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

Good Neighborhood Next Door (GNND)
For Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. When a law enforcement officer, teacher, firefighter, or emergency medical technician chooses to use an FHA- insured mortgage, the down payment is $100. Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. GNND buyers can bid in lottery, exclusive, and extended phases, but can bid exclusively on insured single unit homes in revitalization areas in the lottery phase. GNND buyers are given preference over government agencies and nonprofits in the selection of a bid-winner in the lottery phase. Search for available properties at www.hudhomestore.com, enter State and Buyer Type: Good Neighbor Next Door. View Q & As

$1 Homes
Sales For Local Governments
HUD’s Dollar Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. Please read HUD’s most recent notice on H2011-16 for more information. Search for available properties at HUDhomestore.com, enter State and Buyer Type is Government Agency.

Nonprofit Organizations
Eligible nonprofit organizations, can bid on homes in lottery, exclusive, and extended phases provided they are in approved purchase areas. If the property is in the lottery phase, the home must be uninsured. Nonprofits rank below Government Agencies in the bid selection process for the lottery, but above them for exclusive and extended listings. Nonprofits cannot bid for dollar homes. Nonprofit organizations that want to obtain HUD approval to participate as a FHA mortgagor, purchase HUD homes at a discount, or administer a Secondary Financing/ Down payment Assistance Program must submit an email directly to their local Homeownership Center (HOC), Program Support Division, indicating that your organization would like to apply for approval to participate in FHA Nonprofit activities. Search for available properties at www.hudhomestore.com, enter State and Buyer Type: Nonprofit.

FHA’s “First Look” Sales Program Neighborhood Stabilization Program
For Governmental Entities, Nonprofit Organizations, and Sub-recipients that have received a HUD-issued Name and Address Identification Number (NAID) are eligible to participate in the First Look Sales Method. The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD’s Neighborhood Stabilization Program (NSP)a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.Information will be available here soon.

Please use the following link https://hudnsphelp.info/index.cfm?do=viewFHAfirstLook for information about this program.

Search Results for HUD Homes in KY

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339 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-205484 100 S 42nd St
Louisville, KY, 40212
Jefferson County
$14,000 2 1.00 Exclusive  07/27/2013 View Street
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201-225941 3113 Park Side Court
Louisville, KY, 40214
Jefferson County
$31,500 2 1.10 Extended  07/27/2013 View Street
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201-274256 109 Maple St
Taylorsville, KY, 40071
Spencer County
$60,000 2 1.00 Exclusive  08/03/2013 View Street
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201-274858 10517 Charleswood Rd
Louisville, KY, 40229
Jefferson County
$114,900 3 2.00 Exclusive  07/28/2013 View Street
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201-287533 1041 Jd Circle
Berea, KY, 40403
Madison County
$110,000 3 2.10 Exclusive  07/30/2013 View Street
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201-289145 319 Lee Street
Ashland, KY, 41102
Boyd County
$49,900 2 2.00 Extended  07/27/2013 View Street
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201-289395 4326 Cobblewood Ct
Independence, KY, 41051
Kenton County
$35,000 3 1.10 Extended  07/27/2013 View Street
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201-290102 4802 Palma Rd
Louisville, KY, 40272
Jefferson County
$39,900 3 1.00 Extended  07/27/2013 View Street
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201-298983 129 Old Pitts Point Rd
Shepherdsville, KY, 40165
Bullitt County
$40,000 3 1.00 Exclusive  07/31/2013 View Street
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201-302603 1543 Heron Dr
Lexington, KY, 40503
Fayette County
$100,000 3 1.00 Exclusive  08/03/2013 View Street
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Search Results for HUD Homes in KY

