- Specific verbiage for Well Water Testing has been added indicating that it must be performed by a disinterested party in a method acceptable to the local health authority. The borrower or any other interested party may not have contact with the sample. Additionally, cases mandating a Well Water Test have been added to include (but not limited to) the following
- Newly constructed properties and/or wells
- Properties with deficiencies in the well or well water as determined by an appraiser
- Areas where water has been reported or is otherwise known to be unsafe
- Properties located in close proximity to dumps, landfills, industrial sites, farms, or other sites that could contain hazardous waste
- Properties where distance between well and septic systems is less than 100 feet
- Clarification issued indicating how to calculate FHA income for Overtime, Bonus, or Tip Income must be calculated using the lesser of
- Average Overtime, Bonus, or Tip income earned over the previous 2 years (or if earned less than 2 years, the total length of time it has been received); OR
- Average Overtime, Bonus, or Tip income earned over the previous year
- All requirements regarding unreimbursed business expenses and Commission Income or Automobile Allowances has been completely removed to align with current IRS tax laws
- Rent Below Fair Market has been defined as an inducement to purchase when the borrower is allowed to live in the property rent free or at a rental amount more than 10 percent under the fair market rent as determined by the appraiser.
- Clarification has been added that Reduction in Term for Kentucky FHA Mortgage Streamline Refinances refers specifically to the reduction of the remaining amortization period of the existing mortgage.
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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