Kentucky HUD Homes for Sale with the FHA $100 Down Program

 

hud home 100 down in Kentucky

KENTUCKY HUD HOMES SALES INCENTIVES

For a limited time, FHA offers sales incentives on HUD homes that will make these homes more affordable for home buyers when purchasing a property using FHA-insured financing. The incentives VARY from State to State but may include: low down payments; sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount; broker bonuses for owner-occupant sales. The benefits of FHA financing are low down payments; competitive interest rates; flexible credit qualifying. To find a HUD-Approved Lender, and for the latest sales incentives in your areas, visit HUDhomestore.com The program incentives are subject to change without prior notice.

Sales Incentives

(subject to change without prior notice)

Participating States

$100 Down Payment! Available to Owner Occupant Home-buyers when purchasing a property using FHA-insured financing.

Kentucky HUD Homes for Sale By FHA

Search Results for HUD Homes in KY

1 | 2 | 
34 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details
201-225565 2008 Standard Ave
Louisville, KY, 40210
Jefferson County
$12,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-308494 919 Rose Dr
Hopkinsville, KY, 42240
Christian County
$63,000 3 2.10 Extended  08/05/2019 View Street
Map it
Email Info
201-321862 1309 Couchtown Road
Busy, KY, 41723
Perry County
$40,000 5 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-335969 422 Daviess St
Harrodsburg, KY, 40330
Mercer County
$40,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-340123 178 Slate Ridge Rd
Lily, KY, 40740
Laurel County
$47,000 3 1.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-355195 359 Shadowwood Dr
Grayson, KY, 41143
Carter County
$55,800 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-369441 124 Nicholas St
Elizabethtown, KY, 42701
Hardin County
$35,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-373082 1414 Obryne St
Henderson, KY, 42420
Henderson County
$27,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-374214 2620 Thomas Ave
Louisville, KY, 40216
Jefferson County
$45,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-374690 5925 Dewitt Dr
Louisville, KY, 40258
Jefferson County
$108,000 2 1.10 Extended  08/05/2019 View Street
Map it
Email Info
201-375828 2816 Alabama St
Paducah, KY, 42001
Mccracken County
$25,000 2 1.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-393697 33 Mine 18 Road
Stearns, KY, 42647
Mccreary County
$44,100 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-397942 401 Ky Route 1107
Van Lear, KY, 41265
Johnson County
$77,000 3 2.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-398608 621 Scenic Dr
Harrodsburg, KY, 40330
Mercer County
$115,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-402408 380 Bent Creek Dr
Smiths Grove, KY, 42171
Barren County
$70,000 3 2.00 Exclusive  08/06/2019 View Street
Map it
Email Info
201-406743 223 Richmond Dr
Ermine, KY, 41815
Letcher County
$27,000 3 2.10 Exclusive  08/12/2019 View Street
Map it
Email Info
201-407638 1898 Apple House Rd
Beaver Dam, KY, 42320
Ohio County
$70,000 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-427286 9010 N Highway 421
Manchester, KY, 40962
Clay County
$40,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-429878 710 Old Brownie Rd
Central City, KY, 42330
Muhlenberg County
$44,000 4 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-441028 145 Weddington Lane
Prestonsburg, KY, 41653
Floyd County
$69,300 4 2.00 Extended  08/05/2019 View Street
Map it
Email Info
1 | 2 | 

