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Kentucky FHA loans are great loan program that is not just for first-time buyers!
Kentucky FHA Down Payment Requirements, Credit Scores and Mortgage Insurance
How Credit Scores Impact Kentucky FHA Loan Down Payment Requirements
Kentucky Home Buyers credit scores are one of the largest factors in determining the amount of a down payment for an FHA loan. A credit score of 580 or higher, 3.5 percent is the minimum required for a down payment. Anyone with a credit score of 500 to 579 will have to save 10 percent for a down payment to obtain an FHA loan.
What Are Mortgage Insurance Requirements on Kentucky FHA Loans?
FHA loans are required to pay mortgage insurance premiums, often known as upfront mortgage insurance premiums and monthly annual premiums.
- Upfront mortgage insurance premium: 1.75 percent of the loan amount and is paid when the borrower gets the loan. The premium can be rolled into the mortgage.
- Annual mortgage insurance premium: 0.45 percent to 1.05 percent, depending on the term of the loan (15 years vs. 30 years), the loan amount and the initial loan-to-value ratio, or LTV. This premium amount is divided by 12 and paid monthly.
For a homeowner who borrows $150,000, this means the upfront mortgage insurance premium would be $2,625 and your annual premium would range from $675 ($56.25 per month) to $1,575 ($131.25 per month), depending on the length of the mortgage.
Unlike traditional mortgage insurance premiums, homeowners are required to pay FHA premiums for the entire term of the mortgage. The only time you can stop paying them is to refinance into a non-FHA loan or to sell the house.
Down Payment Gifts and Rules for Kentucky FHA Loans Kentucky borrowers choose an FHA loan can receive money as a gift to help towards the total amount of the down payment.
There are several rules that homeowners need to keep in mind. Gifts can come from friends, family members, labor unions and employers, according to data from the Department of Housing and Urban Development (HUD).
Even non-profit organizations can provide money for a contribution toward a down payment.
In addition, each state offers various assistance programs for down payments for both FHA buyers in Kentucky lacking the down payment.
People obtaining an Kentucky FHA loan are also eligible for these programs. I.e. Kentucky Housing Dap Funds, Welcome Grants In Kentucky
How does Kentucky FHA Mortgage Rates work?
Kentucky FHA mortgage loans are backed by the Federal Housing Administration under the umbrella of HUD. FHA loans were developed to help borrowers that don’t have a large down payment and a weaker credit profile to buy and refinance their home mortgage loan.
Kentucky FHA rates are backed by the government, so they are typically lower than other mortgage rates in the secondary market like Conventional loans and portfolio loans at banks, but fall in line compatible to other backed government loans in the secondary market likeUSDA, VA, mortgage loans. Most people seeking FHA mortgages will get a 30 year, 20 year of 15 year fixed rate loan with the security of the house payment not changing.
Lower Credit Standards and Credit Scores for FHA loans
FHA mortgages will go down to a 500 credit score with at least 10% down payment, and if your credit score is higher than 580, you can put the minimum of 3.5% down payment. Additionally, you need to be only 2 years removed from a Chapter 7 bankruptcy, or 1 year from a Chapter 13 bankruptcy.
Mortgage Insurance on FHA loans
Mortgage insurance is required on most FHA loans and is usually for life of loan with everyone paying the same. If you have a higher credit score and a larger down payment, it would make sense to look at doing a conventional mortgage loan because they are based on your credit score, money down, and debt to income ratio and not for life of loan.
You can get a lower FHA mortgage insurance premium and not have to finance the premiums for life of the loan if you put more than 10% down payment and finance on a 15 year term.
Why would you consider a FHA mortgage?
My best opinion is this. If you have a bankruptcy that is less than 4 years, have a credit score lower than 660, and very little money down, I would recommend at looking to do a FHA mortgage Loan. Your chances of getting approved with likely result in a loan approval as opposed to doing a conventional loan backed by Fannie Mae.
Why would you consider a Conventional Loan?
