What are the Kentucky FHA Credit Score Requirements for 2017 Mortgage Loan Approvals?

 

Getting a FHA loan in Kentucky in 2017 you will be confronted with minimum credit score requirements set forth by FHA and the lender. Even though FHA will insure the mortgage loan at a certain credit score, you will see that lenders will create  “credit-overlays” to protect their risk and ask for a higher credit score.

So keep in mind when you are getting a FHA loan in 2017, some lenders will have higher credit score minimums in addition to the FHA Mortgage Insurance program.

For a Kentucky Home buyer wanting to purchase a home or refinance their existing FHA loan, FHA requires a 3.5% down payment and the borrower must have a 580 FICO Credit Score. If the score is below 580, then you would need 10% down and still qualify on a manual underwrite.

You must have a FICO score of at least 500 to be eligible for an Kentucky  FHA loan. If your FICO score is from 500 to 579, your down payment on the loan is 10 percent of the loan.

If your FICO score is 580 or higher, your down payment is only 3.5 percent. If your credit score is less than 580, it may be more cost effective to take the necessary steps to improve your score before taking out the loan, rather than putting the money into a larger down payment.

How do they get the credit score:  There are three main credit bureaus in the US. Equifax, Experian, and Transunion. The three scores vary but should be relativley  close as long as the same creditors are reporting to the same bureaus.

You will get a variation in the scores due to all creditors or collection companies don’t report to all three bureaus. This is why they take the mid score.  So if you have a 590 experian, 680 equifax, and 620 transunion, your qualifying credit score would be 620

Based on my experience with lenders that I deal with in Kentucky on FHA loans,  most lenders require 620 middle credit score for consideration for loan approval.

How do they get the score:  They take the mid score, so if you have a 590 experian, 680 equifax, and 620 transunion, your qualifying score would be 620.

 

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Kentucky FHA Loans with less than 620 Score

If your score is below 620, a manual underwrite is where the AUS (Automated Underwriting System) refers your loan to an human being, and they look at the entire file to see if they can overturn and approve the mortgage loan because the Desktop Underwriting Automated Software could not approve you.

With scores below 620, they typically will want to verify your rent history, have no bankruptcies in last two years, and no foreclosures in the last 3 years.

If you have had any lates since the bankruptcy this will probably result in a denial on a refer manual underwrite file.

Your max house payment will be set at 31% of your gross monthly income,  and your new house payment plus the bills you are paying on the credit report cannot be more than 43%.

Typically, on scores below 620 for FHA loans, they will also look at reserves or money you have saved-up after the loan is made to try and qualify you. For example, if you have a 401k or savings account that have at least 4 months reserves (take your mortgage payment  x 4) and this would equal your reserves. They look at this as a rainy day fund and could help you keep up on your bills if you were unemployed or could not work.

Maximum FHA loan limits in Kentucky are set around $285,000 and below.

If you are looking to take a FHA loan in 2017 to buy or refinance a home in Kentucky, please contact me below with your questions about the credit score requirements and how they affect your loan approval.

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.

 

 

 

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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

Kentucky FHA Loan Requirements For Loan Approval.

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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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Annual MIP Rates for Kentucky FHA Mortgage Loans have been Reduced for 2015

FHA
Annual MIP Rates for Kentucky FHA Mortgage Loans have been Reduced
Per the HUD Mortgagee Letter published January 9th, 2015, there will be a “reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority”. This will be “effective for case numbers assigned on or after January 26, 2015“.

NOTE:  15 YR PREMIUMS ARE REMAINING THE SAME.


Up Front MIP (UFMIP)

UFMIP for all FHA transactions remains unchanged at this time.

MI duration

The duration of MI for FHA loans is also unchanged, remaining effective for life of loan for most transactions.  Refer to ML 2013-04 for details.

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Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 refinance_buttonprequalify_buttonheader-contac-us

Kentucky FHA PMI Changes for 2015

Louisville Kentucky FHA Mortgage Insurance Changescropped-cropped-homes_for_sale_louisville_ky_real_estate_condos_townhouses_patio_homes_louisvilles_choice_realty_banner.jpg

FHA MI Premiums Reduced
*Revised*

Effective 01/26/2015

Submit Your Loans and Take Advantage of the
New Reduced MI Premiums Today!

HUD announced in Mortgagee Letter 2015-01, certain FHA loans will have a reduced monthly MIP factor as reflected in the below table. The rate reduction for annual MIP applies to all FHA mortgages with terms greater than 15 years, excluding streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009.

