Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Down payment assistance, down payment grant, FHA Guidelines, Gift funds, Grants And Down payment Assistance, khc down payment assistance, KY FHA LOANS

Gift Funds for a Kentucky FHA Mortgage

Getting Gift Funds for your down payment on a Kentucky FHA Mortgage. 

Image result for gift funds fha infographic

What is the Great Way to do it?

To avoid getting turn down for your Kentucky FHA mortgage loan if you are getting a gift from your mom, dad or another family member, please follow these rules:

The source of the down payment must always show Kentucky FHA gift funds and their source (usually a relative). It cannot be a personal loan or cash.

Common Gift Fund Issues:

Scenario 1 – only gift funds being used in the transaction
Gift amount: $5,000

Common submission problem:

  • Source of down payment submitted as “checking and savings account.”
  • Asset submitted as “checking account” with the financial institution as “Gift from Relative.”

Correct submission practice:

  • Source of a down payment should be submitted as an “FHA Gift from a relative for $5,000”
  • If funds are not yet in the bank account, DU should be submitted as miscellaneous assets, “Gift for $5,000”

Scenario 2 – (gift funds and borrower’s own funds being used in transaction)
Gift amount: $5,000

Common submission problem:

  • Checking account has $7,000 in total – including the gift.
  • Source of down payment submitted as “checking and savings account.”
  • Asset submitted as “checking account”:
    • Financial institution with $7,000 AND
    • Miscellaneous asset, “Gift from relative of $5,000”
  • When ran this way, the gift is put through twice and assets are overstated by $5,000.

Correct submission practice:

  • Source of down payment should be submitted as an “FHA Gift from relative $5000.”
  • Since the gift fund is already in the Borrower’s bank account, DU should be submitted as “checking or savings” in ABC account in the amount of $7,000. DU will recognize that $5,000 of the $7,000 in the account is from a gift. 
Scenario 3 – (gift funds and borrower’s own funds being used in transaction)
Gift amount: $5,000Correct submission practice:
  • Checking account currently has $2,000. The $5,000 gift will be wired to the title company.
  • Source of down payment submitted as “checking and savings account.”
  • Asset submitted as “checking account:”
    • The financial institution with $7,000, AND
    • Miscellaneous asset, “Gift from relative of $5,000.”

Correct submission practice:

  • Source of down payment should be run as “FHA Gift from relative $5,000.”
  • Since gift funds will be provided to the title company and not the borrower:
    • DU should be submitted as checking or savings in ABC account in the amount of $2,000, AND
    • Miscellaneous assets, “gift funds as $5,000.”

 

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American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

 

 

 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, 500 credit score FHA loan, 580 credit score FHA, 620 credit score FHA loan, Chapter 13 Bankruptcy Guidelines, closing costs guide, credit scores, credit scores FHA loan, Credit Scores/Credit Reports, debt to income ratios, Down payment assistance, down payment grant, employment, FHA, FHA Back to Work Program Ky, FHA Co-signors, FHA Guidelines, fha mortgage insurance premiums, fico scores FHA loan, first time buyer kentucky, job changes fha, Kentucky FHA Important Links, KY FHA LOANS, louisville ky fha seller contributions, Louisville Ky Home Loans, mi changes for FHA, mip

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.

Kentucky FHA Loan Requirements

 

 

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

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 500 credit score FHA loan, 580 credit score FHA, 620 credit score FHA loan, Bankruptcy, Chapter 13 Bankruptcy Guidelines, Collections Accounts, credit scores, credit scores FHA loan, Credit Scores/Credit Reports, Down payment assistance, down payment grant, employment, Employment Gaps, FHA, FHA Back to Work Program Ky, FHA Co-signors, fha mortgage insurance premiums, FHA Streamline Refinance, fico score, fico scores FHA loan, first time buyer, First Time Home Buyer, Gift funds, Grants And Down payment Assistance, Home Mortgage Rates Ky, Homeownership Assistance Programs: Kentucky, HUD Foreclosure, HUD HOMES $100 Down, HUD HOMES FOR SALE KENTUCKYK, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, income, judgements, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links, Kentucky Housing, Kentucky Mortgage Interest Rates, kentucky mortgage requirements, khc down payment assistance, KY FHA LOANS, Loan Limits for FHA, louisville ky fha seller contributions, mi changes for FHA, mortgage charge-offs, Refinance, rental income, Self Employed

How to qualify for a Kentucky FHA Home Loan ?

