Louisville Kentucky Mortgage Loans

- even those with little or no equity available.

With HARP you could take advantage of low interest rates and other refinancing benefits even if the value of your home has declined and you owe more than your home is worth.

The questions and answers below will help you better understand how this program can help you refinance your underwater mortgage:

What does it mean to Refinance my Louisville Kentucky Mortgage Loan?When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.
What does it mean to be upside down on my mortgage?The terms “Upside Down”or “Underwater” simply mean that you owe more on your home loan than your property may appraise or sell for.The percentage that you are upside down is factored into what’s called a Loan-to-Value(LTV) ratio. So, if you owe $125,000 on a property that is valued at $100,000, then your LTV would be 125%.With the new updates to the HARP 2.0 program, borrowers with an LTV ratio greater than 125% may now qualify for a new refinance, provided they meet the other criteria.
What is the difference between a refinance and a loan modification?Basically, a modification is a change to an existing loan, where a refinance is a new loan.A Refinance on your loan means that you get a new loan to pay off an existing mortgage.A modification is for borrowers who are behind on their mortgage payment, or struggling to remain current, and are either not eligible for a refinance or it will not help them maintain their payments.
What changes were made to HARP that may make me eligible now?There were several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be underwater (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify.The amount a borrower owes on a mortgage compared to the appraised value of a property is called Loan-to-Value (LTV).With the release of “HARP 2.0″ guidelines, the original 125% LTV Cap was lifted, which will essentially allow borrowers who owe more than 125% on their first mortgage the ability to qualify for a new refinance, provided they meet the other underwriting and program criteria.
Is HARP the only refinance program available for underwater homeowners?HARP is one of several refinancing options available to eligible homeowners. However, HARP is unique because it is the primary refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits.Making Home Affordable is a trademark of the United States Department of the Treasury.
How can I find out whether my loan is owned by Fannie Mae or Freddie Mac?Only mortgages owned or guaranteed by either Fannie Mae or Freddie Mac are eligible for refinance under the enhanced and expanded provisions of HARP. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:http://fanniemae.com/loanlookup/
http://freddiemac.com/mymortgage
Who is Fannie Mae?Fannie Mae is a government-chartered company with a mission to provide a stable source of funding to the U.S. housing and mortgage markets.The company purchases and securitizes mortgage loans to ensure that money is consistently available to financial institutions that lend money to home buyers.
What is the difference between a lender and a servicer?Your mortgage lender is the financial institution that gave you your mortgage loan.Your servicer is the financial institution that you send your monthly payment to. Your servicer is responsible for collecting your payments and crediting your account.You can find your mortgage servicer contact information on your monthly statement or coupon book.
On The Fannie Mae loan lookup tool, what does “Match Found” mean?A “Match Found” response to your search in the Fannie Mae Loan Lookup means that Fannie Mae owns a loan at the address entered in the search, however, it does not guarantee or imply that you will qualify for a Fannie Mae loan refinance or loan modification.
My loan is owned by Fannie, but it says that I don’t qualify for HARP?This is because Fannie Mae needed to receive your loan on May 31, 2009 or before.
Does Fannie Mae own my first and second mortgage?Fannie Mae generally owns primary (first-lien) mortgages only. A “Match Found” on the Fannie Mae Loan Lookup Tool means that they own the primary mortgage on the address entered in the search field.To find out who owns your second mortgage, refer to your monthly mortgage statement or contact the mortgage servicer to whom you send your monthly payment to.
What if I have an adjustable-rate mortgage (ARM)?HARP allows you to replace your adjustable-rate mortgage and many homeowners opt for a more stable fixed-rate mortgage.Every adjustable-rate mortgage is different, but refinancing may still provide you with a lower monthly payment, and allow you to avoid the sometimes large payment increase that comes once your ARM initial rate ends. The stability of a fixed monthly payment will give you security in knowing what you’ll owe every month.
