Kentucky Housing – Page 2 – Kentucky FHA Mortgage Lender

Kentucky Housing Corp KHC New income limits and Purchase Price Limits for 2024 Kentucky Homebuyer’s

The income limitations listed below are imposed by federal law. Failure to comply with them may create adverse consequences for Kentucky Housing Corporation and its bondholders.
Funding Source: MRB (Purchase Price Limit – $510,939)
County	1-2 Person	3+ Person	County	1-2 Person	3+ Person	County	1-2 Person	3+ Person
Adair**	80,800	92,920	Grant	87,480	102,060	McLean	92,325	106,174
Allen	86,160	100,520	Graves	84,720	98,840	Meade	91,005	104,656
Anderson	91,345	105,047	Grayson	80,800	92,920	Menifee	96,960	113,120
Ballard	88,440	103,180	Green**	80,800	92,920	Mercer	92,105	105,921
Barren**	80,800	92,920	Greenup**	85,560	99,820	Metcalfe	96,960	113,120
Bath	96,960	113,120	Hancock	92,325	106,174	Monroe**	80,800	92,920
Bell	96,960	113,120	Hardin	93,245	107,232	Montgomery	85,920	100,240
Boone**	104,800	120,520	Harlan	96,960	113,120	Morgan	96,960	113,120
Bourbon	95,200	109,480	Harrison	93,120	107,324	Muhlenberg	86,400	100,800
Boyd**	85,560	99,820	Hart**	80,800	92,920	Nelson	91,605	105,346
Boyle	88,800	103,600	Henderson**	92,245	106,082	Nicholas	83,760	97,720
Bracken	104,800	120,520	Henry	96,400	110,860	Ohio	80,800	92,920
Breathitt	96,960	113,120	Hickman	87,480	102,060	Oldham	96,400	110,860
Breckinridge	84,360	98,420	Hopkins**	82,800	96,600	Owen	86,400	100,800
Bullitt	96,400	110,860	Jackson	96,960	113,120	Owsley	96,960	113,120
Butler	80,800	93,940	Jefferson**	96,400	110,860	Pendleton	104,800	120,520
Caldwell	80,800	93,660	Jessamine	95,200	109,480	Perry	96,960	113,120
Calloway**	90,720	105,840	Johnson	96,960	113,120	Pike	96,960	113,120
Campbell**	104,800	120,520	Kenton**	104,800	120,520	Powell	96,960	113,120
Carlisle	84,360	98,420	Knott	96,960	113,120	Pulaski**	80,800	92,920
Carroll	80,800	92,920	Knox	96,960	113,120	Robertson	96,960	113,120
Carter	96,960	113,120	Larue	93,245	107,232	Rockcastle	96,960	113,120
Casey	96,960	113,120	Laurel**	80,800	92,920	Rowan	96,960	113,120
Christian**	92,785	106,703	Lawrence	96,960	113,120	Russell	81,840	95,480
Clark**	95,200	109,480	Lee	96,960	113,120	Scott**	95,200	109,480
Clay	96,960	113,120	Leslie	96,960	113,120	Shelby	100,500	115,575
Clinton	96,960	113,120	Letcher	96,960	113,120	Simpson	87,000	101,500
Crittenden	92,040	107,380	Lewis	96,960	113,120	Spencer	96,400	110,860
Cumberland**	80,800	92,920	Lincoln**	80,800	92,920	Taylor	84,720	98,840
Daviess**	92,325	106,174	Livingston	86,040	100,380	Todd	84,720	98,840
Edmonson	91,765	105,530	Logan	88,800	103,600	Trigg	92,785	106,703
Elliott	96,960	113,120	Lyon	92,485	106,358	Trimble	93,005	106,956
Estill	96,960	113,120	Madison**	92,045	105,852	Union	84,360	98,420
Fayette**	95,200	109,480	Magoffin	96,960	113,120	Warren**	91,765	105,530
Fleming**	80,800	92,920	Marion	85,680	99,960	Washington	92,245	106,082
Floyd	96,960	113,120	Marshall	92,405	106,266	Wayne	96,960	113,120
Franklin	91,985	105,783	Martin	96,960	113,120	Webster	81,240	94,780
Fulton**	80,800	92,920	Mason**	82,560	96,320	Whitley	96,960	113,120
Gallatin	104,800	120,520	McCracken**	92,285	106,128	Wolfe	96,960	113,120
Garrard**	87,120	101,640	McCreary	96,960	113,120	Woodford	95,200	109,480
Counties in Green are Targeted d Census Tracts