How to qualify for a Kentucky FHA Home Loan ?

Image result for fha loans ky

 

FHA stands for the Federal Housing Administration which is a government agency created to increase home-ownership across the United States all the way back in 1934. The agency itself doesn’t offer home loans but insures loan that are offered by private lenders (i.e. mortgage companies).

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
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708kentuckyloan@gmail.com

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.

FHA vs Conventional Infograhic
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Student Loans In Collections, What Can I Do to get Approved For A Kentucky Mortgage ?

Student Loans In Collections, What Can I Do?
If you have public student loans in collections, you really have three options to resolve it so it is not a CAIVRS issue.
1.      Pay it off in full – Not typically an option because very rarely do the clients have the funds to do so.
2.      Consolidation – Only takes about 90 days to consolidate and resolve CAIVRS issues. However, you push forward the last activity dates, DLA, and also introduce a new credit trade line that dilutes the length of the credit history. So you will normally see a drop in credit score.
3.      Rehabilitation – It is the slowest of all the options, but is the best thing for the clients’ credit scores. It is a 9 month commitment and once the client makes 9 consecutive payments, they will change the collection status to a good standing status. This will typically net a 40-100 point boost in the score depending on how many other collections are on the credit report.
If your client does not know who is servicing the student loan, they can contact the Student Loan Default Resolution Team at 1-800-621-3115 or visit the website at myeddebt.ed.gov
Bonus Tip: Private student loans do not adhere to consolidation or rehabilitation rules. If the client has private student loans in collections they will need to pay them off in full, or they will need to set up a payment plan on them. They will still remain in collections with a payment, but if you can get a qualified credit score you can push forward the loan including the liability payment towards the debt to income ratio.
As always, we bring you the best content so you can do what you do best, CLOSE LOANS! If you aren’t already sending us every credit challenged borrower you have, what is stopping you?
Guidelines for KY FHA, VA, USDA and VA Mortgage loans with Student Loans on A Credit Report:
Kentucky Fannie Mae or Conventional Guidelines for Student Loans:
  • If a monthly payment is on the credit report, the lender may use that amount for qualifying purposes.
  • If a monthly payment is on the credit report is incorrect, the lender may use the monthly payment on the most recent student loan statement
  • If the monthly payment on the credit report is zero, the lender must use one of the following options to calculate the payment for qualifying purposes
  1. Document the borrower is on an income driven payment plan and the actual monthly payment is zero
  2.  Use 1% of the outstanding student loan balance as the monthly payment
  3. Calculate a fully amortized payment using documented loan repayment terms
Kentucky FHA Mortgage Loans Guidelines:
Regardless of the payment status (currently in payment or deferred), the lender must use either:
  • The greater of:
  1. 1% of the outstanding balance; or
  2. The monthly payment reported on the credit; or
  •  Calculate a fully amortized payment using documented loan repayment terms
Kentucky USDA or Rural Housing Guidelines:
 
 
Regardless of the payment amount reporting on the credit, the lender must include the payment as follows:
  • A permanent amortized, fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed.
  • Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation. One percent of the loan balance reflected on the credit report must be used as the monthly payment. No additional documentation is required.
Kentucky  VA Mortgage Guidelines for Student Loan:
  • If the borrower can document the student loan will be deferred 12 months from the closing date, the monthly payment does not need to be considered
  • If a student loan is in repayment or scheduled to begin repayment within 12 months from the closing date, the threshold payment amount must be calculated by  using 5% of the loan balance divided by 12 months
  • If the payment reporting on the credit report is greater than the threshold payment calculation amount, then the credit report payment must be used for ratios.
  • If the payment reporting on the credit report is less than the threshold payment calculation and the lender is using the lower payment to qualify the borrower then:
  1. A statement from the student loan servicer reflecting the actual loan terms and payment information must be included in the file.
  2. The statement must be dated within 60 days of closing
  3. It is the underwriter’s discretion to use the lower payment

As you can see, Fannie Mae or Conventional loans is the most lenient when it comes to qualifying for a mortgage loan with someone that has a lot of student loans on their credit report.

 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Down payment assistance, down payment grant, FHA, FHA Guidelines, first time buyer kentucky, khc down payment assistance, KY FHA LOANS, Louisville Ky Home Loans

HUD down payment assistance on Kentucky  FHA mortgages

 

The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.

