Tag: Paducah Kentucky

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

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

Buying A HUD Home in Kentucky $100 Down FHA loan

KENTUCKY 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.

Kentucky HUD Homes for Sale By FHA

Search Results for HUD Homes in KY
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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

Text/call:      502-905-3708
fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

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.

Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

 

 

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

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

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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

Kentucky FHA loans have new guidelines for collections, judgements, and disputed accounts on credit report.

 

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

HA has published the following guideline updates, which will be effective for all loans with case numbers assigned on or after September 9th
  • Specific verbiage for Well Water Testing has been added indicating that it must be performed by a disinterested party in a method acceptable to the local health authority. The borrower or any other interested party may not have contact with the sample. Additionally, cases mandating a Well Water Test have been added to include (but not limited to) the following
    • Newly constructed properties and/or wells
    • Properties with deficiencies in the well or well water as determined by an appraiser
    • Areas where water has been reported or is otherwise known to be unsafe
    • Properties located in close proximity to dumps, landfills, industrial sites, farms, or other sites that could contain hazardous waste
    • Properties where distance between well and septic systems is less than 100 feet
  • Clarification issued indicating Overtime, Bonus, or Tip Income must be calculated using the lesser of
    • Average Overtime, Bonus, or Tip income earned over the previous 2 years (or if earned less than 2 years, the total length of time it has been received); OR
    • Average Overtime, Bonus, or Tip income earned over the previous year
  • All requirements regarding unreimbursed business expenses and Commission Income or Automobile Allowances has been completely removed to align with current IRS tax laws
  • Mortgagees and Third Party Originators have been specifically added to the list of parties to which Interested Party Contribution (IPC) limits apply, with the exception that Premium Pricing credits do not apply to the IPC limit unless the mortgagee is also acting as the seller, agent, builder, or developer.
  • Rent Below Fair Market has been defined as an inducement to purchase when the borrower is allowed to live in the property rent free or at a rental amount more than 10 percent under the fair market rent as determined by the appraiser.
  • Disaster Certifications and new Appraisals in Disaster Areas must now be dated at least 14 days after the Incident Period start date. NOTE: This requirement is in addition to the standard Century Disaster Area Policy.
  • Clarification has been added that Reduction in Term for Streamline Refinances refers specifically to the reduction of the remaining amortization period of the existing mortgage.
  • Manual Underwriting Tips for FHA
    Don’t Forget to Submit!
    • Verbal VOE, paystub(s) covering most recent 30 day period, W2’s for the past 2 years
    • 2 year employment history
    • At least 1 months reserves from the borrower’s own funds (cannot be a gift); 3 months required for 3-4 unit properties
    • VOR or 12 months cancelled checks if credit does not report last 12 months housing history
    • LOX for any derogatory credit or any late payments within the last 24 months
    DTI Requirements:
    • 31/43% FHA (no compensating factors required)
    What can trigger a downgrade to manual underwrite?
    • $1,000 or more in Disputed Derogatory Credit Accounts
    • 20% or greater decline in self employed income
    • Mortgage lates in the last 12 months (see guidelines for full list)
    Payment History Requirements:
    • All mortgage and installment loan payments must have been on time within the last 12 months and no more than two 30 day lates within the last 24 months
    • No derogatory credit on revolving accounts in the last 12 months
  • FHA – Underwriting must follow DU to determine if a collection account must be paid, even on a manual underwrite. Typically DU will require the following:
    • If the credit report shows a cumulative balance of $2,000 or more for collection accounts:
    • The debt(s) must be paid in full prior to or at closing, or
    • Payment arrangements must be made with the creditor and the monthly payment included in the DTI, or
    • A monthly payment of 5% of the outstanding balances of each collection must be included in the borrower’s DTI.
    • Collection accounts of non-borrowing spouses in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Borrower’s ability to pay all collection accounts. Community property states are Arizona, California, Texas, Washington, and Wisconsin.

Kentucky FHA Credit Score Requirements for 2014, Based on Lender Feedback

 

FHA Minimum FICO

 

 

 

FICO 620-639 will be allowed as long as the borrower has an Approve through DU . Manually underwritten loans will still be capped at a minimum FICO of 640.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky

Legal Disclaimer
*

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines. 

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