The income limitations listed below are imposed by federal law. Failure to comply with them may create adverse consequences for Kentucky Housing Corporation and its bondholders
Funding Source: MRB (Purchase Price Limit – $510,939)
County	Census Tracts	1-2 Persons	3+ Persons
Adair	9703.00	96,960	113,120
Barren	9504.01, 9506.01	96,960	113,120
Boone	0703.01	125,760	146,720
Boyd	0302.00, 0303.00, 0308.00	96,960	113,120
Calloway	0103.03, 0104.00	96,960	113,120
Campbell	0501.00, 0506.00	125,760	146,720
Christian	2002.00, 2003.00, 2008.00, 2015.02	96,960	113,120
Clark	0201.06, 0202.01	114,240	133,280
Cumberland	9502.00	96,960	113,120
Daviess	0003.00	99,120	115,640
Fayette	0004.00, 0018.00, 0019.00, 0020.01	114,240	133,280
Fleming	9201.00, 9204.00	96,960	113,120
Fulton	9601.00	96,960	113,120
Garrard	9703.00	96,960	113,120
Green	9302.00, 9303.00	96,960	113,120
Greenup	0406.00	96,960	113,120
Hart	9703.02, 9704.00	96,960	113,120
Henderson	0203.00	99,600	116,200
Hopkins	9704.00, 9706.00	96,960	113,120
Jefferson	0002.01, 0004.00, 0006.00, 0009.00, 0014.00, 0018.00, 0023.00, 0024.01, 0027.00, 0030.00, 0035.02, 0038.00, 0041.00, 0043.01, 0043.02, 0050.00, 0059.01, 0059.02, 0065.00, 0110.07, 0127.01	115,680	134,960
Kenton	0651.00, 0671.00	125,760	146,720
Laurel	9701.00, 9702.01, 9702.02, 9703.00, 9705.00, 9709.00,9710.01 9710.03	96,960	113,120
Lincoln	9201.03, 9203.01, 9204.00	96,960	113,120
Madison	0102.02, 0103.02, 0103.03, 0104.00, 0105.00, 0112.01, 0112.02, 0113.01,	100,800	117,600
Mason	9602.02	96,960	113,120
McCracken	0301.00, 0302.00	99,360	115,920
Monroe	9302.00, 9304.00	96,960	113,120
Pulaski	9301.01, 9302.02, 9303.01, 9303.02, 9304.01, 9306.00, 9308.01, 9308.02, 9311.01, 9311.04,	96,960	113,120
Scott	0401.01	114,240	133,280
Warren	0102.00, 0103.00, 0108.04	102,480	119,560

Mortgage Revenue Bonds (MRB)

Informational Flyer
First-time homebuyers statewide in non-targeted areas
First-time and repeat homebuyers statewide in targeted areas
30-year fixed interest rate
Principal residence ONLY
Purchase Price Limit: $510,939
Borrower must meet KHC’s MRB Income Limits

Joel Lobb Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916 | Company NMLS #1364/MB73346135166/MBR1574

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).