My best opinion is this. If you have a bankruptcy over 4 years or longer, at least 5% down payment, a credit score of 680 or higher, I would look doing a conventional mortgage loan.
I can help you understand what mortgage is correct for you. Please contact me below and I will be happy to answer any questions.
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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/
What are the requirements to qualify for a Kentucky FHA Mortgage?
What are the requirements to qualify for a Kentucky FHA Mortgage in 2020?
Kentucky FHA loan is a mortgage that is insured by the Government agency under Housing and Urban Development that is called FHA or short for Federal Housing Administration. The loan was established for Kentucky Home buyers will very little or no money down home loans with more lenient credit score and income requirements and tends to be more forgiving about credit history with regard to bankruptcy and foreclosures, higher debt to income ratios and job history with limited work history for home buyers will only 2 years work history or less.
Kentucky FHA Credit Score Requirements and Down Payment Requirements
The Kentucky FHA home loan program may accept credit scores as low as 580 and require at least a 3.5 percent down payment of the sales price on a purchase. If you have a credit score below 580, then a 10 percent down payment or more may be acceptable some FHA lenders in Kentucky , providing you meet all program guidelines in regards to debt to income ratios, assets, and income requirements . The loan cannot be used for rental properties and does allow for co-signers if they are related.
Remember, these guidelines are set forth by FHA and all lenders do not have to offer these guidelines, to whereas they may a higher credit score or more money down or income restrictions on how much you can qualify for.
Kentucky FHA Mortgage Loans and Bankruptcy or Foreclosure
In case you had a blemish on your credit report with a bankruptcy, short sale or foreclosure, follow these guidelines.
Kentucky FHA loans requires a passage of two years since the discharge date of a chapter 7 bankruptcy. A chapter 13 bankruptcy may be acceptable after at least 12 months of an on time pay-back period and the borrower has received permission from bankruptcy court to enter the mortgage transaction, and you qualify with the new house payment along with other debts on the credit report.
Three years must pass if you went through a short sale or foreclosure. The date starts when the home was sold, not when you entered the transaction toward foreclosure or short sale period. Sometimes the house will not sell to 1-2 years later after the foreclosure and this is when the passage date starts. Keep this in mind on your next FHA loan pre-approval if you have had a bankruptcy or foreclosure in the past.
Kentucky FHA Loans and Mortgage Insurance
FHA loans have two forms of mortgage insurance which protects the lender for any losses suffered if the borrower defaults on the payment. ne is called upfront mortgage insurance premium (UFMIP) which has a rate of 1.75% of the loan amount. The fee can be added to the loan amount or paid in full as part of your closing costs. In addition, FHA loans also have a 0.8-0.85% (of the loan amount) monthly mortgage insurance. In most cases, this mortgage insurance remains for the life of the loan. To eliminate the mortgage insurance, the borrower must refinance the loan into a non-FHA loan program and have 20% equity in the property.
In addition to the down payment requirements on a FHA loan, they’re closing costs and prepaids to pay at closing. The seller can contribute up to 6% of the sales price to help the buyer with closing costs and prepaid expenses. Closing costs vary from lender to lender and your prepaids would be the same no matter which lender you choose because this is a function of the property ‘s home insurance premium quote you obtain and the property tax bill on the home set by PVA.
Sometimes the lender can pay a credit toward these expenses at closing with a lender credit which lets the lender credit back to you with a higher rate to reduce the costs of the loan’s costs at closing for out of pocket expenses.
All Kentucky FHA loans are assumable, which means that when the homeowner sells a home, the buyer may be able to take on the existing loan and terms (e.g.: balance, rate and remaining loan amount). Of course, anyone interested in the assumable loan feature must go through the approval process (credit check, income verification) with the current lender on the property. This is a very rare occurrence because most sellers are going to sell the home for more than they owe on it.
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). USDA Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation
How to qualify for a Kentucky FHA Home Loan ?
It’s important to understand the different types of loan programs available to you and what benefits and drawbacks there are to each type.