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339 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-354430 210 Marytena Dr
Louisville, KY, 40214
Jefferson County
$82,000 2 1.00 Exclusive  07/30/2013 View Street
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201-382277 309 Poole Mill Road
Sebree, KY, 42455
Webster County
$82,000 3 2.00 Extended  07/27/2013 View Street
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201-374426 52 Country Lane
Prestonsburg, KY, 41653
Floyd County
$81,900 3 2.00 Extended  07/27/2013 View Street
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201-370038 754 Cantering Hills Way
Walton, KY, 41094
Boone County
$80,100 2 1.00 Extended  07/27/2013 View Street
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201-486909 1318 Kentucky Dr
Elizabethtown, KY, 42701
Hardin County
$80,000 3 1.00 Extended  07/27/2013 View Street
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201-382847 148 Haley Avenue
Shepherdsville, KY, 40165
Bullitt County
$80,000 3 1.10 Exclusive  07/27/2013 View Street
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201-363266 546 E Walnut Street
Danville, KY, 40422
Boyle County
$80,000 3 2.10 Extended  07/27/2013 View Street
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201-367674 139 Deluca Dr
Science Hill, KY, 42553
Pulaski County
$79,000 3 2.00 Exclusive  07/27/2013 View Street
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201-384619 972 Hill Rd
Paris, KY, 40361
Bourbon County
$78,900 3 1.00 Exclusive  07/29/2013 View Street
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201-366868 225 Joy Ave
Mt Washington, KY, 40047
Bullitt County
$78,900 3 1.00 Exclusive  08/03/2013 View Street
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201-363051 2013 Harris Way
Russell, KY, 41169
Greenup County
$78,300 3 1.10 Extended  07/27/2013 View Street
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201-438838 936 Morehead Rd
Bowling Green, KY, 42101
Warren County
$78,300 3 1.00 Extended  07/27/2013 View Street
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201-359829 6924 Colrain Cir
Louisville, KY, 40258
Jefferson County
$78,000 3 2.00 Exclusive  08/04/2013 View Street
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201-371828 3405 Eva Road
Louisville, KY, 40216
Jefferson County
$78,000 4 1.10 Exclusive  08/05/2013 View Street
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201-368751 545 Murphy Subdivision
Stearns, KY, 42647
Mccreary County
$77,900 2 2.00 Exclusive  07/27/2013 View Street
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201-376414 1132 Reutlinger Ave
Louisville, KY, 40204
Jefferson County
$76,500 1 1.00 Extended  07/27/2013 View Street
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201-363065 238 Dogwood Run
Shepherdsville, KY, 40165
Bullitt County
$76,000 3 2.00 Exclusive  07/27/2013 View Street
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201-389362 29 Ky Route 1596
Boons Camp, KY, 41204
Johnson County
$75,200 3 3.00 Extended  07/27/2013 View Street
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201-370849 115 Guess Subdivision Lane
Prestonsburg, KY, 41653
Floyd County
$75,050 3 2.00 Exclusive  07/27/2013 View Street
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201-399426 2108 S Shelby Stree
Louisville, KY, 40217
Jefferson County
$75,000 3 1.00 Extended  07/27/2013 View Street
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Search Results for HUD Homes in KY

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339 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-305305 416 Kilmory Avenue
Louisville, KY, 40214
Jefferson County
$60,000 3 1.00 Exclusive  07/27/2013 View Street
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201-306787 5135 Cold Springs Rd
West Paducah, KY, 42086
Mccracken County
$20,000 3 2.00 Lottery  07/27/2013 View Street
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201-308256 807 Inverness Ave
Louisville, KY, 40214
Jefferson County
$39,000 2 1.00 Exclusive  07/27/2013 View Street
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201-311780 148 Eighth St
South Shore, KY, 41175
Greenup County
$56,500 3 1.00 Lottery  07/31/2013 View Street
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201-317819 111 Shauna Dr
Leitchfield, KY, 42754
Grayson County
$59,000 2 1.00 Extended  07/27/2013 View Street
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201-318276 5410 Matterhorn Dr
Louisville, KY, 40216
Jefferson County
$83,900 3 1.10 Exclusive  08/05/2013 View Street
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201-319684 74 Bon Jan Lane
Highland Heights, KY, 41076
Campbell County
$60,000 3 0.10 Exclusive  07/27/2013 View Street
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201-320029 3045 Bowen Rd
Stanford, KY, 40484
Lincoln County
$39,900 2 1.00 Exclusive  07/28/2013 View Street
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201-320884 1132 Lillian Avenue
Louisville, KY, 40208
Jefferson County
$36,000 2 1.00 Exclusive  07/27/2013 View Street
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201-321742 117 Academy Lane
Radcliff, KY, 40160
Hardin County
$49,000 3 1.00 Extended  07/27/2013 View Street
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Search Results for HUD Homes in KY