July 28, 2023July 28, 2023 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, appraisals, bad credit fha loans Kentucky, Bankruptcy, Calculator, cash deposits, cavirs, Chapter 13 Bankruptcy Guidelines, chapter 7 bankruptcy, chapter 7 or chapter 13, Collections Accounts, condos, conventional loans vs FHA loans, debt to income ratios, Down payment assistance, down payment grant, employment, Employment Gaps, Fannie Mae Homepath, FHA, FHA Approved Condo Kentucky, FHA Back to Work Program Ky, FHA Co-signors, FHA LOAN FLOOD INSURANCE KENTUCKY, FHA Streamline Refinance, fico score, first time buyer, first time buyer kentucky, First Time Home Buyer, Frequently Asked Questions, Gift funds, Good Neighbor Next Door Sales Program, Grants And Down payment Assistance, Home Mortgage Rates Ky, Homeownership Assistance Programs: Kentucky, HUD HOMES $100 Down, job gaps FHA Kentucky Loan, job history FHA loan, job time, judgements, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links, Kentucky FHA Mortgage Forbearances Guidelines, Kentucky Housing, Kentucky Mortgage Interest Rates, Kentucky Real Estate and Kentucky Appraisal Links, Kentucky State Mortgage Rates, Louisville Ky Home Loans, mortgage charge-offs, mortgage fico score, mortgage rates, rates, Refinance, short sales, student loan guidelines for FHA, TIP INCOME FHA LOANS

5 Things to Know about buying a house and getting a Mortgage Loan approval in Kentucky for 2023

1. Do Mortgage Rates Change Daily?

Just like the gas prices at the pump, mortgage rates can change daily or throughout the day. Typically mortgage rates are published at 10-11 am daily by most lenders and you can lock up through the close of business which is usually around 6-7 PM. Mortgage rates can change up or down throughout the day based on various financial, economics, and geopolitical news in the US Financial markets and World markets. Generally speaking, good economic news is bad for rates and vice versa, bad economic news is good for mortgage rates.

The good news is this: Once you find a home and get it under contract, you can lock your mortgage loan rate. Typically it takes about 30-45 days to close a mortgage loan in Kentucky, so the typical lock is for 30-60 days. If rates get better you may be able to negotiate a better rate with your lender, but they usually have to improve by at least 25 basis points (.25) to do that. Not all lenders offer this option. The longer you lock the loan, the greater the costs. It is usually free to lock in a loan for up to 90 days without having to pay a fee.

What a lot of lenders are experiencing now is that some loans don’t close on time for various reasons. You can always extend the lock on the loan but it will costs you usually .125 basis points to do so. If you let the lock expire on the loan, then you have to take worse case pricing on that day when you go to relock. It is usually best to extend the lock on your loan.

2. What kind of Credit Score Do I need to qualify?

When applying for a mortgage loan, lenders will pull what they call a “tri-merge” credit report which will show three different fico scores from Trans union, Equifax, and Experian. The lenders will throw out the high and low score and take the “middle score” For example, if you had a 614, 610, and 629 score from the three main credit bureaus, your qualifying score would be 614. Most lenders will want at least two scores. So if you only have one score, you may not qualify. Lenders will have to pull their own credit report and scores so if you had it ran somewhere else or saw it on a website or credit card you may own, it will not matter to the lender, because they have to use their own credit report and scores.
Most lenders will pull your credit report for free nowadays so this should not be a big deal as long as your scores are high enough.
The Secondary Market of Mortgage loans offered by FHA, VA, USDA, Fannie Mae, and KHC all have their minimum fico score requirements and lenders will create overlays in addition to what the Government agencies will accept, so even if on paper FHA says they will go down to 580 or 500 in some cases on fico scores, very few lenders will go below the 620 threshold.
If you have low fico scores it may make sense to check around with different lenders to see what their minimum fico scores are for loans.
The lenders I currently deal with have the following fico cutoffs for credit scores:
FHA–580 minimum score
VA—-580 minimum score
Fannie Mae–620 minimum score
USDA–620 minimum score
KHC with Down Payment Assistance –620 minimum score.

As you can see, 580-620 is the minimum score with most lenders for a FHA, VA, or Fannie Mae loan, is required for the no down payment programs offered by USDA for Kentucky for First Time Home Buyers wanting to go no money down.

3. What are the down payment requirements?

The most popular programs for Kentucky First Time Home Buyers usually involves one of the following housing programs outlined in bold below:
FHA:

FHA will allow a home buyer to purchase a house with as little as 3.5% down. If your credit scores are low, say 680 and below, a lot of times it makes sense to go FHA because everyone pays the same mortgage insurance premiums no matter what your score is, and the down payment can be gifted to you. Meaning you really don’t have to have any skin into the game when it comes to down payment.

