Kentucky FHA loans after a bankruptcies, foreclosures, deeds-in-lieu of foreclosure, pre-foreclosures, short sales, and mortgage charge-offs.

Kentucky FHA loans after a significant derogatory credit events which include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, pre-foreclosures, short sales, and mortgage charge-offs.

A Chapter 7 bankruptcy – MUST be discharged at least 2 years from Case Number Assignment Date. Requirements
include:
1. Complete Copy of Bankruptcy paperwork MUST be provided
2. Borrower must write a detailed explanation explaining the reason for the Bankruptcy
3. The Borrower must have re-established good credit; or chosen not to incur new credit obligations.
4. An elapsed period of less than two years, but not less than 12 months, may be acceptable, if the Borrower:
– Can show that the bankruptcy was caused by extenuating circumstances beyond the Borrower’s control; and
– Has since exhibited a documented ability to manage their financial affairs in a responsible manner.
– If a Chapter 7 is discharged less than 2 years from the date of Case Number Assignment Date the loan must be downgraded to Manual Underwriting and meet all requirements listed in HUD 4000.1 Handbook

 

Chapter 13 must be discharged ** Requirements include:
1. Complete Copy of Bankruptcy paperwork MUST be provided
2. Borrower must write a detailed explanation explaining the reason for the Bankruptcy
3. The Borrower must have re-established good credit; or chosen not to incur new credit obligations.
4. An elapsed period of less than two years, but not less than 12 months, may be acceptable, if the Borrower:
‐ Can show that the bankruptcy was caused by extenuating circumstances beyond the Borrower’scontrol; and
‐ Has since exhibited a documented ability to manage their financial affairs in a responsible manner.

5. If a Chapter 13 is discharged less than 2 years from the date of Case Number Assignment Date the loan must be downgraded to Manual Underwriting and meet all requirements listed in HUD 4000.1 Handbook

Foreclosure/Deed-in-Lieu
1. A Borrower is generally not eligible for a new FHA-insured Mortgage if the Borrower had a foreclosure or a DIL of foreclosure in the three-year period prior to the date of Case Number Assignment.
2. This three-year period begins on the date of the DIL or the date that the Borrower transferred ownership of the Property to the foreclosing Entity/designee.

Short Sale

1. A Borrower is generally not eligible for a new FHA-insured Mortgage if they relinquished a Property through a Short Sale within three years from the date of Case Number Assignment.
2. The three-year period begins on the date of transfer of title by Short Sale.

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Kentucky FHA Loan

FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score.

The current mortgage insurance requirements are kinda steep when compared to USDA, VA , but the rates are usually good so it can counteract the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.

The mi premiums are for life of loan like USDA.

FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.

Maximum FHA loan limits in Kentucky are set around $285,000 -$299,000 depending on the county in Kentucky

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

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.

Joel E Lobb
American Mortgage
5029053708
email us here

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 FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.

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Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2017

2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS

images-3

Student Loan Payment Calculation
Must include all student loans in the borrower’s liabilities, regardless of the payment type or status of payments.

Calculation of monthly obligation, regardless of the payment status, must use either:
the greater of:
• 1 percent of the outstanding balance on the loan; or
• the monthly payment reported on the borrower’s credit report; or

the actual documented payment, provided the payment will fully amortize the loan over its term.
Additional documentation required if the payment used for the monthly obligation is:
• less than 1 percent of the outstanding balance reported on the borrower’s credit report;and
• less than the monthly payment reported on the borrower’s credit report.
Provide written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor.
Guide Reference – 4000.1 II.A.4.b.iv(H) (TOTAL) and II.A.5.a.iv.(G) (Manual)

gotquestion-1

50dd9-object_preapproval

I can answer your questions and usually get you pre-approved the same day.

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






 
 


Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
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). I lend in the following states: Kentucky

 

BREAKING: HUD suspends FHA mortgage insurance premium cut

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That didn’t take long! BREAKING: HUD suspends FHA mortgage insurance premium cut

In first moments of Trump presidency, HUD makes it official: FHA mortgage insurance premium cut is suspended “indefinitely.”

The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately. HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely. Click the headline for more.

Source: BREAKING: HUD suspends FHA mortgage insurance premium cut

Kentucky FHA Loan Requirements for 2017

Kentucky HUD $100 Down FHA Program for 2017

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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





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    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.

