Apply For Fha Home Loan In Ky

Apply For Fha Home Loan In Ky – An important question to answer when you are ready to buy a home is: What type of loan to choose? There are many options to choose from. Conventional and FHA are among the most popular options. Here’s what you need to know about these common loan options.

Federal Housing Administration (FHA) loans are backed by federal agencies. Its goal is to make mortgages affordable for low-income homebuyers. People with poor financial standing can get help with FHA loans.

Apply For Fha Home Loan In Ky

Standard mortgages are guaranteed by the government-sponsored agencies Fannie Mae and Freddie Mac. It is not directly operated or sponsored by the federal government. But when private lenders make loans, Fannie or Freddie promise to buy them. This de-risks lenders and gives them more incentive to borrow more.

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Minimum requirements are the same for FHA and conventional loans. Depending on the lender’s rating, it could be 3.5% for FHA and 3% for conventional. With two types of loans, Borrowers can get up to 100% of their down payment with a grant, making it easier for parents or grandparents to help homebuyers get their first home.

Conventional loans require the highest score (620) compared to FHA (500 to 580). The interest on the loan will be better.

Interest rates on both types of loans are similar, with the FHA sometimes being slightly lower. Rates are usually determined on a case-by-case basis based on your credit score, down payment and loan-to-value ratio. and your other assets. Fees may vary from lender to lender.

With a general loan, borrowers must pay a personal insurance premium (PMI) until they have 20% equity in their home. Or add equity as your home’s value increases with the market. or a combination of both until you reach that threshold. You will pay a PMI premium to protect your lender against potential credit defaults. This could cost you anywhere from 0.5% to 1.75% of your total debt each year. If you take out a $300,000 mortgage and pay PMI at 1%, you’ll pay an extra $3,000 per year.

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With an FHA loan, you pay mortgage insurance for the life of the loan. The rate is 1.75%, so the total FHA cost can be higher than the normal cost. However, you can refinance FHA with conventional to lower your mortgage insurance premium. .

Call us today and we’ll discuss your situation and help you choose the best option for you!

Conventional loans are not guaranteed or guaranteed by any government agency. You can borrow money through a private lender, such as a bank, credit union or credit union. Although conventional loans are more difficult than government loans, they also tend to be more flexible.

HomeReady is a standard mortgage offered by Fannie Mae. If you apply, you can use money from your parents, grandparents, relatives and others to help you get approved. Once you’re approved, you can cancel your private mortgage insurance, or PMI, after you’ve paid 20% of your home’s value.

Prosperity Home Mortgage

FHA loans are guaranteed by the Federal Housing Administration. However, these loans have low down payments and requirements. But you will pay mortgage insurance to protect the lender if you default on your payments.

The ideal Freddie Mac home loan has a 3% down payment, but it’s worth it. You may not get more than 100% of the average annual interest rate in your area.

A USDA loan is a low-interest, no-down payment loan backed by the United States Department of Agriculture. This will help you finance the purchase of a home in a decent rural area.

VA loans are guaranteed by the US Department of Veterans Affairs. If you are an active duty member, veteran or eligible spouse. You may be approved for a VA loan with 0% down and no PMI, but keep in mind that you’ll pay up to 3.6% of your loan amount.

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We just moved here on January 1, 2017 from Ohio to Louisville, Kentucky and found Joel’s website online. He got back to us quickly and got back the same day we approved it. Loan He is very familiar with the local market. and stay informed throughout the loan process. and we are happy to meet after closing the account. Recommend their services.

“Looking for a loan company in Louisville, Kentucky. we were on the internet for care and found joel’s site and it was a godsend. He was a pleasure to work with. And he did everything he said he would do. I finally spoke to my colleague at UPS and he was happy with the service and the price too. I will definitely guarantee it.” September 2016

“We contacted Joel in July 2011 about refinancing our loan. And he was a pleasure to work with. We work with many lenders both locally and online. And all in all, it took Joel almost 60 days to complete the funding in 23 days from start to finish. I strongly recommend it. We got 3.75% on just $900 in closing costs on our FHA Streamline loan.

“Joel is one of the best lenders I have worked with in my 16 years in the real estate and mortgage industry.” May 25, 2010

Understanding The Different Types Of Mortgage Loans [infographic]

“Joel has always worked hard to keep his word and find solutions to difficult problems in a timely manner. He is very knowledgeable about FHA and other types of mortgages. September 1, 2010

“I have worked with Joel since 1998, he is an outstanding lending professional,” I advise Louisville area homebuyers. Most of the state of Kentucky was given to him. And he always takes special care of them. August 23, 2012

“Joel Lobb is a true professional in the loan industry. With years of experience, he is the man to meet your loan needs.” Aug 22, 2011

“I had the pleasure of meeting Joel Lobb when we bought our new home in 2006. He was more than just nice and approachable. But he is very good in his field. and make sure we find you the best price and the best loan company for us. Thanks to his expertise, we were able to complete the project in less than 3 weeks. I found Joel to be very loyal. And I recommend it to anyone who says they need help with a loan. He is also funny and keeps up with the real estate industry through his Twitter posts. We still talk to this day!” August 21, 2010

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“We first used Joel to purchase a new home in 2007 in St. Matthews, KY and was a pleasure to work with. We have since refinanced our home in 2010 and the value of the home has dropped dramatically. And he always does what he says. I can’t imagine using anyone else.”

Incredible!! I emailed Joel after getting rejected by my bank. And I decided to try to get some advice on the next steps in finding a home. I really didn’t expect an answer. Because my credit is not very good. About a week and a half ago. I just signed the contract on the house last night. It was only because of Joel Lobb that he was with us all weekend. which really surprised me. Best decision I ever made. Thank you so much for working with us throughout the process.

She contacted him about purchasing a home and he was a pleasure to work with. I moved to Louisville Ky for a new job. And he walked me through every step. He explained the options to me. For FHA, VA, USDA loans and credit requirements vs. Fannie Mae because I am a first time home buyer. I really need help and advice. I would definitely recommend it. Quick response and able to answer any questions I had or my broker after hours.

We moved from Michigan to northern Kentucky. And we were very impressed. We got a USDA loan with no down payment and closed in 3.5 weeks. We shopped online with other lenders but Joel was always the first to respond. And their rates are slightly better than other lenders. We were kept informed throughout the process with the broker. And there were no miracles, as we heard from colleagues and other friends. but they suffer in the loan process. We recommended another colleague to Joel, he is great!

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