Here’s what you need to know about Kentucky FHA Loans and the changes that have been made for 2022.

What is a Kentucky FHA loan?

It stands for a Federal Housing Administration loan, meaning it is backed by the U.S. government. It is not made by a government agency. You deal directly with a mortgage lender or broker to get the loan, but the FHA will typically buy the loan from the lender after it is made or guarantee the lender against loss. FHA loans typically require lower down payments and credit scores than most conventional loans, making them a clear favorite among first-time buyers.

What Are the Terms?

These loans can have terms of either 30 years or 15 years. The interest rate is fixed for the entire loan length.

FHA borrowers are required to pay mortgage insurance premiums, but after a borrower’s equity in their home increases they may be able to refinance into a conventional loan and eliminate the monthly mortgage insurance premiums.

What Are the Qualifications?

To qualify for an FHA mortgage, home buyers need a FICO credit score of 580 or higher and a down payment of 3.5% (or a minimum down payment of 10% with a 500 FICO score).

These loans also require a two-year employment and income verification and the property as must be used as a primary residence.

If a borrower has had a bankruptcy, they must wait one to two years depending on if Chapter 13 or Chapter 7 before applying and three years after a foreclosure.

Increased Loan Limits for 2022

In 2022, for most parts of the U.S., Kentucky FHA borrowers can take out a loan for up to $420,680, an increase from 2021’s limit of $356,362.

What is a Kentucky FHA loan?
What is a Kentucky FHA loan?
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