For example, if you’re looking to find a fixer upper this may not be the right loan program for you. But an FHA loan may be a better fit for you if you have little cash saved up for a down payment or if you don’t have a high credit score.
Kentucky FHA loan requirements:
- At least 18 years old to apply
- No age limit. just must be 18 years of age to apply.
- Must occupy the home as a primary residence, no rental homes or investment property
- An appraisal must be done by an FHA-approved appraiser.Typically FHA appraisal in Kentucky costs anywhere from low-end $325 to $525 with most FHA lenders in KY.
- Home inspection is not required
- Termite inspection not required
- 2 years removed from Chapter 7 bankruptcy, and 1 year in Chapter 13 bankruptcy is possible to get a loan while in bankruptcy
- Foreclosure or short sale on previous home mortgage requires 3 years removal from those dates.
- Mortgage insurance (MIP) is required
- Upfront Mortgage Insurance Premium is 1.75% and monthly mortgage insurance is .85% or .80% depending on loan term and loan to value.
- Mortgage insurance is for life of loan.
- No matter your credit scores, everyone pays the same mortgage insurance premiums.
- Must have 2 years of employment history proving a reliable source of income
- 500 FICO score requirement with at least 10% down payment
- 580 FICO score requirement with at least 3.5% down payment
- Gifts and down payment assistance programs are allowed to meet your down payment requirements. Cannot come from seller, but seller can contribute up to 6% of the sales price toward buyer’s closing costs and prepaids.
- Student loan payments are factored into the debt-to-income ratio when applying. Typically if loans are deferred, or in an income=based repayment plan, the FHA underwriters will use 1% of the outstanding balance, which sometimes can make it difficult to qualify.
- Your debt-to-income ratio must not be higher than 31% or total debt obligation cannot be higher than 43% of your current income. This is for a manual underwriter, meaning that if the AUS underwriting system by mortgage lenders will approve you for a higher debt to income ratio, that is fine.
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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.
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Student Loans In Collections, What Can I Do to get Approved For A Kentucky Mortgage ?
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FHA says as many as 50,000 mortgages will be affected by new lending rules
Two weeks ago, the FHA took steps to limit risk to its single-family portfolio, announcing that it will flag some loans for manual underwriting. FHA’s Chief Risk Officer Keith Becker told the WSJ just how many loans the agency thinks will be affected, adding that the FHA felt that it was appropriate to take some steps to mitigate the risks we’re seeing.
Two weeks ago, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that will flag some loans for manual underwriting.
The move upset a number of lenders who feared that some of their borrowers would be shut out of FHA financing and that borrowers who began the process but no longer qualified under new guidelines would be angry.
Turns out, their fears have some merit.
An FHA official told The Wall Street Journal that approximately 40,000 to 50,000 loans a year will likely be affected, which amounts to about 4-5% to all the mortgages the FHA insures on an annual basis.
“We have continued to endorse loans with more and more credit risk,” said FHA’s Chief Risk Officer Keith Becker. “We felt that it was appropriate to take some steps to mitigate the risks we’re seeing.”
The WSJ points out that the move is a complete reversal of the agency’s 2016 decision to loosen underwriting standards, nixing an old rule that required manual underwriting for loans with credit scores below 620 and a debt-to-income ratio above 43%.
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But the agency’s annual report to Congress released in November revealed risk trends that threatened to drain the program, among them a significant increase in cash-out refinances, a drop in average borrower credit score, and a jump in borrowers with high DTIs.
Requiring manual underwriting for riskier loans is intended to curb these risks, and there’s a good chance a number of borrowers will no longer qualify.
According to Becker, it’s likely that many of the loans flagged for manual underwriting won’t end up passing muster.
Source: FHA says as many as 50,000 mortgages will be affected by new lending rules
Latest FHA shift to mitigate risks may shut out some Kentucky home buyers wanting FHA Loans in 2019
Latest FHA shift to mitigate risks may shut out some homebuyers:
Kentucky FHA Loan Changes for FICO Scores and Credit Scores for 2019
Last week, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that may flag some loans for manual underwriting.
