Financing in Louisville : Questions & Answers

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Gary Polsgro…, Real Estate Pro in 40299
Gary Polsgrove answered:
Seeking to purchase my first home.Trying to find a FHA lender.
TIM BOHN at Century Mortgage Company is the person to contact. He can definitely get you squared away 345-8779
1 vote Share Flag Mon May 5, 2014 Financing in Louisville
Gary Polsgro…, Real Estate Pro in 40299
Gary Polsgrove answered:
Hello, my lender has stated that my fiance and I are unable to use a 203k loan on a short sale. Is this correct?
Dave Halpern is the Louisville short sale expert. I would suggest contacting him (502) 894-9194
0 votes Share Flag Mon May 5, 2014 Financing in Louisville
Marc D'Angelo…, Real Estate Pro in Roswell, GA
Marc D'Angelo - Lender answered:
Are there ways to avoid PMI even if you can only put 7-10% down?
Yes you can go with a loan where the Lender pays a single premium mortgage insurance policy known a LPMI. Most banks will Market 90 and 95% no MI loans but this is what the lenders are ... more
0 votes Share Flag Wed Jan 29, 2014 Financing in 40222
Christopher…, Real Estate Pro in Westchester, NY
Christopher Pagli - ABR, GREEN answered:
My FICO scores are 670, 600 & 575. Can I get a mortgage loan?
Inquire about an FHA loan with your loan officer.
0 votes Share Flag Sun Dec 15, 2013 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
Are you now welcomed more enthusiastically by lenders when discussing buying a home?
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 elder ... more
0 votes Share Flag Sun Oct 20, 2013 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
Refinancing or not?
 Minimum credit score is 620, unless otherwise indicated on
the matrix. Three trade lines are required unless one is a major
account, such as mortgage.


 No Manuf ... more
0 votes Share Flag Thu Oct 10, 2013 Financing in Louisville
Steve Quinta…, Real Estate Pro in Albuquerque, NM
Steve Quintana answered:
Would it lower my payment at all to sell my home (owned for three years) in the $160,000 range and buy a home in the $150,000 range?
The answer depends on a number of factors, such as how much do you owe, how much will you put down, the interest rates at issue and so on. More info from you side is required to run th ... more
0 votes Share Flag Fri Sep 13, 2013 Financing in 40201
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
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.
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 f ... more
0 votes Share Flag Thu Sep 12, 2013 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
what is this 15 years fixed lock?
FHA Credit Score Requirements:


530: Minimum credit score required to qualify for an FHA loan and satisfy FHA Credit Requirements
530-579: Credit scores in this range will qualify ... more
0 votes Share Flag Tue Aug 6, 2013 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
This is might sound silly, but we are on a SSI income, we pay 550 in rent, I am tired of renting I want to own a home, is this possible, me and my
620 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 620, people consider you a higher risk that other folk ... more
0 votes Share Flag Tue Aug 6, 2013 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
i live in ohio . and have a credit score 715 plus. can i buy a house in kentuky with the job in ohio.?
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 Mor ... more
0 votes Share Flag Tue Aug 6, 2013 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
If I purchase a home with an appraised value that is 20% or greater than the purchase price i.e. a foreclosure, will I need pmi?
You will have to pay pmi and sometimes on jumbo loans you will need more than 20% down and a higher credit score on jumbo loans.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-90 ... more
0 votes Share Flag Thu May 9, 2013 Financing in 40222
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
Under what conditions can the 8,000 stimulus be used as down payment on the purchase
I know of no lender that currently offers this program. Sorry .
0 votes Share Flag Thu May 9, 2013 Financing in Louisville
Randy Roberts, Real Estate Pro in Beverly Hills, CA
Randy Roberts answered:
Jumbo loan options with under 20% down payment available in Louisville Ky?
Depending on your scores you have an option of 90/10 loan or 90% LTV with MI. I can recommend a few lenders if you fill out the form on our site.
0 votes Share Flag Sat Dec 22, 2012 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
Where is the best place to apply for a "No Closing Cost" home refinance loan in KY?
No Closing Cost Mortgages in Kentucky
No Cost loan program there are no points, no origination fee or loan-related costs of any kind, guaranteed.
All closing costs including appraisal ... more
2 votes Share Flag Fri Aug 24, 2012 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
i have a credit score of 580 is there anyone of getting a mortgage
Current guidelines for mortgage loans via, KHC, USDA, Fannie Mae and FHA and VA will require a 620 to 640 score. They will take your mid score.

I can pull your credit for free if y ... more
0 votes Share Flag Tue Apr 10, 2012 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
I am recently widowed and unable to afford the payments on my home. Where can I get good advice on what to do in my situation? Can anyone help me?
If you are currently delinquent on your home loan or in danger of becoming delinquent, do not risk losing your home. Options are available. Click on the Get Help button or call the toll ... more
0 votes Share Flag Thu Jun 2, 2011 Financing in Louisville
Ronnie Bramer, Real Estate Pro in Saint Petersburg, FL
Ronnie Bramer answered:
Is it possible anymore to get a no-financial-background check mortgage with a high downpayment (my 3rd home, I am retiring, low cost condo)?
I agree with the others. You will not be able to get a no questions asked mortgage. You can borrow against a C.D. or some other type of secured acct. If you shoot me an email ronnie@ ... more
0 votes Share Flag Sat May 21, 2011 Financing in Louisville
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
Has anyone had dealing with a lender called Surepoint Lender? Were they reliable?
They are the old First Residential. They are located here in Louisville Ky. Mainly a Lending Tree/Internet mortgage originator.

I have good and bad; like most companies.
0 votes Share Flag Tue Jul 6, 2010 Financing in Louisville
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