Buying a Home

Kentucky Housing Corporation Offers New Down Payment Assistance Grant!

Kentucky Housing Corporation Offers New Down Payment Assistance Grant! 

 

The Kentucky Housing Corporation (KHC) has just recently announced the availability of a $10,000 Down Payment Assistance Grant (DAP). This is a 0 percent interest, forgivable second mortgage loan with a 5-year term, and recipients are not required to be at a maximum Loan-to-Value (LTV) first mortgage amount.

An important restriction to note is that the property in question must be in either Christian, Hardin, Jefferson, or Kenton county. This grant also is only applicable for non-new-construction properties.

Another important limitation to this grant is that it only applies to first-time home buyers, and Dodd-Frank certification must be completed before taking advantage of this opportunity.

This Down Payment Assistance grant is a great opportunity for new home buyers in Louisville and surrounding counties to get assistance on their home purchase!

For more information and for the complete limitations and restrictions, contact The Oatley Team here

Louisville Homes For Sale – Douglas Hills

Douglas Hills is one of the many neighborhoods in Louisville that is applicable for the Down Payment Assistance Grant. With many quality schools, pools, and parks in the neighborhood, Douglas Hills is a wonderful place to call home. At The Oatley Team, it is our mission to help your find your perfect home, and this new grant opportunity to do just that.

Click here to view Louisville Homes for Sale in Douglas Hills 

Contact The Oatley Team to find your new Louisville home:

Phone: (502) 554-9555      Email: ...

Welcome Home Program offers $5,000 for homebuyers

Starting March 1st, 2017 certain lenders are offering a forgivable grant of $5,000 for down payment and closing costs to homebuyers who meet certain income criteria. It is important to note that you do not have to be a first time homebuyer to take advantage of this opportunity. Several different home types such as single-family, townhouse, and condominiums are eligible.

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Resources and funds for this opportunity are limited, and as an idea of the volume of applicants and availability, last year the available funds for this program expired 5 weeks after launch, so it is important to act quickly. This program is designed to help get you into the home that you want!

*Note: Restrictions and conditions apply. Contact a member of The Oatley Team for more specific information and to clarify any questions you have.

Louisville Home For Sale

When searching for a new home, there are a lot of important things to consider, and that is where The Oatley Team comes in. We want to help find the right home for you. To get started you can contact one of our agents below, and you can also browse our website for the many amazing Louisville homes we have listed.

Click here to see Louisville homes for sale!

Contact The Oatley Team to find your new Louisville home:

Phone: (502) 554-9555      Email: agents@theoatleyteam.com

Click here to view more contact options. 

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Have You Saved Enough for Closing Costs?

Have You Saved Enough for Closing Costs?There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan).

If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.

Freddie Mac defines closing costs as:

“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.”

We’ve recently heard from many first-time homebuyers that they wished that someone had let them know that closing costs could be so high. If you think about it, with a low down payment program, your closing costs could equal the amount that you saved for your down payment.

Here is a list of just some of the fees/costs that may be included in your closing costs, depending on where the home you wish to purchase is located:

  • Government recording costs
  • Appraisal fees
  • Credit report fees
  • Lender origination fees
  • Title services (insurance, search fees)
  • Tax service fees
  • Survey fees
  • Attorney fees
  • Underwriting fees

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3 Questions to Ask Before Buying Your Dream Home

3 Questions to Ask Before Buying Your Dream Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a recent survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the four major reasons people buy a home have nothing to do with money. They are:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.

What does that...

Is Getting a Home Mortgage Still Too Difficult?

Getting a Home Mortgage

There is no doubt that mortgage credit availability is expanding, meaning it is easier to finance a home today than it was last year. However, the mortgage market is still much tighter than it was prior to the housing boom and bust experienced between 2003 - 2006.

The Housing Financing Policy Center at the Urban Institute just released data revealing two reasons for the current exceptionally high credit standards:

  1. Additional restrictions lenders put on borrowing because of concerns that they will be forced to repurchase failed loans from the government-sponsored enterprises or Federal Housing Administration (FHA).
  2. The concern about potential litigation for imperfect loans.

What has been the result of these concerns?

6.3 Million Less Mortgages

The Policy Center report went on to say:

“It was so hard to get a mortgage in 2015 that lenders failed to make about 1.1 million mortgages that they would have made if reasonable lending standards had been in place. From 2009 to 2014, lenders failed to make about 5.2 million mortgages thanks to overly tight credit. In total, lenders would have issued 6.3 million additional mortgages between 2009 and 2015 if lending standards had been more reasonable.”

In an interview with DSNews, Laurie Goodman and Alanna McCargo of the Policy Center further explained:

“Our Housing Credit Availability Index (HCAI)* measures the probability that mortgage borrowers...