Kentucky FHA Loan Requirements for 2017

Kentucky HUD $100 Down FHA Program for 2017

fsdfdsfdsfsdfsdfsdf

Kentucky FHA Loan Requirements

The requirements for Kentucky FHA loans are set by HUD.

  • Borrowers must have a steady employment history of the last two years within the same industry or line of work. Recent college graduates can use their transcripts to supplant the 2 year work history rule as long as it makes sense.
  • Self-Employed will need a 2 year history of tax returns filed with IRS. They will take a 2 year average.
  • FHA requires a 3.5% down payment. Can be gifted from family member or from retirement savings plan, or money saved-up. Any type of cash deposits are not allowed for down payments. No exceptions to this rule!! This is one of the biggest issues I see in FHA underwriting nowadays.
  •  FHA loans are  for primary residence occupancy. Not rental houses.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 43 percent. If the Automated Underwriting System gives you an Approved Eligible you can go higher on the debt ratios
  • Borrowers must have a minimum credit score of 580 for maximum financing with a 3.5% down payment
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. Most lenders will not go below 620 score, and very few lenders will go to 580 score. It’s best to work on getting your scores up before you apply or work with a loan officer to improve them.
  • 2 years removed from Chapter 7 is required with good pay history after bankruptcy
  • 1 year removed from Chapter 13 is okay with an excellent pay history with the Chapter 13 plan and permission from trustee. You will need to qualify with the Chapter 13 payment along with new house payment. Again, scores will play into your loan pre-approval.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you’ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.
  • Max FHA loan in Kentucky is between $275,000 to $299,000 depending on the county in Kentucky
    I can answer your questions and usually get you pre-approved the same day.

hud-100-incentive-program-fha-home-loan-group-1

  • Call or Text me at 502-905-3708 with your mortgage questions.
    Email Kentuckyloan@gmail.com





    1 | 2 | 3 | 4 | 5 |

    Search Results for HUD Homes in KY

    1 | 2 | 3 | 4 | 5 |
    96 listings found
    List Gallery
    Save Search Email Search View Map Export to Display:
    5
    10
    20
    1 | 2 | 3 | 4 | 5 |
    To View HUD Homes Available For Auction Please Click Here.
    • Recent Listings (2)
    • Recent Searches (3)
    Search Properties
    *State County City Zip Code Street Price From    –   To Bedrooms Bathrooms
    Select
    AK
    AL
    AR
    AS
    AZ
    CA
    CO
    CT
    DC
    DE
    FL
    GA
    GU
    HI
    IA
    ID
    IL
    IN
    KS
    KY
    LA
    MA
    MD
    ME
    MI
    MN
    MO
    MP
    MS
    MT
    NC
    ND
    NE
    NH
    NJ
    NM
    NV
    NY
    OH
    OK
    OR
    PA
    PR
    RI
    SC
    SD
    TN
    TX
    UT
    VA
    VI
    VT
    WA
    WI
    WV
    WY
    Any
    1+
    2+
    3+
    4+
    5+
    Any
    1+
    2+
    3+
    4+
    5+
    Buyer Type All
    Owner Occupant
    Investor
    Good Neighbor Next Door
    Government Agency
    Nonprofit
    Dollar Homes
    Status All
    Accepting Bids
    New Listing
    Price Reduced
    Pending Bid Opening
    Showcase
    Property Case #
    Search Clear
    Advanced Search
    *Required field, except if Property Case # or Zip Code is entered

    Search Results for HUD Homes in KY

    1 | 2 | 3 | 4 | 5 |
    96 listings found
    List Gallery
    Save Search Email Search View Map Export to Display:
    5
    10
    20
    Joel Lobb
    Senior  Loan Officer
    (NMLS#57916)
    text or call my phone: (502) 905-3708
    email me at kentuckyloan@gmail.com
    The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
    All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
Advertisements

22 New Fannie Mae Homes in Kentucky

You have subscribed to receive alerts in Kentucky.