Search Results for HUD Homes in KY

1 | 2 | 
34 listings found
List Gallery
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5
10
20
Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details
201-464311 425 Denver Ave
Paducah, KY, 42001
Mccracken County
$62,000 3 2.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-466826 25 Cub Ct
East Point, KY, 41216
Floyd County
$35,000 3 2.00 Exclusive  08/05/2019 View Street
Map it
Email Info
201-500252 1024 Williams St
Maysville, KY, 41056
Mason County
$21,120 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-522693 167 Bridge Branch Rd
Allen, KY, 41601
Floyd County
$40,000 3 1.10 Extended  08/05/2019 View Street
Map it
Email Info
201-529534 2012 Granger Rd
Fairdale, KY, 40118
Jefferson County
$80,000 2 1.00 Exclusive  08/06/2019 View Street
Map it
Email Info
201-535817 304 Indian Dr
West Van Lear, KY, 41268
Johnson County
$125,000 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-546748 1738 Macedonia Rd
Adolphus, KY, 42120
Allen County
$102,000 3 1.00 Exclusive  08/06/2019 View Street
Map it
Email Info
201-581912 631 Peters Rd
Mc Kee, KY, 40447
Jackson County
$82,800 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-600689 383 Tygart St
Olive Hill, KY, 41164
Carter County
$49,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-602124 345 Church St
Lebanon Junction, KY, 40150
Bullitt County
$38,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-607030 114 Bethlehem Rd
Pleasureville, KY, 40057
Henry County
$100,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-613915 4039 Brewers Hwy
Benton, KY, 42025
Marshall County
$100,000 3 1.10 Exclusive  08/06/2019 View Street
Map it
Email Info
201-615020 2621 Harmons Ferry Rd
Utica, KY, 42376
Ohio County
$95,000 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-616777 1080 Lone Star Rd
Upton, KY, 42784
Hart County
$49,500 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info

 

 

 

 

 

 

Search Results for HUD Homes in KY

1 | 2 | 
34 listings found
List Gallery
Save Search Email Search View Map Export to Display:
5
10
20
Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details
201-225565 2008 Standard Ave
Louisville, KY, 40210
Jefferson County
$12,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-308494 919 Rose Dr
Hopkinsville, KY, 42240
Christian County
$63,000 3 2.10 Extended  08/05/2019 View Street
Map it
Email Info
201-321862 1309 Couchtown Road
Busy, KY, 41723
Perry County
$40,000 5 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-335969 422 Daviess St
Harrodsburg, KY, 40330
Mercer County
$40,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-340123 178 Slate Ridge Rd
Lily, KY, 40740
Laurel County
$47,000 3 1.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-355195 359 Shadowwood Dr
Grayson, KY, 41143
Carter County
$55,800 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-369441 124 Nicholas St
Elizabethtown, KY, 42701
Hardin County
$35,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-373082 1414 Obryne St
Henderson, KY, 42420
Henderson County
$27,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-374214 2620 Thomas Ave
Louisville, KY, 40216
Jefferson County
$45,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-374690 5925 Dewitt Dr
Louisville, KY, 40258
Jefferson County
$108,000 2 1.10 Extended  08/05/2019 View Street
Map it
Email Info
201-375828 2816 Alabama St
Paducah, KY, 42001
Mccracken County
$25,000 2 1.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-393697 33 Mine 18 Road
Stearns, KY, 42647
Mccreary County
$44,100 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-397942 401 Ky Route 1107
Van Lear, KY, 41265
Johnson County
$77,000 3 2.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-398608 621 Scenic Dr
Harrodsburg, KY, 40330
Mercer County
$115,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-402408 380 Bent Creek Dr
Smiths Grove, KY, 42171
Barren County
$70,000 3 2.00 Exclusive  08/06/2019 View Street
Map it
Email Info
201-406743 223 Richmond Dr
Ermine, KY, 41815
Letcher County
$27,000 3 2.10 Exclusive  08/12/2019 View Street
Map it
Email Info
201-407638 1898 Apple House Rd
Beaver Dam, KY, 42320
Ohio County
$70,000 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-427286 9010 N Highway 421
Manchester, KY, 40962
Clay County
$40,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-429878 710 Old Brownie Rd
Central City, KY, 42330
Muhlenberg County
$44,000 4 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-441028 145 Weddington Lane
Prestonsburg, KY, 41653
Floyd County
$69,300 4 2.00 Extended  08/05/2019 View Street
Map it
Email Info
1 | 2 | 

Search Results for HUD Homes in KY

1 | 2 | 

 

