First Time Home Buyer Loans–Kentucky”

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Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Kentucky VA Home Loans, Zero Down

Kentucky VA Home Loan Benefits, Kentucky VA Home Loans, Kentucky VA Loan Guidelines, Kentucky VA Loan Limits, Louisville Kentucky VA Home, Louisville VA Mortgage Rates

Louisville Kentucky Mortgage Rates

Fireworks from the riverfront in Owensboro, KY...

KentuckyVA Home Loans – A great Zero Down home loan program for Kentucky VETERANS. We provide VA home loans in all Counties of Kentucky, including Louisville, Lexington, Bowling Green,  Owensboro, Etown, Radcliff, and all Northern Kentucky Counties

VA Loans require no down payment and allow you to qualify for a more expensive home. Plus, today mortgage rates on VA loans are very low, making homes even more affordable.

The VA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan.

VA Home Mortgage Loan Advantages vs Other Mortgage Loan OptionsMilitary VA Home Mortgage Loan lender in Minneapolis St Paul MN Milwaukee Madison WI

VA home loans do not require a down payment, unless the purchase price is more than the appraised value or in excess of current loan limits.

VA home…

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Allowable and Non-Allowable Fees for VA Home Loans


A Veteran, Service Member or Surviving Spouse may pay any of the following reasonable closing costs and fees:

1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee
For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable
Reasonable discount points: Brokers may charge only those discount points required to buy down the loan interest rate – Correspondents/VA Automatic customers are exempt from this requirement, however, the discount points charged must be reasonable and customary
VA appraisal fee – The veteran may not pay a fee higher than the maximum allowable appraisal fee for the state in which the property is located – See VA Appraisal Fee Schedules
VA compliance inspector fees – only if required by the NOV (Notice of Value)
Recording fees
Taxes and stamps
Credit report fees – $50 credit evaluation fee may be paid in lieu of the credit report fee for automated underwriting approvals
Pre-paid items
Insurances (hazard and flood, when required)
Flood zone determination
Well and septic inspection fees
Survey, if required by lender or veteran, except for surveys of condominiums
Title insurance, title examination, title endorsement, title policy, title search
Environmental protection lien endorsement
Express mail fees for refinances if the saved per diem interest cost to the veteran will exceed the cost of the special handling – provide the Invoice if over $50
VA funding fee
Mortgage Electronic Registration System (MERS) fee
Closing protection Letter – not to exceed $35
Fraud protection report
Termite Inspection Fee/Repairs/Clearance Report provided the loan is a refinance

The Veteran, Service Member or Surviving Spouse may NOT pay any of the fees listed below, but the seller or lender may pay the non-allowable fees. However, if no origination fee is charged and the fee is not listed in the section below that itemizes fees the Veteran, Service Member or Surviving Spouse may never pay, the Veteran, Service Member or Surviving Spouse may pay non-allowable costs up to 1% of the purchase price. The Veteran, Service member or Surviving Spouse may also pay a combination of non-allowable fees and an origination fee, provided the combination does not exceed 1% of the purchase price.

The non-allowable fees are:

Attorney fees other than for title commitments
Lenders appraisals
Lenders inspections, except construction loan inspections and inspections required on the appraisal/NOV
Loan closing or settlement fees
Doc prep, underwriting, loan application, admin or processing fees
Assignment fees
Interest rate lock-in fees
E-Mail, fax, copying, postage, stationery, telephone or other overhead charges
Amortization schedules, Truth-in-Lending fees, etc.
Notary fees
Escrow fees or charges
Commitment fees or marketing fees of secondary purchasers
Trustee fees
Fees charged by third parties, regardless of affiliation with lender
Tax service fees
Termite inspection fee for a purchase transaction
Attorney fee that benefits the lender
Broker fee
Brokerage fees or commissions charged by real estate agents or real estate brokers in connection with a VA loan when the payoff states a pre-payment penalty is due, veterans may pay pre-payment penalties out-of-pocket only
FHA/VA inspection fees for builders (Normal new construction inspections of the dwelling are permitted when required by the appraiser)
Any portion of the seller’s lien(s) or short sale fees
For purchase transactions, the cost of required repairs and inspections must be paid by the seller. This policy applies to all purchases, including purchases of REO properties. VA does not permit the veteran to pay for repairs other than minor termite damage repairs
VA Loan Limits for 2015: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

VA Home Loans Benefits & Eligibility: http://www.benefits.va.gov/homeloans/

Key Economic Indicators that Affect Mortgage Interest Rates: Housing Reports

Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

RPM Mortgage, Inc.

Row of houses

For the past couple weeks, we’ve been looking at how key economic indicators cause mortgage rates to move up and down, and why home owners, buyers and refinancers, should follow along. In this last installment of series, we take a look at three housing reports that indicate the health of the economy.

Case-Shiller Index

Home prices are a huge indicator of how the economy as a whole is performing. The Case-Shiller Index is actually comprised of four indices; the National Home Price Index, 20-city composite index, 10-city composite index and 20 individual metro indices. These indices track the changes in price for sales of the same single-family homes over time in large markets throughout the country. It is published on the last Tuesday of each month and has a two-month lag time, so the index released in March will show data from February and January.

The Case-Shiller Index tells us…

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BREAKING: HUD suspends FHA mortgage insurance premium cut

The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately. HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely. Click the headline for more.

Source: BREAKING: HUD suspends FHA mortgage insurance premium cut

FHA cuts mortgage insurance premiums again

When the FHA announced late last year that its flagship fund, the Mutual Mortgage Insurance Fund, grew for the fourth straight year, it led to many question whether we would see a cut to its mortgage insurance premiums again. Now we have an answer. Click the headline for the full details on the FHA reducing mortgage insurance premiums.

Source: FHA cuts mortgage insurance premiums again

5 Ways to Jumpstart Your Credit Score in 2017 — Rapid Rescore by Jason Hall

Joel Lobb
Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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 view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Posted by joel lobb at 1:40 PM
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Kentucky First Time Home Buyer Loans for 2017

1. Become an Authorized User “One tried-and-true trick is to have someone with great credit add you as an authorized user to a card that they’ve had for a long time,” says Casey Fleming, author of The Loan Guide: How to Get the Best Possible Mortgage. Using this method, you can piggyback off someone else’s […]

via 5 Ways to Jumpstart Your Credit Score in 2017 — Rapid Rescore by Jason Hall


Joel Lobb
Senior  Loan Officer
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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…

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Louisville Ky Down Payment Assistance Mortgage Program

Louisville Kentucky Down Payment Assistance Mortgage Program – Louisville Kentucky Mortgage Loans

Louisville Kentucky Mortgage Loans

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