Source: HUD announces new rules for down payment assistance on FHA mortgages

The new rules are laid out in an FHA mortgagee letter titled “Downpayment Assistance and Operating in a Governmental Capacity.”

According to HUD, this “clarification” of the current documentation rules “should assist mortgagees in determining whether governmental entities providing gifts or secondary financing, or both, towards borrowers’ MRI are doing so consistent with FHA requirements.”

As the FHA states in its mortgagee letter, the current FHA handbook requires mortgagees to confirm that a “governmental entity is operating in its governmental capacity but, except for requiring a source of funds letter, does not specify the necessary documentation that demonstrates support for such a conclusion.”

According to HUD, that lack of “necessary documentation” is leading to some unnamed “entities” skirting the rules.

“It has come to FHA’s attention that certain Governmental Entities may be acting beyond the scope of any inherent or granted governmental authority in providing funds towards the Borrower’s MRI in circumstances that would violate Handbook 4000.1, the National Housing Act, and is contrary to established law,” the FHA said in the mortgagee letter.

In order to remedy this situation, the FHA is now stating that its current documentation requirements need to be “clarified to provide Mortgagees with specific guidance regarding documentation that will give greater assurances that the standards for providing the MRI have been satisfied by the Governmental Entity.”

According to HUD and the FHA, the new rules took effect on April 18, 2019.

To read HUD’s announcement of the rule change, click here.

And for a full look at how the rules are actually changing and what documentation will now be required, click here.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

 

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223
Company NMLS ID #1364

 

Text/call:      502-905-3708

 


email:          kentuckyloan@gmail.com

 

https://www.mylouisvillekentuckymortgage.com/

 

 

 

 

 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, 500 credit score FHA loan, 580 credit score FHA, 620 credit score FHA loan, Appraisers FHA, cavirs, credit scores FHA loan, down payment grant, FHA, FHA Back to Work Program Ky, FHA Guidelines, fha mortgage insurance premiums, fico scores FHA loan, first time buyer kentucky, Good Neighbor Next Door Sales Program, HUD Foreclosure, HUD HOMES $100 Down, HUD HOMES FOR SALE KENTUCKYK, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links, KY FHA LOANS, Louisville Ky Home Loans

KENTUCKY HUD HOMES FOR SALE

KENTUCKY FHA $100 DOWN PROGRAM FOR HOMEBUYERS IN KENTUCKY​

Kiss-your-landlord-goodbye

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.

100 down payment

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:

  1. Occupancy: The property must be purchased for use as your Primary Residence.
  1. Property Type: Eligible properties include 1 or 2 unit homes, manufactured homes, condos, and PUDs.
  1. 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.
  1. Sales Contract: The $100 down payment incentive must be included on the executed sales contract.
  1. Cannot have purchased a HUD home within the preceding 24 months
  1. 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. 
  2. Usually takes about 30-45 days to close
  3. Earnest Money Deposit usually needs to be at least $500 to $1000
  4. This is a manual underwriter meaning that your debt to income ratio has to be 31 and 43% respectively
  5. No Chapter 7 Bankruptcies in last two years
  6. No Foreclosures in last 3 years
  7. Clear Cavirs on borrowers.
*Required field, except if Property Case # or Zip Code is entered

