Joel Lobb’s Post

How to Qualify For a Kentucky FHA Mortgage Loan

How to Qualify For a Kentucky FHA Mortgage Loan

Buying a home just got easier . . . Home prices remain high, interest rates are most likely not coming down to those super low rates any time soon, BUT, there are many other factors that make buying a home still completely within range for you. Here's the most recent: If you haven't purchased a home using an FHA loan, you may not be aware that there are MAXIMUM loan limits AND THOSE LIMITS DIFFER FROM COUNTY TO COUNTY. In fact, there's a good chance you don't know that even if you are planning on using an FHA loan right now. It's in the details. And when it comes to the overwhelming details involved in purchasing a home, it's understandable that some get missed or forgotten. Here's why this news matters to you: Let's say you live in Los Angeles County and you've contacted a lender in your area. You work with them to get pre-approved, but you never mentioned that you intend to purchase in Riverside County (CA). The lender pre-approves you for a $1M home loan and you are comfortable with that mortgage payment. So off you go searching for a $1M home in Riverside County. All seems to be on track, right? WRONG! While the 2023 FHA loan limit in Los Angeles County is over $1M, the limit in Riverside County is only $644,000 (for a single family home). What does that mean? FHA will no longer authorize a loan up to the value of $1M. This means you now have to come up with hundreds of thousands of dollars MORE as a down payment to fill in the gap between what FHA will authorize the loan and the price of the home. Why are the limits different in the same state? The home values differ and FHA bases loan limits on those values. So, what's this news? FHA has announced that, in response to increasing home appreciation, it is adjusting those loan limits for 2024 - giving home buyers using FHA loans MORE BUYING POWER! https://lnkd.in/eugzuRMk #homebuyingtips #homebuyers #realtortips #FooteRealEstateTeam #YourNeighborYourAgent #TheMoreYouKnow #DedicatedToKeepingYouInformed

📢 EXTRA EXTRA Realtors You'll Want to Read all about it... "RateReduce SellTM" provides real estate agents the opportunity to offer home sellers a way to secure a discounted mortgage rate for a prospective buyer so that they can sell more homes. As part of securing the property listing, the real estate agent works with the seller and a Guaranteed Rate loan officer to pay a fee and lock in the discounted rate for a buyer. This unique benefit allows the listing and marketing of the home to stand out compared to the competition, giving the property a higher likelihood of selling. "We want to offer real estate agents and their clients the opportunity to lock in a rate that they can market to their potential buyers. In an environment where rates can be volatile, this is a key selling point for a future buyer," said Jeremy Collett, Guaranteed Rate's EVP, Head of Capital Markets. "One of the biggest hurdles impacting sellers and buyers is high interest rates. With Guaranteed Rate's exclusive new program, real estate agents can ensure that their buyers get a discounted market rate on their mortgage. Real estate agents will also have the ability to advertise the program and the lower 'RateReduce SellTM' rates to buyers at open homes and in their listings."

✅ Get organized at the beginning :: Buying a house is not a casual endeavor and the more you can have everything clarified in advance, the more successful you will be. This means getting your finances in order, holding off on big purchases and choosing a real estate agent you are aligned with and can engage with effectively. Same with lenders. Do your due diligence. Ask around. ✅ Set a (price) limit and stick to it :: In fact, set a budget and then look at homes 10-20% below that. Stay in your financial comfort zone. Bid against other buyers if you must, but always be prepared to throw in the towel when your budget has been exceeded. Don’t worry, even in this market there are always other properties. ✅ Don’t consider compromise an ugly word :: While each purchase is unique, it should be said upfront that compromise may be necessary. If you love the house, you may want to pick your battles. You won’t get everything—it’s a negotiation after all—but you’ll doubtlessly get some of what you want, most importantly the home itself. ✅ Check out first-time homebuyer programs. ✅ Consider an FHA loan :: FHA loans (from approved lenders) come with some very appealing benefits and lenient requirements for first-time homebuyers. These include a low down payment option of 3.5% if your credit score is above 580 and reasonable 10% down payment options if your credit score falls in the range of 500-579. One caveat: An FHA loan will require you to purchase mortgage insurance. Once you understand what you can likely afford, explore FHA loans to see if you save any more and increase the chances of approval. ✅ Consider a loan from Fannie or Freddie :: Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that set lending guidelines and buy the majority of conventional mortgages throughout the industry, also provide incentives for first-time homebuyers, such as: down payment options as low as 3%, elimination of mortgage insurance once you reach 20% equity in your home, or ability to use rental payments as evidence of creditworthiness. ✅ Stay upbeat :: Trust the process, stay positive and be cognizant that things may take a while. So if you miss out on house No.1, let it go and move on. Remember: The homebuying process can be a marathon, even if the current frenzy might make it feel like a sprint through an obstacle course. Source: rate.com #atpropertieschristies #atproperties #bellerthomes #teambellert #realestatetips #realestatenews #realestateadvice #marketupdate #homeownership #biddingwar #PolskiAgentNieruchomosci #chicagorealtor

