Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in Louisville : Real Estate Advice

  • All616
  • Local Info40
  • Home Buying212
  • Home Selling23
  • Market Conditions35

Activity 278
Sun Mar 12, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I would really need to work up a pre approval to determine the amount you could qualify for.

There are a lot of factors that go into it.

You do not need great credit, a 580 score will get you into and FHA loan that only require 3.5% down payment, you can even roll in closing costs.

If you have any questions or would like help with this you are welcome to get in touch with me.
... more
0 votes 1 answer Share Flag
Sun Mar 12, 2017
Theycallmebeka asked:
Looking around (not in) Louisville KY. Credit is not great but we have positive rental history (if references make a difference).
0 votes 0 Answers Share Flag
Sun Feb 26, 2017
Joel Lobb answered:
KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy a home with no down payment.
Down Payment Assistance for Ky First Time Home Buyer, 100% Financing

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 mid credit score to purchase a home using the KHC loan programs for their no down payment credit requirements.

How the Down Payment Assistance Program (DAP) Works
A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $4500-$6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%. These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.
... more
0 votes 2 answers Share Flag
Sun Feb 26, 2017
Joel Lobb answered:
Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 43 percent. If the Automated Underwriting System gives you an Approved Eligible you can go higher on the debt ratios
Borrowers must have a minimum credit score of 580 for maximum financing with a 3.5% down payment
Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. Most lenders will not go below 620 score, and very few lenders will go to 580 score. It’s best to work on getting your scores up before you apply or work with a loan officer to improve them.
2 years removed from Chapter 7 is required with good pay history after bankruptcy
1 year removed from Chapter 13 is okay with an excellent pay history with the Chapter 13 plan and permission from trustee. You will need to qualify with the Chapter 13 payment along with new house payment. Again, scores will play into your loan pre-approval.
Typically borrowers must be three years out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you’ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.
Max FHA loan in Kentucky is between $275,000 to $299,000 depending on the county in Kentucky
... more
0 votes 1 answer Share Flag
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
Thu Dec 29, 2016
Ljfleming108 answered:
In my personal experience I think yes, due to constraints on time, there is no flexing of dates in the contract.
The closing date is set, not agreed to as in a seller to buyer where the seller can cooperate to make the sale easier on the buyer or even flex on the date financing has to be in and not have the contract default. ... more
0 votes 9 answers Share Flag
Thu Dec 29, 2016
cwshopct answered:
The same thing happened to me except I couldn't sell the house due to the crash of the housing market. There are a few things you need to do.
1. You have to wait two years and pay all your bills on time for the two years.
2. You have to reapply for a Certificate of Eligibility directly from the VA as they have to determine how much of your benefits are left from the foreclosure.
3. Once they are contacted they will send you a breakdown for what you can use if you don't pay the outstand balance back to them.
... more
0 votes 2 answers Share Flag
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
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
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
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
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
Mon Aug 22, 2016
Alan May answered:
Strange thing about real estate. If it's not in the contract... if it's not in writing... it's not enforceable. Get everything ... EVERYTHING... in writing.
0 votes 1 answer Share Flag
Thu Jul 28, 2016
Jordanbecky96 asked:
It has 4 bedrooms and 2 bathrooms its in my price range its everything I need
0 votes 0 Answers Share Flag
Tue Jul 26, 2016
Joe Borelli answered:
Here is the list of FHA approved lenders who have closed at least one 203K program in the past year in Kentucky:

http://203klenders.org/kentucky-ky/
0 votes 4 answers Share Flag
Fri Jul 22, 2016
Alysse Musgrave answered:
Was the appraisal completed or ordered? If it was completed, they will expect you to pay for it. If they just placed the order, tell them to cancel it. It seems unlikely that they would complete an appraisal without your consent. What does your agent say about it?

Don't Let Them Make a Monkey Out of You! Follow the links below.


Alysse Musgrave
http://HelpUBuyAmerica.com
https://www.youtube.com/watch?v=D5wipynkV4U


Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You! US, Texas, and Spanish versions available.
... more
0 votes 1 answer Share Flag
Thu Jul 21, 2016
Ecaudill81 asked:
I graduated college last year and began work the following October in a salaried position in a small town. I see no room for growth despite having an in demand degree and so next summer…
0 votes 0 Answers Share Flag
Thu Jul 21, 2016
June Buerkle answered:
Interesting question. Did somebody leave or lose a job?

It all depends on your debt ratios and what they see on your credit report and tax returns.

I don't think my employer has ever been called. ... more
0 votes 1 answer Share Flag
Thu Jun 16, 2016
Mv25698 asked:
Several years ago my family and I purchased a home instead of renting. Now that I've moved out and have gotten married, we are looking at purchasing a home. However, I have an existing…
0 votes 0 Answers Share Flag
1 2 3 4 5 6 7 ...
Search Advice
Search

Followers

328