New Protections from Lenders for Buyers, Home Owners and Sellers

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Because of new rules just published by the Consumer Financial Protection Bureau (“CFPB”), homeowners, after years of abuse from their lenders’ mortgage servicing companies,  will now find they’re not being steamrolled into penury. The new rules deliver a black eye to the well heeled mortgage industry and deal with 9 nine major topics: periodic billing statements, interest-rate adjustment

Breaking News: Gigantic Pot Of New Cash To Help (1) Homeowners Facing Foreclosure (2) Buyers of Foreclosed Homes

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Get That Cash! As part of the National Mortgage Foreclosure Settlement, Mayor Greg Fischer and Kentucky Attorney General Jack Conway jointly announced on July 30, 2012 that $3.2 million of the $19.2 million Kentucky received as part of the National Mortgage Settlement will be used to help rid Louisville of vacant and abandoned properties in targeted

Fire Your Land Lord – New Down Payment Money Available For Buyers!

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NEW MONEY AVAILABLE FOR DOWN PAYMENT ASSISTANCE As we reported in an earlier blog, Kentucky Housing Corporation (KHC) received $3,000,000 from the National Mortgage Foreclosure Settlement Fund to offer a new mortgage program for down payment and closing cost assistance (DAP). This program is only available untiul these funds are gone. The terms being offered

Louisville Market Shrinking – Good News For Sellers – Not Yet Too Late For Buyers

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Past Market Trend.  Back in April I wrote that there were 3 data pieces which, read together, indicate strongly that as of April 9, 2012, the Louisville housing market is improving for sellers: 1.     The median list price is trending strongly upward 2.     The asking price per square foot is trending strongly upward 3.     The average

“Non Conforming Square Feet” – What does That Mean? Why Should I care?

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Q: What does ”non conforming square feet” in a real estate description mean? A: The Greater Louisville Association of Realtors, and many other associations throughout the US, use the American National Standards Institute (ANSI) rules to determine sq ft. Until we adopted that standard, there were many ”customary” rules but none definite. Now we have

What Happens After I Have Applied for my Mortgage?

The Mortgage Process. Soon after the lender accepts your application for a loan you should receive these four important documents: 1 Good Faith Estimate (GFE) disclosure. Your lender is required by law to send you the GFE within three business days after your application. The GFE sets out the most important terms  of your loan and

The 7 Deadly Sins First-Time Home Buyers Make

1. They don’t ask enough questions of their lender and end up missing out on the best deal.  The relationship between loan officer and realtor is fundamentally different. A realtor is the buyer's agent, so he must act in the best interest of his client.  This means he must try to find him the best

Some Buyer and Borrower Issues at a Kentucky Closing: Title, Insurance, Smoke Detector

The following is a brief summary of some of the issues buyers and borrowers in Kentucky should be aware of and some timing recommendations – there may be some variations, depending on your closing agent and lender.   1. HOMEOWNERS INSURANCE.  (a)  You must bring to closing your homeowner's fire and extended coverage insurance policy

All Kentucky Home Buyers – Tax Credit Alert!

HOME BUYER ALERT!  Don't Miss Out on the Kentucky Housing Corporation's Tax Credit. What is KHC's Home Buyer Tax Credit? KHC's Home Buyer Tax Credit is available through Mortgage Credit Certificates (MCC), which reduce the amount of federal income tax a borrower pays, giving them more available income to qualify for a mortgage loan.  MCCs