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Bardstown : Real Estate Advice

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  • Local Info0
  • Home Buying6
  • Home Selling0
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Activity 14
Sat Mar 4, 2017
mmurray asked:
Thu Mar 24, 2016
Scott Godzyk answered:
Very much so and usually no, you cant roll debt into your home purchase. You should meet with a local and trusted loan officer who can check your credit and inform you properly based on what they see ... more
0 votes 1 answer Share Flag
Fri Mar 4, 2016
Jennifer Simpson asked:
Plus I updated the house info to include a description and it is not showing up. Why?
0 votes 0 Answers Share Flag
Mon Feb 24, 2014
Nathan Jones answered:
There are many great resources for local searching. It can sometimes be hard to separate out the "rural" homes from those that are in a town or city. This is where the services of a great agent that knows the area becomes a necessity. Check out our site listed below to search for homes in the 40004 zip code. ... more
0 votes 6 answers Share Flag
Thu Jan 16, 2014
Carolyn Richards answered:
You will want to contact a Mortgage Broker first for a Pre-Qual. You can give a Pre-Qual to an agent so they know you are serious about purchasing a home.

Call me at JPMortgage in Bardstown and I will get you pre-qualified the same day.

502-415-6911 Office
270-234-3621 Cell
... more
0 votes 7 answers Share Flag
Thu Dec 19, 2013
Joel Lobb answered:
Kentucky first time home buyer grants and loan programs – The Kentucky Housing Corporation (KHC) offers programs for first time home buyers.

The KHC offers home ownership education classes as well as low interest rate, 30 year home loans/mortgages through participating lenders. Many of the programs are offered to and non-first time buyers as well.

The KHC also offers downpayment and closing cost assistance to qualified buyers. The closing costs assistance ranges from $4,500 to $10,000, depending on the qualifications of the buyer(s).

To qualify for these programs, the KHC has buyer income limits as well as limits to the purchase price of the home.
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Tue Oct 29, 2013
Annette Lawrence answered:
Of course not.
You also don't need to have a fire department.
When things do go wrong, the value of the fire department and professional represetation become crystal clear. By that time, however, what you have to work with is smoldering ruins.
I know, as an agent for many years. I LOVE TO SEE A BUYER COME IN UNREPRESENTED. This means, in no uncertain terms. my seller gets a FREE RIDE. The buyer will not have a clue what just happened.
That's what is so great about real estate. Buyers and sellers have many options. Many of these optons do not serve them weil.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
... more
0 votes 10 answers Share Flag
Wed Aug 28, 2013
Keith Jean-Pierre answered:
I would suggest you try the regular rental sites: (Rentals Section) (Rentals Section) (Rentals Section)

Between all of those, you will get a very clear picture if you can find what you are looking for. Good luck!
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0 votes 1 answer Share Flag
Sat Aug 24, 2013
Joel Lobb answered:
Down Payment is not required Borrowers without savings, or who wish to retain their savings qualify
100% financing More Americans become homeowners
No reserves are required Buyers do not need to provide bank statements
Expanded qualifying ratios Buyers with satisfactory credit may qualify with higher Debt-to-Income ratios to accommodate high cost housing areas, etc
Seller is allowed to pay Buyer’s Closing Cost (ask Kentucky USDA Specialist for details) Reduces out of pocket costs for Buyers
Low minimum credit score (640 minimum credit score required) Buyers with non-traditional or no credit histories may qualify
Streamlined processing with 640 credit score No explanations on credit with 640+ score
Very low monthly PMI According to a recent Administrative Notice (AN4557) sent out by USDA, starting October 1, 2011 the upfront guarantee fee will be reduced from 3.5% of the loan amount to 2% with the addition of minimal monthly mortgage insuranceon all purchase transactions with the USDA No Money Down Mortgage.On a refinance transactions involving USDA Mortgages, the upfront guarantee fee will remain at 1% of the loan amount but will include the monthly mortgage insurance.
Generous income limits based on 115% US median (not HUD) Deductions are available for dependents, daycare, elderly households, etc. to assist more individuals and families in qualifying
No maximum purchase price limit Buyers choose the home that meets their needs and repayment ability
NOT just for first time buyers All homebuyers are eligible for benefits
Modular Homes may be eligible Purchases only (Manufactured Homes are NOT Eligible)
Education/training substitute for job tenure Income history for ratios is waived.
USDA is the lowest payment loan option for buyers wanting a FIXED Rate No MI, very low 30 YEAR FIXED rates and very easy to qualify
Kentucky Guaranteed Rural Housing Loans

To be eligible, applicants must:

Have an adequate and dependable income;
Be a U.S. Citizen, qualified alien, or be legally admitted to the United States for permanent residence;
Have an adjusted annual household income that does not exceed the moderate income limit established for the area. A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income – such as annual child care expenses and $480 for each minor child – in order to qualify.USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calculating household income.
Have a credit history that indicates a reasonable willingness to meet obligations as they become due;
Have repayment ability based on the following ratios: Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29 percent. Total debt divided by gross monthly income must be equal to, or less than, 41 percent.
A Kentucky USDA Guaranteed Loan is a Government Insured 100% Purchase Loan. These loans are only offered in rural areas.

Why choose a Kentucky USDA Mortgage?

