How to qualify for a Kentucky FHA Home Loan ?

How to qualify for a Kentucky FHA Home Loan ?

Image result for fha loans ky

 

 

FHA stands for the Federal Housing Administration which is a government agency created to increase home-ownership across the United States all the way back in 1934. The agency itself doesn’t offer home loans but insures loan that are offered by private lenders (i.e. mortgage companies).

It’s important to understand the different types of loan programs available to you and what benefits and drawbacks there are to each type.

For example, if you’re looking to find a fixer upper this may not be the right loan program for you. But an FHA loan may be a better fit for you if you have little cash saved up for a down payment or if you don’t have a high credit score.

Kentucky FHA loan requirements:

  • At least 18 years old to apply
  • No age limit. just must be 18 years of age to apply.
  • Must occupy the home as a primary residence, no rental homes or investment property
  • An appraisal must be done by an FHA-approved appraiser.Typically FHA appraisal in Kentucky costs anywhere from low-end $325 to $525 with most FHA lenders in KY.
  • Home inspection is not required
  • Termite inspection not required
  • 2 years removed from Chapter 7 bankruptcy, and 1 year in Chapter 13 bankruptcy is possible to get a loan while in bankruptcy
  • Foreclosure or short sale on previous home mortgage requires 3 years removal from those dates.
  • Mortgage insurance (MIP) is required
  • Upfront Mortgage Insurance Premium is 1.75% and monthly mortgage insurance is .85% or .80% depending on loan term and loan to value.
  • Mortgage insurance is for life of loan.
  • No matter your credit scores, everyone pays the same mortgage insurance premiums.
  • Must have 2 years of employment history proving a reliable source of income
  • 500 FICO score requirement with at least 10% down payment
  • 580 FICO score requirement with at least 3.5% down payment
  • Gifts and down payment assistance programs are allowed to meet your down payment requirements. Cannot come from seller, but seller can contribute up to 6% of the sales price toward buyer’s closing costs and prepaids.
  • Student loan payments are factored into the debt-to-income ratio when applying. Typically if loans are deferred, or in an income=based repayment plan, the FHA underwriters will use 1% of the outstanding balance, which sometimes can make it difficult to qualify.
  • Your debt-to-income ratio must not be higher than 31% or total debt obligation cannot be higher than 43% of your current income. This is for a manual underwriter, meaning that if the AUS underwriting system by mortgage lenders will approve you for a higher debt to income ratio, that is fine.

 

New FHA loan limits for 2019 in Kentucky:

The Kentucky FHA has a maximum loan limit it will insure. These Kentucky FHA loan limits are updated each year and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. Other things like the type of home (i.e. duplex or single-family) can also affect the FHA loan limits. *

For low-cost areas, the loan limit increased from $294,515 to $314,827 for all Kentucky Counties in 2019. . You can check the FHA loan limits in your area here.

 

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.

FHA vs Conventional Infograhic
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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.

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 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.

Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2018

2018 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