Financing in Louisville>Question Details

Tara Jeffries, Home Buyer in Louisville, KY

Im wanting to but a house or stand alone condo at the beginning of next year. i no there maybe a few small things on my credit i need to take care of.

Asked by Tara Jeffries, Louisville, KY Thu Sep 12, 2013

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It's great to plan ahead and be financially ready before you start the home buying process. I love working with buyers and putting you in contact with quality lenders to help you on that end. I offer buyer consults to get you started on the right path. You can visit my Facebook page at steam, my website, and contact me with any questions. Good luck and enjoy! Buying a home can be so much fun with the right agent :-)
1 vote Thank Flag Link Thu Sep 12, 2013
This can be the bane to every borrower, every loan officer and every lender……and yes, to every realtor. How many times has a borrower said my credit’s good, only to find out that it’s not nearly as good as a borrower thinks or nearly as good as the borrower needs. Big stuff for sure. 640 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt. Even at 640, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 700 is when you really start to get in the “as a lender we love you” credit score. 720 is even better. Watch your credit!!!!! Check out my post:

Kentucky Housing VA FHA KHC USDA and FNMA all require 640 credit score!

Joel Lobb
Senior Loan Officer

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119

Company ID #1364 | MB73346
0 votes Thank Flag Link Sun Dec 15, 2013
Tara, I've been able to help many buyers with financing that have had some difficulty and regularly approve buyers who have been turned down elsewhere. Please call me at 5020645-0102 and I'll be happy to see what I can do. Eddie Sexton
0 votes Thank Flag Link Tue Nov 26, 2013
Excellent answer Lisa! Good luck to you. Wes Black Semonin
0 votes Thank Flag Link Tue Oct 22, 2013
Eligible Section 8 participants may use their housing choice voucher to assist them in purchasing a home. The term of the assistance is 15 years, unless the household includes an elderly home buyer or a permanently disabled person.

· Housing Authority issuing the homeownership voucher must have a Section 8 Voucher homeownership program.
· Borrower must have rented through section 8 program for a minimum of 1 year
· Borrower must be credit ready and complete pre-purchase counseling according to Housing Authority guidelines.
· Must be a first-time home buyer (have not owned a home in the last 3 years).
· Minimum income requirements must be met.
· One or more family members must be employed full-time (30 hours a week) and must have been employed for one year (exception made for elderly or disabled).
· Post-purchase counseling is required.

Purchase Price Limitations

Mortgage Revenue Bond (MRB) and Secondary Market Programs
New and Existing Homes…………………………………………$243,000

MRB or Secondary Market first mortgages utilizing HOME DAP
Existing Homes ONLY…………………………………………….$195,700
0 votes Thank Flag Link Sun Oct 20, 2013

Hello there! Sounds like you have a lot of great advice here, but I wanted to offer to assist if I can. I have several great mortgage professionals that I can suggest to you, and some tips from my own experience over the years!

Feel free to email, text or call. My contact information is here and on my website too!

Have a great weekend!

0 votes Thank Flag Link Fri Sep 13, 2013
Oops....Or, maybe it's not!!
Kim Alexander
Louisville Market Realtors
0 votes Thank Flag Link Fri Sep 13, 2013
Ms. Jeffries-
After you've pulled your credit report and identified where your problems lie, there are several steps to take. I work with a few companies that can put together a step-by-step plan of action to help you repair your credit or fix mistakes in the report.
Then, there is a service called Rapid Rescore which can almost immediately re-score your credit without you having to wait months for that to come back.
Finally, once your credit score is up to about a 620 and if you've not filed a bankruptcy in the past 2 years or had your house foreclosed on in the past 3 years, you are a good candidate and can start looking for your next home!
I'd be happy to give you more details. You can reach me either by phone or e-mail and that information is listed below. Good Luck!
0 votes Thank Flag Link Fri Sep 13, 2013
Tara, you are getting some very good advise here. If you know there could be some items that could cause potential issues, it's a very good idea to have a mortgage loan officer review your credit report with you and help identify what you can do now to be proactive. I have an online application that I could email to you, if that is more convenient for you. Good luck.
0 votes Thank Flag Link Fri Sep 13, 2013
Ask your lender for her opinion of your credit and what you can do to improve it. That is a good place to start.
0 votes Thank Flag Link Fri Sep 13, 2013
Most reputable mortgage lenders can help you with this. The first step is to speak with a lender; have them pull a full tri-merged credit report and show you where the issues are so you can start working on getting them resolved.

Best of luck.
0 votes Thank Flag Link Fri Sep 13, 2013
Tara I have several contacts you can talk to about working on your credit before you start looking for a place. Sometimes it's a matter a paying off a few things and waiting for it to clear off your credit report. A loan officer/lender can give you an idea of how long you need to wait and help you figure out what price range you need to be looking in to keep the payments where you want them to be. When you have a pre-approval and know you can buy, then you start looking for a place. When you find that perfect place, you'll be able to write an offer. Good Luck!! I'd be happy to get you started when you're ready. Take Care! Pat Groves - Schuler Bauer Real Estate Services
0 votes Thank Flag Link Fri Sep 13, 2013
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
0 votes Thank Flag Link Thu Sep 12, 2013
Tara, If you know there may be a few things on your credit, you are doing the right thing by starting a little early to get them cleared up! I would talk to a good loan officer who would be able to tell you exactly what you need to do to have yourself in a great position to buy in a few months. Who knows, it may not be as bad as you think! Please give me a call and I will hook you up with a great loan officer that can tell you exactly where you stand and I would also like the opportunity to help you find that perfect home for you! THANKS-Jerry Goode-Semonin Realtors-502-762-3019
0 votes Thank Flag Link Thu Sep 12, 2013
Lisa Ratchford
Call or text 502-558-7140
0 votes Thank Flag Link Thu Sep 12, 2013
Hi Tara,
You're doing a smart thing looking into financing before purchasing a home well in advance. If it turns up you will need to work on your credit and loan requirements, you will have the time but now is the time to start! All you have to do is contact me to help you get started!

I hope to hear from you soon!

Lisa Ratchford
Weichert Realtors-ABG Properties
0 votes Thank Flag Link Thu Sep 12, 2013
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