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40165 : Real Estate Advice

  • All9
  • Local Info0
  • Home Buying7
  • Home Selling0
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Activity 9
Thu May 28, 2015
Joel Lobb answered:
Kentucky Mortgage Conforming loans receiving an acceptable finding through DU follow Conforming guidelines.

The bankruptcy must have reestablished a credit record for an elapsed time of 4 years. Elapsed time is measured by comparing the date of the application fort he new mortgage loan to:

The date a Chapter 7, 11, or 12 bankruptcy was discharged;
The date a Chapter 13 repayment plan was successfully completed and discharged. The elapsed time of 7 years is required for the following:
The date of a foreclosure sale.

Waiting Period
Additional Requirements
Two years
80% maximum LTV ratios
Four years
90% maximum LTV ratios
Seven years
Standard maximum LTV ratio

Joel Lobb
Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
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Fri Jan 17, 2014
Steve Elmore answered:

One thing I forgot, most all banks will require that you provide either a statement of proof of funds (if a cash offer) or a pre-approval letter (if getting financing) with your offer to purchase.

A statement of proof of funds is a letter from your bank stating that you have the amount you are offering all in cash. It must be on the institution's letter head and signed by someone from the bank.
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Fri Apr 26, 2013
Joel Lobb answered:
Call Nalley company realtors. They have homes for sale in 40165 that some sellers put on cfd.

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*
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Wed Mar 13, 2013
Gloria Patterson answered:
So sorry guys, I don't handle any rental properties. Good luck to ya.....the rental market is hot right now and tough to find homes.......sometimes just driving around in area's you like - you'll see signs homes for rent. Or if you are on Facebook........put it out there that you are looking to rent. ... more
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Fri Feb 1, 2013
Nancy Keith Cooper Realtor answered:
Since your only asking just for a little insight. There is an old saying that if your mind troubles you then you will have a gut feeling what to do.
Of course having said that: have you considered having it inspected by licensed professionals?
That would be the best course of action.
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Fri Oct 26, 2012
Dan Tabit answered:
The listing agent represents the seller. Their job is to protect the seller and minimize their exposure should the lender pursue a deficiency judgment, coming back to the seller for the losses taken by the bank.
I would encourage you to get your own agent who can give you an independent idea of the market value of the home in its present condition and to help you with this. Your agent should be knowledgeable about short sales and should make you aware of other homes to consider too. Short sales are long and often frustrating. Make sure you are well informed and well represented before you proceed.
Closing costs can be included in an offer, but it's basically another discount. If your offer was $84000 with $4000 toward your allowable closing costs, it's the same thing as an offer of $80,000. If the house is priced right, an offer of $105,000 with $6,000 in closing costs would represent a full price ($99,000) offer. Your own agent can work with you and get you the best structure to meet your goals.
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