Kentucky FHA Loan Limits for 2017

Kentucky FHA Loan Limits for 2017
FHA has announced new loan limits for 2017. For all FHA loans with Case Numbers assigned on or after January 1st, the following will be effective
  • The minimum national loan limit is being increased to$275,655. No county will have a maximum loan limit lower than this number.
  • Individual County loan limits can be located here. There were no counties where the loan limit decreased. There were a few where the limit did not change, but the vast majority of counties saw some increase.
  • FHA High Balance maximum loan limits have increased to coincide with the new FNMA maximum loan limits previously announced.
As of now, FHA high balance pricing will still apply to loans above the previous FNMA loan limit floor. That is, the High Balance FHA Loan Program policy will continue to apply to base loan amounts GREATER than:
* $417,000 for one-unit property
* $533,850 for two-unit property
* $645,300 for three-unit property
* $801,950 for four-unit property
However we will continue to monitor the market and make an announcement if/when these values are updated to coincide with the new FNMA loan limit floor values.

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Kentucky FHA Lending Limits

2017 Kentucky FHA limits include the following cities of  Fort Thomas, Erlanger, Florence, Ashland, Frankfort, Lexington, Richmond, Somerset Elizabethtown, Louisville, Owensboro, Hopkinsville, Fort Campbell North, Mayfield, Paducah, Madisonville, Henderson, Radcliff, Fort Knox, Georgetown, London, Bowling Green, E-town, Shepherdsville, Mount Washington, Lagrange, Shelbyville, Independence,  Hodgenville, Brandenburg, Morehead, Danville, Versailles, Lawrenceburg, Simpsonville, Winchester, Williamstown, Pikeville, Munfordville, Prospect, Crestwood, St. Matthews, Highlands,

 

Mortgage maximums as of Tuesday November 29, 2016
(120 records were selected, records 1 through 50 displayed)

MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
NON-METRO 99999   ADAIR 001 KY $275,665 $352,950 $426,625 $530,150 $55,000 01/01/2017 CY2017
BOWLING GREEN, KY 14540   ALLEN 003 KY $275,665 $352,950 $426,625 $530,150 $150,000 01/01/2017 CY2017
FRANKFORT, KY 23180   ANDERSON 005 KY $275,665 $352,950 $426,625 $530,150 $115,000 01/01/2017 CY2017
PADUCAH, KY-IL 37140   BALLARD 007 KY $275,665 $352,950 $426,625 $530,150 $122,000 01/01/2017 CY2017
GLASGOW, KY 23980   BARREN 009 KY $275,665 $352,950 $426,625 $530,150 $79,000 01/01/2017 CY2017
MOUNT STERLING, KY 34460   BATH 011 KY $275,665 $352,950 $426,625 $530,150 $102,000 01/01/2017 CY2017
MIDDLESBOROUGH, KY 33180   BELL 013 KY $275,665 $352,950 $426,625 $530,150 $66,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   BOONE 015 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
LEXINGTON-FAYETTE, KY 30460   BOURBON 017 KY $275,665 $352,950 $426,625 $530,150 $171,000 01/01/2017 CY2017
HUNTINGTON-ASHLAND, WV-KY-OH 26580   BOYD 019 KY $275,665 $352,950 $426,625 $530,150 $170,000 01/01/2017 CY2017
DANVILLE, KY 19220   BOYLE 021 KY $275,665 $352,950 $426,625 $530,150 $145,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   BRACKEN 023 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
NON-METRO 99999   BREATHITT 025 KY $275,665 $352,950 $426,625 $530,150 $52,000 01/01/2017 CY2017
NON-METRO 99999   BRECKINRIDGE 027 KY $275,665 $352,950 $426,625 $530,150 $60,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   BULLITT 029 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
BOWLING GREEN, KY 14540   BUTLER 031 KY $275,665 $352,950 $426,625 $530,150 $150,000 01/01/2017 CY2017
NON-METRO 99999   CALDWELL 033 KY $275,665 $352,950 $426,625 $530,150 $63,000 01/01/2017 CY2017
MURRAY, KY 34660   CALLOWAY 035 KY $275,665 $352,950 $426,625 $530,150 $115,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   CAMPBELL 037 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
NON-METRO 99999   CARLISLE 039 KY $275,665 $352,950 $426,625 $530,150 $74,000 01/01/2017 CY2017
NON-METRO 99999   CARROLL 041 KY $275,665 $352,950 $426,625 $530,150 $104,000 01/01/2017 CY2017
NON-METRO 99999   CARTER 043 KY $275,665 $352,950 $426,625 $530,150 $67,000 01/01/2017 CY2017
NON-METRO 99999   CASEY 045 KY $275,665 $352,950 $426,625 $530,150 $73,000 01/01/2017 CY2017
CLARKSVILLE, TN-KY 17300   CHRISTIAN 047 KY $275,665 $352,950 $426,625 $530,150 $158,000 01/01/2017 CY2017
LEXINGTON-FAYETTE, KY 30460   CLARK 049 KY $275,665 $352,950 $426,625 $530,150 $171,000 01/01/2017 CY2017
NON-METRO 99999   CLAY 051 KY $275,665 $352,950 $426,625 $530,150 $25,000 01/01/2017 CY2017
NON-METRO 99999   CLINTON 053 KY $275,665 $352,950 $426,625 $530,150 $37,000 01/01/2017 CY2017
NON-METRO 99999   CRITTENDEN 055 KY $275,665 $352,950 $426,625 $530,150 $58,000 01/01/2017 CY2017
NON-METRO 99999   CUMBERLAND 057 KY $275,665 $352,950 $426,625 $530,150 $66,000 01/01/2017 CY2017
OWENSBORO, KY 36980   DAVIESS 059 KY $275,665 $352,950 $426,625 $530,150 $112,000 01/01/2017 CY2017
BOWLING GREEN, KY 14540   EDMONSON 061 KY $275,665 $352,950 $426,625 $530,150 $150,000 01/01/2017 CY2017
NON-METRO 99999   ELLIOTT 063 KY $275,665 $352,950 $426,625 $530,150 $62,000 01/01/2017 CY2017
NON-METRO 99999   ESTILL 065 KY $275,665 $352,950 $426,625 $530,150 $52,000 01/01/2017 CY2017
LEXINGTON-FAYETTE, KY 30460   FAYETTE 067 KY $275,665 $352,950 $426,625 $530,150 $171,000 01/01/2017 CY2017
NON-METRO 99999   FLEMING 069 KY $275,665 $352,950 $426,625 $530,150 $60,000 01/01/2017 CY2017
NON-METRO 99999   FLOYD 071 KY $275,665 $352,950 $426,625 $530,150 $110,000 01/01/2017 CY2017
FRANKFORT, KY 23180   FRANKLIN 073 KY $275,665 $352,950 $426,625 $530,150 $115,000 01/01/2017 CY2017
UNION CITY, TN-KY 46460   FULTON 075 KY $275,665 $352,950 $426,625 $530,150 $63,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   GALLATIN 077 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
NON-METRO 99999   GARRARD 079 KY $275,665 $352,950 $426,625 $530,150 $106,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   GRANT 081 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
MAYFIELD, KY 32460   GRAVES 083 KY $275,665 $352,950 $426,625 $530,150 $68,000 01/01/2017 CY2017
NON-METRO 99999   GRAYSON 085 KY $275,665 $352,950 $426,625 $530,150 $39,000 01/01/2017 CY2017
NON-METRO 99999   GREEN 087 KY $275,665 $352,950 $426,625 $530,150 $58,000 01/01/2017 CY2017
HUNTINGTON-ASHLAND, WV-KY-OH 26580   GREENUP 089 KY $275,665 $352,950 $426,625 $530,150 $170,000 01/01/2017 CY2017
OWENSBORO, KY 36980   HANCOCK 091 KY $275,665 $352,950 $426,625 $530,150 $112,000 01/01/2017 CY2017
ELIZABETHTOWN-FORT KNOX, KY 21060   HARDIN 093 KY $275,665 $352,950 $426,625 $530,150 $130,000 01/01/2017 CY2017
NON-METRO 99999   HARLAN 095 KY $275,665 $352,950 $426,625 $530,150 $53,000 01/01/2017 CY2017
NON-METRO 99999   HARRISON 097 KY $275,665 $352,950 $426,625 $530,150 $71,000 01/01/2017 CY2017
NON-METRO 99999   HART 099 KY $275,665 $352,950 $426,625 $530,150 $77,000 01/01/2017 CY2017

Selection criteria

Sorted by: County
State: KY
County:
County Code:
MSA Name:
MSA Code:
Limit Type: FHA Forward
Limit Year: CY2017
Last Revised:

The CY2017 basic standard mortgage limits for FHA insured loans are:
One-family Two-family Three-family Four-family
FHA Forward $275,665.00 $352,950.00 $426,625.00 $530,150.00
HECM $636,150.00
Fannie/Freddie $424,100.00 $543,000.00 $656,350.00 $815,650.00

Mortgage maximums as of Tuesday November 29, 2016
(120 records were selected, records 51 through 100 displayed)

MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
EVANSVILLE, IN-KY 21780   HENDERSON 101 KY $275,665 $352,950 $426,625 $530,150 $176,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   HENRY 103 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
NON-METRO 99999   HICKMAN 105 KY $275,665 $352,950 $426,625 $530,150 $68,000 01/01/2017 CY2017
MADISONVILLE, KY 31580   HOPKINS 107 KY $275,665 $352,950 $426,625 $530,150 $80,000 01/01/2017 CY2017
NON-METRO 99999   JACKSON 109 KY $275,665 $352,950 $426,625 $530,150 $55,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   JEFFERSON 111 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
LEXINGTON-FAYETTE, KY 30460   JESSAMINE 113 KY $275,665 $352,950 $426,625 $530,150 $171,000 01/01/2017 CY2017
NON-METRO 99999   JOHNSON 115 KY $275,665 $352,950 $426,625 $530,150 $93,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   KENTON 117 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
NON-METRO 99999   KNOTT 119 KY $275,665 $352,950 $426,625 $530,150 $39,000 01/01/2017 CY2017
LONDON, KY 30940   KNOX 121 KY $275,665 $352,950 $426,625 $530,150 $98,000 01/01/2017 CY2017
ELIZABETHTOWN-FORT KNOX, KY 21060   LARUE 123 KY $275,665 $352,950 $426,625 $530,150 $130,000 01/01/2017 CY2017
LONDON, KY 30940   LAUREL 125 KY $275,665 $352,950 $426,625 $530,150 $98,000 01/01/2017 CY2017
NON-METRO 99999   LAWRENCE 127 KY $275,665 $352,950 $426,625 $530,150 $89,000 01/01/2017 CY2017
NON-METRO 99999   LEE 129 KY $275,665 $352,950 $426,625 $530,150 $18,000 01/01/2017 CY2017
NON-METRO 99999   LESLIE 131 KY $275,665 $352,950 $426,625 $530,150 $49,000 01/01/2017 CY2017
NON-METRO 99999   LETCHER 133 KY $275,665 $352,950 $426,625 $530,150 $21,000 01/01/2017 CY2017
NON-METRO 99999   LEWIS 135 KY $275,665 $352,950 $426,625 $530,150 $42,000 11/29/2016 CY2017
DANVILLE, KY 19220   LINCOLN 137 KY $275,665 $352,950 $426,625 $530,150 $145,000 01/01/2017 CY2017
PADUCAH, KY-IL 37140   LIVINGSTON 139 KY $275,665 $352,950 $426,625 $530,150 $122,000 01/01/2017 CY2017
NON-METRO 99999   LOGAN 141 KY $275,665 $352,950 $426,625 $530,150 $96,000 01/01/2017 CY2017
NON-METRO 99999   LYON 143 KY $275,665 $352,950 $426,625 $530,150 $103,000 01/01/2017 CY2017
RICHMOND-BEREA, KY 40080   MADISON 151 KY $275,665 $352,950 $426,625 $530,150 $140,000 01/01/2017 CY2017