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339 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-350437 4701 Marcy Ave
Louisville, KY, 40272
Jefferson County
$50,900 3 1.00 Extended  07/27/2013 View Street
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201-351391 245 Shadowlawn Ct
Glasgow, KY, 42141
Barren County
$54,000 3 2.00 Extended  07/27/2013 View Street
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201-351434 152 Riley St
Stamping Ground, KY, 40379
Scott County
$57,000 3 1.00 Exclusive  07/31/2013 View Street
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201-351592 265 Shepherd Lane
Manitou, KY, 42436
Hopkins County
$17,500 3 2.00 Extended  07/27/2013 View Street
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201-351620 112 Santa Barbara
Georgetown, KY, 40324
Scott County
$115,000 4 2.10 Lottery  08/01/2013 View Street
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201-351686 1881 Marietta Dr
Lexington, KY, 40505
Fayette County
$70,000 3 1.00 Exclusive  07/27/2013 View Street
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201-352724 1059 Summit Dr
Louisville, KY, 40229
Bullitt County
$89,900 3 1.00 Exclusive  07/28/2013 View Street
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201-352802 3220 Grant Ave
Louisville, KY, 40214
Jefferson County
$70,000 4 2.00 Lottery  07/31/2013 View Street
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201-353614 8516 Shirley Lane
Louisville, KY, 40258
Jefferson County
$50,000 3 1.10 Exclusive  08/03/2013 View Street
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201-353818 1422 Berry Boulevard
Louisville, KY, 40215
Jefferson County
$68,000 4 4.00 Exclusive  07/28/2013 View Street
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Search Results for HUD Homes in KY