 

$25,000Just Listed

3801 Herd Elias Rd
Tyner, KY 40486

3 Beds |2 Baths | 1634 sq. ft.

View Property

 

$79,900Back on Market

36 Sweetbriar Ave
Florence, KY 41042

3 Beds |1 Baths | 1288 sq. ft.

View Property

 

$40,000Back on Market

2204 Parkwood Rd
Louisville, KY 40214

2 Beds |1 Baths | 624 sq. ft.

View Property

 

$55,000Price Reduced

504 5th Ave
Frankfort, KY 40601

3 Beds |1 Baths | 1056 sq. ft.

View Property

 

$108,900Price Reduced

1927 Brooklyn Chapel Rd
Morgantown, KY 42261

3 Beds |2 Baths | 2097 sq. ft.

View Property

 

$288,900Price Reduced

7154 Thornwood Ln
Florence, KY 41042

4 Beds |3 Baths | 2776 sq. ft.

View Property

 

$64,900Price Reduced

517 Washington Ave
Paintsville, KY 41240

3 Beds |2 Baths | 2242 sq. ft.

View Property

 

$135,500Price Reduced

136 W Main St
Mount Sterling, KY 40353

5 Beds |2 Baths | 3641 sq. ft.

View Property

 

$42,900Price Reduced

147 Williams Branch
Hazard, KY 41701

3 Beds |2 Baths

View Property

 

$39,900Price Reduced

158 Baker Ave
Hazard, KY 41701

3 Beds |2 Baths | 2416 sq. ft.

View Property

 

$19,000Price Reduced

1229 Hermes Ave
Covington, KY 41011

1 Beds |1 Baths

View Property

 

$79,000Price Reduced

2116 Quillman Rd
Louisville, KY 40214

4 Beds |1 Baths | 1440 sq. ft.

View Property

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

  • Ordered through a third party source. Interested/vested parties may not initiate the appraisal. I.E> buyers, sellers, realtors, loan officer, family members
  • Property must meet HUD’s minimum property standards. i.e.: permanent heat source, utilities must be on and in working order at time of inspection
  • Flips < 90 days – not allowed Per HUD -If current owner owned less than 90 days FHA will not insure. Sometimes a second appraisal will be required by FHA investor if sold within the last 6 months for a large profit. Receipts of work done may be needed to substantiate  increase in value of home in short-time period.
  • Transferred appraisal – ok
  • Appraisal valid 120 days – 30 day extension possible*
  • Property eligibility – No location restrictions.
  • New Construction Available

23444444

 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

Pre-Qual-Button-v2

 

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.

 

What are the 2014 Kentucky FHA Guidelines for credit scores, down payments, cash out, and mortgage insurance requirements for a FHA Mortgage loan?

Kentucky FHA Program guidelines have been updated as follows:

For a Kentucky FHA Purchase Loan, we can go down to a 600 credit score with the minimum down payment of 3.5%.  No bankruptcies or foreclosures in the last 2 years.

If you are getting cash out, then the max loan to value or equity position is limited to 85% of the homes value. For example, if you had a home that was valued at $100,000, then the max loan for a FHA Cash Out in Kentucky would be $85,000.00. You still have to may mortgage insurance for life of loan so think carefully about using FHA for a cashout refinance.

The maximum debt to income ratios will be set by the AUS when we run it, but for a refer, it will be limited to 31% and 43% respectively. For example, if you make $3000 a month gross income, the max house payment would be $930.00 piti, and the maximum monthly payments including the new house payment would be $1290.00. So in the above example, the most you could have left in monthly bills listed on the credit report would be $360.00–If you had child support this would count in the dti calculation on the backend ratio of 43%

The seller can pay up to 6% of the buyer’s closing costs and prepaids (property taxes, home insurance for 1st years escrows) of the sales price. So, if you purchased a home for $100,000.00, the seller could give you a concession at closing to pay your closing costs and prepaids. A lot of Kentucky First Time homebuyers use this to limit their cash to close.

