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

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 Homebuyers when purchasing a property using FHA-insured financing.

Illinois, Indiana, Kentucky, Tennessee, S. Carolina,N. Carolina, Georgia, Mississippi, Alabama, Florida, Puerto Rico, Virgin Islands

 

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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.

BREAKING: HUD suspends FHA mortgage insurance premium cut

images (3)

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

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

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

Source: BREAKING: HUD suspends FHA mortgage insurance premium cut

Kentucky FHA Loan Requirements For Loan Approval.

images (3)

 

FHA Handbook 4000.1 Updates

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

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

If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people
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download

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

 

  • Ordered through a third party source. Interested/vested parties may not initiate the appraisal. I.E> buyers, sellers, realtors, loan officer, family members
  • Property must meet HUD’s minimum property standards. i.e.: permanent heat source, utilities must be on and in working order at time of inspection
  • Flips < 90 days – not allowed Per HUD -If current owner owned less than 90 days FHA will not insure. Sometimes a second appraisal will be required by FHA investor if sold within the last 6 months for a large profit. Receipts of work done may be needed to substantiate  increase in value of home in short-time period.
  • Transferred appraisal – ok
  • Appraisal valid 120 days – 30 day extension possible*
  • Property eligibility – No location restrictions.
  • New Construction Available

23444444

FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:
 Not eligible for FHA financing
Resales occurring between 91 days and 180 Days after Acquisition:
 Obtain 2nd appraisal if resold between 91 to 180 days after acquisition
 Obtain 2nd appraisal if resale price is 100% or more over price paid by seller
 If 2nd appraisal is more than 5% lower than value of first appraisal, the lower value must be used
 Borrower not allowed to pay for 2nd appraisal
Exceptions to FHA Flipping Rules:
 Property purchased by an employer or relocation company due to relocation of an employee
 Resales by HUD – REO program
 Sales by other government agencies (i.e., IRS, court-ordered, DEA, etc.)
 Sales of non-profit agencies approved to purchase HUD properties
 Acquisition due to inheritance
 Sales of properties by federally chartered financial institutions
 Sales of properties by GSE’s
 Sales of properties by local or state governments
 Sales by builders selling a new home
 Sales of properties in federally declared disaster areas
NOTE: Mortgage Company must obtain a 12-month chain of title to document time restrictions above.
VA MORTGAGE AND FLIPPING RULE

 No Flipping Rules – Overlays may apply or at Underwriter’s discretion

 
USDA RURAL HOUSING MORTGAGE FLIPPING RULES
 Lender is responsible to ensure that any recently sold property’s value is strongly supported when a significant
increase between sale and purchase occurs.
 Lender must ensure that the appraisal value is supported with validated comps and protect the borrower from
predatory lending.

 
Fannie Mae Appraisal Flipping Rules
 No Flipping Rules – Lender overlays may apply
Freddie Mac
 No Flipping Rules – Lender overlays may apply

 

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.






http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 

 

 

FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015

FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015.

7 Major FHA Rule Changes – Effective June 15, 2015

As you probably know, HUD has scrapped their old underwriting handbook and has re-written the whole darn thing which they will be implementing on all case numbers order on or after June 15. What they DIDN’T do was indicate which rules were CHANGED significantly from the previous handbook. We compared both the old and the new handbook and found 46 rule changes. Here are seven of them.

Earnest Money

Old Rule – Document source of earnest money if the amount exceeds 2% of the sales price

New Rule – Document source of earnest money if the amount exceeds 1% of the salesprice

CAVIRS

Old Rule – Federal debt makes borrower ineligible

New Rule – VERIFIED federal debt makes the borrower ineligible

Part-Time Income

Old Rule – Underwriter discretion allowed when received less than 2 years

New Rule – Two years uninterrupted part-time income is required. Average income over prior 2 years or use 12-month average of hours at the current pay rate if the lender documents an increase in pay rate.

Rental Income on Retained Primary Residence

Old Rule – Rental income may be counted when relocating outside of reasonable commute distance for job and borrower has 25% equity.

New Rule – Rental income may be counted when relocating and the new residence is at least 100 miles from previous residence. If no history of rental income since the last tax filing, borrower must have 25% equity.

Non-taxable income

Old Rule – Gross up using tax rate evidenced on last tax return. If borrower did not filea return, use tax rate of 25%.

New Rule – Gross up using the greater of 15% or actual tax rate. If borrower did not file a tax return, use tax rate of 15%

Installment Debts Less Than 10 Months

Old Rule – May be excluded from ratios. If manual underwrite—may be excluded if debt will not affect ability to pay the mortgage.

New Rule – May be excluded ONLY if—they have cumulative payment of less than or equal to 5% of the borrower’s gross monthly income AND the borrower may not pay the debts down to achieve this percentage.

Multiple FHA Loans

Old Rule – If relocating for employment, borrower may obtain a second FHA loan for a new principal residence if current residence is more than a reasonable commute to new residence.

New Rule – If relocating for employment, the commuting distance between the old residence and new residence must be more than 100 miles.

Source: Mortgage Currentcy


Joel Lobb (NMLS#57916)
Senior  Loan Officer

 

via FHA STREAMLINES 

EFINANCE GUIDELINES IN KENTUCKY 2015.

Credit Scores Needed to qualify for a KENTUCKY FHA Mortgage

Credit Scores Needed to qualify for a Ky Mortgage.

via Credit Scores Needed to qualify for a Ky Mortgage.

 

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119