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339 listings found
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201-366047 7030 Shanty Creek Drive
Louisville, KY, 40228
Jefferson County
$68,000 2 2.00 Exclusive  08/05/2013 View Street
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201-366166 327 Brooks Rd.
Richmond, KY, 40475
Madison County
$70,000 4 1.00 Extended  07/27/2013 View Street
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201-366868 225 Joy Ave
Mt Washington, KY, 40047
Bullitt County
$78,900 3 1.00 Exclusive  08/03/2013 View Street
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201-366876 139 Santa Barbara
Georgetown, KY, 40324
Scott County
$128,900 3 2.00 Exclusive  07/27/2013 View Street
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201-366968 3408 Burrell Dr
Louisville, KY, 40216
Jefferson County
$60,000 3 1.00 Exclusive  07/31/2013 View Street
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201-367080 13703 Bohannon Ave
Louisville, KY, 40272
Jefferson County
$39,000 3 1.00 Lottery  08/01/2013 View Street
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201-367354 3010 Ky Highway 562
Warsaw, KY, 41095
Gallatin County
$70,000 3 2.00 Exclusive  07/27/2013 View Street
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201-367459 505 Wallace Avenue
Covington, KY, 41014
Kenton County
$55,000 6 2.00 Extended  07/27/2013 View Street
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201-367561 5870 Spencer Pike
Mount Sterling, KY, 40353
Montgomery County
$25,000 2 1.00 Extended  07/27/2013 View Street
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201-367637 359 Shadowwood Dr
Grayson, KY, 41143
Carter County
$33,600 3 2.00 Extended  07/27/2013 View Street
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-346814 92 Mitchell Dr
Vine Grove, KY, 40175
Hardin County
$55,900 3 1.00 Exclusive  07/27/2013 View Street
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201-424031 4113 Whittier Dr
Owensboro, KY, 42303
Daviess County
$55,900 4 1.10 Exclusive  07/28/2013 View Street
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201-375639 5206 Beechwood Dr
Somerset, KY, 42501
Pulaski County
$55,000 3 1.00 Extended  07/27/2013 View Street
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201-387740 2170 Us Highway 431 S
Beechmont, KY, 42323
Muhlenberg County
$55,000 3 1.00 Extended  07/27/2013 View Street
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201-338236 4803 Raven Rd
Louisville, KY, 40213
Jefferson County
$55,000 3 1.00 Exclusive  07/27/2013 View Street
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201-405365 914 Pine St
Benton, KY, 42025
Marshall County
$55,000 4 1.10 Exclusive  08/04/2013 View Street
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201-367459 505 Wallace Avenue
Covington, KY, 41014
Kenton County
$55,000 6 2.00 Extended  07/27/2013 View Street
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201-362348 95 Kingsbury Ln
Cynthiana, KY, 41031
Harrison County
$55,000 3 1.00 Extended  07/27/2013 View Street
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201-390451 3380 Apple Tree Ln
Erlanger, KY, 41018
Kenton County
$54,900 3 1.00 Extended  07/27/2013 View Street
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201-351391 245 Shadowlawn Ct
Glasgow, KY, 42141
Barren County
$54,000 3 2.00 Extended  07/27/2013 View Street
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201-431005 214 Wilton Avenue
Lexington, KY, 40508
Fayette County
$54,000 3 1.00 Extended  07/27/2013 View Street
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201-438025 10811 Alberta Dr
Fairdale, KY, 40118
Jefferson County
$54,000 2 2.00 Extended  07/27/2013 View Street
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201-430510 3365 Old Madisonville Rd
Henderson, KY, 42420
Henderson County
$53,500 3 2.00 Exclusive  07/27/2013 View Street
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201-358196 505 W 3rd St
Sacramento, KY, 42372
Mclean County
$53,100 4 2.00 Extended  07/27/2013 View Street
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201-363906 2950 Old Calvary Pike
Lebanon, KY, 40033
Marion County
$53,000 3 1.00 Extended  07/27/2013 View Street
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201-396006 81 Sea Shell Ln
Shelbyville, KY, 40065
Shelby County
$52,200 2 1.00 Extended  07/27/2013 View Street
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201-389608 115 5th St
Paintsville, KY, 41240
Johnson County
$52,000 3 1.10 Extended  07/27/2013 View Street
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201-469096 116 Northview Ave
Elizabethtown, KY, 42701
Hardin County
$52,000 2 1.00 Extended  07/27/2013 View Street
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201-392306 3414 Donald Dr
Louisville, KY, 40216
Jefferson County
$50,900 3 1.00 Exclusive  08/01/2013 View Street
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201-350437 4701 Marcy Ave
Louisville, KY, 40272
Jefferson County
$50,900 3 1.00 Extended  07/27/2013 View Street
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Search Results for HUD Homes in KY