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

 

 

34 listings found
List Gallery
Save Search Email Search View Map Export to Display:
5
10
20
Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details
201-464311 425 Denver Ave
Paducah, KY, 42001
Mccracken County
$62,000 3 2.00 Exclusive  08/12/2019 View Street
Map it
Email Info
201-466826 25 Cub Ct
East Point, KY, 41216
Floyd County
$35,000 3 2.00 Exclusive  08/05/2019 View Street
Map it
Email Info
201-500252 1024 Williams St
Maysville, KY, 41056
Mason County
$21,120 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-522693 167 Bridge Branch Rd
Allen, KY, 41601
Floyd County
$40,000 3 1.10 Extended  08/05/2019 View Street
Map it
Email Info
201-529534 2012 Granger Rd
Fairdale, KY, 40118
Jefferson County
$80,000 2 1.00 Exclusive  08/06/2019 View Street
Map it
Email Info
201-535817 304 Indian Dr
West Van Lear, KY, 41268
Johnson County
$125,000 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-546748 1738 Macedonia Rd
Adolphus, KY, 42120
Allen County
$102,000 3 1.00 Exclusive  08/06/2019 View Street
Map it
Email Info
201-581912 631 Peters Rd
Mc Kee, KY, 40447
Jackson County
$82,800 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-600689 383 Tygart St
Olive Hill, KY, 41164
Carter County
$49,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-602124 345 Church St
Lebanon Junction, KY, 40150
Bullitt County
$38,000 2 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-607030 114 Bethlehem Rd
Pleasureville, KY, 40057
Henry County
$100,000 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info
201-613915 4039 Brewers Hwy
Benton, KY, 42025
Marshall County
$100,000 3 1.10 Exclusive  08/06/2019 View Street
Map it
Email Info
201-615020 2621 Harmons Ferry Rd
Utica, KY, 42376
Ohio County
$95,000 3 2.00 Extended  08/05/2019 View Street
Map it
Email Info
201-616777 1080 Lone Star Rd
Upton, KY, 42784
Hart County
$49,500 3 1.00 Extended  08/05/2019 View Street
Map it
Email Info

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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2019 Kentucky FHA Loan Requirements

Kentucky HUD $100 Down FHA Program for 2019

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 $294,000 to $304,000 depending on the county in Kentucky for FHA loans in KY for 2019
  • The property must be appraised by an Kentucky FHA-approved appraiser.
  • The property must be safe, sound and secure, in compliance with minimum property standards as defined by the U.S. Department of Housing and Urban Development, or HUD.
  • You may not have delinquent federal debt or judgments, or debt associated with past FHA loans. Caivrs Alert System will show up if you owe the government money.
  • 2019 Kentucky FHA loan limits are as follows:

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 loan limits for 2019 will be $314,827

👇👇👇👇👇

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

Why Lenders Use CAIVRS

It is true that your CAIVRS report can help lenders to predict the risk of doing business with you, just like a traditional consumer credit report. But the primary reason lenders check your CAIVRS report is because they are generally required to do so for any applications that involve a federal loan (FHA, VA, USDA, SBA, etc.). Lenders are required to conduct a CAIVRS search because Title 31 of the United States Code (Section 3720B) bars “delinquent federal debtors from obtaining federal loans or loan insurance guarantees.”

.

Kentucky FHA Loan Requirements for 2019

 

 

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

  • Gift Rules for Down-Payment Sources Guidelines on FHA Mortgage Programs

    One of the biggest obstacles to buying a home for Americans is the down payment. There was a time when you needed a 20% down payment and a high credit score to buy a home. But in 2018, you can buy a home with average to below average credit and a low down payment in some cases. One of the most popular loan programs for these buyers if the FHA loan. A major advantage of the FHA mortgage loan is you can get approved with only a 3.5% down payment with a 580 or higher credit score. If you have a lower score than that, you need a 10% down payment.

