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Home Buying in Kentucky : Real Estate Advice

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  • Local Info6
  • Home Buying66
  • Home Selling13
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Activity 1,003
John Burke, Real Estate Pro in Austin, TX
Tue Jan 10, 2017
John Burke answered:
Hi Hilton0108,

I can do FHA & VA loans down to a 580 score so your score meets our minimum requirements BUT that doesn't mean you'll qualify for a mortgage.

The only way a co-signer helps these days is if you need extra income, their credit score will not offset yours.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
jburke@gpbankTX.net
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
... more
0 votes 4 answers Share Flag
Gail M Hamil…,  in Siloam Springs, AR
Thu Jan 5, 2017
Gail M Hamilton answered:
I seriously doubt you can get a loan. You need to have a score of at least 630 in our area. You need to work on building your credit score up.
0 votes 1 answer Share Flag
June Buerkle, Home Buyer in Chattanooga, TN
Wed Jan 4, 2017
June Buerkle answered:
How much home were you looking for?

You credit score is very low as is your income.

If you are a server .... is the 19K your w-2 wages or does that include your tips? Tips can only be used as income if you have documented them and paid income tax on them. ... more
0 votes 1 answer Share Flag
Sue, Home Buyer in Paducah, KY
Wed Dec 14, 2016
Sue asked:
I want to see properties with Acreage of 5-10 acres, 4 bedroom, 2 bath, at least 2000 sq ft. But I have to wade through many 1-5 properties in and around Paducah KY.. Not TN. How can I do…
0 votes 0 Answers Share Flag
Deanna Holla…, Home Buyer in
Thu Dec 1, 2016
Deanna Holland Carroll asked:
My husband and I with our two teenage boys live in a basement with my in-laws. My husband works two jobs and I'm waiting on disability for the last 4 years. We need more room. In-laws…
0 votes 0 Answers Share Flag
Maria Gillet…, Real Estate Pro in Lexington, KY
Mon Nov 21, 2016
Maria Gillette asked:
kentuckybats, Home Buyer in 40222
Sat Nov 19, 2016
kentuckybats answered:
Advantages of FHA Loans

1. Low Down Payment- The minimum down payment requirement for FHA loans is 3.5%. Combined with a HUD down payment assistance grant or other similar programs, the borrower can often purchase a home with zero down payment.

2. Less than perfect credit history- FHA loans are ideal for borrowers with less than perfect credit history who will find it difficult to qualify for a conventional loan. Since the loan is guaranteed by the government, lenders will

3. Ideal for first-time home buyers- The typical first-time home buyer is someone who is young and in the early stages of their career. They will have other student debts and will find it difficult to come up with the 5 to 20% down payment required for a conventional loan. They are also likely to have a blemished credit history. FHA loans are much more suited to this type of home buyers because they allow for higher debt-to-income ratios, less than perfect credit history and lower down payment.

4. Down payment can be gifted by a family member or non-profit organization- One significant advantage of FHA loans is that the down payment can be gifted by a parent, a government agency or a non-profit organization which will allow people with out money for down payment to buy a home.

5. Foreclosures and bankruptcy- While borrowers whose homes have been foreclosed or who have gone into bankruptcy will have to wait for a longer period to get a conventional loan, FHA will allow a home purchase two years after a Bankruptcy and three years after a foreclosure.

6. No prepayment penalties- FHA loans do not have any prepayment penalties and can be easily refinanced.

7. Higher debt-to-income ratios- The maximum allowable debt-to-income ratio for a FHA loan is 41%, which is higher than most conventional loans.
... more
0 votes 1 answer Share Flag
Skip Banister, Other/Just Looking in Louisville, KY
Sat Nov 19, 2016
Skip Banister answered:
There are too many variables to that question to provide an accurate answer. First of all, the monthly PMI amount will depend on the LTV (Loan-to-Value) ratio of the transaction. PMI rates are based on a tiered structure with lower LTVs charging a relative low rate and higher LTVs a higher rate. Secondly, the monthly tax escrow will depend on the tax rate of the property location. Some properties may only pay county tax while others may pay an additional city tax and/or school tax. Lastly, monthly hazard insurance will be determined by the value of the property as well as its location.

As a mortgage professional, what I would need to know to provide an accurate answer is the purchase price of the property and location of the property. I would be happy to discuss your financing options with you.
... more
0 votes 12 answers Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Sat Nov 12, 2016
Kathy Burgreen answered:
Yes. You shouldn't keep a copy since you are not involved in that transaction. However, if you are selling by owner and want to confirm the buyer is under contract with their own home, yes, you are allowed to ask to see the contract. Just explain to the buyer that you want to confirm he/she is under contract to sell their own home. Tell them that buyers have a tendency to lie about it and you can't trust every buyer to tell the truth. No proof of a contract = the buyer is lying. It means this buyer is just looking - not a serious buyer. ... more
0 votes 1 answer Share Flag
Joel Lobb, Real Estate Pro in Louisville, KY
Mon Oct 17, 2016
Joel Lobb answered:
Down Payment:

There are still housing programs that exist for Kentucky home buyers whereas you can purchase a home with no down payment. You will need a 640 middle credit score to purchase a home using the USDA or KHC loan programs for their no down payment credit requirements.