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339 listings found
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201-426115 1003 Edgehill Drive
Lawrenceburg, KY, 40342
Anderson County
$193,500 2 2.00 Extended  07/27/2013 View Street
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201-338018 86 Willowbrook Dr
Fisherville, KY, 40023
Spencer County
$190,000 6 3.00 Exclusive  07/27/2013 View Street
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201-365531 11607 Deutsch Farm Road
Louisville, KY, 40229
Jefferson County
$182,000 4 2.10 Exclusive  07/29/2013 View Street
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201-434525 8028 Watterson Trail
Louisville, KY, 40291
Jefferson County
$182,000 3 2.10 Extended  07/27/2013 View Street
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201-421296 941 Andover Woods Ln
Lexington, KY, 40509
Fayette County
$167,000 3 2.10 Exclusive  08/03/2013 View Street
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201-430874 8521 Beechwood Ct
Alexandria, KY, 41001
Campbell County
$166,500 4 2.10 Extended  07/27/2013 View Street
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201-411217 208 University Dr
Walton, KY, 41094
Boone County
$165,000 4 2.10 Exclusive  08/03/2013 View Street
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201-367845 976 Wood Valley Ln
Jeffersontown, KY, 40299
Jefferson County
$164,000 3 2.00 Extended  07/27/2013 View Street
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201-419808 275 Macy Ct
Walton, KY, 41094
Boone County
$160,000 4 2.10 Exclusive  07/27/2013 View Street
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201-356402 10334 Mackay Ct
Independence, KY, 41051
Kenton County
$157,500 4 2.10 Extended  07/27/2013 View Street
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201-424630 89 Grande Cir
Somerset, KY, 42503
Pulaski County
$156,900 3 2.00 Exclusive  08/05/2013 View Street
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201-406372 7911 Apple Valley D
Louisville, KY, 40228
Jefferson County
$155,000 4 2.10 Lottery  08/01/2013 View Street
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201-364788 1820 Foxboro Rd
La Grange, KY, 40031
Oldham County
$148,900 3 2.00 Exclusive  08/04/2013 View Street
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201-392621 798 Wheaton Way
Eddyville, KY, 42038
Lyon County
$147,700 3 2.00 Extended  07/27/2013 View Street
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201-401936 2508 Wendell Ave
Louisville, KY, 40205
Jefferson County
$145,900 3 2.00 Exclusive  07/27/2013 View Street
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201-388600 125 Bluegrass Dr
Glasgow, KY, 42141
Barren County
$145,000 3 2.10 Extended  07/27/2013 View Street
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201-348783 4309 Seagrape Rd
Louisville, KY, 40299
Jefferson County
$143,500 3 2.00 Exclusive  07/28/2013 View Street
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201-460342 438 Murphy Subdivision Rd
Stearns, KY, 42647
Mccreary County
$142,000 2 2.00 Extended  07/27/2013 View Street
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201-426453 7205 York River Rd
Louisville, KY, 40214
Jefferson County
$141,900 3 2.00 Exclusive  08/05/2013 View Street
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201-323337 147 Triple Court
Vine Grove, KY, 40175
Hardin County
$138,900 3 2.00 Exclusive  07/27/2013 View Street
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Search Results for HUD Homes in KY

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339 listings found
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201-385760 1012 Tom Hackley Rd
Danville, KY, 40422
Boyle County
$136,900 3 2.00 Exclusive  07/27/2013 View Street
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201-344171 140 Covington Way
Richmond, KY, 40475
Madison County
$136,900 3 2.00 Exclusive  07/27/2013 View Street
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201-415151 1005 Stonefield Way
Bardstown, KY, 40004
Nelson County
$135,900 3 2.00 Exclusive  08/05/2013 View Street
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201-362420 2324 Cottonwood Ct
Maysville, KY, 41056
Mason County
$135,000 3 2.00 Extended  07/27/2013 View Street
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201-380868 4807 Middlesex Dr
Louisville, KY, 40245
Jefferson County
$135,000 3 2.10 Exclusive  07/27/2013 View Street
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201-418359 717 Petty Davis Ln
Scottsville, KY, 42164
Allen County
$131,220 1 1.10 Extended  07/27/2013 View Street
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201-410157 369 Helmwood Cir
Mount Washington, KY, 40047
Bullitt County
$130,000 3 2.00 Exclusive  08/01/2013 View Street
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201-445368 1085 Brandy Ln
Richmond, KY, 40475
Madison County
$130,000 3 2.00 Extended  07/27/2013 View Street
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201-421016 6315 Tioga Rd
Louisville, KY, 40214
Jefferson County
$129,900 3 2.00 Exclusive  07/27/2013 View Street
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201-411981 333 Tex Ave
Fairdale, KY, 40118
Jefferson County
$128,900 3 2.00 Exclusive  07/29/2013 View Street
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201-366876 139 Santa Barbara
Georgetown, KY, 40324
Scott County
$128,900 3 2.00 Exclusive  07/27/2013 View Street
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201-375728 40 Belmont Dr
Shepherdsville, KY, 40165
Bullitt County
$126,000 4 3.00 Extended  07/27/2013 View Street
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201-387281 9810 River Trail Dr
Louisville, KY, 40229
Jefferson County
$125,000 3 2.10 Exclusive  07/27/2013 View Street
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201-355224 10542 Clayton Allen Blvd
Louisville, KY, 40229
Jefferson County
$125,000 2 2.10 Extended  07/27/2013 View Street
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201-398934 57 Springhill Ln
Bedford, KY, 40006
Trimble County
$123,000 3 2.10 Exclusive  07/30/2013 View Street
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201-415384 306 Skyline Park Dr
Hopkinsville, KY, 42240
Christian County
$119,900 3 1.10 Exclusive  07/27/2013 View Street
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201-365853 6805 Jumper Ct
Louisville, KY, 40291
Jefferson County
$119,000 3 1.00 Exclusive  07/27/2013 View Street
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201-350079 424 Paddock Ct
Henderson, KY, 42420
Henderson County
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Understanding PMI

