Student Loans In Collections, What Can I Do to get Approved For A Kentucky Mortgage ?

Student Loans In Collections, What Can I Do?
If you have public student loans in collections, you really have three options to resolve it so it is not a CAIVRS issue.
1.      Pay it off in full – Not typically an option because very rarely do the clients have the funds to do so.
2.      Consolidation – Only takes about 90 days to consolidate and resolve CAIVRS issues. However, you push forward the last activity dates, DLA, and also introduce a new credit trade line that dilutes the length of the credit history. So you will normally see a drop in credit score.
3.      Rehabilitation – It is the slowest of all the options, but is the best thing for the clients’ credit scores. It is a 9 month commitment and once the client makes 9 consecutive payments, they will change the collection status to a good standing status. This will typically net a 40-100 point boost in the score depending on how many other collections are on the credit report.
If your client does not know who is servicing the student loan, they can contact the Student Loan Default Resolution Team at 1-800-621-3115 or visit the website at myeddebt.ed.gov
Bonus Tip: Private student loans do not adhere to consolidation or rehabilitation rules. If the client has private student loans in collections they will need to pay them off in full, or they will need to set up a payment plan on them. They will still remain in collections with a payment, but if you can get a qualified credit score you can push forward the loan including the liability payment towards the debt to income ratio.
As always, we bring you the best content so you can do what you do best, CLOSE LOANS! If you aren’t already sending us every credit challenged borrower you have, what is stopping you?
Guidelines for KY FHA, VA, USDA and VA Mortgage loans with Student Loans on A Credit Report:
Kentucky Fannie Mae or Conventional Guidelines for Student Loans:
  • If a monthly payment is on the credit report, the lender may use that amount for qualifying purposes.
  • If a monthly payment is on the credit report is incorrect, the lender may use the monthly payment on the most recent student loan statement
  • If the monthly payment on the credit report is zero, the lender must use one of the following options to calculate the payment for qualifying purposes
  1. Document the borrower is on an income driven payment plan and the actual monthly payment is zero
  2.  Use 1% of the outstanding student loan balance as the monthly payment
  3. Calculate a fully amortized payment using documented loan repayment terms
Kentucky FHA Mortgage Loans Guidelines:
Regardless of the payment status (currently in payment or deferred), the lender must use either:
  • The greater of:
  1. 1% of the outstanding balance; or
  2. The monthly payment reported on the credit; or
  •  Calculate a fully amortized payment using documented loan repayment terms
Kentucky USDA or Rural Housing Guidelines:
 
 
Regardless of the payment amount reporting on the credit, the lender must include the payment as follows:
  • A permanent amortized, fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed.
  • Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation. One percent of the loan balance reflected on the credit report must be used as the monthly payment. No additional documentation is required.
Kentucky  VA Mortgage Guidelines for Student Loan:
  • If the borrower can document the student loan will be deferred 12 months from the closing date, the monthly payment does not need to be considered
  • If a student loan is in repayment or scheduled to begin repayment within 12 months from the closing date, the threshold payment amount must be calculated by  using 5% of the loan balance divided by 12 months
  • If the payment reporting on the credit report is greater than the threshold payment calculation amount, then the credit report payment must be used for ratios.
  • If the payment reporting on the credit report is less than the threshold payment calculation and the lender is using the lower payment to qualify the borrower then:
  1. A statement from the student loan servicer reflecting the actual loan terms and payment information must be included in the file.
  2. The statement must be dated within 60 days of closing
  3. It is the underwriter’s discretion to use the lower payment

As you can see, Fannie Mae or Conventional loans is the most lenient when it comes to qualifying for a mortgage loan with someone that has a lot of student loans on their credit report.

Here are action steps you can take right now to buy a home in Kentucky in 2019


1. Focus on your credit score

FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit.

To qualify for a mortgage and get a low mortgage rate, your credit score matters.

Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected.


2. Manage your debt-to-income ratio

Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive.

A debt-to-income ratio is your monthly debt payments as a percentage of your monthly income. Lenders focus on this ratio to determine whether you have enough excess cash to cover your living expenses plus your debt obligations.

Since a debt-to-income ratio has two components (debt and income), the best way to lower your debt-to-income ratio is to:

First Ratio – The first ratio, top ratio or housing ratio. Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.

Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 45% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.

3. Keep credit utilization low on your credit cards

Lenders also evaluate your credit card utilization, or your monthly credit card spending as a percentage of your credit limit.

Ideally, your credit utilization should be less than 30%. If you can keep it less than 10%, even better.

For example, if you have a $10,000 credit limit on your credit card and spent $3,000 this month, your credit utilization is 30%.

Here are some ways to manage your credit card utilization:
set up automatic balance alerts to monitor credit utilization
ask your lender to raise your credit limit (this may involve a hard credit pull so check with your lender first)
pay off your balance multiple times a month to reduce your credit utilization


4 . Look for down payment assistance in Kentucky

There are various types of down payment assistance, even if you have student loans.

Here are a few:
FHA loans – federal loan through the Federal Housing Authority
USDA loans – zero down mortgages for rural and suburban homeowners
VA loans – if military service
Kentucky Housing Down Payment Assistance of $6000

There are federal, state and local assistance programs as well so be on the look out.
If you want a personalized answer for your unique situation call, text, or email me or visit my website below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708
fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/

Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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HUD announces new rules for down payment assistance on Kentucky FHA mortgages

Kentucky FHA Down payment Assistance Changes for 2019

 

 

The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.

Source: HUD announces new rules for down payment assistance on FHA mortgages

The new rules are laid out in an FHA mortgagee letter titled “Downpayment Assistance and Operating in a Governmental Capacity.”

According to HUD, this “clarification” of the current documentation rules “should assist mortgagees in determining whether governmental entities providing gifts or secondary financing, or both, towards borrowers’ MRI are doing so consistent with FHA requirements.”

As the FHA states in its mortgagee letter, the current FHA handbook requires mortgagees to confirm that a “governmental entity is operating in its governmental capacity but, except for requiring a source of funds letter, does not specify the necessary documentation that demonstrates support for such a conclusion.”

According to HUD, that lack of “necessary documentation” is leading to some unnamed “entities” skirting the rules.

“It has come to FHA’s attention that certain Governmental Entities may be acting beyond the scope of any inherent or granted governmental authority in providing funds towards the Borrower’s MRI in circumstances that would violate Handbook 4000.1, the National Housing Act, and is contrary to established law,” the FHA said in the mortgagee letter.

In order to remedy this situation, the FHA is now stating that its current documentation requirements need to be “clarified to provide Mortgagees with specific guidance regarding documentation that will give greater assurances that the standards for providing the MRI have been satisfied by the Governmental Entity.”

According to HUD and the FHA, the new rules took effect on April 18, 2019.

To read HUD’s announcement of the rule change, click here.

And for a full look at how the rules are actually changing and what documentation will now be required, click here.

 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 

 

 

FHA says as many as 50,000 mortgages will be affected by new lending rules

Two weeks ago, the FHA took steps to limit risk to its single-family portfolio, announcing that it will flag some loans for manual underwriting. FHA’s Chief Risk Officer Keith Becker told the WSJ just how many loans the agency thinks will be affected, adding that the FHA felt that it was appropriate to take some steps to mitigate the risks we’re seeing.

FHA Loan Changes for Kentucky Home Buyers in 2019

 

Two weeks ago, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that will flag some loans for manual underwriting.

The move upset a number of lenders who feared that some of their borrowers would be shut out of FHA financing and that borrowers who began the process but no longer qualified under new guidelines would be angry.

Turns out, their fears have some merit.

An FHA official told The Wall Street Journal that approximately 40,000 to 50,000 loans a year will likely be affected, which amounts to about 4-5% to all the mortgages the FHA insures on an annual basis.

“We have continued to endorse loans with more and more credit risk,” said FHA’s Chief Risk Officer Keith Becker. “We felt that it was appropriate to take some steps to mitigate the risks we’re seeing.”

The WSJ points out that the move is a complete reversal of the agency’s 2016 decision to loosen underwriting standards, nixing an old rule that required manual underwriting for loans with credit scores below 620 and a debt-to-income ratio above 43%.

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But the agency’s annual report to Congress released in November revealed risk trends that threatened to drain the program, among them a significant increase in cash-out refinances, a drop in average borrower credit score, and a jump in borrowers with high DTIs.

Requiring manual underwriting for riskier loans is intended to curb these risks, and there’s a good chance a number of borrowers will no longer qualify.