The first no money-down loan program, KHC, currently offers $6000 in down payment assistance (DAP) . Max loan is $265,000 for the KHC DAP Program. All of
Kentucky is fine for this loan and the maximum household income limits are set at $112,000

The second no money down home loan option is the USDA program for properties located outside urban areas of Kentucky areas where you can secure a no money down loan at a current low fixed rate of 3.25% on 30 years. The max income limits usually are between $76k to $99k for most rural area counties. There is no max loan on this program.


If you have access to at least 3.5% down payment or more, we can always look at doing a Fannie Mae or FHA loan and possibly securing a little better rate on the terms of your loan. The current interest rate on a FHA loan with a credit score of 620 + with at least 3.5% down paymentMax loan is $287,500 for FHA

You can use a gift from family member for your 3.5% investment or from retirement funds like 401k if you have one or from your savings.

I will go over your options once we get you pre-approved to let you decide which is best for your situation.

If your credit scores just a little out-of-reach, we can look at doing a rapid rescore and try to get your scores up to the minimum standards.

Mortgage Rates maybe higher or lower once you go to lock-in a rate this year, so keep that in mind.

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com




http://www.mylouisvillekentuckymortgage.com
... more
0 votes 5 answers Share Flag
Robin Gonzal…, Real Estate Pro in Brooksville, FL
Thu Oct 13, 2016
Robin Gonzalez answered:
You should bring your complaint to the agent's broker and/or the local real estate board.
0 votes 1 answer Share Flag
John Burke, Real Estate Pro in Austin, TX
Fri Oct 7, 2016
John Burke answered:
Hi Pastorleom1,

Unfortunately no. USDA will only work on a new manufactured home on it's own land. The other option would be if the current owner has a USDA loan. Other than these 2 scenarios, USDA will not lend on manufactured homes.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
... more
0 votes 1 answer Share Flag
Helen Coulter, Both Buyer and Seller in New York, NY
Thu Sep 22, 2016
Helen Coulter asked:
Scott Godzyk, Real Estate Pro in Manchester, NH
Thu Sep 15, 2016
Scott Godzyk answered:
Yes it is common with a VA, usda or FHA loan. The fee to go back can be negotiated, ask your loan officer
0 votes 2 answers Share Flag
Maricris A, Other/Just Looking in Seattle, WA
Thu Sep 1, 2016
Maricris A answered:
Hello,

The photos have been removed from our display as you requested.

http://www.trulia.com/homes/Kentucky/Edgewood/sold/371961-775-Kingston-Dr-Edgewood-KY-41017

Regards,

Maricris
Consumer Care Advocate
... more
0 votes 1 answer Share Flag
G4k4jj, Home Buyer in Louisville, KY
Sun Aug 28, 2016
G4k4jj answered:
OWL CREEK IS THE VERY BEST NEIGHBORHOOD IN LOUISVILLE, KENTUCKY--BAR NONE!!!!!!!!!
I HAVE LIVED HERE ABOUT 30 YEARS. IT IS ALL ABOUT FAMILY. NO OTHER NEIGHBORHOOD
HAS THE AMENITIES OF OWL CREEK--NOBODY!!!!!!! WE HAVE A POOL, SWIM TEAM, A FULL-
SIZE GYM FOR BASKETBALL, AN INDOOR RUNNING TRACK, WEIGHT ROOM, EXERCISE
CLASSES, PLAY EQUIPMENT FOR KIDS, TENNIS COURTS, RUNNING TRACK, SOCCER FIELD,
SO VERY CONVENIENT TO EXPRESSWAYS. MALLS, RESTAURANTS, YOU NAME IT.
AND THE YEARLY ASSOCIATION FEE IS UNBELIEVABLY CHEAP FOR WHAT YOU GET. ALL THE
COMMON AREAS ARE MAINTAINED TO THE 'T". NEIGHBORS ARE FRIENDLY AND HELPFUL,
SUCH AS HELPING WITH SNOW REMOVAL.

THERE IS SIMPLY NOTHING LIKE OWL CREEK IN LOUISVILLE, KENTUCKY--NOTHING!!!!!!!!!
AND HOMES SELL FAST!!!!!!!!!!!!!! LOVE IT AND WILL PROBABLY LIVE HERE UNTIL I DIE!!!!!
... more
0 votes 10 answers Share Flag
Sally Grenier, Real Estate Pro in Boulder, CO
Sun Aug 28, 2016
Sally Grenier answered:
Sounds like a legal issue to me. Normally a real estate transaction is handled by a title company and/or attorney and they verify the property belongs to the seller. The property has to transfer from seller to buyer via General Warranty deed (or some other type of deed...whatever was specified in your contract.) Have you closed on this transaction? What does the title company say? What does your Realtor say? ... more
0 votes 1 answer Share Flag
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