New or previously occupied condominium, townhouse, or attached unit in a planned unit development. Check with lender for eligible condominiums. New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate ​Must meet loan type's foundation requirements. ​The property purchased must be in Kentucky.​ Borrower must meet KHC's Secondary Market Income Limits Conventional Preferred Program Minimum credit score of 660 3 percent down payment Monthly mortgage insurance (charter coverage) KHC DAP applicable No minimum borrower contribution No reserves required 80 percent AMI in​​come Conventional Preferred Plus 80 Minimum credit score of 660 3 percent down payment Monthly mortgage insurance (standard coverage) KHC DAP applicable No minimum borrower contribution No reserves required Secondary Market Income limits apply FHA Insured by the Federal Housing Administration 3.5 percent down payment KHC DAP applicable Upfront and monthly mortgage insurance Minimum credit score of 620 Refinance Options (Available only through Secondary Market) Credit qualifying Streamline Refinance and Rate/Term Refinance Insured by the Federal Housing Administration Cash back to borrower not to exceed $500 Upfront and monthly mortgage insurance Minimum credit score of 620 VA Guaranteed by the Veterans Administration for qualified military veterans No down payment if the property appraises for the sales price or greater KHC DAP applicable Minimum credit score of 620 No monthly mortgage insurance payments ​ Refinance Options (Available only through Secondary Market) VA IRRRL ​620 minimum credit score No appraisal required 30-year term VA existing loan KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy a home with no down payment. 620 minimum score required for all Kentucky Housing Down Payment Assistance Programs for FHA, VA, USDA and Conventional Mortgage loans. 660 Required for KHC Conventional Loan Programs. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as its own novel. 1. Income You need income. You need to be able to afford the home. But what is acceptable income? Let’s just say that there are two ratios mortgage underwriters look at to qualify you for mortgage payment: First Ratio – The first ratio, top ratio or housing ratio. Basically, that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe. Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony…. basically, any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 45% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio. What qualifies as income? Basically, it’s income that has at least a proven, two-year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable? Unverifiable cash income, short term income and income that’s not likely to continue like unemployment income, student loan aid, VA education benefits, or short-term disability are not allowed for a mortgage loan. 2. Assets What the mortgage underwriter is looking for here is how much can you put down and secondly, how much will you have in reserves after the loan is made to help offset any financial emergencies in the future. Do you have enough assets to put the money forth to qualify for the down payment that the particular program asks for? The only 100% financing or no money down loans still available in Kentucky for home buyers are available through USDA, VA, and KHC or Kentucky Housing Loans. Most other home buyers that don’t qualify for the no money down home loans mentioned above, will turn to the FHA program. FHA loans currently requires a 3.5% down payment. Kentucky Home buyers that have access to putting down at least 5% or more, will usually turn to Fannie Mae or Freddie Mac mortgage programs so they can get better pricing when it comes to mortgage insurance. These assets need to be validated through bank accounts, 401k or retirements account and sometimes gifts from relatives or employer. Can you borrower the down payment? Sometimes. Generally, if you’re borrowing a secured loan against a secured asset, you can use that. But rarely can cash be used as an asset. FHA will allow for gifts from relatives for down payments with little as 3.5% down but Fannie Mae will require a 20% down payment when a gift is being used for the down payment on the home. The down payment scenarios listed above are for Kentucky Primary Residences only. There are stricter down payment requirements for investment homes made in Kentucky. 3. Credit 620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt with most FHA, VA, Fannie Mae and USDA Lenders that we deal with. I do deal with some lenders that offer a FHA loan down to a 560-credit score, but most FHA and VA lenders will want a 580 to 620 score. Fannie Mae or Conventional loans will not go below 620. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 740 is even better. Watch your credit scores carefully. You have three credit scores from Experian, Equifax and Transunion, and the lender will take your middle score. For example, Experian comes back with a 598, Transunion a 620 score, and Equifax a 615 score, then your qualifying middle credit score would be 615. Your scores will have to come from the mortgage company’s credit report bureau they use so please be aware that sites like Credit Karma and Credit Sesame will show different estimates of your scores that could vary once the lender pulls your true fico scores. Getting your fico scores costs money, so you can always pay and get your score first or have the lender pull it for free. Credit score Models used in mortgage lending Which FICO Score Generation Do Mortgage Lenders Use? The only way to know for sure is to ask the lender which credit report and which credit score version it plans to check, but that isn’t a guarantee that they’ll tell you. The mortgage industry is different. Because of the aforementioned FHFA mandate, mortgage lenders must use the following versions of FICO’s scoring models: Experian: FICO Score 2, sometimes referred to as FICO V2 or FICO-II TransUnion: FICO Score 4, sometimes referred to as FICO Classic 04 Equifax: FICO Score 5, sometimes referred to as BEACON 5.0 For a bank to sell a mortgage to Fannie Mae or Freddie Mac, the loan has to meet certain guidelines. Some of these guidelines require borrowers to have a minimum credit score under specific FICO Score generations. If a lender uses a different scoring model other than what the GSEs approve when it underwrites a mortgage, it probably won’t be able to sell that mortgage after it issues the loan. This limits the lender’s ability to write new loans because it will have less money available to lend to future borrowers. As far as previous Bankruptcies and foreclosures: Kentucky FHA Mortgage Loans currently requires 3 years removal from a foreclosure or short sale and 2 years on a bankruptcy with good, reestablished credit. Kentucky Fannie Mae Mortgage Loans currently requires 4 years removal from a bankruptcy, and 7 years on a foreclosure. Kentucky VA Mortgage Loans currently requires 2 years removal from a bankruptcy or foreclosure with good, reestablished credit. Kentucky USDA loans require 3 years removal from bankruptcy and foreclosure with good, reestablished credit. 4. Appraisal Generally, there’s nothing you can do to affect this. Bottom line here is….”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally, you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the lower of the value or the contract price!!! That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues…. Talk to your loan officer. For each one of these boxes, there are over 1,000 things that can affect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on! 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. 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 Lienhardt "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 were taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish, I would definitely recommend 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, but he was also extremely knowledgeable 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 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. Like Pam Dolby 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. Mandy Dickerson 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 . Chad Klein Joel Lobb, American Mortgage Solutions (Statewide) Phone/ call or text 502-905-3708 Email: [email protected] Website: www.mylouisvillekentuckymortgage.com 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. Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