Understanding PMI.

via Understanding PMI.

Understanding PMI

Trust me for your next FHA loan  Call 502-905-3708
Trust me for your next FHA loan Call 502-905-3708

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

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

Louisville, KY 40222*

Steps for refinancing FHA Mortgage Loans

Kentucky FHA Mortgage Guidelines for 2013

Kentucky FHA Mortgage Guidelines for 2013.

via Kentucky FHA Mortgage Guidelines for 2013.

FHA will increase its annual mortgage insurance premium for Kentucky FHA Mortgages beginning in early 2013. For example, for most new Kentucky FHA mortgages by 10 basis points, or 0.10%. Premiums on jumbo mortgages — $625,000 or larger — will also increase by 5 basis points, or 0.5%, to maximum authorized annual mortgage insurance premium. These increases exclude certain Kentucky FHA streamline refinance transactions.

Now the big change. It use to be you only paid the annual mip for 60 months or 78% ltv, but now  FHA will also require most Kentucky FHA  borrowers to continue paying annual premiums for the life of their mortgage loan.

In 2001, the FHA cancelled required MIP on loans when the outstanding principal balance reached 78% of the original principal balance. However, FHA will remain responsible for insuring 100% of the outstanding loan balance throughout the entire life of the loan, a term which often extends beyond the cessation of these MIP payments.

For credit scores below 620 now, FHA is  requiring manual underwriting on loans with decision credit scores below 620 and DTI ratios over 43%, raising down payments on loans above $625,000, access to FHA after foreclosure and continuing efforts to improve risk management. There is still a 3 year waiting period for foreclosures and 2 years for a bankruptcy with no lates after bankruptcies. IF you have lates after bankrupcty , it will be hard to get a mortgage loan again.

The FHA will also step up its efforts for approved lenders with regard to aggressive marketing to borrowers with previous foreclosures, while also reminding lenders of their duty to fully underwrite loan applications. All new loans must meet FHA guidelines.

FHA will announce a proposal to increase down payment requirements for mortgages that have original principal balances above $625,000. The minimum down payment requirement for these mortgages will increase from 3.5% to 5%.

Additionally, the FHA will require lenders to manually underwrite loans of which borrowers have a credit score below 620 as well as a total debt-to-income ratio greater than 43%. Thus, lenders will be required to document compensating factors supporting underwriting decisions to approve loans where parameters are exceeded.

fha_va_home_loan_mortgages.gif

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?.

via How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?.

CHANGES TO KENTUCKY FHA STREAMLINE REFINANCE TRANSACTIONS.

CHANGES TO KENTUCKY FHA STREAMLINE REFINANCE TRANSACTIONS.