NON-METRO 99999   MAGOFFIN 153 KY $275,665 $352,950 $426,625 $530,150 $39,000 01/01/2017 CY2017
NON-METRO 99999   MARION 155 KY $275,665 $352,950 $426,625 $530,150 $80,000 01/01/2017 CY2017
NON-METRO 99999   MARSHALL 157 KY $275,665 $352,950 $426,625 $530,150 $108,000 01/01/2017 CY2017
NON-METRO 99999   MARTIN 159 KY $275,665 $352,950 $426,625 $530,150 $83,000 01/01/2017 CY2017
MAYSVILLE, KY 32500   MASON 161 KY $275,665 $352,950 $426,625 $530,150 $67,000 01/01/2017 CY2017
PADUCAH, KY-IL 37140   MCCRACKEN 145 KY $275,665 $352,950 $426,625 $530,150 $122,000 01/01/2017 CY2017
NON-METRO 99999   MCCREARY 147 KY $275,665 $352,950 $426,625 $530,150 $67,000 01/01/2017 CY2017
OWENSBORO, KY 36980   MCLEAN 149 KY $275,665 $352,950 $426,625 $530,150 $112,000 01/01/2017 CY2017
ELIZABETHTOWN-FORT KNOX, KY 21060   MEADE 163 KY $275,665 $352,950 $426,625 $530,150 $130,000 01/01/2017 CY2017
MOUNT STERLING, KY 34460   MENIFEE 165 KY $275,665 $352,950 $426,625 $530,150 $102,000 01/01/2017 CY2017
NON-METRO 99999   MERCER 167 KY $275,665 $352,950 $426,625 $530,150 $98,000 01/01/2017 CY2017
GLASGOW, KY 23980   METCALFE 169 KY $275,665 $352,950 $426,625 $530,150 $79,000 01/01/2017 CY2017
NON-METRO 99999   MONROE 171 KY $275,665 $352,950 $426,625 $530,150 $76,000 01/01/2017 CY2017
MOUNT STERLING, KY 34460   MONTGOMERY 173 KY $275,665 $352,950 $426,625 $530,150 $102,000 01/01/2017 CY2017
NON-METRO 99999   MORGAN 175 KY $275,665 $352,950 $426,625 $530,150 $18,000 01/01/2017 CY2017
NON-METRO 99999   MUHLENBERG 177 KY $275,665 $352,950 $426,625 $530,150 $68,000 11/29/2016 CY2017
BARDSTOWN, KY 12680   NELSON 179 KY $275,665 $352,950 $426,625 $530,150 $125,000 11/29/2016 CY2017
NON-METRO 99999   NICHOLAS 181 KY $275,665 $352,950 $426,625 $530,150 $88,000 01/01/2017 CY2017
NON-METRO 99999   OHIO 183 KY $275,665 $352,950 $426,625 $530,150 $86,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   OLDHAM 185 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
NON-METRO 99999   OWEN 187 KY $275,665 $352,950 $426,625 $530,150 $79,000 01/01/2017 CY2017
NON-METRO 99999   OWSLEY 189 KY $275,665 $352,950 $426,625 $530,150 $82,000 01/01/2017 CY2017
CINCINNATI, OH-KY-IN 17140   PENDLETON 191 KY $275,665 $352,950 $426,625 $530,150 $214,000 01/01/2017 CY2017
NON-METRO 99999   PERRY 193 KY $275,665 $352,950 $426,625 $530,150 $73,000 01/01/2017 CY2017
NON-METRO 99999   PIKE 195 KY $275,665 $352,950 $426,625 $530,150 $92,000 01/01/2017 CY2017
NON-METRO 99999   POWELL 197 KY $275,665 $352,950 $426,625 $530,150 $49,000 01/01/2017 CY2017
SOMERSET, KY 43700   PULASKI 199 KY $275,665 $352,950 $426,625 $530,150 $65,000 01/01/2017 CY2017

