Louisville Kentucky First Time Home Buyer Loans

Louisville Kentucky First Time Home Buyer Loans

Louisville Kentucky First Time Home Buyer Loans Made Here!



FIRST TIME BUYER PROGRAMS IN  KY



Conventional
  • Insured by approved Louisville Kentucky mortgage insurance company.
  • Minimum credit score of 680 or better.
  • Quick turnaround time, 5 percent down payment and no up-front or monthly mortgage insurance.
FHA
  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly Louisville Kentucky  mortgage insurance.
  • Minimum credit score of 640.

  • Two Louisville Kentucky FHA Refinance Options
    • 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 640

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly Louisville Kentucky mortgage insurance payments for Louisville Kentucky VA Mortgage loans.

RHS


Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your needs.

Neighborhood Down payment Assistance Program (DAP) 

Kentucky Housing Corporation (KHC) received $3 million from the National Mortgage Foreclosure Settlement Fund to offer a new mortgage program for down payment and closing costs assistance. This program is only available until all funds are gone.
Repayable second mortgage up to $10,000
  • 1 percent interest rate for 30 years.
  • Income must be less than $124,775 (terms and conditions apply).
To be eligible for the Neighborhood DAP, either:
  • The property must be in the process of disposition option (i.e., deed-in-lieu, short sale) or foreclosed upon.
  • The newly-constructed or existing property has been for sale for at least six months.
  • The home buyer has experienced a foreclosure and credit qualifies to purchase another home.

Regular DAP

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 6 percent.  A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61.
  • Available to all KHC first-mortgage loan recipients.

HOME-DAP

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves for Regular DAP.
  • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
  • Specific credit underwriting standards may apply to down payment programs.
If you don't mind, go ahead and get the following things together and I will see what you how much qualify for on a home.
This is a free process, in case you were wondering. 

The following is a list of documents that may be required to process your  mortgage loan:

·        One full month's worth of pay stubs
·        Last 2 years W-2's
·        Last 2 years tax returns with all schedules
·        Last two months bank statements for all accounts
·       ·        Explanation for any derogatory credit (if applicable)
·        Bankruptcy and discharge paperwork (if applicable)
·        Divorce decree and settlement paperwork (if applicable)



Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|
 Company ID #1364 | MB73346