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

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

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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.

 

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Deferred Student Loans for FHA Loans for a Kentucky FHA Mortgage loan approval.

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FHA recently change the guidelines for getting a Kentucky mortgage loan approved with student loans. This works to your advantage versus the old guidelines.

Mortgagees must use the guidance in Mortgagee Letter (ML) 16-08 for case numbers assigned on or after June 30, 2016.

The Mortgagee must include the monthly payment shown on the credit report, loan agreement or payment statement to calculate the Borrower’s debts.

If the credit report does not include a monthly payment for the loan, the Mortgagee must use the amount of the monthly payment shown in the loan agreement or payment statement.

If the monthly payment shown on the credit report is utilized to calculate the monthly debts, no further documentation is required.

 

Mortgagees must use the guidance in Mortgagee Letter (ML) 16-08 for case numbers assigned on or after June 30, 2016.

The Mortgagee must include the monthly payment shown on the credit report, loan agreement or payment statement to calculate the Borrower’s debts.

If the credit report does not include a monthly payment for the loan, the Mortgagee must use the amount of the monthly payment shown in the loan agreement or payment statement.

If the monthly payment shown on the credit report is utilized to calculate the monthly debts, no further documentation is required.

If the credit report does not include a monthly payment for the loan, or the payment reported on the credit report is greater than the payment on the loan agreement or payment statement, the Mortgagee must obtain a copy of the loan agreement or payment statement documenting the amount of the monthly payment.

If a student loan is not deferred, the debt is considered an installment loan and FHA will count the actual monthly payment for the obligation.

This includes the actual monthly payment for the obligation that is being paid under an income-based repayment plan, which may include an actual monthly payment of $0.

FHA and HUD just came out with an updated Mortgagee Letter 16-08 in regards to Deferred Student Loans for FHA Loans for a Kentucky FHA Mortgage loan approval.
 
Previously had to count 2% of balance against DTI,  it is changed to 1% of balance against DTI.  See below from the Letter.  
 
Student Loans
(4) Calculation of Monthly Obligation
Regardless of the payment status, the Mortgagee must use either:
the greater of:
– 1 percent of the outstanding balance on the loan; or
– the monthly payment reported on the Borrower’s credit report;   or
the actual documented payment, provided the payment will fully amortize the loan over its term.

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

 

 

Kentucky FHA Mortgage Guidelines Changes for 2015

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Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015?

• Job Changes –

FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability.

And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she:
–is employed in the current job for six months or longer, and
–can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce.

• Employment Gaps –

For borrowers with gaps – FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must:
–explain any gaps in employment that span one or more months, and
–indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.

When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record
–qualifications for the position
–previous training and education, and
–the employers confirmation of continued employment

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Joel Lobb
Senior Loan Officer
(NMLS#57916)

 

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

 

 

 

 

First Time Home Buyer Programs Louisville Kentucky

First Time Home Buyer Programs Louisville Kentucky.

via First Time Home Buyer Programs Louisville Kentucky.

 

 

Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

 

 

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

First Time Home Buyer Programs Louisville Kentucky

First Time Home Buyer Programs Louisville Kentucky

First Time Home Buyer Programs Louisville Kentucky.

via First Time Home Buyer Programs Louisville Kentucky.

FHA mortgage insurance premiums won’t be going down in 2015 | 2014-11-18 | HousingWire

FHA mortgage insurance premiums won’t be going down in 2015 | 2014-11-18 | HousingWire.