According to Becker, it’s likely that many of the loans flagged for manual underwriting won’t end up passing muster.

 

 

Source: FHA says as many as 50,000 mortgages will be affected by new lending rules

FHA eliminates two unnecessary and outdated lending roadblocks

The Federal Housing Administration has taken steps to reduce some of the regulatory burdens that belabor the lending process, releasing two mortgagee letters Tuesday with updated guidelines on home warranty and inspection requirements for single-family FHA loans. FHA Commissioner Brian Montgomery said the moves align with the administration’s goal streamline and update guidelines in an effort to reduce regulatory barriers.

Source: FHA eliminates two unnecessary and outdated lending roadblocksKentucky FHA Guidelines for Inspections and Warranty's

How to get rid of Mortgage Insurance on a Kentucky Mortgage Loan.

Eliminate FHA Mortgage Insurance On Your Kentucky FHA Loan.
 
 
Mortgage insurance premium can add almost $200 to the payment on a $265,000 FHA mortgage.  The decision to get an FHA loan may have been the lower down payment requirement or the lower credit score levels, but now that you have the loan, is it possible to eliminate it?
 
Mortgage Insurance Premium protects lenders in case of a borrower’s default and is required on FHA loans.  The Up-Front MIP is currently 1.75% of the base loan amount and paid at the time of closing.  Annual MIP for loans with greater than 95% loan-to-value is .85% per year. 
 
For loans with FHA case numbers assigned before June 3, 2013, when the loan is paid down to 78% of the original loan amount, the MIP can be cancelled.  The borrower may need to contact the current servicer.
 
However, for loans greater than 90% with FHA case numbers assigned on or after that date, the MIP is required for the term of the loan.
 
Most homeowners with FHA mortgages are not eligible to cancel the MIP because they either originated their loan after June 3, 2013, put less than 10% down payment and/or got a 30-year loan.  If they have at least 20% equity in the home, they can refinance the home with an 80% conventional loan which in most cases, does not require mortgage insurance.
 
With normal amortization on a 30-year loan, it takes approximately 11-years to reduce the original loan to the 78-80% requirement based on normal amortization.  There is another dynamic involved which is the appreciation on the home.  As the home goes up in value and the unpaid balance goes down, the equity increases.
 
If the homeowners believe that they have enough equity that would eliminate the need for mortgage insurance, they can investigate refinancing with a conventional loan.  Borrowers refinancing will incur expenses in starting a new mortgage and the interest rate may be higher than the existing rate.  Analysis will determine how long it will take to recapture the cost of refinancing.
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

2019 Kentucky FHA Mortgage Loan Limits

All Kentucky Counties received a loan amount increase in 2019 for FHA loans made starting January 1, 2019

The new loan limits are effective with case numbers assigned on
or after January 1, 2019

Most Kentucky Counties will have a max of $314, 827 for 2019 FHA loans made in KY.
To find the Kentucky FHA  loan limit for a specific county in Kentucky for 2019, please use the link below.

Kentucky FHA Limits for 2019

Kentucky FHA Limits for 2019

 