Loan Amount LTV (%) Previous New
< $625,500 < 95.00% 130 bps 80 bps
< $625,500 > 95.00% 135 bps 85 bps
> $625,500 < 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps

 

  Thanks to previous changes to the FHA program, borrowers now have to pay mortgage insurance premiums longer than ever.

The length of time on which you’ll pay mortgage insurance premiums on your FHA loan is as follows:

Mortgage Term Loan to Value Ratio Length of Mortgage Premium
15 years or shorter Up to 90% 11 years
15 years or shorter Greater than 90% Full loan term
Greater than 15 years Up to 90% 11 years
Greater than 15 years Greater than 90% Full loan term

Source: HUD.gov.

Kentucky FHA PMI Rates Changes 2013

Effective April 1, 2013 these are the new Kentucky FHA PMI Rates. There are two kinds of Kentucky FHA PMI Insurance.  To calculate your FHA PMI Premium for a Kentucky FHA loan – take your Loan Amount and multiply it by the UFPMI rate (which will likely be 1.75%).  Add that PMI Dollar Figure to your loan amount.  That’s what your principal and Insurance is going to be based upon.

Then that that TOTAL Loan Amount (including your Upfront PMI) and multiply that by the Annual FHA PMI Rate.  Divide that number by 12.  You will have THAT amount added to your Principal and Interest Payment with loans that have case numbers pulled after the end of March 2013.

Additionally, you will note that the new effective annual FHA PMI rates for loans with an LTV of less than or equal to 78 percent and with terms of up to 15 years have gone from ZERO to .45%. The new annual FHA PMI changes ONLY for these loans is effective for case numbers assigned on or after June 3, 2013.   

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 95.00% April 1, 2013 1.30 % 1.75%
≤$625,500 > 95.00% April 1, 2013 1.35 % 1.75%
Above $625,500 ≤95.00% April 1, 2013 1.50% 1.75%
Above $625,500 > 95.00% April 1, 2013 1.55% 1.75%
NOTE! Guideline Change. NO MATTER What the LTV is, there is a FHA PMI fee

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 90.00% April 1, 2013

.45%

1.75%
≤$625,500 > 90.00% April 1, 2013

.70%

1.75%
Above $625,500 ≤ 90.00% April 1, 2013

.70%

1.75%
Above $625,500 > 90.00% April 1, 2013

.90%

1.75%
Exception: New Streamline Refinances previously endorsed on or before May 31,2009
Base Loan Amount

LTV

Effective Annual PMI UFPMI
Any Amount

Any

June 11, 2012

.55%

.01%

Note that FHA has also issued guidance regarding how long FHA PMI will be on the loan. Effective June 3, 2013 the following will be in effect:

Previous and New FHA Annual PMI Duration

Term

LTV

Effective Previous New
≤ 15 yrs ≤ 78 April 1, 2013 No annual MIP 11 years
≤ 15 yrs > 78 – 90.00 April 1, 2013 Cancelled at 78% LTV 11 years
≤ 15 yrs > 90.00 April 1, 2013 Cancelled at 78% LTV Loan term
> 15 yrs ≤ 78 April 1, 2013 5 years 11 years
> 15 yrs > 78 – 90.00 April 1, 2013

Cancelled at 78% LTV & 5 yrs

11 years
> 15 yrs > 90.00% April 1, 2013

Cancelled at 78% LTV & 5 yrs

Loan Term
action
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

Louisville Kentucky FHA Loans

Louisville Kentucky FHA Mortgage Loan Calculator

Click image for Mortgage Calculator
Click image for Mortgage Calculator
http://mortgagecalculator.net/embeddable/?id=1Powered By <a href=”http://www.mortgagecalculator.net&#8221; target=”_blank”>Free Mortgage Calculator</a>

We provide a Louisville KY Mortgage FHA calculator to help you understand more about your FHA home loan. Keep in mind the following information as you work with the calculator.

With our FHA calculator you can put in your values and estimate the amount of your loan and get an Estimate on the amount of your monthly payments.

Louisville Kentucky FHA Specialists

This isn’t the only tool we have to help you with an FHA Loan. Our experienced Specialists will work with you one-on-one throughout the entire loan process. Connect with a Specialist to get started on your FHA loan or try our standard mortgage calculator. A FHA loan can allow you to include the costs of your home improvements in your loan. With HUD’ls 203 (k) program you can purchase or refinance a home that needs improvements and include all repair and improvement costs in the loan. Learn more about FHA refinancing or compare FHA vs conventional loans. The Federal Housing Administration is a branch of the Department of Housing and Urban Development and provides lenders with insurance on your loan. The FHA is here to help you become a homeowner. Both theFHA and HUD offer low-interest loans to qualified borrowers so that they may purchase homes. The FHA and HUD also offer mortgage insurance for those who are part of the VA Home Loan Guarantee Program. Contact a loan specialist to see if you are eligible for this type of loan.

FHA Mortgage Loan Limits for Kentucky (KY) 2011

FHA  Mortgage Loan Limits for Kentucky (KY) 2011

County
1 Family
2 Family
3 Family
4 Family
Adair County, KY
$271,050
$347,000
$419,400
$521,250
Allen County, KY
$271,050
$347,000
$419,400
$521,250
Anderson County, KY
$271,050
$347,000
$419,400
$521,250
Ballard County, KY
$271,050
$347,000
$419,400
$521,250
Barren County, KY
$271,050
$347,000
$419,400
$521,250
Bath County, KY
$271,050
$347,000
$419,400
$521,250
Bell County, KY
$271,050
$347,000
$419,400
$521,250
Boone County, KY
$271,050
$347,000
$419,400
$521,250
Bourbon County, KY
$271,050
$347,000
$419,400
$521,250
Boyd County, KY
$271,050
$347,000
$419,400
$521,250
Boyle County, KY
$271,050
$347,000
$419,400
$521,250
Bracken County, KY
$271,050
$347,000
$419,400
$521,250
Breathitt County, KY
$271,050
$347,000
$419,400
$521,250
Breckinridge County, KY
$271,050
$347,000
$419,400
$521,250
Bullitt County, KY
Butler County, KY
$271,050
$347,000
$419,400
$521,250
Caldwell County, KY
$271,050
$347,000
$419,400
$521,250
Calloway County, KY
$271,050
$347,000
$419,400
$521,250
Campbell County, KY
$271,050
$347,000
$419,400
$521,250
Carlisle County, KY
$271,050
$347,000
$419,400
$521,250
Carroll County, KY
$271,050
$347,000
$419,400
$521,250
Carter County, KY
$271,050
$347,000
$419,400
$521,250
Casey County, KY
$271,050
$347,000
$419,400
$521,250
Christian County, KY
$271,050
$347,000
$419,400
$521,250
Clark County, KY
$271,050
$347,000
$419,400
$521,250
Clay County, KY
$271,050
$347,000
$419,400
$521,250
Clinton County, KY
$271,050
$347,000
$419,400
$521,250
Crittenden County, KY
$271,050
$347,000
$419,400
$521,250
Cumberland County, KY
$271,050
$347,000
$419,400
$521,250
Daviess County, KY
$271,050
$347,000
$419,400
$521,250
Edmonson County, KY
$271,050
$347,000
$419,400
$521,250
Elliott County, KY
$271,050
$347,000
$419,400
$521,250
Estill County, KY
$271,050
$347,000
$419,400
$521,250
Fayette County, KY
$271,050
$347,000
$419,400
$521,250
Fleming County, KY
$271,050
$347,000
$419,400
$521,250
Floyd County, KY
$271,050
$347,000
$419,400
$521,250
Franklin County, KY
$271,050
$347,000
$419,400
$521,250
Fulton County, KY
$271,050
$347,000
$419,400
$521,250
Gallatin County, KY
$271,050
$347,000
$419,400
$521,250
Garrard County, KY
$271,050
$347,000
$419,400
$521,250
Grant County, KY
$271,050
$347,000
$419,400
$521,250
Graves County, KY
$271,050
$347,000
$419,400
$521,250
Grayson County, KY
$271,050
$347,000
$419,400
$521,250
Green County, KY
$271,050
$347,000
$419,400
$521,250
Greenup County, KY
$271,050
$347,000
$419,400
$521,250
Hancock County, KY
$271,050
$347,000
$419,400
$521,250
Hardin County, KY
$271,050
$347,000
$419,400
$521,250
Harlan County, KY
$271,050
$347,000
$419,400
$521,250
Harrison County, KY
$271,050
$347,000
$419,400
$521,250
Hart County, KY
$271,050
$347,000
$419,400
$521,250
Henderson County, KY
$271,050
$347,000
$419,400
$521,250
Henry County, KY
$271,050
$347,000
$419,400
$521,250
Hickman County, KY
$271,050
$347,000
$419,400
$521,250
Hopkins County, KY
$271,050
$347,000
$419,400
$521,250
Jackson County, KY
$271,050
$347,000
$419,400
$521,250
Jefferson County, KY
Jessamine County, KY
$271,050
$347,000
$419,400
$521,250
Johnson County, KY
$271,050
$347,000
$419,400
$521,250
Kenton County, KY
$271,050
$347,000
$419,400
$521,250
Knott County, KY
$271,050
$347,000
$419,400
$521,250
Knox County, KY
$271,050
$347,000
$419,400
$521,250
Larue County, KY
$271,050
$347,000
$419,400
$521,250
Laurel County, KY
$271,050
$347,000
$419,400
$521,250
Lawrence County, KY
$271,050
$347,000
$419,400
$521,250
Lee County, KY
$271,050
$347,000
$419,400
$521,250
Leslie County, KY
$271,050
$347,000
$419,400
$521,250
Letcher County, KY
$271,050
$347,000
$419,400
$521,250
Lewis County, KY
$271,050
$347,000
$419,400
$521,250
Lincoln County, KY
$271,050
$347,000
$419,400
$521,250
Livingston County, KY
$271,050
$347,000
$419,400
$521,250
Logan County, KY
$271,050
$347,000
$419,400
$521,250
Lyon County, KY
$271,050
$347,000
$419,400
$521,250
McCracken County, KY
$271,050
$347,000
$419,400
$521,250
McCreary County, KY
$271,050
$347,000
$419,400
$521,250
McLean County, KY
$271,050
$347,000
$419,400
$521,250
Madison County, KY
$271,050
$347,000
$419,400
$521,250
Magoffin County, KY
$271,050
$347,000
$419,400
$521,250
Marion County, KY
$271,050
$347,000
$419,400
$521,250
Marshall County, KY
$271,050
$347,000
$419,400
$521,250
Martin County, KY
$271,050
$347,000
$419,400
$521,250
Mason County, KY
$271,050
$347,000
$419,400
$521,250
Meade County, KY
$271,050
$347,000
$419,400
$521,250
Menifee County, KY
$271,050
$347,000
$419,400
$521,250
Mercer County, KY
$271,050
$347,000
$419,400
$521,250
Metcalfe County, KY
$271,050
$347,000
$419,400
$521,250
Monroe County, KY
$271,050
$347,000
$419,400
$521,250
Montgomery County, KY
$271,050
$347,000
$419,400
$521,250
Morgan County, KY
$271,050
$347,000
$419,400
$521,250
Muhlenberg County, KY
$271,050
$347,000
$419,400
$521,250
Nelson County, KY
$271,050
$347,000
$419,400
$521,250
Nicholas County, KY
$271,050
$347,000
$419,400
$521,250
Ohio County, KY
$271,050
$347,000
$419,400
$521,250
Oldham County, KY
$271,050
$347,000
$419,400
$521,250
Owen County, KY
$271,050
$347,000
$419,400
$521,250
Owsley County, KY
$271,050
$347,000
$419,400
$521,250
Pendleton County, KY
$271,050
$347,000
$419,400
$521,250
Perry County, KY
$271,050
$347,000
$419,400
$521,250
Pike County, KY
$271,050
$347,000
$419,400
$521,250
Powell County, KY
$271,050
$347,000
$419,400
$521,250
Pulaski County, KY
$271,050
$347,000
$419,400
$521,250
Robertson County, KY
$271,050
$347,000
$419,400
$521,250
Rockcastle County, KY
$271,050
$347,000
$419,400
$521,250
Rowan County, KY
$271,050
$347,000
$419,400
$521,250
Russell County, KY
$271,050
$347,000
$419,400
$521,250
Scott County, KY
$271,050
$347,000
$419,400
$521,250
Shelby County, KY
$271,050
$347,000
$419,400
$521,250
Simpson County, KY
$271,050
$347,000
$419,400
$521,250
Spencer County, KY
$271,050
$347,000
$419,400
$521,250
Taylor County, KY
$271,050
$347,000
$419,400
$521,250
Todd County, KY
$271,050
$347,000
$419,400
$521,250
Trigg County, KY
$271,050
$347,000
$419,400
$521,250
Trimble County, KY
$271,050
$347,000
$419,400
$521,250
Union County, KY
$271,050
$347,000
$419,400
$521,250
Warren County, KY
$271,050
$347,000
$419,400
$521,250
Washington County, KY
$271,050
$347,000
$419,400
$521,250
Wayne County, KY
$271,050
$347,000
$419,400
$521,250
Webster County, KY
$271,050
$347,000
$419,400
$521,250
Whitley County, KY
$271,050
$347,000
$419,400
$521,250
Wolfe County, KY
$271,050
$347,000
$419,400
$521,250
Woodford County, KY
$271,050
$347,000
$419,400
$521,250