CLICK ON LINK BELOW TO GO TO THE USDA FORECLOSURE LIST OF HOMES IN KENTUCKY 👇 Photo Listing Type Street Address City State County Zip Price/Bid Beds Baths Sq. Property Image 1648756371248-1.jpg Details Foreclosure 555 Richmond Drive Map Madisonville Kentucky Hopkins 42431 $17,420 3 1 1400 Property Image 1646055705569-1.jpg Details Foreclosure 152 Water Plant Road Map Stearns Kentucky McCreary 42647 $20,100 3 1 1296 Property Image 1643732895394-1.jpg Details Foreclosure 107 Debbie Ave Map Lancaster Kentucky Garrard 40444 $24,120 3 1 1144 Property Image 1649769733345-1.JPG Details Foreclosure 537 Claggett Rd Map Leitchfield Kentucky Grayson 42754 $26,800 3 1 1040 Property Image 1648655311001-1.jpg Details Foreclosure 4520 Mount Zoar Lathem Rd Map Hopkinsville Kentucky Christian 42240 $31,490 3 2 1255 Property Image 1648657606853-1.jpg Details Foreclosure 122 Flannery Hollow RD Map Annville Kentucky Jackson 40402 $38,190 4 1 1224 Property Image 1646849020202-1.jpg Details Foreclosure 2937 Wray Road Map Wingo Kentucky Graves 42088 $48,575 4 2 1773 Property Image 1649770605713-1.jpg Details Foreclosure 104 Holly Grove Rd Map Corbin Kentucky Laurel 40701 $72,072 3 2 1376 Property Image 1647364030259-1.jpg Details Foreclosure 427 State Highway 1910 Map Grayson Kentucky Carter 41143 $75,910 4 1.5 1612 Property Image 1643291508221-1.jpg Details Foreclosure 107 Ridgefield Rd Map Lancaster Kentucky Garrard 40444 $82,790 3 1.5 1232 Property Image 1648759021613-1.jpg Details Foreclosure 600 Wilson Lane Map Corydon Kentucky Henderson 42406 $97,490 2 1 1130

In a little-known policy shift, the three national credit bureaus — Equifax, Experian and TransUnion — plan to stop collecting and reporting substantial amounts of civil judgment and tax lie…

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The VA home loan program offers one of the most seamless mortgage application processes available. For qualified military and veteran applicants, the income requirements are flexible and you can become a homeowner with zero down payment. The only real hurdle for some borrowers is credit score. Below we'll break down strategies for getting your credit

A Kentucky Rural Housing USDA home loan is a zero down payment mortgage offered to rural property owners by the United States Department of Agriculture. With applicants with qualifying incomes, the monthly loan payments are often cheaper than paying rent. We have unrivaled expertise and success rate in securing Rural Development Kentucky USDA loan, click the link below to see if you qualify. It only takes 2 minutes. Want To Be A Kentucky Homeowner but don't have a Downpayment? I have been originating Kentucky USDA Rural Housing Loans for over the last 15 years and have closed over 200 USDA loans for Kentucky Families. It offers zero down payment, and goes down to credit scores as low as 620 with no bankruptcies or foreclosures in the last 3 years. You don't have to be a first time home buyer and typically not make over $80-$103k a year for a Kentucky household family in most Kentucky Counties. Apply for free today. Call or Text 502-905-3708 or Email [email protected] 30 year fixed rates USDA Home Loans since 2000 Qualify for Your loan Kentucky Mortgage USDA Loan Requirements What are the Kentucky USDA Mortgage Loan Requirements? To decide if you qualify for an USDA Mortgage Loan, we will look at: •Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors. •Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans •Your overall pattern rather than to individual problems you may have had. To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. 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. Joel Lobb Senior Loan Officer (NMLS#57916) Text or call phone: (502) 905-3708 email me at [email protected] http://www.mylouisvillekentuckymortgage.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 views of my employer. Not all products or services mentioned on this site may fit all people CHANGE TO ANNUAL USDA GUARANTEE FEE STRUCTURE and CHANGE IN ELIGIBILITY MAPS As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower’s escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):

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