120 match(es) found.
ADAIR County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ALLEN County
BOWLING GREEN, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ANDERSON County
FRANKFORT, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BALLARD County
PADUCAH, KY-IL
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BARREN County
GLASGOW, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BATH County
MOUNT STERLING, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BELL County
MIDDLESBOROUGH, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BOONE County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BOURBON County
LEXINGTON-FAYETTE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BOYD County
HUNTINGTON-ASHLAND, WV-KY-OH
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BOYLE County
DANVILLE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BRACKEN County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BREATHITT County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BRECKINRIDGE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
BULLITT County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
BUTLER County
BOWLING GREEN, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CALDWELL County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CALLOWAY County
MURRAY, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CAMPBELL County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CARLISLE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CARROLL County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CARTER County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CASEY County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CHRISTIAN County
CLARKSVILLE, TN-KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CLARK County
LEXINGTON-FAYETTE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CLAY County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CLINTON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CRITTENDEN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
CUMBERLAND County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
DAVIESS County
OWENSBORO, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
EDMONSON County
BOWLING GREEN, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ELLIOTT County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ESTILL County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
FAYETTE County
LEXINGTON-FAYETTE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
FLEMING County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
FLOYD County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
FRANKLIN County
FRANKFORT, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
FULTON County
UNION CITY, TN-KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GALLATIN County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GARRARD County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GRANT County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GRAVES County
MAYFIELD, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GRAYSON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GREEN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
GREENUP County
HUNTINGTON-ASHLAND, WV-KY-OH
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HANCOCK County
OWENSBORO, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HARDIN County
ELIZABETHTOWN-FORT KNOX, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HARLAN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HARRISON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HART County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HENDERSON County
EVANSVILLE, IN-KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HENRY County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
HICKMAN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
HOPKINS County
MADISONVILLE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
JACKSON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
JEFFERSON County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
JESSAMINE County
LEXINGTON-FAYETTE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
JOHNSON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
KENTON County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
KNOTT County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
KNOX County
LONDON, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LARUE County
ELIZABETHTOWN-FORT KNOX, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LAUREL County
LONDON, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LAWRENCE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LEE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LESLIE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LETCHER County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LEWIS County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LINCOLN County
DANVILLE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LIVINGSTON County
PADUCAH, KY-IL
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LOGAN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
LYON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MADISON County
RICHMOND-BEREA, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MAGOFFIN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MARION County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MARSHALL County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MARTIN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MASON County
MAYSVILLE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MCCRACKEN County
PADUCAH, KY-IL
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MCCREARY County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MCLEAN County
OWENSBORO, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MEADE County
ELIZABETHTOWN-FORT KNOX, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MENIFEE County
MOUNT STERLING, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MERCER County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
METCALFE County
GLASGOW, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MONROE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MONTGOMERY County
MOUNT STERLING, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MORGAN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
MUHLENBERG County
CENTRAL CITY, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
NELSON County
BARDSTOWN, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
NICHOLAS County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
OHIO County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
OLDHAM County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
OWEN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
OWSLEY County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
PENDLETON County
CINCINNATI, OH-KY-IN
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
PERRY County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
PIKE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
POWELL County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
PULASKI County
SOMERSET, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ROBERTSON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ROCKCASTLE County
RICHMOND-BEREA, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
ROWAN County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
RUSSELL County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
SCOTT County
LEXINGTON-FAYETTE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
SHELBY County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
SIMPSON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
SPENCER County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
TAYLOR County
CAMPBELLSVILLE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
TODD County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
TRIGG County
CLARKSVILLE, TN-KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
TRIMBLE County
LOUISVILLE/JEFFERSON COUNTY, KY-IN
Single Duplex Tri-plex Four-plex
$316,250 $404,850 $489,350 $608,150
UNION County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WARREN County
BOWLING GREEN, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WASHINGTON County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WAYNE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WEBSTER County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WHITLEY County
LONDON, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WOLFE County
NON-METRO
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525
WOODFORD County
LEXINGTON-FAYETTE, KY
Single Duplex Tri-plex Four-plex
$314,827 $403,125 $487,250 $605,525

 

 

 

 

👇👇👇👇👇

https://entp.hud.gov/idapp/html/hicostlook.cfm

 

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

KENTUCKY HUD HOMES FOR SALE

KENTUCKY FHA $100 DOWN PROGRAM FOR HOMEBUYERS IN KENTUCKY​

Kiss-your-landlord-goodbye


FHA’s $100 Down Program​ is allowed for Kentucky Home Buyers buying a home that is owned by HUD or FHA​. The $100 Down sales incentive permits a Borrower to purchase a HUD REO Property with FHA-insured financing with a minimum downpayment of $100.

This program can ONLY be used to purchase homes owned by HUD OR FHA.

Check the link below to see if any properties are offered in your area. If a property is eligible, the listing on the website will specify $100 Down Financing Incentivize.

You can find all current listings for sale by HUD here.

