Tag: Federal Housing Administration

Louisville Kentucky Mortgage Rates


Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

 

Louisville Kentucky Mortgage Rates

I am available from 9 AM to 9 PM daily, including weekends. I make every effort to take all calls and respond to email promptly.Current Mortgage Rates today  in KY: FHA/VA,KHC,USDA,Conventional
 
Current Louisville Kentucky Mortgage Ratesfor today Mortgage Product Mortgage Rates (APR)

Mortgage Rates Louisville, Kentucky

Mortgage rates in Louisville, Kentucky

Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.

A 720 credit score or higher is assumed for a Kentucky  Conventional Rate Mortgage loanrates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.

  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan. This is not a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
  • These mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.

  • FHA

    • Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors.

  • Jumbo

    • Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans.,; Please contact your home mortgage consultant for details regarding the  criteria or with any other questions.
  •   VA Loans
                Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling     factors.
  • USDA Loans
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors.
NMLS# 57916

Free Credit Report and Pre qualifications available anytime. 

Principal

Key Financial Mortgage of KY is a licensed mortgage company in the state of Kentucky (NMLS#1800) Key Financial Mortgage of KY is not a part of, nor are we affiliated with, the VA, FHA/HUD, USDA.  Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky.

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. 



FREE MORTGAGE PREQUALIFICATIONS SAME DAY

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Check out our listing ,   Business First Of Louisville

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA

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Kentucky FHA Mortgage Guidelines for 2013


Kentucky FHA Mortgage Guidelines for 2013

What is the primary benefit of an Kentucky FHA mortgage loan in 2013?

  • Low down payments
  • Easier to qualify for with lower credit scores
  • Higher debt ratios allowed for borrowers\
  • Easier Qualifying Appraisal Standards versus USDA Loans in Kentucky

How low can the down payment be?

As low as 3.5% down! Other than a VA Loan or a USDA Loan that may have a zero down payment requirement, this is the lowest down payment mortgage program available.

How low can my credit scores be?

Due to near constant changes in legislation, lending requirements and related issues, the FHA credit score regulations and underwriting credit score requirements change from time to time. Currently, to get maximum financing (96.5% LTV) on typical new home purchases, applicants should have a minimum credit score of 580, but our current FHA investors require a 640 mid credit score. .

How high can my debt to income ratio be?

When either or both of the permissible ratios of 31% (for the total mortgage payment) and 43% (for the total mortgage payment
plus all recurring monthly revolving and installment debt) is/are exceeded, the lender is required to provide justification as to why they believe the mortgage presents an acceptable risk. The ratios can be higher for certain borrowers. Only your lender can tell you for certain since many special conditions apply. Again, this is why it pays to shop multiple lenders.

Why do I need FHA mortgage insurance?

Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requirements
include mortgage insurance primarily for borrowers making a down payment of less than 20 percent. This is similar to the requirements for conventional loan borrowers with respect to Private Mortgage Insurance (PMI).

Term > 15 Years
LTV
Effective
Annual MIP
<= $625,500
<=95.00%
11-Jun-12
120 bps
<= $625,500
>95.00%
11-Jun-12
125 bps
Above $625,500
<=95.00%
11-Jun-12
145 bps
Above $625,500
>95.00%
11-Jun-12
150 bps
Term <= 15 Years With LTV Above 78%
Base Loan Amount
LTV
Effective
Annual MIP
<= $625,500
<=90.00%
11-Jun-12
35 bps
<= $625,500
>90.00%
11-Jun-12
60 bps
Above $625,500
<=90.00%
11-Jun-12
60 bps
Above $625,500
>90.00%
11-Jun-12
85 bps

Decrease to Annual MIP on certain Kentucky Streamline FHA Refinances
SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount and takes effect on or after June 11th, 2012.

FHA’s monthly mortgage insurance payments will be automatically terminated when these conditions occur:

  • For mortgages with terms 15 years and less and with Loan to Value ratios 90 percent and greater, annual premiums will be canceled when the Loan to Value ratio reaches 78 percent regardless of the amount of time the mortgagor has paid the premiums.
  • For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78 percent, provided the mortgagor has paid the annual premium for at least 5 years.
  • Mortgages with terms 15 years and less and with loan to value ratios of 89.99 percent and less will not be charged annual mortgage insurance premiums.

Related Articles

Credit Fico Score for a Kentucky Mortgage FHA VA KHC


Credit Fico Score for a Kentucky Mortgage FHA VA KHC.

via Credit Fico Score for a Kentucky Mortgage FHA VA KHC.

Credit Fico Score for a Kentucky Mortgage FHA VA KHC




Fico Score for Kentucky Mortgage

A FICO score rating is a credit rating “number” given to consumers. FICO stands for Fair, Isaac and Company and the FICO score rating was developed in 1989. This is a score that is used by lenders sometimes separate from or in addition to a score provided by the three majorCredit Reporting Agencies – Experian, TransUnion and Equifax(although Equifax is affiliated with FICO so they will provide you with a FICO score when requesting a credit report).If you don’t know what your FICO score is, you should find out. The reason why this is important is because lenders will determine the type of loan they will offer you based on your credit history, employment history, other factors, credit reports and the FICO score. The numbers range between 350 and 800. The “average” score is about 725 to 750.How is a FICO Score /Rating Determined?

Here’s general guideline of what the FICO score / rating numbers mean:

750 to 850 – Excellent

660 to 749 – Good

620 to 659 – Fair

350 to 619 – Poor

How is the FICO score rating determined? As a general rule, following factors help determine your FICO score:

35%, punctuality of payment in the past (only includes payments later than 30 days past due)

30%, the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)

15%, length of credit history

10%, types of credit used

10%, recent search for credit and/or amount of credit obtained recently

How to Improve Your FICO Score / Rating?

The following tips are recommended by FICO and credit reporting agencies to improve your FICO score and credit rating:

The most obvious tip: Pay your bills on time. Delinquent payments and collections can have a significantly negative impact on your FICO score.

If you have missed payments, get current and stay current.

Pay off debt rather than move it around.

Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them off on time may help in the long term. Opening a “secured” credit card (when your credit card limit is matched with a savings account with the lender/bank for the same amount) can help rebuild your credit.

Keep credit cards but manage them responsibly. In general, having credit cards and installment loans (and makingg timely payments) may help in the long term. Consumers with no credit cards, as an example, can be thought of by lenders as a higher risk than someone who has managed credit cards responsibly.

If you are having trouble paying your creditors, contact them to work out a payment schedule or contact a reputable credit counselor.

Keep credit card and revolving credit balances low.

Apply for and open new credit cards, loans, revolving accounts only as needed.

FICO Score / Rating Resources

The best resource in finding out your current score is the myfico website. For a fee, you can order a report that is compiled from the 3 major credit reporting agencies and will outline your FICO score.

Suze Orman also offers a FICO kit on her website, suzeorman.com, which is also available via the myfico website. Suze’s website also has excellent info about improving your FICO score and your credit.

Clink on this link for Free Credit Report and Application

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Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*