502-905-3708 for your free FHA Mortgage Prequalification
502-905-3708 for your free FHA Mortgage Prequalification

In order to be in compliance with HUD Mortgagee Letter 2009-32, the following changes
to Kentucky  FHA Streamline Refinances will be effective for new case numbers assigned on or
after November 17, 2009. Please review the new maximum insurable mortgage
calculations below.

**** Revised Streamline Refinance Transactions WITHOUT an Appraisal ****
The maximum insurable mortgage cannot exceed:
• The outstanding principal balance* (from payoff) minus the applicable
refund of the UFMIP,
PLUS
• The new UFMIP that will be charged on the refinance.
**Closing cost cannot be included in the new maximum loan amount.
****Revised Streamline Transaction WITH an Appraisal****
The maximum insurable mortgage is the lower of:
1) Outstanding principal balance* minus the applicable refund of UFMIP, plus
closing costs, prepaid items to establish the escrow account and the new
UFMIP that will be charge on the refinance;
OR
2.) 97.75 percent of the appraised value of the property plus the new UFMIP that
will be charged on the refinance.
Discount points may not be included in the new mortgage. If the borrower
has agreed to pay discount points, the lender must verify the borrower has the
assets to pay them along with any other financing costs that are not included in
the new mortgage amount.
* Outstanding principle balance for the above calculations is defined as the principle balance of the loan
and may include interest charged by the servicing lender when the payoff is not received on the first day of
the month but may not include delinquent interest, late charges or escrow shortages.

The following changes apply for Kentucky FHA Streamline loans with or without appraisal:
A.) Seasoning – At the time of loan application, the borrower must have made at least 6
payments on the FHA-insured mortgage being refinanced.

B.) Payment History – Current mortgage must be 0x30 in the last 12 months or for the life of the loan if loan is < 12 months old and > 6 months old. ) If borrower has less than 12 month history on current loan and has a previous consecutive mortgage, that mortgage must be 0x30 up to the 12 months required.

C.) Net Tangible Benefit – The lender must determine that there is a net tangible benefit
as a result of the streamline refinance transaction, with or without an appraisal. The
transaction must meet FHA  net tangible
benefit.

For FHA Net tangible benefit is defined as:
1.) A reduction in the total mortgage payment (principal, interest, taxes and
insurances, HOA fees, ground rents special assessments and all
subordinate liens): The new total mortgage payment is 5% lower than the
total mortgage payment for the mortgage being refinanced. Example: Total
mortgage payment on the existing FHA mortgage is $895; the total mortgage
payment for the new FHA mortgage must be $850 or less.
2.) Refinancing from an adjustable rate mortgage (ARM) to a fixed rate
mortgage: The interest rate on the new fixed mortgage will be no greater
than 2 percentage points above the current rate of the one-year arm. For
hybrid ARMs, the total mortgage payment on the new fixed rate mortgage may
not increase by more than 20%. Example: total mortgage payment on the
hybrid ARM is $895; the total mortgage payment for the new fixed rate
mortgage must be $1,074 or less.
3.) Reducing the term of the mortgage: For transactions that include a
reduction in the mortgage term, that loan must be underwritten and closed as
a rate and term (no cash-out) refinance transaction.
D.) Employment – Streamline refinances must now include evidence of employment and
include a verbal (must be on 1003).
E.) Assets – If there are any closing cost to be paid at close, verification of funds to close
must be included in the file submission.
F.) The file must also include the pay-off statement.
G.) Maximum Combined Loan to Value –
Kentucky Mortgage guidelines will remain at
100% CLTV.)
• For streamline refinance transactions WITHOUT an appraisal, the CLTV is
based on the original appraised value of the property.
• For streamline refinance transactions WITH an appraisal, the CLTV is based on
the new appraised value. H.)TOTAL Scorecard – Lenders should not use TOTAL on streamline refinance
transactions. If a lender uses TOTAL, that loan must be underwritten and closed
as a rate and term (no cash-out) refinance transaction.
I.) Uniform Residential Loan Application (URLA) – Mortgagees may no longer use
an abbreviated version of the URLA. Due to various disclosure requirements and
our long-standing belief that borrowers are best served when certifications they must
make are divulged as early as possible in the loan application process, the
application for mortgage insurance must be signed and dated by the borrower(s)
before the loan is underwritten. Mortgagees are permitted to process and underwrite
the loan after the borrowers and interviewer complete the initial URLA and initial
form HUD-92900A, HUD/VA Addendum to Uniform Residential Loan
Application.