Search Results for HUD Homes in KY
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47 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-271516 345 Concord Dr
White Plains, KY, 42464
Hopkins County		 $13,600 3 1.00 Extended  11/29/2018 View Street
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201-278709 793 Highway 16
Glencoe, KY, 41046
Gallatin County		 $24,000 3 2.00 Extended  11/29/2018 View Street
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201-339965 2750 Latonia Ave
Covington, KY, 41015
Kenton County		 $33,600 2 1.10 Exclusive  12/03/2018 View Street
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201-340924 1309 Little Pigeon Ct
Lexington, KY, 40515
Fayette County		 $63,000 3 1.00 Lottery  11/29/2018 View Street
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201-347762 307 Elkhorn Green Pl
Georgetown, KY, 40324
Scott County		 $105,000 4 2.10 Exclusive  11/29/2018 View Street
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201-348170 820 Mars Dr
Verona, KY, 41092
Gallatin County		 $48,000 3 2.00 Extended  11/29/2018 View Street
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201-362370 194 Batton Loop
Morehead, KY, 40351
Rowan County		 $59,400 3 2.00 Extended  11/29/2018 View Street
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201-368065 199 Lake Trail Land
Russell Springs, KY, 42642
Russell County		 $34,400 3 2.00 Extended  11/29/2018 View Street
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201-370012 112 Cherry Lane
Frankfort, KY, 40601
Franklin County		 $50,000 2 2.00 Exclusive  12/03/2018 View Street
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201-372013 10057 Elizabethtown Rd
Big Clifty, KY, 42712
Grayson County		 $32,000 3 2.00 Extended  11/29/2018 View Street
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201-386189 4701 Dohn Rd
Louisville, KY, 40216
Jefferson County		 $51,000 3 1.00 Exclusive  12/10/2018 View Street
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201-387184 12804 Walnut Creek Dr
Alexandria, KY, 41001
Campbell County		 $159,000 4 2.10 Extended  11/29/2018 View Street
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201-391357 38 Lovelaceville Rd
Lovelaceville, KY, 42060
Ballard County		 $19,600 2 1.00 Extended  11/29/2018 View Street
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201-393499 620 Main Street
Uniontown, KY, 42461
Union County		 $26,100 3 1.00 Extended  11/29/2018 View Street
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201-396375 119 Crane St
Somerset, KY, 42501
Pulaski County		 $30,000 2 1.00 Exclusive  11/29/2018 View Street
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201-401444 151 Eastside Park Dr
Butler, KY, 41006
Pendleton County		 $50,400 3 2.00 Extended  11/29/2018 View Street
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201-407845 824 Pike St
Sadieville, KY, 40370
Scott County		 $27,000 1 1.00 Extended  11/29/2018 View Street
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201-411349 115 Jimmy Lovell Ro
Dawson Springs, KY, 42408
Hopkins County		 $75,000 2 1.10 Exclusive  12/10/2018 View Street
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201-412276 386 W Elm St
Clay, KY, 42404
Webster County		 $35,000 3 2.10 Exclusive  12/03/2018 View Street
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201-417838 147 Main Street
Newport, KY, 41071
Campbell County		 $38,500 1 1.00 Extended  11/29/2018 View Street
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Search Results for HUD Homes in KY
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47 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-427873 229 Rosedale Ct
Covington, KY, 41015
Kenton County		 $42,400 2 1.00 Extended  11/29/2018 View Street
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201-445853 902 Deer Haven Dr
Owensboro, KY, 42301
Daviess County		 $63,000 3 2.00 Extended  11/29/2018 View Street
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201-448631 13302 Horncastle Ave
Louisville, KY, 40272
Jefferson County		 $65,000 4 1.10 Exclusive  11/30/2018 View Street
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201-461769 511 1/2 Cleaver St
Elizabethtown, KY, 42701
Hardin County		 $20,000 1 1.00 Exclusive  12/03/2018 View Street
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201-481525 216 10th St
Carrollton, KY, 41008
Carroll County		 $117,000 4 2.00 Extended  11/29/2018 View Street
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201-483660 204 Village Dr
Frankfort, KY, 40601
Franklin County		 $143,000 3 2.10 Exclusive  11/29/2018 View Street
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201-484750 3256 N Highway 259
Hardinsburg, KY, 40143
Breckinridge County		 $45,000 3 1.00 Extended  11/29/2018 View Street
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201-503727 207 Canyon Ridge Rd
Wellington, KY, 40387
Menifee County		 $76,000 3 2.00 Extended  11/29/2018 View Street
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201-510934 5685 Old State Rd
Guston, KY, 40142
Meade County		 $60,000 3 1.00 Extended  11/29/2018 View Street
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201-513130 109 W Chestnut St
Carlisle, KY, 40311
Nicholas County		 $73,000 3 2.00 Exclusive  11/29/2018 View Street
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201-528046 330 Brookside Dr
Danville, KY, 40422
Boyle County		 $175,000 4 3.00 Extended  11/29/2018 View Street
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201-536556 1504 Robinson St
Grayson, KY, 41143
Carter County		 $46,400 3 1.00 Extended  11/29/2018 View Street
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201-537032 307 Liberty St
Carlisle, KY, 40311
Nicholas County		 $40,000 3 1.00 Exclusive  11/29/2018 View Street
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201-546596 38 Harrison Holw
Belfry, KY, 41514
Pike County		 $7,000 0 0.00 Extended  11/29/2018 View Street
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201-547160 324 Malone Rd
Bradfordsville, KY, 40009
Marion County		 $40,000 3 2.00 Exclusive  12/07/2018 View Street
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201-550376 3904 Taffy Rd
Whitesville, KY, 42378
Ohio County		 $50,000 3 2.00 Extended  11/29/2018 View Street
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201-557096 237 Wright St
Frankfort, KY, 40601
Franklin County		 $40,000 3 1.00 Extended  11/29/2018 View Street
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201-560972 5457 Ky Route 680
Grethel, KY, 41631
Floyd County		 $76,000 4 2.10 Extended  11/29/2018 View Street
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201-576631 67 Snake Lick Rd
Berry, KY, 41003
Harrison County		 $45,000 3 2.00 Exclusive  11/29/2018 View Street
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201-580027 255 Kingsway Dr
Frankfort, KY, 40601
Franklin County		 $65,000 3 2.00 Extended  11/29/2018 View Street
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Search Results for HUD Homes in KY
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47 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-580611 2410 Paddock Ln
Louisville, KY, 40216
Jefferson County		 $88,000 4 1.00 Exclusive  11/30/2018 View Street
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201-580733 2294 Josephine Rd
Stamping Ground, KY, 40379
Scott County		 $108,000 4 2.00 Extended  11/29/2018 View Street
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201-583071 104 Jonathan Ct
Somerset, KY, 42503
Pulaski County		 $108,900 4 2.00 Extended  11/29/2018 View Street
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201-590501 13255 Dawson Springs Rd
Crofton, KY, 42217
Christian County		 $45,000 3 1.00 Exclusive  12/07/2018 View Street
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201-601254 1044 Scenic Dr
Radcliff, KY, 40160
Hardin County		 $132,300 3 2.00 Extended  11/29/2018 View Street
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201-604473 8180 Georgetown Rd
Owenton, KY, 40359
Owen County		 $69,000 3 2.00 Exclusive  12/07/2018 View Street
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202-019773 516 Wood Street
Maysville, KY, 41056
Mason County		 $25,000 3 1.00 Extended  11/29/2018 View Street
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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans down payment grant, FHA, first time buyer kentucky, First Time Home Buyer, Gift funds, Grants And Down payment Assistance, Kentucky Housing, KY FHA LOANS

Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016

 

 

New Income Limits for Jefferson County Kentucky and Louisville Home Buyers lacking a down payment.

The new income limits for Kentucky Housing loans are based on annual borrower income, and vary by county. Here’s how they break down for Central Kentucky and the Louisville area:

  • Purchase price up to $294,000 with Secondary Market and max household income is limited to $112,000 with MRB for Jefferson County Kentucky. No homeownership in last 3 years and a minimum credit score of 640. Max debt to income ratios of 40 an 45%

khcdapmarhta

 

 

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 

phone: (502) 905-370
 
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Down payment assistance, down payment grant, FHA, first time buyer, first time buyer kentucky, First Time Home Buyer, Grants And Down payment Assistance, Kentucky Housing, khc, khc down payment assistance

KHC Loan Programs

KHC Loan Programs.

Kentucky Home Buyers

More about down payment and closing costs

KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular DAP

  • Purchase price up to $346,644 with Secondary Market.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $346,644​ with Secondary Market.
  • Assistance up to $6,000.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable D​AP income limits.

​MORE ABOUT DOWN PAYMENT AND CLOSING COSTS

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs
  • .​

SECONDARY MARKET FUNDING SOURCE

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $346,644
  • Borrower must meet KHC’s Secondary Market Income Limits
Conventional Preferred Program
Conventional Preferred Plus 80
FHA
VA
RH​​S

KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021

Secondary Market Purchase Price Limit — $346,644

KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.
This type of loan is administered  by KHC in the state of Kentucky. They typically have $4500 to $6000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.
KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at KHC requires 660 credit score.
The max debt to income ratios are set at 40% an 50% respectively.


Text/call 502-905-3708
kentuckyloan@gmail.com

Customer Testimonials

We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.

Angela Forsythe

“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016

Monica Leinhardt

“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definitely recommend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin

“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010

Tim Beck

“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010

Nancy Nalley
“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012
Jon ClarK

“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011

RICHARD VOLZ , Residential Sales , Remax Foursquare Realty
“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010
Stacie Drake

“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”

Melody Glasscock March 2014

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn’t expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.
Cee Bellisle August 2017

Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.

Anderson Johnson June 2018

We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!

Patty Kingston
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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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