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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FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:
 Not eligible for FHA financing
Resales occurring between 91 days and 180 Days after Acquisition:
 Obtain 2nd appraisal if resold between 91 to 180 days after acquisition
 Obtain 2nd appraisal if resale price is 100% or more over price paid by seller
 If 2nd appraisal is more than 5% lower than value of first appraisal, the lower value must be used
 Borrower not allowed to pay for 2nd appraisal
Exceptions to FHA Flipping Rules:
 Property purchased by an employer or relocation company due to relocation of an employee
 Resales by HUD – REO program
 Sales by other government agencies (i.e., IRS, court-ordered, DEA, etc.)
 Sales of non-profit agencies approved to purchase HUD properties
 Acquisition due to inheritance
 Sales of properties by federally chartered financial institutions
 Sales of properties by GSE’s
 Sales of properties by local or state governments
 Sales by builders selling a new home
 Sales of properties in federally declared disaster areas
NOTE: Mortgage Company must obtain a 12-month chain of title to document time restrictions above.
VA MORTGAGE AND FLIPPING RULE

 No Flipping Rules – Overlays may apply or at Underwriter’s discretion

 
USDA RURAL HOUSING MORTGAGE FLIPPING RULES
 Lender is responsible to ensure that any recently sold property’s value is strongly supported when a significant
increase between sale and purchase occurs.
 Lender must ensure that the appraisal value is supported with validated comps and protect the borrower from
predatory lending.

 
Fannie Mae Appraisal Flipping Rules
 No Flipping Rules – Lender overlays may apply
Freddie Mac
 No Flipping Rules – Lender overlays may apply

 

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.






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HUD Homeownership Center Reference Guide Refinances

HUD Homeownership Center Reference Guide Refinances.

via HUD Homeownership Center Reference Guide Refinances.

Louisville Mortgage Programs

Louisville Mortgage Programs

Louisville Conforming Loans
The term “conforming” specifically refers to the loan amount. FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac) are the government agencies that set this limit. The current loan limit is $417,000. If you borrow an amount less than or equal to $417,000, then your loan amount will be considered “conforming”, since you will be conforming to the FNMA and FHLMC guidelines. Please contact one of our professional Loan Consultants to discuss your personal situation.  Learn more and View rates.

Jumbo Loans
A jumbo loan is any loan amount greater than $417,000, which is the limit set by FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac). A “super jumbo” loan is any loan amount greater than $650,000. The qualifying guidelines for these mortgages can be strict, so be sure to contact one of our professional Loan Consultants to discuss your personal situation.  
Learn more and View rates.

Refinancing
If you would like to refinance your current Louisville Mortgage Programs mortgage, it would be our pleasure to assist you. There are many reasons why it might be to your benefit to refinance you rLouisville Mortgage Programs mortgage. In most cases, it would make sense to refinance if you could lower your rate, shorten the number of years remaining on your term or take out some of your equity. Perhaps you have an adjustable rate mortgage now, and would like the security of a fixed rate mortgage. One of our professional Loan Consultants can help you by showing you the cost to obtain a new mortgage and assess the overall savings to you.

You can make an application to refinance in one of three ways: 1) complete the on-line application through our secure website Apply Now, 2) via telephone (502) 905-3708 with one of our professional Loan Consultants, or 3) download and print the application and fax it to our office at (502)813-2795. We want the application process to be fast, easy, and convenient for you.  Learn more and View rates.

Debt Consolidation
Debt Consolidation loans use the equity in your home to reduce your overall indebtedness. Generally, you can reduce you monthly payments significantly by using equity to pay off high interest debts such as credit cards and personal loans. This is an excellent way to ‘unlock’ the equity in your home and put it to work saving you money!

Bruised Credit
If this is your situation, you must let us quote you a rate. We offer programs not found anywhere else. We have some of the best Louisville Mortgage conforming rates for every situation. Call us today! We make it easy, quick and totally confidential–you will not be sorry. Call toll free 1-502-905-3708.

Louisville FHA Loans
An Louisville  FHA loan is a loan for residential real estate guaranteed by the Department of Housing and Urban Development (HUD). FHA permits loans up to 96.5% of your purchase price and 97.75% of your homes value for a streamlined refinance or up to 95% of your homes value for a cash-out refinance. Loan limits are set by county in each state. Click the following link to determine the FHA loan limit for your area https://entp.hud.gov/idapp/html/hicostlook.cfm.

Louisville FHA loans permit flexible qualifying and rates that are comparable to conforming loan rates and fees. We offer Adjustable Rate and Fixed Rate loans in all of Kentucky Counties.  Learn more and View rates.

Louisville VA Loans
VA loans (or Veteran Administration Loans) guaranteed by the Department of Veterans Affairs, to assist our Louisville Veterans of military service with 100% financing for the purchase or refinance of their homes. Veterans may obtain financing in all 50 states and our rates are comparable to conforming fixed rate loans.  Learn more and View rates.

For VA eligibility information, click here.

Second Mortgage
Second Mortgages are called by many different names. They are sometimes called ‘Home Equity Loans’ or ‘Home Improvement Loans’. Regardless of the name, the loan is characterized by a second lien on your home. Second mortgages can typically be used to get ‘cash in hand’ to use for any reason.

There are basically two types of Second Mortgage Loans: Closed End and Open End.  Closed End Second Mortgages have an amortization period, and generally, a fixed rate. They pay off in a preset term.  Open End Second Mortgages are often called Home Equity Lines of Credit or HELOCs for short. They offer the ability to reuse the money as you repay the line. It works just like a credit card except the rate of interest is much lower. 

For both types of Second Mortgages, the interest you pay is usually tax deductible. To determine deductibility of mortgage interest, contact your tax advisor.

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