Financing in Louisville>Question Details

Ashleipolk01, Real Estate Pro in 40206

Seeking to purchase my first home.Trying to find a FHA lender.

Asked by Ashleipolk01, 40206 Sun Feb 9, 2014

My credit score is 647.I have found two condos that are both FHA approved.One is 97000 the other is 98000.I have up to 7% down payment. I have been banking with 5th 3rd Bank for 7 years . Should I try and get a FHA loan through my bank? Does the bank even give FHA loans? I have absolutely no clue where to start?

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TIM BOHN at Century Mortgage Company is the person to contact. He can definitely get you squared away 345-8779
1 vote Thank Flag Link Mon May 5, 2014
TIM BOHN At Century Mortgage is the largest mortgage company and Louisville and typically can close alone and just a few weeks. Mobile: 502-345-8779
0 votes Thank Flag Link Mon May 5, 2014
Kelly Lee with home service Lending is the best! I have worked with her for over 10 years. She is knowledgable and very experienced.
0 votes Thank Flag Link Mon May 5, 2014
Thank you for the update. I'm looking for reputable lenders
Flag Mon May 5, 2014
the best person to use is Joe @ Century Mortgage. His # is 502-592-2214. He will explain all options to you and offer what I have found to be the best rates available. It sounds like your best option would be a conventional loan instead of FHA.
0 votes Thank Flag Link Mon Feb 10, 2014
Hello, I agree with the other answers in that you should speak to a few lenders and get a feel for who you are comfortable with. You also will have multiple options in your situation with pros and cons to each. There is no way to really advise you on these without understanding your financial and (equally important) your personal situation. I would love the opportunity to earn your business and am available at your convenience to discuss all of this with you. You can live chat with me at the link below and my full contact information tagline will also be posted as a reply to this comment. Regards, Robert Hanson:
0 votes Thank Flag Link Mon Feb 10, 2014
I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929
Flag Mon Feb 10, 2014
Please call me. 502-639-9617. Many lenders give FHA loans but not all lenders are equal. Important information you should be concerned with are fees, cost and where they underwrite the loan.
0 votes Thank Flag Link Mon Feb 10, 2014
Hi Ashlie

Brian Lykins at Swan Financial is running a program which guarantees to beat any other rate offered. I have seen him save buyers thousands of dollars. This program really works. His number is 502-773-4834.
Web Reference:
0 votes Thank Flag Link Mon Feb 10, 2014
I totally agree with others to "shop around" and consider holding back part of your down payment unless you need to keep your payment lower. I can help you make an informed decision. You can call or text me for some names and numbers. Just like buying anything, shop around for a loan
0 votes Thank Flag Link Mon Feb 10, 2014
I am a local lender in the Louisville, KY area. With that credit score and a 7% down payment available, you may want to consider going for a conventional loan instead. The main reason I say this is because with an FHA loan, you will have to get mortgage insurance for the life of the loan. If those condos are FHA approved, then you should be able to get conventional financing for the same property. There are benefits and drawbacks to each program, but the important thing is to find someone to explain these to you, so you can choose what loan will best suit your needs. Feel free to give me a call if you have any questions (502) 244-4345. I also forward my office phone to my cell when I leave for the day, so you are welcome to call me on nights or weekends as well. Best of luck with your search!
0 votes Thank Flag Link Mon Feb 10, 2014
I worked at 5/3 for nine years in Retail Banking. Over the years I had referred many of my close friends and family to do a mortgage there. They are a good bank, but I always recommend my clients shop around. I have one lender I have used for years, he is awesome. Worth checking into if you are going FHA. The rates are awesome right now. I wish you the very best. If you would like to talk more you can call me at 502-533-2385.
0 votes Thank Flag Link Mon Feb 10, 2014
I know several lenders who all do FHA. 5/3 does as far as I know but I know lenders who will be with you all the way and probably get you closed in 30 days. I am more than willing to negotiate the best price for you and get you into your new home. Call me. 502-235-1431
0 votes Thank Flag Link Mon Feb 10, 2014
With 7% down there are better options for financing than FHA that will give you a lower monthly payment. I work with many first time home buyers and would be happy to help you with where to start. Feel free to contact me for a First Time Homebuyers guide that will give you an idea of what the purchase process is like and what out of pocket expenses you will have.
Kim McIntosh, Coldwell Banker McMahan. 502-541-1215.
0 votes Thank Flag Link Mon Feb 10, 2014
As long as the condominiums are FHA approved, the better option would be FHA. I would even recommend hanging onto some of the 7% you have for emergencies. FHA only requires 3.5% down. I would be more than happy to take care of a preapproval for you for your offer. It only takes a few minutes over the phone. My number is (502) 592-4181.

I also have a rewritable application I could email to you, if that is easier for you.
0 votes Thank Flag Link Mon Feb 10, 2014
My best suggestion would be to contact more than one lender. I always recommend that folks call at least three. Where you do your banking is a great place to start but sometimes a mortgage company can offer you a better deal depending on your situation. I have a few that I really like if you would like a recommendation. Good luck!

Kim Alexander
Louisville Market Realtors
0 votes Thank Flag Link Mon Feb 10, 2014
A great place to start is with a Realtor you trust. I provide buyers consults with my clients where we discuss the whole process including loans. There are several different options that may be a better for for you than an FHA loan. There are also a few programs that offer down payment assistance, no mortgage insurance, and I know one program offering a 5,000 grant for down payment for those who qualify! Feel free to call me at 502-599-9528 or email Good luck!
0 votes Thank Flag Link Mon Feb 10, 2014
Call ME!!!! I work mainly with first time home buyers!!! There are many important questions regarding condo purchases and FHA etc. My phone number is 502-387-5823

Exit Realty Crutcher
Shari Ramser, Realtor, SFR
9200 Leesgate Road Suite 201
Louisville, KY 40222
0 votes Thank Flag Link Mon Feb 10, 2014
Also, please feel free to contact me directly at 502-526-3433.
0 votes Thank Flag Link Sun Feb 9, 2014
contact chase Blume of century mortgage. 502-235-3652. Tell him Shamus Greene sent you.
0 votes Thank Flag Link Sun Feb 9, 2014
Where are you located Ashlei. .and have you contacted a Realtor?
0 votes Thank Flag Link Sun Feb 9, 2014

If you have 7% to put down, I would consider Conventional financing. Depending on your annual income Fannie Maes My Community might be a better fit. It has less adjusters for credit, and lower MI. I would be happy to discuss all your options with you and show a few loan comparisons. Email me at if interested.
0 votes Thank Flag Link Sun Feb 9, 2014
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