100 down payment

The main factors in qualifying for this​ Kentucky FHA ​ program are that the property must be a HUD REO property and purchased using FHA Financing, aside from these, the requirements include:

  1. Occupancy: The property must be purchased for use as your Primary Residence.
  1. Property Type: Eligible properties include 1 or 2 unit homes, manufactured homes, condos, and PUDs.
  1. Full Price Offer: You must submit an offer for the full listing price. Typically, when you purchase a home, you make an offer to the seller…. we all want to get the best deal so you may offer less than the asking price… or you may offer more if the home you want is being bid on by many buyers…. With HUD REO properties this is not allowed. The sales price HUD has on the listing is what you must offer.
  1. Sales Contract: The $100 down payment incentive must be included on the executed sales contract.
  1. Cannot have purchased a HUD home within the preceding 24 months
  1. Credit Score:​ ​580 is the minimum FICO score you must have to qualify for a FHA Kentucky Home Buyer using the HUD $100 Down loan program. 
  2. Usually takes about 30-45 days to close
  3. Earnest Money Deposit usually needs to be at least $500 to $1000
  4. This is a manual underwriter meaning that your debt to income ratio has to be 31 and 43% respectively
  5. No Chapter 7 Bankruptcies in last two years
  6. No Foreclosures in last 3 years
  7. Clear Cavirs on borrowers.
*Required field, except if Property Case # or Zip Code is entered

Search Results for HUD Homes in KY

1 | 2 | 3 | 
47 listings found
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5
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-271516 345 Concord Dr
White Plains, KY, 42464
Hopkins County
$13,600 3 1.00 Extended  11/29/2018 View Street
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Email Info
201-278709 793 Highway 16
Glencoe, KY, 41046
Gallatin County
$24,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-339965 2750 Latonia Ave
Covington, KY, 41015
Kenton County
$33,600 2 1.10 Exclusive  12/03/2018 View Street
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Email Info
201-340924 1309 Little Pigeon Ct
Lexington, KY, 40515
Fayette County
$63,000 3 1.00 Lottery  11/29/2018 View Street
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Email Info
201-347762 307 Elkhorn Green Pl
Georgetown, KY, 40324
Scott County
$105,000 4 2.10 Exclusive  11/29/2018 View Street
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Email Info
201-348170 820 Mars Dr
Verona, KY, 41092
Gallatin County
$48,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-362370 194 Batton Loop
Morehead, KY, 40351
Rowan County
$59,400 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-368065 199 Lake Trail Land
Russell Springs, KY, 42642
Russell County
$34,400 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-370012 112 Cherry Lane
Frankfort, KY, 40601
Franklin County
$50,000 2 2.00 Exclusive  12/03/2018 View Street
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Email Info
201-372013 10057 Elizabethtown Rd
Big Clifty, KY, 42712
Grayson County
$32,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-386189 4701 Dohn Rd
Louisville, KY, 40216
Jefferson County
$51,000 3 1.00 Exclusive  12/10/2018 View Street
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Email Info
201-387184 12804 Walnut Creek Dr
Alexandria, KY, 41001
Campbell County
$159,000 4 2.10 Extended  11/29/2018 View Street
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Email Info
201-391357 38 Lovelaceville Rd
Lovelaceville, KY, 42060
Ballard County
$19,600 2 1.00 Extended  11/29/2018 View Street
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Email Info
201-393499 620 Main Street
Uniontown, KY, 42461
Union County
$26,100 3 1.00 Extended  11/29/2018 View Street
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Email Info
201-396375 119 Crane St
Somerset, KY, 42501
Pulaski County
$30,000 2 1.00 Exclusive  11/29/2018 View Street
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Email Info
201-401444 151 Eastside Park Dr
Butler, KY, 41006
Pendleton County
$50,400 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-407845 824 Pike St
Sadieville, KY, 40370
Scott County
$27,000 1 1.00 Extended  11/29/2018 View Street
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Email Info
201-411349 115 Jimmy Lovell Ro
Dawson Springs, KY, 42408
Hopkins County
$75,000 2 1.10 Exclusive  12/10/2018 View Street
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Email Info
201-412276 386 W Elm St
Clay, KY, 42404
Webster County
$35,000 3 2.10 Exclusive  12/03/2018 View Street
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Email Info
201-417838 147 Main Street
Newport, KY, 41071
Campbell County
$38,500 1 1.00 Extended  11/29/2018 View Street
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Email Info
1 | 2 | 3 
 