Will the lender require an appraisal with a new HARP loan?Maybe – Even though the new updates to this program are intended to give borrowers with a Loan-to-Value (LTV) ratio above 125% the ability to refinance, lenders will still run an online valuation or require a full appraisal.Fannie Mae and Freddie Mac are updating their systems as this program progresses, but a good rule-of-thumb to follow is that loans under 125% LTV will generally not have an appraisal.If the appraisal is not conducted because of what is called PIW (Property Inspection Waiver), there will still be a $75 fees paid to Fannie Mae. Irrespective of what the appraisal value comes out to be, the loan would go through. However, some lenders may still cap the LTV to 150% – 200% or more, mainly depending on how the market reacts to this new program. Basically, expect LTV, Appraisal and Lending Limits to vary between lenders, and the time of the month.
Do I have to refinance through my current lender?No – As of March 19, 2012, Fannie Mae and Freddie Mac have opened this program up to non-servicing mortgage lenders.This is a huge benefit to borrowers in the fact that you have an opportunity to find a bank or mortgage broker who specializes in the new HARP program and can offer competitive rates.
Am I eligible for a refinance if my current loan has mortgage insurance (MI)?Yes, and the good news is that most of the mortgage insurance companies are working with HARP lenders to make the process as seamless as possible.Your new lender will do the work to make sure your current mortgage insurance scenario is similar to what you were, or were not paying.
Will I have to pay MI with a HARP since my new LTV will be >80%?No – If you did not originally have mortgage insurance due to the fact that your original LTV was less than 80% when acquired that loan, you will not be required to have MI, even though your new Loan-to-Value ratio will be greater than 80%.
I did not put 20% down when I purchased my property, but I do not have MI?If your current loan at the time of closing was over 80% and you are not paying a monthly Mortgage Insurance, most likely you have a Lender Paid Mortgage Insurance (LPMI).And yes, you would be able to refinance if you have an LPMI. Your lender will simply need to transfer the same coverage level from your current MI company to the new HARP 2.0 Refinance.
Can I Combine My First And Second Mortgage Into The New HARP Refinance?No – HARP does not allow for cash-out refinances or combining a first and second.Your new lender will order a subordination from your current second mortgage holder, which may require a fee.To quote the guidelines: “The refinance will not have a cash-out component, except for closing costs and certain de minimis allowances to cover items such as association fees, property tax bills, insurance costs, and rounding adjustments.
Will the lender need to verify income, assets and employment?Fannie Mae doesn’t expressly ask for Income, Employment or Asset verification for HARP 2.0 Loans. But, Fannie Mae suggests that the lender must obtain a verbal verification of employment (VOE) and verify the borrower’ss source of non-employment income, plus obtain any other income documentation as required by the Underwriting Findings Report.The borrower’s ability to repay the mortgage loan is based primarily on the acceptable payment history of the existing mortgage and the borrower benefit provisions. The acceptable payment history is no late in last 6 months and no more than one 30 days late in 7-12 months.If the borrower’s principal and interest payment is increasing more than 20%, the borrower must be re-qualified for the new loan, including verification of all income sources and amounts, and verification of any assets needed to close.Basically, your new lender will run your application through an online Fannie Mae or Freddie Mac approval engine, which will then provide a list of necessary documentation you need to prepare for loan submission.
Can I qualify for a new loan on an investment property or second home?All occupancy types i.e. Primary Residence, Second Homes and Investment Properties are allowed with HARP, even if the occupancy type has changed since the time of the original loan.Aliquam porttitor metus felis. Curabitur euismod porta justo ut mattis. Mauris condimentum ultrices justo, ac suscipit leo tempor eget
Are All Borrowers on the existing mortgage required to be on the new loan?Borrower(s) may be removed through the new transaction, provided that:a) The lender obtains documented evidence that the remaining borrower has been making payments from his or her own funds for the past 12 months, andb) The borrower(s) being removed is also removed from the deed.If the borrower(s) is being removed due to death, however, evidence that the remaining borrower(s) has been making payments from his or her own funds is not required.