Click here for revised FHA Refinance Grid.

If you have any questions regarding this announcement,

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

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Apply for Free for your Louisville Kentucky Mortgage-Takes only 3 Minutes
Apply for Free for your Louisville Kentucky Mortgage-Takes only 3 Minutes

Louisville Kentucky $100 Down HUD program

Louisville Kentucky $100 Down HUD program

502-905-3708 or email kentuckyloan@gmail.com for your FHA Mortgage Loan Application for the HUD $100 Down loan program in Louisville Kentucky and Jefferson County Kentucky

Here is what you need to know:  When someone’s Louisville Kentucky  FHA loan goes into foreclosure, that home becomes a HUD home.   HUD becomes the owner of the home and offers the home for sale to recover the loss on the foreclosure.   This can create a big opportunity for Louisville Kentucky  First Time Home Buyers, because HUD will allow you to obtain an FHA loanand instead of 3.5% down, you only have to put $100 down.

Other things to consider:

  • The program is only for primary residences (No Investors)
  • FHA loans only
  • You can ask for closing cost up to 3%
  • You will still have to put $500-1,000 down in earnest money
  • You can get up to $5,000 in repairs (conditions apply)

So you’re asking how do I find these homes.   As mentioned, only certain homes are available for the $100 down HUD program, so you need a Realtor that is knowledgeable about the program and has access to the bidding process.  The bidding process can be overwhelming unless you are working with the right people.  Call me today to get pre-approved and I can refer you to a Realtor in your area that can get you a home, with only $100 down.

 

Mortgage Rates Kentucky

Mortgage Rates Kentucky.

via Mortgage Rates Kentucky.

 

Current  Kentucky mortgage rates today   

Over 500 loans closed in Kentucky and still going strong. Call us today for your personal, free loan quote. We are a local company that is here to serve your home loan needs. 502-905-3708 or kentuckyloan@gmail.com

Mortgage Rates Louisville, Kentucky

Mortgage Rates Louisville, Kentucky 
Current Louisville Kentucky Mortgage Rates Today 

Mortgage Product     Mortgage Rates     (APR)


15 Year Fixed Conventional                   3.000%            3.174% apr
30 Year Fixed Conventional                   3.625%            3.978% apr
30 Year Fixed Kentucky FHA                  3.500%            4.814% apr
30 Year Fixed Kentucky USDA               3.500%            4.584% apr
30 year Fixed Kentucky VA                    3.500%            4.451% apr
5 Year Arm Jumbo Loan                        3.000%            3.219%apr
30 year Fixed  Jumbo Loan                   4.250%            4.415%apr

Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.

A 720 credit score or higher is assumed for a Kentucky  Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.

  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan. This is not a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
  • These mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.
  • FHA

    • Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors.
  • Jumbo

    • Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans.,; Please contact your home mortgage consultant for details regarding the  criteria or with any other questions.
  •   VA Loans
                Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling     factors.
  • USDA Loans
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors.

        Today’s  Louisville Kentucky Mortgage Rates may contain points

Subject to credit approval
Rates are subject to change without notice.

            

Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scoresfor a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required.

A 720 credit score or higher is assumed for Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Conventional loans are assumed at 80% ltv or less.

NMLS# 57916

Free Credit Report and Pre qualifications available anytime. 

FHA, VA, KHC, Rural Housing, USDA, Fannie Mae Mortgage Loans