Search Results for HUD Homes in KY

1 | 2 | 3 | 
47 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-427873 229 Rosedale Ct
Covington, KY, 41015
Kenton County
$42,400 2 1.00 Extended  11/29/2018 View Street
Map it
Email Info
201-445853 902 Deer Haven Dr
Owensboro, KY, 42301
Daviess County
$63,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-448631 13302 Horncastle Ave
Louisville, KY, 40272
Jefferson County
$65,000 4 1.10 Exclusive  11/30/2018 View Street
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Email Info
201-461769 511 1/2 Cleaver St
Elizabethtown, KY, 42701
Hardin County
$20,000 1 1.00 Exclusive  12/03/2018 View Street
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Email Info
201-481525 216 10th St
Carrollton, KY, 41008
Carroll County
$117,000 4 2.00 Extended  11/29/2018 View Street
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Email Info
201-483660 204 Village Dr
Frankfort, KY, 40601
Franklin County
$143,000 3 2.10 Exclusive  11/29/2018 View Street
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Email Info
201-484750 3256 N Highway 259
Hardinsburg, KY, 40143
Breckinridge County
$45,000 3 1.00 Extended  11/29/2018 View Street
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Email Info
201-503727 207 Canyon Ridge Rd
Wellington, KY, 40387
Menifee County
$76,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-510934 5685 Old State Rd
Guston, KY, 40142
Meade County
$60,000 3 1.00 Extended  11/29/2018 View Street
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Email Info
201-513130 109 W Chestnut St
Carlisle, KY, 40311
Nicholas County
$73,000 3 2.00 Exclusive  11/29/2018 View Street
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Email Info
201-528046 330 Brookside Dr
Danville, KY, 40422
Boyle County
$175,000 4 3.00 Extended  11/29/2018 View Street
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Email Info
201-536556 1504 Robinson St
Grayson, KY, 41143
Carter County
$46,400 3 1.00 Extended  11/29/2018 View Street
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Email Info
201-537032 307 Liberty St
Carlisle, KY, 40311
Nicholas County
$40,000 3 1.00 Exclusive  11/29/2018 View Street
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Email Info
201-546596 38 Harrison Holw
Belfry, KY, 41514
Pike County
$7,000 0 0.00 Extended  11/29/2018 View Street
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Email Info
201-547160 324 Malone Rd
Bradfordsville, KY, 40009
Marion County
$40,000 3 2.00 Exclusive  12/07/2018 View Street
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Email Info
201-550376 3904 Taffy Rd
Whitesville, KY, 42378
Ohio County
$50,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
201-557096 237 Wright St
Frankfort, KY, 40601
Franklin County
$40,000 3 1.00 Extended  11/29/2018 View Street
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Email Info
201-560972 5457 Ky Route 680
Grethel, KY, 41631
Floyd County
$76,000 4 2.10 Extended  11/29/2018 View Street
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Email Info
201-576631 67 Snake Lick Rd
Berry, KY, 41003
Harrison County
$45,000 3 2.00 Exclusive  11/29/2018 View Street
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Email Info
201-580027 255 Kingsway Dr
Frankfort, KY, 40601
Franklin County
$65,000 3 2.00 Extended  11/29/2018 View Street
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Email Info
1 | 2 | 3 | 

Search Results for HUD Homes in KY

1 | 2 | 3 | 
47 listings found
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5
10
20
Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-580611 2410 Paddock Ln
Louisville, KY, 40216
Jefferson County
$88,000 4 1.00 Exclusive  11/30/2018 View Street
Map it
Email Info
201-580733 2294 Josephine Rd
Stamping Ground, KY, 40379
Scott County
$108,000 4 2.00 Extended  11/29/2018 View Street
Map it
Email Info
201-583071 104 Jonathan Ct
Somerset, KY, 42503
Pulaski County
$108,900 4 2.00 Extended  11/29/2018 View Street
Map it
Email Info
201-590501 13255 Dawson Springs Rd
Crofton, KY, 42217
Christian County
$45,000 3 1.00 Exclusive  12/07/2018 View Street
Map it
Email Info
201-601254 1044 Scenic Dr
Radcliff, KY, 40160
Hardin County
$132,300 3 2.00 Extended  11/29/2018 View Street
Map it
Email Info
201-604473 8180 Georgetown Rd
Owenton, KY, 40359
Owen County
$69,000 3 2.00 Exclusive  12/07/2018 View Street
Map it
Email Info
202-019773 516 Wood Street
Maysville, KY, 41056
Mason County
$25,000 3 1.00 Extended  11/29/2018 View Street
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Email Info
1 | 2 | 3 |