They even allow down payment assistance for down payment requirements of 3.5% through eligible parties like Kentucky Housing, Welcome Home Grants and Louisville KY and Covington Kentucky Down Payment Grants.

Lastly, FHA will allow for higher debt to income ratios with sometimes getting loan pre-approvals up to 55% of your total gross monthly income. So if you have a debt to income ratio of over 50%, Fannie Mae will not do the loan and USDA usually likes their debt to income ratios no more than 45%.

Think back to the last time you financed a purchase — be it a home, automobile, or what have you… You may remember having heard the term “debt-to-income ratio.” Today I want to spend some time going over exactly what this ratio is, and to also touch on how it can effect your personal finances.

4. What is your debt-to-income ratio?

Commonly referred to as your “DTI,” your debt-to-income ratio is a personal finance benchmark that relates your monthly debt payments to your monthly gross income.
As an example… Let’s say that your gross monthly salary is $5,000 and you are spending $2,800 of it toward monthly debt payments. In that case, your DTI would be an unhealthy 56%.
This version of your DTI is sometimes referred to as your “back-end” DTI. This is often broken down further to give a front-end debt-to-income ratio, which is a component of your back-end DTI.

How to calculate your front-end DTI for a Kentucky Mortgage Loan Approval

Your front-end DTI is calculated by dividing your monthly housing costs by your monthly gross income. Front-end DTI for renters is simply the amount paid in rent, whereas for homeowners it is the sum of mortgage principal, interest, property taxes, and home insurance (i.e., your PITI) divided by gross monthly income.

From above, if that $2,800 in debt payments is attributable to $1,500 in housing costs and $1,300 in non-housing costs, then your front-end DTI is $1,500/$5,000 = 30% (and your back-end ratio is still 56%, as calculated above).
Fannie Mae:
Fannie Mae requires just 3% down with their new Home Possible Program, but if you use their traditional mortgage loan, then 5% is the Fannie Mae Standard. Fannie Mae will go down 620 score, but if your scores are below 680, I would look seriously at the FHA loan program because Fannie Mae has steep increases to the interest rate and the mortgage insurance premiums if your scores are low.
A couple of good things about Fannie Mae is that you can buy a larger priced home and have a large loan amount due to FHA only allowing most Kentucky Home Buyers a maximum mortgage loan amount of $356,000 for a max FHA loan and $545,000 for Fannie Mae Conventional loans in Kentucky for 2020.
Lastly when it comes to mortgage insurance, FHA mortgage insurance premiums are for life of loan while Fannie Mae mortgage insurance premiums drop off when you develop 80% equity position in your house.
But as a tell most people, nobody has a loan for 30 years, and the average mortgage is either refinanced or home sold within the first 5-7 years.
VA Loans-

VA loans offer eligible Veterans and Active Duty Personnel to buy a home going no money down with no monthly mortgage insurance. This is probably the best no money down loan out there since the rates are traditionally very low on comparison to other government insured mortgages and no monthly mortgage insurance. The VA loan can be used anywhere in the state of Kentucky with the maximum VA loan limit being removed for 2021
USDA Loans-

USDA loans offer people buying a home in rural areas (typically towns of $20k or less) to buy a home going zero down. You cannot currently own another home and there is household income limits of $90,200 for a household family of four, and up to $119,300 for a household of five or more. You search USDA website for eligible areas and household income limits below at the yellow highlighted link :

KHC or Kentucky Housing-
Kentucky First Time Home Buyers typically use KHC for their down payment assistance. KHC currently offers $10,000 for down payment assistance and sometimes throughout the year they will offer low mortgage rates on their mortgage revenue bond program.

The down payment assistance usually never runs out because you have to pay it back in the form of a second mortgage. It helps a lot of home buyers that want to buy in urban areas that cannot utilizer the USDA program in rural areas. Most of the time the first mortgage is a FHA loan tied with the 2nd mortgage fore down payment assistance. All KHC programs require a 620 score and rates are locked for 45 days.