 

MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
NON-METRO 99999   ROBERTSON 201 KY $275,665 $352,950 $426,625 $530,150 $95,000 01/01/2017 CY2017
RICHMOND-BEREA, KY 40080   ROCKCASTLE 203 KY $275,665 $352,950 $426,625 $530,150 $140,000 01/01/2017 CY2017
NON-METRO 99999   ROWAN 205 KY $275,665 $352,950 $426,625 $530,150 $105,000 01/01/2017 CY2017
NON-METRO 99999   RUSSELL 207 KY $275,665 $352,950 $426,625 $530,150 $63,000 01/01/2017 CY2017
LEXINGTON-FAYETTE, KY 30460   SCOTT 209 KY $275,665 $352,950 $426,625 $530,150 $171,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   SHELBY 211 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
NON-METRO 99999   SIMPSON 213 KY $275,665 $352,950 $426,625 $530,150 $82,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   SPENCER 215 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
CAMPBELLSVILLE, KY 15820   TAYLOR 217 KY $275,665 $352,950 $426,625 $530,150 $90,000 01/01/2017 CY2017
NON-METRO 99999   TODD 219 KY $275,665 $352,950 $426,625 $530,150 $64,000 01/01/2017 CY2017
CLARKSVILLE, TN-KY 17300   TRIGG 221 KY $275,665 $352,950 $426,625 $530,150 $158,000 01/01/2017 CY2017
LOUISVILLE/JEFFERSON , KY-IN 31140   TRIMBLE 223 KY $299,000 $382,750 $462,650 $575,000 $260,000 01/01/2017 CY2017
NON-METRO 99999   UNION 225 KY $275,665 $352,950 $426,625 $530,150 $43,000 01/01/2017 CY2017
BOWLING GREEN, KY 14540   WARREN 227 KY $275,665 $352,950 $426,625 $530,150 $150,000 01/01/2017 CY2017
NON-METRO 99999   WASHINGTON 229 KY $275,665 $352,950 $426,625 $530,150 $127,000 01/01/2017 CY2017
NON-METRO 99999   WAYNE 231 KY $275,665 $352,950 $426,625 $530,150 $60,000 01/01/2017 CY2017
NON-METRO 99999   WEBSTER 233 KY $275,665 $352,950 $426,625 $530,150 $46,000 11/29/2016 CY2017
LONDON, KY 30940   WHITLEY 235 KY $275,665 $352,950 $426,625 $530,150 $98,000 01/01/2017 CY2017
NON-METRO 99999   WOLFE 237 KY $275,665 $352,950 $426,625 $530,150 $63,000 01/01/2017 CY2017
LEXINGTON-FAYETTE, KY 30460   WOODFORD 239 KY $275,665 $352,950 $426,625 $530,150 $171,000 01/01/2017 CY2017

22 New Fannie Mae Homes in Kentucky

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$25,000Just Listed

3801 Herd Elias Rd
Tyner, KY 40486

3 Beds |2 Baths | 1634 sq. ft.

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$79,900Back on Market

36 Sweetbriar Ave
Florence, KY 41042

3 Beds |1 Baths | 1288 sq. ft.

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$40,000Back on Market

2204 Parkwood Rd
Louisville, KY 40214

2 Beds |1 Baths | 624 sq. ft.

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$55,000Price Reduced

504 5th Ave
Frankfort, KY 40601

3 Beds |1 Baths | 1056 sq. ft.

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$108,900Price Reduced

1927 Brooklyn Chapel Rd
Morgantown, KY 42261

3 Beds |2 Baths | 2097 sq. ft.

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$288,900Price Reduced

7154 Thornwood Ln
Florence, KY 41042

4 Beds |3 Baths | 2776 sq. ft.

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$64,900Price Reduced

517 Washington Ave
Paintsville, KY 41240

3 Beds |2 Baths | 2242 sq. ft.

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$135,500Price Reduced

136 W Main St
Mount Sterling, KY 40353

5 Beds |2 Baths | 3641 sq. ft.

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$42,900Price Reduced

147 Williams Branch
Hazard, KY 41701

3 Beds |2 Baths

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$39,900Price Reduced

158 Baker Ave
Hazard, KY 41701

3 Beds |2 Baths | 2416 sq. ft.

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$19,000Price Reduced

1229 Hermes Ave
Covington, KY 41011

1 Beds |1 Baths

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$79,000Price Reduced

2116 Quillman Rd
Louisville, KY 40214

4 Beds |1 Baths | 1440 sq. ft.

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Kentucky FHA Loan Requirements For Loan Approval.

images (3)

 

FHA Handbook 4000.1 Updates

Administration (FHA) Single Family Housing Policy Handbook 4000.1. These updates are effective September 30, 2016 and

 Clarification that an Upfront Mortgage Insurance Premium (UFMIP) refund calculation applies even if original UFMIP was
not financed.
 Mortgage Debt Not Included in Credit Report: Clarification that a manual downgrade is not required when there is no history of late payments, as detailed below.
o Not currently delinquent; and
o No 30 day late payments within 12 months of the case number assignment date; and
o No more than 2 x 30 day late payments within 24 months of the case number assignment date.
 A link has been added in the FHA Product Description from Mortgage Payment History requirements to “Credit History
Requirements for Manually Underwritten Loans.”
Appliances that add contributory value must be operable.
 Mechanical components and utilities: The appraiser must report the utility, safety, and capacity of the mechanical systems.
The appraiser must observe and operate all applicable mechanical systems and utilities. In conjunction with this guidance,
existing FHA Handbook guidance on the following topics will be added:
o Electrical System
o Heating and Cooling
o Plumbing
o Utilities

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.


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 views of my employer. Not all products or services mentioned on this site may fit all people
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