The minimum down payment of 3.5% for Kentucky FHA Loans can come from a family member in the form of a gift, or can be borrowed from a 401k, retirement account, or secured asset like a car.

• Seller must own the property a minimum of 90 days prior to the contract date.

FHA loans do not require a termite or home inspection, but they do require a HUD appraisal by a FHA approved Appraiser.

The following changes are effective for all Kentucky  FHA case numbers assigned on or after June 3, 2013: FHA is changing the duration for the collection of MIP
o For all mortgages with an original principal LTV of 90% or less, regardless of loan term, the annual MIP will be assessed for 11 years.
o For all mortgages with an original principal LTV greater than 90%, regardless of loan term, the annual MIP will be assessed for the entire life of the loan.

Loans of 15 year terms or less with LTV 78% or less will pay an MIP amount of 45 bps.

FHA Streamlines Prior to June 2009
FHA Streamlines with case numbers dated June 11, 2012 or later will have new MIP rules applied. If the loan being refinanced was endorsed on or before May 31, 2009, the new Streamline will receive a flat annual MIP of 55 basis points, regardless of loan amount, and the UFMIP ratio will decrease to 0.01% of the base loan amount.

 

 

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com/

 

FHA loans are secured through the FHA, or Federal Housing Administration
FHA loans are secured through the FHA, or Federal Housing Administration

Kenttucky Fhamortgage Loansupdated Guidelines Louisville Ky

Kenttucky Fhamortgage Loansupdated Guidelines Louisville Ky.

Louisville Ky FHA Loans

Free Home Loan Application-Call today at 502-905-3708 or email kentuckyloan@gmail.com for your free credit application today
NMLS# 57916
Equal Housing Lender

Louisville Ky FHA Loans.

via Louisville Ky FHA Loans.

Louisville Ky FHA Loans

Louisville Ky FHA Loans

The Federal Housing Administration (FHA) is a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA’s primary objective is to assist in providing housing opportunities for lo to moderate income families. FHA has both single family (1-4 unit homes) and multi-family (5 or more units) mortgage lending programs. The agency does not generally provide funds for the mortgages, but rather insures home mortgage loans made by private industry lenders such as mortgage bankers, savings and loans and banks.


Is there a Loan Limit on Louisville Ky FHA Loans?
FHA Maximum Loan Amounts are set by HUD for every county in the United States. Maximum loan amounts vary from one county to another. It is critical that the borrower’s loan amount, including financed closing costs, not exceed the maximum set by FHA for the county in which the subject property is located. There are no income limits on Louisville Ky FHA Loans  . Check with you Loan Consultant for the maximum Mortgage amount allowed in the county you are considering purchasing a home in.


Is Mortgage Insurance Required On Louisville Ky FHA Loans?
FHA is a government insured program with a unique mortgage insurance program. Although not as expensive monthly, you have an up front MIP fee. FHA requires a mortgage insurance premium on the 203(b) program. An up front premium of  1.0% of the loan amount is paid at closing and can be financed into the mortgage amount. In addition there is a monthly MIP amount included in the PITI of 1.15% . Condos do not require up front MIP, only monthly MIP.


Can I Use Gift Funds for the Down Payment for a Louisville Ky FHA Loans   ?

One of the most popular aspect of FHA financing is the ability to receive your down payment as a gift. It just needs to be from a relative. The down payment can be 100% gift funds. This is one of the key benefits to the Louisville Ky FHA Loans and FHA program. Most conventional mortgages do not allow 100% gift funds. Generally the borrower must have 5% of the funds.

Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower’s bank account, or in an escrow account, prior to underwriting approval. Proof of deposit is required.

Gift donors are restricted primarily to a relative of the borrower. They can also be certain organizations, such as a labor union or charitable organization. Contact your Loan Consultant for complete information.