    Still, there are situations where the borrower is having trouble coming up with the down payment for the loan. What to do then? FHA guidelines do allow other options. Keep reading to learn more.

    More on FHA Down Payments and Approved Sources

    As we note above, you are required to have at least a 3.5% down payment to be approved for an FHA loan. The money must be verified by the FHA-approved lender to come from an ‘approved source.’ What is an approved source, anyway? Most people get their down payment from cash reserves, investments, borrow from 401k or IRA, etc. The idea behind verifying where the money came from is to make sure the borrower did not get the down payment from a credit card or payday loan, etc.

    But there are other options for your down payment. The funds also can come from a gift. The gift and the giver do need to meet FHA requirements, but this flexible guideline makes it possible to get into an FHA loan with, technically, zero money down. To determine if the down payment gift can be used or not, it is necessary to check HUD rules. According to HUD 41.55.1 Chapter 5 Section B, for the funds to be a gift, there cannot be any expected repayment of the money.

    Also, FHA will scrutinize the giver of the gift. Chapter 5 of the HUD Code states the cash gift is ok if it comes from your relative; employer or labor union; close friend with a defined interest in you; charitable organization; government agency or public entity.

    FHA also states who cannot give gift funds to you for the down payment. These are the seller; the real estate agent or broker on the deal; the builder or an associated entity.

    Gift Terms Explained

    The gift for your down payment cannot be made based upon paying it back later. You are required to get a gift letter from the person or organization. The letter should state that you are not required to pay the money back. It also should provide the contact information for the borrower, such as name, address, and phone number. Also included should be the bank account from which the funds will be sent.

    The gift donor should be OK with giving a bank statement with the letter. Also, he or she should ensure that the transfer amount matches what is in the gift letter and what is deposited into your account.

    FHA rules are very specific on these areas to ensure that the home buying process through FHA is fair and just. But as long as you follow the FHA rules, you should be able to get help with your down payment from a friend or relative.

    Don’t Have Friends or Family Who Can Help?

    Not every borrower has friends or family who can give them a gift for their down payment. But HUD lists many government programs spread throughout the country in most states that can offer down payment and closing cost help for certain borrowers.

    It also is worth checking if your employer and state have employer assisted housing. This program can help people with moderate incomes to get a loan to cover closing costs and down payment. Look up EAH in your state on Google to see what is available.

    Experts say that down payment help is available for nearly 90% of homes in the US. There is a good chance that you can get help on your down payment through one of these organizations. References: https://www.fha.com/fha_article?id=441

  • Benefits and Drawbacks for an FHA Borrower
  • Call or Text me at 502-905-3708 with your mortgage questions.
    Email Kentuckyloan@gmail.com


    Image result for gift funds fha infographic

     

    Kentucky FHA Loan Requirements for 2019
    What are the requirements for a FHA loan in Kentucky?

     

    <figure class=”op-interactive”>

    2019 Kentucky FHA Loan Requirements from r/personalfinance

    </figure>
    //embed.redditmedia.com/widgets/platform.js

     

    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.

What are the requirements to  qualify for a Kentucky FHA Mortgage?

What are the requirements to  qualify for a Kentucky FHA Mortgage in 2019?

Kentucky  FHA loan is a mortgage that is insured by the Government agency under Housing and Urban Development that is called FHA or short for Federal Housing Administration. The loan was established for Kentucky Home buyers will very little or no money down home loans with more  lenient credit score and  income requirements  and tends to be more forgiving about credit history with regard to bankruptcy and foreclosures, higher debt to income ratios and job history with limited work history for home buyers will only 2 years work history or less.

Kentucky FHA Credit Score Requirements and Down Payment Requirements

The Kentucky FHA  home loan  program may accept credit scores as low as 580 and require at least a 3.5 percent down payment of the sales price on a purchase. If you have a credit score below 580, then  a 10 percent down payment or more may be acceptable some FHA lenders in Kentucky , providing you meet all program guidelines in regards to debt to income ratios, assets, and income requirements .  The loan cannot be used for rental properties and does allow for co-signers if they are related.

Remember, these guidelines are set forth by FHA and all lenders do not have to offer these guidelines, to whereas they may a higher credit score or more money down or income restrictions on how much you can qualify for.

Kentucky FHA Mortgage Loans and Bankruptcy or Foreclosure

In case you had a  blemish on your credit report with a bankruptcy, short sale or foreclosure, follow these guidelines.

Kentucky FHA loans requires a passage of two years since the discharge date of a chapter 7 bankruptcy. A chapter 13 bankruptcy may be acceptable after at least 12 months of an on time pay-back period and the borrower has received permission from bankruptcy court to enter the mortgage transaction, and you qualify with the new house payment along with other debts on the credit report.

Three years must pass if you went through a short sale or foreclosure. The date starts when the home was sold, not when you entered the transaction toward foreclosure or short sale period. Sometimes the house will not sell to 1-2 years later after the foreclosure and this is when the passage date starts. Keep this in mind on your next FHA loan pre-approval if you have had a bankruptcy or foreclosure in the past.

Kentucky FHA Loans and Mortgage Insurance

FHA loans have two forms of mortgage insurance which protects the lender for any losses suffered if the borrower defaults on the payment. ne is called upfront mortgage insurance premium (UFMIP) which has a rate of 1.75% of the loan amount. The fee can be added to the loan amount or paid in full as part of your closing costs. In addition, FHA loans also have a 0.8-0.85% (of the loan amount) monthly mortgage insurance. In most cases, this mortgage insurance remains for the life of the loan. To eliminate the mortgage insurance, the borrower must refinance the loan into a non-FHA loan program and have 20% equity in the property.

In addition to the down payment requirements on a FHA loan, they’re closing costs and prepaids to pay at closing. The  seller can contribute up to 6% of the sales price to help the buyer with closing costs and prepaid expenses. Closing costs vary from lender to lender and your prepaids would be the same no matter which lender you choose because this is a function of the property ‘s home insurance premium quote you obtain and the property tax bill on the home set by PVA.

Sometimes the lender can pay a credit toward these expenses at closing with a lender credit which lets the lender credit back to you with a higher rate to reduce the costs of the loan’s costs at closing for out of pocket expenses.

All Kentucky FHA loans are assumable, which means that when the homeowner sells a home, the buyer may be able to take on the existing loan and terms (e.g.: balance, rate and remaining loan amount). Of course, anyone interested in the assumable loan feature must go through the approval process (credit check, income verification) with the current lender on the property. This is a very rare occurrence because most sellers are going to sell the home for more than they owe on it.

Kentucky FHA Loan Requirements

 

For a detailed explanation of the requirements, you can read the HUD handbook and check with prospective lenders.

A Complete Guide to Closing Costs

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Company ID #1364 | MB73346

 unnamed (2) (1)

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). USDA Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation

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 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.

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

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47 listings found
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Search Results for HUD Homes in KY

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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
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 
201-580611 2410 Paddock Ln
Louisville, KY, 40216
Jefferson County
$88,000 4 1.00 Exclusive  11/30/2018 View Street
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201-580733 2294 Josephine Rd
Stamping Ground, KY, 40379
Scott County
$108,000 4 2.00 Extended  11/29/2018 View Street
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201-583071 104 Jonathan Ct
Somerset, KY, 42503
Pulaski County
$108,900 4 2.00 Extended  11/29/2018 View Street
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201-590501 13255 Dawson Springs Rd
Crofton, KY, 42217
Christian County
$45,000 3 1.00 Exclusive  12/07/2018 View Street
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201-601254 1044 Scenic Dr
Radcliff, KY, 40160
Hardin County
$132,300 3 2.00 Extended  11/29/2018 View Street
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201-604473 8180 Georgetown Rd
Owenton, KY, 40359
Owen County
$69,000 3 2.00 Exclusive  12/07/2018 View Street
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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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