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40207 : Real Estate Advice

  • All9
  • Local Info0
  • Home Buying6
  • Home Selling1
  • Market Conditions0

Activity 297
Wed Aug 15, 2012
Wes Black asked:
Very good homes at reasonable prices in 40299. Glad first time home buyers are discovering the opportunities.
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Mon Aug 13, 2012
Becky Lusch answered:
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Thu Oct 10, 2013
Have you ever thought what kind of credit score it takes to buy a home in Kentucky in 2013. I have supplied some examples below for Kentucky First Time Home Buyers so they can arm themselves with some knowledge and feel comfortable and confident when they take that step to get pre-approved to buy a Home in Kentucky

Interested in understanding how far a credit score can drop with late payments, foreclosure, short sale activity or bankruptcy?

This should give you an idea:

30 days late: 40 – 110 points
90 days late: 70 – 135 points
Foreclosure, short sale or deed-in-lieu: 85 – 160 points
Bankruptcy: 130 – 240 points

To come to these figures, Fair Isaac created two hypothetical consumers, one who starts out with a fair-to-middling score of 680 and the other with a very good one of 780. (FICO scores range from 300 to 850.)

The hypothetical person with the 780 FICO has 10 credit accounts versus six for the 680, plus a longer credit history, lower utilization of total credit limit and no missed payments on any account. The other consumer has two slightly damaged accounts. Neither have any accounts in collection or adverse public records.

Borrower #1 Borrower#2
680 780 Initial Score
620-640 670-690 30 Day Delinquency
595-610 645-665 90 Day Delinquency
575-595 620-640 Foreclosure Short Sale
530-550 540-560 Bankruptcy
Source: Fair Isaac Corp.

640 is the bottom score (again with few exceptions) that Kentucky Mortgage lenders will permit. Below a 640, then you’re in a world of hurt. Even at 640, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 740 is even better. Watch your credit!!!!! Check out my post:

Home > Credit Report Tips, Credit Reports, Credit Score First Time Home Buyer Louisville Kentucky KHC, Credit Score Raising it, Credit Scores, Credit Scoresrequired for KHC, Fico Score >
Kentucky Mortgage Loan Approval Credit Requirements for 2013
... more
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Fri Dec 7, 2012
Scott Panella answered:
yes! no question about it. Over 50 homes under contract and under construction as we type.
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Wed Sep 12, 2012
Debbie Simms answered:
There are several areas of great shopping in Louisville. Upscale means different things to different people. If you'd like to go into more detail feel free to email me.
0 votes 5 answers Share Flag
Tue Aug 7, 2012
Neil Blumberg answered:
I have an investor client who is dog CRAZY, and allows pets in his homes. I know he currently has 2 vacancies. Call me at 502-254-9600, maybe I can help.
0 votes 1 answer Share Flag
Sat Aug 24, 2013
Fred White answered:
If you are interested in looking at a house or a demo model there, I would be happy to take you and help point out certain areas of interests. To be honest, there are not too many places building lots of new houses right now, but that area is a decent commute to Ft. Knox which is growing substantially. ... more
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Tue Jul 26, 2016
Becky Lusch answered:
What state do you live in? Some are dower curtesy states meaning you have an automatic interest in your husbands property therefore you will not be eligible for a second FHA loan.
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Thu Aug 9, 2012
Suzanne MacDowell answered:
No. I have never heard of a seller rescinding a sale once closing has taken place. Unless there has been some kind of fraud I can't imagine how that could be accomplished. You may want to discuss your situation with an attorney, however, just to be sure, but I really don't see how. ... more
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Thu Feb 13, 2014
Kathleen Reed answered:
They are fine, as far as I know. Have lived in area all my life (59 yrs). The only problems I am aware of are down Hikes Ln further, around Klondike Ln. Hope this helps.
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Mon Aug 6, 2012
Mary Beth Vanmeter answered:
Hi Deniel, I can set up an automatic search for you that will highlight the areas you want. Are you working with an agent? If not, meet me at my office to customize your search. I can make your home buying process effective and fun!
Mary Beth VanMeter
Weichert Realtors- ABG Properties
... more
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Mon Jul 30, 2012
Neil Blumberg answered:
Hi Bev, I can help. You may call me at 502-254-9600. Good luck. Take a look at this blog concerning rentals.
0 votes 1 answer Share Flag
Mon Jul 30, 2012
Ron Thomas answered:
Have you tried to simply write a letter to your Landlord explaining the situation;
Everything does not have to be confrontational.
0 votes 2 answers Share Flag
Tue Apr 30, 2013
Alison Hillman answered:
Hi Mawgy-

Take a look at Trulia's Crime Maps:

This should give you a better understanding of the types of crimes in the area. Stay safe!

Ali, Community Manager
... more
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Sun Jul 29, 2012
Tre Pryor answered:
Fri Jul 27, 2012
My guess is no, looks like the last VA review was in 2010. Have your lender research it for you, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time ... more
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Thu Jul 26, 2012
Neil Blumberg answered:
Thu Jul 26, 2012
Tim Moore answered:
Make some calls and get some quotes. be sure to remove the land value from the total, you don't insure the land just the house on it.
0 votes 1 answer Share Flag
Fri Sep 5, 2014
Noel Harris answered:
That is a question best answered after a few other questions. What price would you like to be in? How far from work do you want to be? How far are you willing to drive to get to places you want to be? There are several great neighborhoods in Louisville, KY and surrounding areas so 1st we would need the answers to a few questions and then we can get you to where you will love to live. Contact me or visit my website. Noel (502) 338 -7145 or ( ) ... more
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