The change applies to all loans with case numbers assigned on or after March 18th, meaning that it is likely to affect some of the loans currently sitting in an FHA lender’s pipeline.
Chatter among members of the lending community suggests a number of originators are unhappy about the changes, fearing that the end result may be that some of their borrowers will be shut out of FHA financing.
Some said the FHA did not go about implementing the changes the right way, creating confusion about how the risk is being mitigated, while others said they felt as if the rug had been pulled out from under them, and fear that borrowers who no longer qualify will be angry, according to email exchanges between lenders and mortgage brokers, shared with HousingWire.
For its part, the FHA said it is taking necessary steps to address some of the risk trends apparent in its single-family portfolio and flagged as concerning in its 2018 Report to Congress.
Specifically, FHA loans have seen a substantial increase in cash-out refinances, a drop in the average borrower credit score, and an increase in borrowers with high debt-to-income ratios.
In its letter about the Scorecard updates, the FHA said that the number of FHA refinances that are cash-outs increased 60% in 2018, and that almost a quarter of all FHA loans in 2018 had a DTI ratio above 50%.
The average credit scores for FHA borrowers has also declined, falling to 670 in 2018 – the lowest average since 2008.
Combined, these factors are signaling untenable risk for the agency as they flag the potential for the program to drain the Mutual Mortgage Insurance Fund.
“Federal Housing Commissioner Montgomery has publicly stated numerous times in recent months that FHA must seek the right balance between managing risk and fulfilling its mission of supporting sustainable home-ownership,” the FHA said in its letter.
“To be successful long term, FHA must maintain the integrity of its insurance endorsements,” it continued. “This includes assessing the causes of the increase in higher-risk credit characteristics in the portfolio and making prudent and necessary changes to re calibrate and adjust its policies as warranted to manage credit risk.”
The agency said the updates to its Scorecard are just the first step it will be taking to address these risk factors.
“FHA will carefully monitor the impact of this change and is preparing to implement additional changes to maintain a better balance of managing risk and fulfilling its mission,” the agency stated.
I can answer your questions and usually get you pre-approved the same day.
Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com
Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com
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Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
Source: Latest FHA shift to mitigate risks may shut out some homebuyers
KENTUCKY HUD HOMES FOR SALE
FHA’s $100 Down Program is allowed for Kentucky Home Buyers buying a home that is owned by HUD or FHA. The $100 Down sales incentive permits a Borrower to purchase a HUD REO Property with FHA-insured financing with a minimum downpayment of $100.
This program can ONLY be used to purchase homes owned by HUD OR FHA.
Check the link below to see if any properties are offered in your area. If a property is eligible, the listing on the website will specify $100 Down Financing Incentivize.
You can find all current listings for sale by HUD here.
The main factors in qualifying for this Kentucky FHA program are that the property must be a HUD REO property and purchased using FHA Financing, aside from these, the requirements include:
- Occupancy: The property must be purchased for use as your Primary Residence.
- Property Type: Eligible properties include 1 or 2 unit homes, manufactured homes, condos, and PUDs.
- Full Price Offer: You must submit an offer for the full listing price. Typically, when you purchase a home, you make an offer to the seller…. we all want to get the best deal so you may offer less than the asking price… or you may offer more if the home you want is being bid on by many buyers…. With HUD REO properties this is not allowed. The sales price HUD has on the listing is what you must offer.
- Sales Contract: The $100 down payment incentive must be included on the executed sales contract.
- Cannot have purchased a HUD home within the preceding 24 months
- Credit Score: 580 is the minimum FICO score you must have to qualify for a FHA Kentucky Home Buyer using the HUD $100 Down loan program.
- Usually takes about 30-45 days to close
- Earnest Money Deposit usually needs to be at least $500 to $1000
- This is a manual underwriter meaning that your debt to income ratio has to be 31 and 43% respectively
- No Chapter 7 Bankruptcies in last two years
- No Foreclosures in last 3 years
- Clear Cavirs on borrowers.