5. What if I have had a bankruptcy or foreclosure in the past?

FHA and VA are the easiest on previous bankruptcies. FHA and VA both require 2 years removed from the discharge date on a Chapter 7. If you are in the middle of a Chapter 13, FHA will allow for financing with a 12 month clean history payment to the Chapter 13 courts, and with trustee permission.

VA requires 2 years removed from a foreclosure (sheriff sale date of home) and FHA requires 3 years.

USDA requires 3 years removed from both a foreclosure and bankruptcy, but on the foreclosure they do not go off the sale date. This may save you a little time if you had a previous foreclosure.

Fannie Mae (Conventional Loan)

Fannie Mae is by far the strictest. They require 4-7 years out of a foreclosure or bankruptcy

If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.

Bankruptcy Requriements for a FHA, VA, USDA, and Fannie Mae Loan Approval in Kentucky

click on link to apply for free mortgage quote

Joel Lobb
Senior Loan Officer
(NMLS#57916)

Text or call phone: (502) 905-3708

email me at kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.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 views of my employer. Not all products or services mentioned on this site may fit all people

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January 1, 2022July 22, 2026 Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 500 credit score FHA loan, 580 credit score FHA, appraisals, Bankruptcy, Cancel Mortgage Insurance, cavirs, Chapter 13 Bankruptcy Guidelines, condos, credit scores, credit scores FHA loan, debt to income ratios, Down payment assistance, down payment grant, FHA, FHA Approved Condo Kentucky, FHA Guidelines, fico scores FHA loan, first time buyer, first time buyer kentucky, flipping guidelines FHA loans, Gift funds, Kentucky Housing, kentucky mortgage requirements, khc down payment assistance, KY FHA LOANS, student loan guidelines for FHA

Kentucky FHA Loans in the State of Kentucky for 2022

Advantages of Kentucky FHA Mortgage Loans

You can often make a down payment as low as 3.5 percent down to a 580 credit score
You can finance a home with a 500 credit score with 10% down payment.
Kentucky FHA loans are assumable meaning that if you have a good rate on your current mortgage and the potential buyer of your home meets FHA guidelines, then he can assume your low rate mortgage
Kentucky FHA loans offer streamline refinancing without credit score minimums, verification of income, and no appraisals to refinance to a lower rate making it easier to qualify.
Kentucky FHA loans offer flexible terms when it comes to previous bankruptcy or foreclosures. 2 years removed from Chapter 7 with reestablished
credit, or if a Chapter 13, one year in the payment plan is eligible for FHA financing.
Foreclosures on a past home. FHA will finance a home 3 years removed from the sale date of your foreclosure property
30 year fixed rate mortgage with usually the best going rates on government insured loans like FHA, VA, USDA etc.
No prepayment penalty on Kentucky FHA loans.
Higher debt to income ratio requirements when compared to Conventional loans because most Fannie Mae Conventional loans cannot have a higher debt to income ratio than 45% on the back-end
You can make an FHA loan anywhere in the state of Kentucky with no geographical restrictions.
Will allow for down payment assistance and grants for borrowers minimum down payments in the State of Kentucky through the likes of KHC, Welcome Home Grant, and Kentucky Housing Down Payment Second Mortgage loans.
Kentucky FHA loans allow for unoccupied cosigner. For example, lets say you have a daughter that is getting ready to graduate college and does not have the income or credit history established yet to buy a home. FHA allows a family-member to co-sign for them to buy a home and you don’t have to occupy as primary residence. Note, FHA co-singers are not allowed to makeup for some that has bad credit, because they will take the lowest credit scores of both applicants. FHA usually allows for co-singers lack of income purposes only.
Can usually close within 30 days just like a regular conventional mortgage. No extra time to close an FHA loan in Kentucky versus other secondary market loans like VA, USDA, Fannie Mae.
You can use the FHA loan over and over. You can actually have two FHA loans open at the same time, but it gets tricky on this. Call or text me with more info if you have an FHA loan currently and would like to use FHA Financing again.
FHA loans aren’t just for first time home buyers in Kentucky.