I came across this information and thought it might be interesting to share given the challenges facing the mortgage industry. 2023 is coming to a close. Implementing NEW IDEAS and reimplementing OLD IDEAS over the last 60 days of 2023 will help set you up for more success in 2024. https://lnkd.in/g_PgKwvJ

Boost your mortgage company's success with data-driven marketing. Are you a loan officer or mortgage company looking to supercharge your marketing efforts? Our latest blog will help you unlock the power of data with three valuable sources to make your mortgage company more successful. Follow the link for more: https://lnkd.in/evD7N-aP #marketing #mortgageindustry #financialservices #directmail

Zillow making headlines again offering first time homebuyers the option to put 1% down payment on a home. Interest rates are at a 22 year high and housing affordability is at a 4 decade low. This is the company's answer to the current market. Just a couple years ago though Zillow's Home Flipping business really bust costing the company $328 Million when they bought properties directly from sellers bypassing real estate agents, and flipped them. But the company struggled to renovate and resell the homes it purchased fast enough, creating a huge backlog. Maybe just stick to posting homes on your apps for my buyers and sellers to see. **Use a Real Estate Agent when buying or selling a home** Back to the current story. We have been here before offering low down payments to home buyers, 2008 housing crisis? I'm sure this will totally work out, nothing bad has ever come from offering 99% financing....It's a free market. To qualify for the program, buyers must have a minimum qualifying FICO score of 620 and have income no more than 80% of the area median income (AMI) where the property is located. Also this is only available in Arizona but Zillow is hoping to expanded this program to other states. Freddie Mac offers a 3% down payment option and FHA loans have always been out there as an option for home buyers. My advice would be talk to your real estate agent and work with a trusted lender such as David Powell or Michael Fithian, two loans officers I have closed many deals with.

📣 Mortgage industry News: FHA Loan Assumptions for Qualified Buyers: A Boost for Homeowners! ___________________________________________________ The Federal Housing Administration (FHA) is working on new rules regarding mortgage loan assumptions. This important development could open up a valuable option for home buyers and sellers alike. In a recent article on HousingWire, Gordon Blakeley explores the potential benefits of these proposed changes. Let's dive deeper into this exciting development! Here are the key highlights: 1️⃣ The FHA is examining mortgage loan assumption rules, with the aim of introducing a new partial claim option. This would allow qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers' mortgage terms, including the outstanding principal, interest rates, and remaining loan duration. (basically legit sub to borrowing) 2️⃣ The new assumption rules could prove to be a game-changer for potential homebuyers, as it would offer them more flexibility and access to affordable financing options. (though they already exist in sub to) 3️⃣ Homeowners who face financial hardships and are unable to meet their mortgage obligations may find relief through the partial claim option. This solution could help them avoid foreclosure and maintain homeownership by transferring their loan to a qualified buyer. (This part didn't make sense but it is the summary of what I got out it. Maintain Ownership??) 4️⃣ Benefits for sellers are not neglected either! With the proposed changes, homeowners would have a wider pool of potential buyers who could assume their mortgage loan. This increased demand could lead to faster home sales, reduced time on market, and potentially higher selling prices. (Servicer win, lender loss.) 5️⃣ The changes being discussed are aimed at creating a win-win situation for both buyers and sellers (nobody else was considered...at all). By expanding the eligibility criteria for eligible buyers and providing relief opportunities for struggling homeowners, the mortgage market could experience a positive ripple effect across the board. This development is certainly one to watch closely, as it has the potential to create significant opportunities for all parties involved in the real estate market. (Well, buyers and sellers...not brokers, lenders, agents, etc) The FHA's examination of mortgage loan assumption rules is lacking but at least they are thinking outside the box. To read the full article and learn more about these proposed changes, click here: https://lnkd.in/grXvxSeS ✨ What are your thoughts on the potential benefits of the new assumption rules? How do you think it might impact the mortgage industry as a whole? Share your views and let's engage in a meaningful discussion! #MortgageIndustryNews #HousingMarketUpdates #RealEstateFinance

If you’re thinking of buying a home, you might want to act fast. Mortgage rates are rising due to inflation and the Fed’s actions. Find out how these factors affect your home loan and what you can do to save money. Read our latest blog post for more details. #mortgagerates #homebuying #realestate Why Mortgage Rates Are Rising and How to Save Money on Your Home Loan https://bit.ly/42rgHt7