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.
Kentucky FHA Loan Limits for 2019
FHA has announced new loan limits for 2019. For all FHA loans with Case Numbers assigned on or after January 1st, the following will be effective
these values are updated to coincide with the new FNMA loan limit floor values.
Kentucky Lending Limits for FHA Loans in KENTUCKY Counties
FHA mortgage lending limits in KENTUCKY vary based on a variety of housing types and the cost of local housing. FHA loans are designed for borrowers who are unable to make large down payments.
HUD Announces Higher FHA Loan Limits for 2019
That is an increase from 2018 when the limit was set at $294,515.
Senior Loan Officer
2019 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,
|Kentucky FHA Mortgage Guidelines for Previous short sale or foreclosure|
• FHA permits loans to Kentucky Home-buyers whose credit history indicates a short sale within the most recent three years prior to loan application, provided all of the following conditions are met:
– The borrower must have made all mortgage payments within the month due for the 12 months prior to the short sale
• Borrowers who executed a short sale after completing a permanent modification are eligible for Kentucky FHA financing, provided the borrower made at least 12 payments on the permanent modification and all payments on the permanent modification were made within the month due for the 12 months prior to the short sale
• Borrowers who completed a short sale on a loan that was under a temporary modification plan at the time of the short sale are ineligible for Kentucky FHA financing for three years after the short sale
– The short sale must serve as payment in full on the existing liens, and the existing mortgage servicer may not require repayment of the difference between the mortgage balance and the short payoff – Borrowers in default on their mortgages at the time of a short sale are ineligible for Kentucky FHA financing for three years after the date of the short sale unless the borrower experienced significant extenuating circumstances
– For additional information, refer to FHA Mortgagee Letter 2009-52 – Short Sales