Disadvantages of Kentucky FHA Mortgage Loans

There are loan limits in the State of Kentucky on FHA Mortgage loans. The maximum FHA loan in the state of Kentucky is $$420,680 for 2022. So if you were needing to finance a loan over this amount, you would need to look at doing a Conventional loan with the updated 2021 Kentucky State Loan Limits for a Fannie Mae loan being $647,250
If buying a condo in Kentucky, FHA requires the condo development be FHA approved. There is a >>>list here of Kentucky FHA approved condos here.
Seller must have own the home for 90 days before you can make an offer on the home. This comes into play where the seller bought the home as an investor and rehabbed the property and wants to sell for a quick profit. FHA mandates seller must maintain for 90 days before you can write up an offer on it. Also called FHA Flipping Policy. Read more here
There is mortgage insurance. This is one of the biggest disadvantages for FHA loans. But as I tell most people, nobody rarely has a loan for 30 years, so if it meets your payment and your cash to close requirement, I tell people to go with it because it can be refinanced down the road and you are getting one of the lowers 30 year fixed rates out there. Both upfront and monthly mortgage insurance premiums you have to pay HUD/FHA. These premiums change whenever FHA/HUD replenish their insurance pool to pay claims from defaults, but currently the FHA upfront mortgage insurance premium is 1.75% and monthly is .85% and .80% of the loan amount. If you happen do a 15 year term or shorter, the mortgage insurance is cheaper monthly with .45 and .70 respectively each month. The upfront mortgage insurance is the same for a 30 year and 15 year at 1.75%
FHA Mortgage insurance can be on the loan for life of loan. This is a recent change made in 2016 when FHA lowered there premiums for upfront and monthly mi premiums, but made the mortgage insurance for life of loan for some FHA loans.
If you put down more than 10% on the loan, or have at least 10% equity in the home for a refinance, you only have to pay mortgage insurance for 11 years before it automatically falls off.
Obviously you can refinance out of an FHA loan at anytime, since it does not a prepayment penalty, and you can potentially get a refund of your upfront mortgage insurance if paid off within 3 years on sliding scale.
I have incorporated some charts below to illustrate the different Kentucky FHA Mortgage Insurance premiums to explain it better.
The upfront mortgage insurance is usually financed into the loan, so it will look like you are borrowing more than the standard 3.5% down payment because this is financed into the loan. Some borrowers elect to pay it out of pocket upfront, but I have never seen this done in my 20 years of doing FHA loans in the State of Kentucky
Kentucky FHA Loans Greater Than 15 Years MIP Chart

👇

Base Loan Amt.	LTV	Annual MIP
≤$625,500	≤95.00%	80 bps (0.80%)
≤$625,500	>95.00%	85 bps (0.85%)
>$625,500	≤95.00%	100 bps (1.00%)
>$625,500	>95.00%	105 bps (1.05%)

Kentucky FHA Loans Less Than or Equal to 15 Years MIP Chart👇

Base Loan Amt.	LTV	Annual MIP
≤$625,500	≤90.00%	45 bps (0.45%)
≤$625,500	>90.00%	70 bps (0.70%)
>$625,500	≤78.00%	45 bps (0.45%)
>$625,500	78.01% – 90.00%	70 bps (0.70%)
>$625,500	>90.00%	95 bps (0.95%)

When can I get the FHA mortgage insurance off my Mortgage Loan? See chart below 👇👇

Image result for fha cancellation of mortgage insurance chart kentucky

Appraisals. On an FHA appraisal, the FHA appraiser has to turn on the utilities to make sure they are in worked order when he gets there. This is different that Conventional loan appraisals. A lot of realtors or buyers think that FHA loans are harder due to appraisals, but honestly, they’re really not. FHA puts these minimum HUD standards in place to make sure the home is in good working order and SAFE to live in. I.e.is there any lead based paint or chipping paint that could lead to poisoning It is all about Safety with FHA and HUD on these appraisals. The value is determined just like a regular Conventional, USDA, VA appraisals whereas they compare the house to 3 recent homes sold in the area to get a value.
Some lenders don’t offer FHA loans due to their complexity and sale on the secondary market, so if you call a local lender in Kentucky and they don’t offer FHA loans, the reason is usually they don’t have the team in place to do them or don’t want to do them due to lack of experience on the secondary government market.
Government Liens. FHA will not be an option for you usually if you have unpaid federal tax liens, delinquency on federal backed-government loans, or a claim with social security etc. FHA loans are ran through aCAVIRS alert system to check to see if you are delinquent on any federal oblation. If so, this swill stop you until you can clear the CAVIRS alert system. For example, I did a loan for a buyer that had a delinquent federal debt with his student loan that happened over 14 years old. It was off the credit report and title search, so I had to switch to a conventional loan to make the home loan work.
FHA loans are not good for second homes or investment properties. FHA loans are mainly for single family residence 1-4 unit, that are going to occupied primarily as main home.

