BREAKING: HUD suspends FHA mortgage insurance premium cut

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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 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 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

images (3)

Joel Lobb
Senior Loan Officer
(NMLS#57916)

 

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

 

 

 

 

Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

 

 

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

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

via The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

Frequently Asked Questions about FHA Kentucky Home Loans

Frequently Asked Questions about FHA Kentucky Home Loans.

via Frequently Asked Questions about FHA Kentucky Home Loans.

 

FHA to 50%…up to 55% with comp factors and a strong borrower

Manual UW’s on FHA/ to 620 Score

FHA purchases and R/t refi’s down to a 580 with DU Approved Eligible

— 

 
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

What are the 2014 Kentucky FHA Guidelines for credit scores, down payments, cash out, and mortgage insurance requirements for a FHA Mortgage loan?

Kentucky FHA Program guidelines have been updated as follows:

For a Kentucky FHA Purchase Loan, we can go down to a 600 credit score with the minimum down payment of 3.5%.  No bankruptcies or foreclosures in the last 2 years.

If you are getting cash out, then the max loan to value or equity position is limited to 85% of the homes value. For example, if you had a home that was valued at $100,000, then the max loan for a FHA Cash Out in Kentucky would be $85,000.00. You still have to may mortgage insurance for life of loan so think carefully about using FHA for a cashout refinance.

The maximum debt to income ratios will be set by the AUS when we run it, but for a refer, it will be limited to 31% and 43% respectively. For example, if you make $3000 a month gross income, the max house payment would be $930.00 piti, and the maximum monthly payments including the new house payment would be $1290.00. So in the above example, the most you could have left in monthly bills listed on the credit report would be $360.00–If you had child support this would count in the dti calculation on the backend ratio of 43%

The seller can pay up to 6% of the buyer’s closing costs and prepaids (property taxes, home insurance for 1st years escrows) of the sales price. So, if you purchased a home for $100,000.00, the seller could give you a concession at closing to pay your closing costs and prepaids. A lot of Kentucky First Time homebuyers use this to limit their cash to close.

The minimum down payment of 3.5% for Kentucky FHA Loans can come from a family member in the form of a gift, or can be borrowed from a 401k, retirement account, or secured asset like a car.

• Seller must own the property a minimum of 90 days prior to the contract date.

FHA loans do not require a termite or home inspection, but they do require a HUD appraisal by a FHA approved Appraiser.

The following changes are effective for all Kentucky  FHA case numbers assigned on or after June 3, 2013: FHA is changing the duration for the collection of MIP
o For all mortgages with an original principal LTV of 90% or less, regardless of loan term, the annual MIP will be assessed for 11 years.
o For all mortgages with an original principal LTV greater than 90%, regardless of loan term, the annual MIP will be assessed for the entire life of the loan.

Loans of 15 year terms or less with LTV 78% or less will pay an MIP amount of 45 bps.

FHA Streamlines Prior to June 2009
FHA Streamlines with case numbers dated June 11, 2012 or later will have new MIP rules applied. If the loan being refinanced was endorsed on or before May 31, 2009, the new Streamline will receive a flat annual MIP of 55 basis points, regardless of loan amount, and the UFMIP ratio will decrease to 0.01% of the base loan amount.

 

 

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

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

Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com/

 

FHA loans are secured through the FHA, or Federal Housing Administration
FHA loans are secured through the FHA, or Federal Housing Administration