Mortgage loan – Page 23 – KENTUCKY VA MORTGAGE LENDER

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Current Interest Rates

Fixed Rate Programs[ Adjustable Rate Programs ]

				Lock days	Qualifying Ratios
Program	Rate	Points	APR
Conforming 30 year FRM	3.750	0.000	3.971	30	35 / 45
	Kentucky Mortgage Loans Only- Rates Change
Conforming 20 year FRM	3.625	0.000	3.871	30	40 / 41
	Kentucky Mortgage Loans Only- Rates Change
Conforming 15 year FRM	3.125	0.000	3.391	30	35 / 41
	Kentucky Mortgage Loans Only- Rates Change
FHA/VA 30 year FRM	3.500	0.000	4.814	30	35 / 50
	Kentucky Mortgage Loans Only- Rates Change
FHA 15 year FRM	3.250	0.000	3.789	30	35 / 50
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30 year FRM	4.750	0.000	5.231	30	28 / 36
	Kentucky Mortgage Loans Only- Rates Change
USDA/RHS	3.500	0.000	4.874	30	41 / 41
	Kentucky Mortgage Loans Only- Rates Change

Adjustable Rate Programs

							Lock days	Qualifying Ratios
Program	Rate	Points	APR	Index	Margin	Caps
Conforming 30/5/1 ARM	3.250	2.000	5.814	LIBOR	1.930	2/1/5	30	28 / 41
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30/5/1 ARM	4.250	2.000	5.789	T-Bill	1.960	5/1/10	30	28 / 41
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30/7/1 ARM	4.870	0.000	5.924	CMT	1.930	5/1/10	30	28 / 36
	Kentucky Mortgage Loans Only- Rates Change
Jumbo 30/10/1 ARM	4.750	2.000	5.811	CMT	1.930	5/1/10	30	28 / 36
	Kentucky Mortgage Loans Only- Rates Change

Please note assumptions below :

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 loan rates 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 for Kentucky Mortgage Rates, 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 Kentucky Mortgage loan. This is not a Kentucky 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 Kentucky 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. All Kentucky FHA loans require a minimum credit score of 640
Jumbo
- Kentucky Jumbo Mortgage rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans. All Jumbo loans require a 680 or higher score and a maximum loan to value of 80%
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. Kentucky VA loans require a minimum credit score of 620
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. Kentucky USDA loans require a 640 minimum credit score.

Free Credit Report and Pre qualifications available anytime.

. 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.

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

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

Louisville Kentucky FHA Streamline Mortgage Refinance Progra, (louisvillemortgageguide.com)
2013 Louisville Kentucky Mortgage programs (louisvillekentuckymortgagerates.com)
Louisville Kentucky mortgage rates (louisvillekymortgage.net)
Louisville Kentucky Mortgage Rates (louisvillekentuckymortgagerates.com)
Kentucky First Time Home Buyer (Louisville, Ky) (kentuckyfirsttimehomebuyer.com)
Kentucky VA Loans (kentuckyvaloan.com)
Kentucky First Time Home Buyer Grants and Loan Programs (kentuckyfirsttimehomebuyer.com)
Kentucky USDA credit score and mortgage requirements for 2013 Credit Scores and the Kentucky USDA Rural Development Loan Progra (trulia.com)

Kentucky VA Loans

What are Kentucky VA Home Loans?

VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today’s VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of a homes current equity.

What are the eligibility requirements for a VA Loan in Kentucky?

Veterans Affairs loan guidelines use two methods of income qualification in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval.

Maximum Finance: For purchase transactions, the Maximum VA Loan will be 100% of the lower of the selling price or the appraised value.

What will the down payment and closing costs be?

What property types are allowed for VA Loans in Kentucky?

VA Loans may be used to purchase or refinance single family residences and VA approved condo projects if the property is the veteran’s primary residence.

Can I do a VA refinance in Kentucky?

Three kinds of Kentucky VA Mortgage programs are available for veterans in Kentucky.

The Rate/Term VA Refinance can be used to refinance a conventional, FHA or subprime mortgage into a stable, fixed rate VA Loan.

A Cash-Out VA Refinance is very beneficial for the veteran who wants to access the equity that they have built up in their home. VA Loans can be used to refinance up to 90% of a homes current value and take cash out for any reason.

Kentucky VA Loans

The VA Streamline Refinance is designed to lower the interest rate on a current VA mortgage or convert a current VA adjustable rate mortgage into a fixed rate. A VA Streamline Refinance Loan can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Kentucky?

The maximum amount for an KY VA loan is determined by:

Maximum VA Loan in Kentucky: The largest loan allowed for a VA Mortgage varies from county to county. The highest maximum VA Mortgage right now is $1,094,625. The lowest maximum VA Mortgage amount available in any county is $565,000. To see what the limit is in the county in which you’re interested, visit the following page

http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf.

This site lists U.S. territories as well as states.

Maximum Finance:

In Kentucky, The maximum VA refinance loan amount will be 100% of the appraised value of the home for a rate/term refinance or 90% of the appraised value for a What factors determine if I am eligible for a VA Refinance Loan?

VA refinance loans use two methods for income qualification purposes in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval.