How to Get A Kentucky FHA Upfront Mortgage Insurance Premium (UFMIP) Refund

 

 

How to refinance a Kentucky FHA loan in Kentucky?How do you get back a Kentucky FHA Upfront Mortgage Refund on your insurance on the old Kentucky FHA Loan?

 

KY FHA Upfront Mortgage Insurance Premium (UFMIP) Refunds Explained

A Kentucky mortgage holder with an  FHA mortgage insurancemay get a  refund if refinancing within three years of closing?

FHA UFMIP partial refunds are available for the first 3 years after loan consummation. The refund decreases by 2% each month the loan is in place. The refund amount / percentage will be provided at the time of case number assignment.

Here is how it works on a Kentucky FHA Loan on the refund:When doing an FHA to FHA refinance, the refund will be applied to the upfront mortgage insurance premium on the new loan:
MIP refunds are available for an FHA streamline refinance after the applicable seasoning period for these loans.
Kentucky FHA mortgage insurance refunds are available for FHA loans opened less than 3 years ago.
Requires a refinance into another FHA loan to receive a MIP refund.
How Much is the Refund on your Kentucky FHA Loan?

The chart below details the available refund percentage over time. In month one, the borrower starts out at 80%. In month two, it has decreased by the prescribed 2% amount and is now calculated at 78%, and so on. So, if the original UPMIP was $1000, 78% of that would be $780 that would be applied against your borrower’s new UPMIP.

Kentucky FHA MIP Refund Chart For Refinance

 

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

2019 Kentucky FHA 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 a family member or from a retirement savings plan, or money saved up. Any type of cash deposits is 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 an 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 the trustee. You will need to qualify with the Chapter 13 payment along with a 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 $314,827 in KY for 2019
  • The property must be appraised by a 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 of 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 2019, you can buy a home with average to below-average credit and 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 noted 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 an FHA loan in Kentucky?

     

     

     

    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.

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

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.

A fast and easy refinance for those with an FHA mortgage | CharlotteObserver.com

A fast and easy refinance for those with an FHA mortgage | CharlotteObserver.com.

Verification and documentation requirements are also very light compared to the traditional mortgage requirements. With an FHA refinance, there is no employment verification and no income verification. While the FHA approves these lighter requirements, some individual lenders may decide to verify these items for their own purposes.

FHA Streamline Refinance also does not require a credit score verification. Instead, payment history is used as a guideline for your ability to pay the loan in the future. So, low FICO scores are not a problem as long as your payment history is in good shape.

The FHA Streamline Refinance program does require several things to get your loan approved:

• First, you’ll need a history of making payments on time over the past year, and at least six months must have passed since the closing date on your original FHA mortgage.

• Second, while there are no requirements for employment verification or income verification, you do need to provide copies of your W-2s or tax returns.

• Third, your loan balance cannot increase to cover closing costs. You can only add the upfront portion of the required mortgage insurance premium to the balance of your loan. So, the new loan balance can’t exceed the current amount outstanding, plus the upfront portion of the mortgage insurance premium. You’ll either have to pay the closing costs upfront in cash, or qualify with your lender for a zero-cost FHA Streamline refinance.

• Finally, the refinance must have a purpose that benefits the homeowner, such as significantly lowering the monthly mortgage payments, or moving from an adjustable-rate mortgage to a more stable fixed-rate mortgage. If lowering the monthly payment is the purpose, you must be able to demonstrate at least a 5 percent drop in your monthly mortgage payments, including the mortgage insurance premiums.

The FHA frequently updates these mortgage guidelines, and individual lenders may add their own specific requirements, so it’s best to check with your preferred lender to determine your exact situation. Also, if your original FHA mortgage was closed after May 31, 2009, the mortgage insurance premiums most likely will be significantly higher, so make sure to evaluate those costs carefully versus the savings you’ll receive from the lower interest rate.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*