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*

http://mylouisvillekentuckymortgage.com

Call us at 502-905-3708 today, or CLICK HERE to apply online.

HARP REFINANCE QUESTIONS?

HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans

You can determine whether your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

http://www.fanniemae.com/loanlookup/
http://www.freddiemac.com/mymortgage

Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

We Are Not The Government. All approvals and rates are not guaranteed, and are only issued based on standard HARP or other mortgage qualifying guidelines. Equal Opportunity Lending, Fair Credit, Truth in Lending, and their own local and state RESPA, or otherwise lending laws. Privacy Statement | Equal Housing

Making Home Affordable is a trademark of the United States Department of the Treasury.

Page Tags: HARP Questions

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Call us at 502-905-3708 today, or CLICK HERE to apply online.

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*

http://mylouisvillekentuckymortgage.com

FHA Announces Important Guideline Changes

Louisville Kentucky Mortgage — Mon, 14 May 2012 12:40:45 +0000

FHA Announces Important Guideline Changes.

Mortgagee Letter 2012-3 announces several key guideline changes on topics of self-employment, disputed credit, outstanding collections and identity of interest definitions. These changes are good from the perspective that they offer much clearer underwriting requirements on several key topics so not as much is left to interpretation or opinion. All of these changes are effective for cases assigned on and after April 1st.

Topic: Self-Employment
New Requirement for AUS Approve/Accept & Manual Underwriting: A P&L and Balance Sheet is required if more than a calendar quarter has elapsed since date of most recent calendar or fiscal-year end tax return was filed by the borrower – with no exceptions. Additionally, if income used to qualify the borrower exceeds the two year average of tax returns, an audited P&L or signed quarterly tax returns obtained from IRS are required.

Topic: Disputed Credit Accounts

New Requirement: AUS Accept/Approve does not need to be downgraded to a Refer and manually underwritten as long as
• the total outstanding balance of all disputed credit accounts or collections are less than $1,000, and
• Disputed credit accounts or collections are aged two years from date of last activity as indicated on the most recent credit report.

If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing. The payments arranged for the accounts must be included in the calculation of the borrower’s debt-to-income ratios.

Disputed credit accounts or collections resulting from identity theft, credit card theft, or of unauthorized use, etc., will be excluded from the $1,000 limit under the terms shown below. The mortgagee must provide a credit report or letter from the creditor, or other appropriate documentation, to support that the borrower filed an identity theft or police report to dispute the fraudulent charges. Mortgagees must provide documentation in the case binder to show all disputed or collection accounts are resolved, verified as not a debt to the borrower, arrangements made for payment, or paid in full.

Topic: Outstanding Collection Accounts & Court-Ordered Judgments

New Requirement: If the total outstanding balance of all collection accounts is equal to or greater than $1,000 the borrower must resolve the accounts (e.g. entered into payment arrangements with minimum three months verified payments- paid as agreed) or paid in full at the time of, or prior to closing. If the total outstanding balance of all collection accounts is less than $1,000, the borrower is not required to pay off the collection accounts as a condition of mortgage approval.

Note: Paying “down” of balances on disputed accounts and collections to reduce the singular or cumulative balance to below $1,000, is not an acceptable resolution of accounts.

An exception to the payoff of a court-ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments, and provides documentation indicating that a minimum of three months payments have been made according to the agreement. The monthly payment must be included in the borrower’s debt-to-income ratio.

Topic: Identity of Interest Transaction

New Requirement: The definition of a family member for establishing “identity of interest” purposes has been expanded to include a child, parent, grandparent, spouse, legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption, foster child, brother, stepbrother, sister, stepsister, uncle, and aunt.

Please be sure to read the Mortgagee Letter in its entirety.

HARP 2.0 Refinance Guidelines for Kentucky Mortgages

Louisville Kentucky Mortgage — Tue, 08 May 2012 14:42:59 +0000

HARP 2.0 Refinance Guidelines for Kentucky Mortgages.

via HARP 2.0 Refinance Guidelines for Kentucky Mortgages.

Louisville Kentucky mortgage rates

Louisville Kentucky Mortgage — Thu, 26 Apr 2012 11:58:28 +0000

Louisville Kentucky mortgage rates.

What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage

Louisville Kentucky Mortgage — Tue, 10 Apr 2012 03:40:41 +0000

Reblogged from Louisville Kentucky Mortgage Loans:

What Credit Score do You Need to Buy a Home?

Call me today for a free credit report--502-905-3708 or email me at kentuckyloan@gmail.com

When it comes to mortgages and credit scores, there are two really important questions to ask:

–What credit score do I need to qualify for a mortgage?

–What credit score do I need to get the lowest…

WHAT CREDIT SCORE DO YOU NEED FOR A KENTUCKY MORTGAGE LOAN

You Are More Than a Credit Score. However, you still need to understand what your score means.

Why do credit scores matter for Kentucky Mortgages?

Because they have a direct impact on your chances of qualifying when you apply for a mortgage, car loan or credit cards. Your credit score is a numerical indication of the risk of you not repaying a loan. The lower your score, the higher that risk has been determined to be. A company called the Fair Isaac Corporation is responsible for these scores, also known as FICO scores. Credit scores are derived from reports kept by major credit agencies, including Experian, Equifax and TransUnion. These agencies track the amount of debt consumers have taken on and whether they pay their bills on time.

Credit scores range from 350-850. Consumers with scores below 600 may be charged higher loan rates, while those with scores above 700 are generally charged lower rates. Those with scores above 760 generally get the best rates.

How Lenders View Your Credit Score for a Kentucky Mortgage

There are 3 national credit programs at 3 different bureaus:

Fair, Isaac Model at Experian (formerly TRW)
BEACON at Equifax
EMPIRICA at Trans Union

Beacon and Empirica, both subscribe to the Fair Isaac's FICO model of scoring and then they integrate their own version of a person's FICO score. On the other hand, when borrowers are looking for a mortgage loan, lenders pull what's called a "tri-merge." A tri-merge merges and verifies all information detailed from all 3 unions into one report.

The main determinants of a credit grade are based on your credit and debt ratio. Beacon scores range from 400 - 844; while, FICO scores range from 350 - 880. Conversely, lenders determine the investment quality of a loan, with the equivalent of a grade, A, B, C or D. y 'A" paper represents the highest quality loan, and D paper is the highest risk loan for the investor.

For example, if your credit score is 680 or more, you fall in the 'A' paper category; however, not all lenders rate credit the same way. So the question is: how does your credit affect the interest rate a lender will charge you? The answer depends on the level of the consistency of good payment in your credit history, along with your debt ratio. If both are great, the loan is assigned "A" grade; and, qualifies for the best interest rate. If even one of the factors is not up to par, the quality of the loan is downgraded to 'A-" or 'B' paper. Consequently, the interest rate goes up as the perceived risk factor increases. There is a higher risk for a lender making a B, C or D paper loan because there is a higher risk for a defaulted loan. Therefore, the lender is compensated for the higher risk by charging the borrower a higher interest rate.

When lenders review one's credit score, an underwriter reviews it. The underwriter and credit scores are assessed and rated by the following criteria:

Lifestyle History

How long you've lived at your residence
Do you own or rent (Owning property - earns extra credit)
How long you've been employed at your current job
How much money earned and how credit has been used

Payment history

Public record and collection items
Severity, recent and frequency of delinquencies noted in trade line section

Outstanding debt

Credit history
Number of balances recently reported
Average balance across all trade lines
Relationship between total balances and total credit limits on revolving trade lines

Pursuit of new credit

Number of inquiries and new account openings in the last year
Amount of time since most recent inquiry

Types of credit in use

Number of trade lines reported for each type
Bankcard
Department store cards
Personal finance company references
Travel and entertainment cards
Installment loans

Quick Improve Your Credit Scoring Tips

Obtain Your Credit FICO Score
Make any credit corrections with the proper documentation
Pay off small balances on high limit credit cards
Cancel certain credit cards and consolidate all the balances into a lower interest home equity loan or refinace your home loan with a cash out option.

All Current FHA, VA, KHC, USDA , Fannie Mae Programs for a mortgage in Kentucky with our company require a FICO Score of 640-We take your middle score.

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HARP 2.0 for Louisville Kentucky Mortgage Refinances 2012

Louisville Kentucky Mortgage — Thu, 15 Mar 2012 15:08:01 +0000

HARP 2.0 for Louisville Kentucky Mortgage Refinances 2012.

Kentucky VA Homes for Sale- Kentucky VA Assumable Mortgages

Louisville Kentucky Mortgage — Fri, 09 Mar 2012 16:39:11 +0000

Kentucky VA Homes for Sale- Kentucky VA Assumable Mortgages.

Obama: Kentucky FHA Premiums Lowered for Refis

Louisville Kentucky Mortgage — Wed, 07 Mar 2012 15:28:11 +0000

Obama: Kentucky FHA Premiums Lowered for Refis.

Overview of the Kentucky VA Home Loan Program

Louisville Kentucky Mortgage — Thu, 01 Mar 2012 02:21:22 +0000

Overview of the Kentucky VA Home Loan Program

Topics on This Page:

Who’s Eligible	Size of the Loan	Steps in the Process
How It Works	Your Costs	Useful Links
What It Can Do for You	Basic Requirements

Who’s Eligible

Veterans
Active duty personnel
Certain reservists and National Guard members
Surviving spouses of persons who die on active duty or die as a result of service-connected disabilities
Certain spouses of active duty personnel who are (a) missing in action, (b) captured in line of duty by a hostile force, or (c) forcibly detained by a foreign government or power

How It Works

You get your loan from a private lender, and VA “stands behind” the loan with that lender. If something goes wrong and you can’t make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is this “insurance” that we provide the lender.

Most loans are handled entirely by lenders. VA rarely gets involved in the loan approval process.