USDA Loans require no down payment.
There are no prepayment penalties for USDA Rural Home Loans.
A USDA Rural Development Loan has low monthly mortgage insurance.
A USDA Rural Development Mortgage is available all rural areas of the country, provided a market exists for the property and the home meets HUD’s minimum property standards.
A USDA Rural Housing Loan can be used to purchase a new or existing one family home in rural areas.
USDA RD Loans are offered at terms of 30 years with a fixed interest rate.
Kentucky USDA Loan FAQ’s

What is Considered a Kentucky Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator for USDA home loans at:

What is the Maximum Loan Amount for a Kentucky USDA Loan?
There is no maximum loan amount for a USDA rural mortgage. However, it is limited by the appraised value and repayment ability (determined by your household income).

What is the Maximum LTV for a Kentucky USDA Loan?
The maximum USDA rural loan LTV can be up to 100% LTV plus the Agency guarantee fee.

Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs for a Kentucky USDA mortgage.

What is a Kentucky USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA provides the full faith and assurance of the U.S. government that any financial loss resulting from servicing the loan wil
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0 votes 1 answer Share Flag
Sun Jun 30, 2013
Joel Lobb answered:

The following is a list of documents that may be required to process your Kentucky VA mortgage loan:

•One full month's worth of pay stubs

•Last 2 years W-2's

•If self employed: Last 2 years tax returns with all schedules (if you are using commission, dividend or rental income to qualify then you will also need to provide your tax returns)

•Address and phone number of all employers for the last two years.

•Address and phone number for all landlords for the last two years.

•Copy of your DD214

•Your Original VA Certificate of Eligibility (we can help you get this if needed)

•Copies of social security, pension, and/or retirement award letters (if applicable)

•Last two months bank statements for all accounts

•Documentation to support your funds to close

•Explanation for any derogatory credit (if applicable)

•Bankruptcy and discharge paperwork (if applicable)

•Divorce decree and settlement paperwork (if applicable)

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*
... more
0 votes 4 answers Share Flag
Sun Jun 30, 2013
Joel Lobb answered:
Your credit score is just one of the factors your mortgage lender will use to determine whether you qualify for financing. The problem is, every lender uses different methods to determine your credit worthiness. So, in some cases, a minimum score is difficult to determine for conventional loans. In other cases, especially when loans are underwritten or insured by government organizations, there are minimum credit scores to qualify.

Acceptable Scores
The score your lender will accept for a conventional loan can be determined by many factors, including your payment history, your salary history, your current wage, your available credit, the scores other lenders are accepting and the current economic climate. Cornett Communications advises that even in tight economic times, a score of at least 640 will get you in the door for financing.
Fannie Mae
Fannie Mae is one of two government-backed mortgage lending houses; Freddie Mac is he other. Independent lenders take many of their cues from what these two organizations do. According to the "Washington Post," Fannie Mae raised its minimum credit score for conventional loans in 2009 from 580 to 620. Even if you have a 20-percent down payment, you can be rejected if your score is below 620. Fannie Mae will also reject a loan if more than 45 percent of your income goes toward paying debt.
Government-Backed Loans
Home loans backed or financed by the Federal Housing Administration and the Veterans Administration have different views of credit scores. FHA recently changed its minimum credit score to 580, which qualifies you for lending programs that require only a 3.5 percent down payment. VA loans are 100-percent financed and set aside for active and retired military, along with their families. There is no minimum credit score to qualify, though a better credit score will get you a better interest rate.

What Your Score Gets You
Your credit score is one of the factors that will determine your mortgage loan interest rate. The better your score, the better your interest rate is likely to be. FICO, also known as the Fair Isaac Corporation, posted the differences in interest rate you may pay, depending on your score. If your score is between 620 and 639—considered a risky score by some creditors—you could pay an interest rate of 5.718 percent on a $300,000, 30-year conventional mortgage. As of mid-August, 2010, If your score is at the high end, 760 to 850, your interest rate could be 4.129 percent on the same loan. A score of 650 may net you a rate of 5.172 percent.
Addressing Your Credit Score
If your credit score won’t allow you to get a home loan now, you can so some things you can to improve your score, which are updated on a monthly basis. Make sure all of your bills are paid on time; late payments drive down your score. Pay down your credit balances; maxed-out credit accounts can also hurt your score. Also, check your credit report on a regular basis for errors. This is one of the easiest ways to improve your score. If you find errors on your report and you can prove they are errors, the credit bureau is obligated to remove them.
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*
... more
0 votes 3 answers Share Flag
Fri Jan 18, 2013
Roland Vinyard answered:
Before you take to step to replumb, check your vent lines first. A birds nest there could cause such a problem, in which case replumbing would not solve anything. The second step would be to use a plumber's snake to open the line and free it of blockage. Sometimes a caustic or acidic mixture can cut through the blockage, but if you have a septic, I'd rather not see that stuff get into it if that can be avoided. Those are the two most common drain line problems that I see and they can be cheaply fixed. ... more
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Tue Jul 31, 2012
Terry McCarley answered:
The bank can't discuss this with you unless you are the borrower. Until the home is foreclosed on they can't sell it anyway. Your only hopes of buying it before it goes thru final foreclosure is if the current owner puts it on the market as a short sale. ... more
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Sun Dec 26, 2010
Mark Atteberry answered:
Asking your Realtor to email a printout from your local MLS will resolve the issue of whether he/she listed the square footage or not. If it is on the printout then it could be an issue with the import or export between the other sites. This is not altogether uncommon. Your agent may be able to log into the major sites, claim the listing and change some of the listing information manually.

Good Luck on Selling Your Home!

Mark Atteberry
... more
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