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.
Senior Loan Officer
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
- Assets are not required; however, any assets disclosed must be supported with appropriate documentation
- Satisfactory explanation and documentation should be provided for large deposits or increases in liquid assets
- Cash on hand is not acceptable
- Bank accounts require Verification of Deposit with average 2 month balance, or 2 consecutive months statements dated within 45 days of loan application
- Earnest money deposit may be considered an asset if deposit is not already reflected in liquid assets
- Asset amount of retirement accounts is 60% of the vested account balance
- Gifts must be documented through gift donor letter and establish that gift does not have to be repaid
- For sale proceeds of real property, provide HUD-1 or equivalent closing statement to indicate the actual amount of cash proceeds realized by the borrower
- Stocks and bonds must be documented by a statement provide by stockbroker or financial institution managing the portfolio
- Households with net family assets of greater than $5,000 require that the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate be considered when calculating income.
- Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky (mylouisvillekentuckymortgage.com)
- The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae (louisvillekentuckymortgagerates.com)
- FHA Loans in louisville, kentucky (kentuckyfirsttimehomebuyer.com)
- Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky (trulia.com)
- HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans (kentuckyfirsttimehomebuyer.com)
- Kentucky Housing Corporation (KHC) homeownership programs affected by the current federal government shutdown (mylouisvillekentuckymortgage.com)
- 4 Keys to VA Loan Approval | Military.com (kentuckyfirsttimehomebuyer.com)
- Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013 (trulia.com)
- Debt to Income Ratios for A Kentucky Mortgage Loan for a FHA, VA, KHC, USDA and Rural Housing loans (trulia.com)
- Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentuck… (mylouisvillekentuckymortgage.com)
Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.
Email me at email@example.com with your questions
I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.
NMLS# 57916 http://www.nmlsconsumeraccess.org/
Joel Lobb Senior Loan Officer
Current Mortgage Rates in KY, ratesTags: Credit history, Credit Reports, Credit score, Down payment, Fannie Mae, Federal Housing Administration, FHA loan, Freddie Mac, Government, Government agency, Home, Interest rate, Kentucky, kentucky usda lenders, KHC’s (Kentucky Housing ) First Mortgage Government, louisville, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage, Mortgage broker, Mortgage Credit Certificate, Mortgage loan, mortgage rates Kentucky, Mortgages, Refinancing, Rural housing, United States Department of Agriculture, USDA, VA loan
Louisville Kentucky Mortgage Programs 2011
Louisville Kentucky Mortgage Programs
As an approved Louisville Kentucky Fannie Mae (FNMA) and Louisville Ky FHA mortgage professional, I offer a wide array of kentucky loan programs, including Kentucky First Time Home Buyers Programs, Kentucky Refinance Programs, or Louisville Kentucky Renovation Home Programs. We lend on primary, secondary, and investment properties.
Kentucky Home Purchase Programs
Whether you’re a first-time homebuyer, upgrading to a new home, or buying an additional property, we offer a wide array of mortgage loan programs – many requiring a limited down payment (0 to 3%) for qualified individuals, both repeat and first time buyers.
Conforming Agency (Conventional): Loans that conform to Fannie Mae and Freddie Mac guidelines, including maximum loan amount, borrower credit and income levels, down payment, and eligible properties.
Kentucky FHA: Loans insured by the Federal Housing Administration, a federal assistance program that promotes home ownership by offering low down payment options, lower interest rates and easier qualifications.
Kentucky VA: Loans guaranteed by the Department of Veterans Affairs for military service members with benefits like no down payment (100% financing) and competitive (and usually lower) interest rates.
Kentucky USDA: (United States Department of Agriculture) Government-insured rural development loans for the purchase of homes in rural areas with no down payment (100% financing), no monthly mortgage insurance and low interest rates.
- Standard (k) loan– no maximum for repairs, which can include structural renovations, room additions, roof repairs and replacement of plumbing.
- Streamline (k) loan – maximum of $35,000 for repairs including simple and cosmetic renovations like new flooring, kitchen/bathroom updates and gutter repair.
See details of Stonegate’s Home Improvement Program (HIP) loans under Home Renovation Programs below.
Kentucky Housing Corporatino: KHC housing program for qualified first-time home buyers offering down payment and closing costs assistance up to $10,000 and lower rates.
Apply for a home loan by clicking the link below: It’s free and takes less than 5 minutes Or call us at 502-905-3708 for your free application over the phone
- Kentucky Fannie Mae HomePath Mortgage Loan (louisvillemortgageguide.com)
- Down Payment and Closing Costs Assistance (louisvillekentuckymortgagerates.com)
- Kentucky FHA Loan Qualifying Summary (louisvillekymortgage.net)