In summary, FHA loans have few drawbacks other than the mortgage insurance in my opinion. It is a great first time home buyer program or borrowers with past credit problems to get into a house of their own with very little out of pocket, at a low 30 year fixed rate, and no prepayment penalty

Questions about qualifying for a FHA loan in Kentucky . Give me text, call or email below. Love to help you out on your next home or refinance in Kentucky

Read more below about specific FHA Loans in Kentucky.👇👇👇

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 502-905-3708
kentuckyloan@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/

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Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans | October 17, 2018 at 3:54 pm | Tags: fha gift funds, fha loan kentucky, FHA Loans Kentucky Housing First time home buyer, fha mortgage, fha mortgage loan, gift funds for fha mortgage, kentucky fha loans |

January 11, 2021January 11, 2021 Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans FHA Back to Work Program Ky, FHA Guidelines, fico scores FHA loan, first time buyer, first time buyer kentucky, First Time Home Buyer, Kentucky Housing, Kentucky Mortgage Interest Rates, kentucky mortgage requirements, khc, khc down payment assistance, KY FHA LOANS

Louisville Kentucky Mortgage Rates for First Time Home Buyers

Do I qualify as a Kentucky first-time home buyer?

You are typically considered eligible to apply for first-time home buyer loans and benefits if you haven’t owned your principal residence within the past three years.

Some first-time home buyer assistance programs are even more lenient, offering financial aid in specific areas targeted for redevelopment, even to repeat buyers.

Kentucky First-time home buyer benefits

Benefits can include low- or no-down-payment loans, grants or forgivable loans for closing costs and down payment assistance, as well as federal tax credits with the Kentucky Housing Agency or KHC

Is there an income limit to qualify as a first-time home buyer?

Income limits come into play when you are applying for local, state or federal government assistance. Some national mortgage programs, such as loans issued or backed by the U.S. Department of Agriculture, also have household income limits.

Some low-down-payment conventional loans do, too.

In these cases, your income may be benchmarked to local county limits for low- and moderate-income households.

Lenders, even those working with loan programs authorized by a state housing agency, will likely consider your debt-to-income ratio when determining if you qualify.

How to qualify for a first-time home buyer grant

Grants or forgivable loans that typically don’t require repayment are available to low- and moderate-income borrowers through state first-time home buyer programs. Approval standards vary by program and location but often include household income and home sale price limits.

How to qualify for down payment assistance

Just as for grants, down payment and closing cost assistance is often offered by local and state housing authorities. Again, qualifications vary. Look for income and home sale price caps here, too.

Don’t be surprised if a first-time home buyer class is required to qualify for a grant or down payment assistance. These classes are designed to help you navigate the homebuying process, and can be a good idea to take whether they’re mandatory or not.

What are the requirements to qualify for a first-time home buyer loan?

Qualifications required for approval of a loan vary by the type of mortgage — and even by the lender — but here are some general guidelines:

Kentucky Conventional loans:

For a 3% down payment, you’ll need at least a 620 FICO and a debt-to-income ratio below 50%. The higher your credit score or the lower your debt, the better your chances are for approval.

Kentucky FHA loans:

If you want a down payment as low as 3.5%, you’ll need a FICO score of 580 or higher. With 10% down, your required credit score may go as low as 500.

Kentucky VA loans:

Down payments aren’t generally required for a loan backed by the Department of Veterans Affairs. And while VA-backed loans don’t have a minimum FICO score as a part of their official requirements, many lenders look for a score of 620 or better.

