Financing in Louisville>Question Details

k.subedi, Home Buyer in Louisville, KY

i live in ohio . and have a credit score 715 plus. can i buy a house in kentuky with the job in ohio.?

Asked by k.subedi, Louisville, KY Fri Jul 26, 2013

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You can buy a house and live in France if you like. As long as you qualify for the loan. By qualify I mean, if your debt to income ratio is within the lending institution's guidelines. My suggestion is to make an appointment with your bank. They will tell you if you and how much you qualify for.
2 votes Thank Flag Link Sat Jul 27, 2013
Most Louisville Mortgages that are originated currently must have a middle credit score of 640. If you have below this score it is extremely difficult to get approved for a Kentucky Mortgage loan.

You don't have to look much further than this chart, which shows what kind of interest rates you could get - based on your credit score. The data is pulled by myFICO, a division of the Fair Isaac Corporation, with interest rates as of November 13, 2012.

760-850 2.926 percent
700-759 3.148 percent
680-699 3.325 percent
660-679 3.539 percent
640-659 3.969 percent
620-639 4.515 percent
As you can see, a good credit score can definitely work in your favor. However, Long warns that boosting your score is a long term proposition, so it may take awhile before you can reap the benefits of an improved score. "It's not just going to go up overnight, so by the time you've raised your credit score, the low rate you want may no longer exist."
Long recommends checking with your lender to find out what kind of score is necessary to qualify for the loans and rates you want - then figure out if the effort will be worth it.

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 Tue Aug 6, 2013
If you are paying cash for the property in Kentucky you can do whatever you want. But if you are borrowing money from a traditional lender, there are no simple answers when it comes to financing. The answer to your question will be specific to your circumstances; distance from your work will be a factor if you are using the home in KY as your primary residence. If you own another property in Ohio that will also come into play. All of the dots must connect and the transaction must make sense. You can’t live 500 miles from your job and say you intend to commute to work, unless you are a pilot and flying is your job, see what I mean? It must make sense.
I frequently get calls from people trying to buy a home for someone else claiming it is for themselves. Don’t do that if that is the plan. Follow the rules that are in place to protect you and it will work out the way it is supposed to. Have your Realtor in Kentucky introduce you to the loan officer they trust the most and tell the LO everything about your situation, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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0 votes Thank Flag Link Mon Jul 29, 2013
The location of your job is irrelevant. A client of mine just closed on a house I helped her buy in Oldham County, Kentucky. She was located in Michigan and had to have the house under contract before the Michigan divorce court would allow her to bring her children to Kentucky.

By the way, some of the other conditions the Michigan court demanded were house and school at least as good as the ones she was leaving, so we helped her submitted objective data on both those issues to the Michigan court.

Before you make any firm buying or moving decisions it is essential to become pre-qualified through a rock solid, reliable loan officer. If you need referral to one, please let me know. Loan conditions have tightened dramatically in the past few years - I just had a lady with a $160,000 salary and 710 credit score rejected by a few lenders (We`ll hear on Wednesday if we have secured a loan for her. There are a few small local credit unions and banks which lends their own money on non-conforming loans).

Good luck!
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0 votes Thank Flag Link Sat Jul 27, 2013
Great answer Loretta, got my morning chuckle!
0 votes Thank Flag Link Sat Jul 27, 2013
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