Back to Top

What It Can Do for You

Here are some advantages of the Kentucky VA program:

You can buy a home without a down payment – as long as the sales price doesn’t exceed the appraised value. (Of course, you have to qualify in terms of income and credit.)
You won’t need to buy private mortgage insurance.
VA rules limit the amount you can be charged for closing costs.
Closing costs may be paid by the seller. (You should keep this in mind when negotiating the sales price.)
The lender can’t charge you a penalty fee if you pay the loan off early.
VA may be able to provide you some assistance if you run into difficulty making payments.

You should also know that

You don’t have to be a first-time homebuyer.
You can reuse the benefit.
VA-backed loans are assumable, as long as the person assuming the loan qualifies.

Size of the Loan

VA doesn’t specify a maximum loan amount. But the law does set limits on the amount of liability we can assume. This usually affects the amount of money an institution will lend you.

The lender may be able to increase the size of the loan if you can make a down payment.

Information on Loan Limits

When the lending institution is deciding how big a loan you can afford, it uses either of two methods:

One Method is the “residual income calculation.” The lender adds up your routine housing expenses, taxes, and additional debt payments such as your car and credit cards. He or she subtracts this total from your income. Then the lender decides whether you’ll have enough money left over for everyday living.
The second method is the debt-to-income ratio. Under VA’s rules, this is the ratio of your total debt (both housing and other debt) to your income. For more information on how lenders use these tools to complete a Loan Analysis, visit the VA Lender’s Handbook, Chapter 4, Topic 9.

This is just a thumbnail sketch. A VA-approved lender is the best resource to see how large a loan you qualify for. In making a decision, the lender must look at income (amount and stability), credit, and “compensating factors.” Lenders may use certain automated systems to help with their decisions.

Back to Top

Your Costs

The VA Funding Fee. Although we don’t require private mortgage insurance we do charge a funding fee. (This can be folded into the loan.) If you receive service-connected disability payments each month, you’re exempt from the fee. For more information on the VA Funding Fee and who is exempt, visit theLender’s Handbook, Chapter 8, Topic 8.

Information on Funding Fees

Other Costs of the Loan. Other costs will be involved. Of course, the lender charges interest. And some other fees and charges have to be paid at closing. Here are some general rules:

The lender, not VA, sets the interest rate, the “discount points,” and closing costs. These rates may vary from lender to lender.
The seller can pay for some closing costs. (Under our rules a seller’s “concessions” can’t exceed 4% of the loan. But only some types of costs fall under this 4% rule. Examples are: payment of pre-paid closing costs, VA funding fee, payoff of credit balances or judgments for the veteran, and funds for temporary “buydowns.” Payment of discount points is not subject to the 4% limit.)
You’re not allowed to pay for the termite report, unless the loan is a refinance. That fee is usually paid by the seller.

Basic Requirements

You must live in the home as your primary residence.
You must qualify in terms of income and credit. You could be turned down if you’ve had problems with credit or your income is not considered stable.

Steps in the Process of Getting a VA Home Loan

Getting a VA-backed loan – or any home loan – takes some time. The process has a few steps. Click on the link for more information:

Steps in Getting a VA Home Loan

If you have any questions during the process that the lender can’t answer to your satisfaction, please contact VA at your regional loan center.

Back to Top

Useful Links:

Ginnie Mae (The Government National Mortgage Association) – This site will give you information on the process and calculators
HUD (The Department of Housing and Urban Developement) – Contains information on shopping for a home, closing costs and terminology
MBA (Mortgage Bankers Association of America) – Will give you information on the purchase process, calculators and real estate terms.
Freddie Mac (Federal Home Loan Mortgage Corp.) – Site will give you information about the purchase process.
FNMA (Fannie Mae) – Contains information on the purchase process.

Louisville Kentucky VA Refinance Loans (kentuckyvaloan.com)
Louisville Kentucky VA mortgage refinancing (kentuckyvaloan.com)
Kentucky VA Loan Refinance and Purchase Guidelines (louisvillekymortgage.net)
How to Get a Veteran Affairs Home Loan (loans.org)
Section 502 USDA Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky Mortgages (kentuckyusdaloan.com)
Lost home to foreclosure but ready to buy again? Prepare to wait in lender ‘penalty box’ (kentuckyfirsttimehomebuyer.com)
Kentucky VA Guidelines for Cash Out Refinance Loans (kentuckyvaloan.com)
Kentucky USDA Rural Development Mortgage (kentuckyusdaloan.com)
VA Mortgage Loans (mortgagesbybarbara.wordpress.com)

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