KentukcyUSDA loans:

Another no-down-payment option, USDA-backed loans are typically issued for rural or suburban properties. Income limits apply. A FICO score of 640 or better is generally required, though exceptions with documentation can allow a lower score.

Lenders can add additional conditions, called “overlays,” to loan approval. This is another good reason to shop for more than one lender.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call: 502-905-3708

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

https://www.mylouisvillekentuckymortgage.com/

Kentucky USDA Mortgage Lender for Rural Housing Loans

What is a mortgage?

A mortgage is another word for a home loan. Mortgages are designed to help people purchase real estate where there is an existing home or for building a new home. When you take out a mortgage, you’re borrowing money from a financial institution with the promise to repay the loan over time. It’s secure home financing that can help people achieve their homeownership goals and dreams.

What will my monthly payment be?

Your monthly payment will depend on several factors. Every mortgage payment is made up of four main costs: principal, interest, taxes, and insurance (also known as PITI). Let’s break it down:

Principal is the loan amount you borrow, then the remaining balance throughout the life of the loan.
Interest is the fee you pay to borrow the money expressed as a percentage rate.
Taxes are the property taxes you pay on the home. These are set by…

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May 10, 2019January 28, 2020 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 ?

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.

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

Website Fine Print The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of his employer. Joel Lobb or his employer assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights. The mortgage or financial services or strategies mentioned in this website may not be not suitable for you. This website participates as an Equal Opportunity Lender. All rights Reserved. Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Legal Disclaimer This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans. **Download Fair Housing Booklet – CLICK HERE All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

This policy is valid from 11 July 2013 This blog is a sponsored blog created or supported by a company, organization or group of organizations. For questions about this blog, please contact Joel Lobb 502-905-3708 or email kentuckyloan@gmail.com NMLS# 57916. This blog does not accept any form of advertising, sponsorship, or paid insertions. We write for our own purposes. However, we may be influenced by our background, occupation, religion, political affiliation or experience. This blog abides by word of mouth marketing standards. We believe in honesty of relationship, opinion and identity. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post will be clearly identified as paid or sponsored content. The owner(s) of this blog is not compensated to provide opinion on products, services, websites and various other topics. The views and opinions expressed on this blog are purely the blog owners. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider. This blog does contain content which might present a conflict of interest. This content will always be identified.

The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of his employer. Joel Lobb or his employer assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights. The mortgage or financial services or strategies mentioned in this website may not be not suitable for you. This website participates as an Equal Opportunity Lender. All rights Reserved. Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Legal Disclaimer This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans. **Download Fair Housing Booklet – CLICK HERE All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

Privacy Policy We take our clients' financial privacy very seriously. During the course of processing your application, we accumulate non-public personal financial information from you and from other sources about your income, your assets, and your credit history in order to allow a lender to make an informed decision about granting you credit. We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. We collect nonpublic information about you from the following sources: (i) information we receive from you on applications or other forms; (ii) information about your transactions with us, our affiliates, or others; and (iii) information we receive from a consumer reporting agency. We do not disclose any nonpublic information about our customers or former customers to any third party, except as permitted by law.

Mortgage Revenue Bonds (MRB)

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1. Do Mortgage Rates Change Daily?

2. What kind of Credit Score Do I need to qualify?

3. What are the down payment requirements?

4. What is your debt-to-income ratio?

How to calculate your front-end DTI for a Kentucky Mortgage Loan Approval

5. What if I have had a bankruptcy or foreclosure in the past?

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Advantages of Kentucky FHA Mortgage Loans

Disadvantages of Kentucky FHA Mortgage Loans

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Do I qualify as a Kentucky first-time home buyer?

Kentucky First-time home buyer benefits

Is there an income limit to qualify as a first-time home buyer?

How to qualify for a first-time home buyer grant

How to qualify for down payment assistance

What are the requirements to qualify for a first-time home buyer loan?

Kentucky Conventional loans:

Kentucky FHA loans:

Kentucky VA loans:

KentukcyUSDA loans:

What is a mortgage?

What will my monthly payment be?

Share this:

How to qualify for a Kentucky FHA Home Loan ?

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.

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