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How long do you have to wait to get approved for a mortgage loan after a bankruptcy in Kentucky?
Qualifying For A Kentucky Mortgage After Bankruptcy
Home Buyers can qualify for a Kentucky mortgage after bankruptcy:
- 2 year waiting period to qualify for FHA Loan to qualify for a FHA Loans after discharge of Chapter 7.
- One year into a Chapter 7 Bankruptcy to qualify for a Chapter Loan into a Chapter 13 Bankruptcy repayment plan.
- No waiting period after a Chapter 13 Bankruptcy discharge date.
- 4 year waiting period to qualify for a Chapter 7 Bankruptcy discharge date to qualify for a Conventional Loan.
- Two year waiting period to qualify for a Chapter 13 after Chatper 13 discharged date to qualify for a Conventional Loan.
- Four year waiting period to qualify for a Conventional Loan if you had a mortgage part of bankruptcy but the foreclosure needs to be be finalized
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
kentuckyloan@gmail.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.
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Kentucky FHA loans after a bankruptcies, foreclosures, deeds-in-lieu of foreclosure, pre-foreclosures, short sales, and mortgage charge-offs.
Kentucky FHA loans after a significant derogatory credit events which include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, pre-foreclosures, short sales, and mortgage charge-offs.
A Chapter 7 bankruptcy – MUST be discharged at least 2 years from Case Number Assignment Date. Requirements
include:
1. Complete Copy of Bankruptcy paperwork MUST be provided
2. Borrower must write a detailed explanation explaining the reason for the Bankruptcy
3. The Borrower must have re-established good credit; or chosen not to incur new credit obligations.
4. An elapsed period of less than two years, but not less than 12 months, may be acceptable, if the Borrower:
– Can show that the bankruptcy was caused by extenuating circumstances beyond the Borrower’s control; and
– Has since exhibited a documented ability to manage their financial affairs in a responsible manner.
– If a Chapter 7 is discharged less than 2 years from the date of Case Number Assignment Date the loan must be downgraded to Manual Underwriting and meet all requirements listed in HUD 4000.1 Handbook
Chapter 13 must be discharged ** Requirements include:
1. Complete Copy of Bankruptcy paperwork MUST be provided
2. Borrower must write a detailed explanation explaining the reason for the Bankruptcy
3. The Borrower must have re-established good credit; or chosen not to incur new credit obligations.
4. An elapsed period of less than two years, but not less than 12 months, may be acceptable, if the Borrower:
‐ Can show that the bankruptcy was caused by extenuating circumstances beyond the Borrower’scontrol; and
‐ Has since exhibited a documented ability to manage their financial affairs in a responsible manner.
5. If a Chapter 13 is discharged less than 2 years from the date of Case Number Assignment Date the loan must be downgraded to Manual Underwriting and meet all requirements listed in HUD 4000.1 Handbook
Foreclosure/Deed-in-Lieu
1. A Borrower is generally not eligible for a new FHA-insured Mortgage if the Borrower had a foreclosure or a DIL of foreclosure in the three-year period prior to the date of Case Number Assignment.
2. This three-year period begins on the date of the DIL or the date that the Borrower transferred ownership of the Property to the foreclosing Entity/designee.
Short Sale
1. A Borrower is generally not eligible for a new FHA-insured Mortgage if they relinquished a Property through a Short Sale within three years from the date of Case Number Assignment.
2. The three-year period begins on the date of transfer of title by Short Sale.
FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score.
The current mortgage insurance requirements are kinda steep when compared to USDA, VA , but the rates are usually good so it can counteract the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.
The mi premiums are for life of loan like USDA.
FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.
Maximum FHA loan limits in Kentucky are set around $285,000 -$299,000 depending on the county in Kentucky
Joel Lobb
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
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.
Joel E Lobb
American Mortgage
5029053708
email us here
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.
Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.
Kentucky FHA Mortgage Lender 