What are the Rules Regarding Bankruptcy for a Louisville Ky FHA Loans?
FHA may have the most lenient policies towards bankruptcy, but you still must have a valid reason and re-established credit. Generally, a bankruptcy will not necessarily disqualify a potential borrower. Guidelines are as follows:

Chapter 7: Two years must have passed since the bankruptcy was discharged. (Note: Discharge, not Filing Date) The borrower must have re-established good credit without delinquencies for two years (or has chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs. If the borrower does not incur new credit, such thing as, Car Insurance, Telephone, Cable, Utilities, Medical Payments, Etc. will be used to demonstrate re-established credit.

Chapter 13: A borrower currently paying off debts through this process may qualify if a minimum of one year of the pay out period had elapsed and payment performance has been satisfactory with no new derogatory credit and the borrower must receive court approval to enter into the mortgage transaction.

Louisville Ky FHA Loans

Call me for your next Louisville Kentucky FHA Loan; I have closed over 300 FHA loans in my career

Louisville Kentucky Down Payment Assistance and Closing Costs

Louisville Kentucky Down Payment Assistance and Closing Costs.

via Louisville Kentucky Down Payment Assistance and Closing Costs.

Louisville Kentucky Mortgage Rates

KHC Loan Programs MRB All MRB Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest. The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding. To qualify, you must meet KHC’s regular MRB income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history. Some MRB KHC loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years. However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006. The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home. Conventional Insured by approved mortgage insurance company. Minimum credit score of 660 or better. Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance. FHA Insured by the Federal Housing Administration. Down payments as little as 3.5 percent. Can use DAP for 3.5 percent down payment requirement. Upfront and monthly mortgage insurance. Minimum credit score of 640. VA Guaranteed by the Veterans Administration for qualified military veterans. No down payment if the property appraises for the sale price or greater. Credit underwriting is flexible. Minimum credit score of 640. No monthly mortgage insurance payments. RHS Guaranteed by Rural Housing Services (RHS). Home must be located in a rural area as defined by RHS. No down payment if the property appraises for the sale price or greater. Minimum credit score of 640. GNMA Secondary Market All GNMA KHC first mortgage loans are for a 30-year term at a fixed rate of interest. The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding. To qualify, you must meet KHC’s GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history. FHA Insured by the Federal Housing Administration. Down payments as little as 3.5 percent. Can use DAP for 3.5 percent down payment requirement. Upfront and monthly mortgage insurance. Minimum credit score of 640. VA Guaranteed by the Veterans Administration for qualified military veterans. No down payment if the property appraises for the sale price or greater. Credit underwriting is flexible. Minimum credit score of 640. No monthly mortgage insurance payments. RHS Guaranteed by Rural Housing Services (RHS). Home must be located in a rural area as defined by RHS. No down payment if the property appraises for the sale price or greater. Minimum credit score of 640. Two FHA Refinance Options Credit qualifying Streamline Refinance and Rate/Term Refinance Insured by the Federal Housing Administration Cash back to borrower not to exceed $500 Upfront and monthly mortgage insurance Minimum credit score of 640 Mortgage Credit Certificates (MCC) A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax. One-time fee of $500 or reduced to $200 if through KHC’s GNMA Secondary Market First Mortgage Program. Not valid with MRB loan programs. Special First Mortgage Loan Programs New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis. Guidelines Interest rate determined by the families’ ability to repay the loan. For new homes with a purchase price of $115,000 or less. Eligible borrowers: Single parents (at least one dependent under the age of 18 must live in the home.) Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.). Households where at least one of the home buyers is age 62 or older. Income guidelines: $28,000 for a household of 1 or 2 people; or $33,000 for a household of 3 or more people. Kentucky Housing’s DAP loan programmay be used for down payment and closing cost assistance. Applying for a Kentucky Housing loan is easy.