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 24, 2023July 24, 2023 Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, 580 credit score FHA, 620 credit score FHA loan, 7500 down payment assistance KHC, appraisals, Appraisers FHA, bad credit fha loans Kentucky, Credit Scores/Credit Reports, debt to income ratios, deed-in-lieu, employment, Employment Gaps, Fannie Mae Homepath, FHA, Kentucky FHA Loan Requirements for 2022, khc down payment assistance, KY FHA LOANS

What income is acceptable for FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?

How to qualify for a Kentucky mortgage

The type of mortgage you’re applying for determines the minimum requirements you’ll have to meet for your down payment, credit score, and debt-to-income ratio.

Find out what type of loan you might qualify for or what aspects of your finances you’ll need to improve to get a better shot at qualifying for a mortgage.

Loan Type Min. Down Payment Min. Credit Score Max DTI Property Type

Conventional 3% 620 45% Primary, secondary, investment

VA 0% none none Primary

FHA 3.5% 500 50% Primary

USDA 0% none 41% Primary

Keep in mind: The minimum down payment, minimum credit score, and maximum DTI shown in the table apply to mortgages used to purchase a primary residence. While you can use a conventional loan or a jumbo loan to purchase a home for another purpose, you might need a larger down payment, a higher credit score, more cash reserves, or all three.

Credit score needed to buy a house

Mortgage lending is risky, and lenders want a way to quantify that risk. They use your three-digit credit score to gauge the risk of loaning you money since your credit score helps predict your likelihood of paying back a loan on time. Lenders also consider other data, such as your income, employment, debts and assets to decide whether to offer you a loan.

Different lenders and loan types have different borrower requirements, loan terms and minimum credit scores. Here are the requirements for some of the most common types of mortgages.

Conventional loan

Minimum credit score: 620

A conventional loan is a mortgage that isn’t backed by a federal agency. Most mortgage lenders offer conventional loans, and many lenders sell these loans to Fannie Mae or Freddie Mac — two government-sponsored enterprises. Conventional loans can have either fixed or adjustable rates, and terms ranging from 10 to 30 years.

You can get a conventional loan with a down payment as low as 3% of the home’s purchase price, so this type of loan makes sense if you don’t have enough for a traditional down payment. However, if your down payment is less than 20%, you’re required to pay for private mortgage insurance (PMI), which is an insurance policy designed to protect the lender if you stop making payments. You can ask your servicer to cancel PMI once the principal balance of your mortgage falls below 80% of the original value of your home.

FHA loan

Minimum credit score (10% down): 500

Minimum credit score (3.5% down): 580

FHA loans are backed by the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD). The FHA incentivizes lenders to make mortgage loans available to borrowers who might not otherwise qualify by guaranteeing the federal government will repay the mortgage if the borrower stops making payments. This makes an FHA loan a good option if you have a lower credit score.

FHA loans come in 15- or 30-year terms with fixed interest rates. Unlike conventional mortgages, which only require PMI for borrowers with less than 20% down, all FHA borrowers must pay an up-front mortgage insurance premium (MIP) and an annual MIP, as long as the loan is outstanding.

VA loan

Minimum credit score: N/A

VA loans are mortgages backed by the U.S. Department of Veterans Affairs (VA). The VA guarantees loans made by VA-approved lenders to qualifying veterans or service members of the U.S. armed forces, or their spouses. This type of loan is a great option for veterans and their spouses, especially if they don’t have the best credit and don’t have enough for a down payment.

VA loans are fixed-rate mortgages with 10-, 15-, 20- or 30-year terms.

Most VA loans don’t require a down payment or monthly mortgage insurance premiums. However, they do require a one-time VA funding fee, that ranges from 1.4% to 3.6% of the loan amount.

USDA loan

Minimum credit score: N/A

The U.S. Department of Agriculture guarantees loans for borrowers interested in buying homes in certain rural areas. USDA loans don’t require a minimum down payment, but you have to meet the USDA’s income eligibility limits, which vary by location.

All USDA mortgages have fixed interest rates and 30-year repayment terms.

USDA-approved lenders must pay an up-front guarantee fee of up to 3.5% of the purchase price to the USDA. That fee can be passed on to borrowers and financed into the home loan. If the home you want to buy is within an eligible rural area (defined by the USDA) and you meet the other requirements, this could be a great loan option for you.

What else do mortgage lenders consider?

Your credit score isn’t the only factor lenders consider when reviewing your loan application. Here are some of the other factors lenders use when deciding whether to give you a mortgage.

Debt-to-income ratio — Your debt-to-income (DTI) ratio is the amount of debt payments you make each month (including your mortgage payments) relative to your gross monthly income. For example, if your mortgage payments, car loan and credit card payments add up to $1,800 per month and you have a $6,000 monthly income, your debt-to-income ratio would be $1,800/$6,000, or 30%. Most conventional mortgages require a DTI ratio no greater than 36%. However, you may be approved with a DTI up to 45% if you meet other requirements.

Employment history — When you apply for a mortgage, lenders will ask for proof of employment — typically two years’ worth of W-2s and tax returns, as well as your two most recent pay stubs. Lenders prefer to work with people who have stable employment and consistent income.

Down payment — Putting money down to buy a home gives you immediate equity in the home and helps to ensure the lender recoups their loss if you stop making payments and they need to foreclose on the home. Most loans — other than VA and USDA loans — require a down payment of at least 3%, although a higher down payment could help you qualify for a lower interest rate or make up for other less-than-ideal aspects of your mortgage application.

The home’s value and condition — Lenders want to ensure the home collateralizing the loan is in good condition and worth what you’re paying for it. Typically, they’ll require an appraisal to determine the home’s value and may also require a home inspection to ensure there aren’t any unknown issues with the property.

Loan Type	Min. Down Payment	Min. Credit Score	Max DTI	Property Type
Conventional	3%	620	45%	Primary, secondary, investment

VA	0%	none	none	Primary
FHA	3.5%	500	50%	Primary
USDA	0%	none	41%	Primary

Louisville Kentucky Mortgage Loans

https://kyfirsttimehomebuyer.wordpress.com/2022/01/11/acceptable-income-and-job-history-for-a-mortgage-loan-approval-in-kentucky/

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January 10, 2022January 10, 2022 Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Down payment assistance, down payment grant, Grants And Down payment Assistance, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, khc down payment assistance

Down Payment Assistance

$6000 Down for Your Dream Home with Down Payment Assistance

An exciting new program is making it easier for you to get your dream home faster and with more money in your pocket. Geared toward homebuyers who may need help coming up with down payment or closing costs, the Mortgage Down Payment Assistance Program (DPA) can turn you into a homebuyer today!

You do not need to be a first time homebuyer

Down payment assistance programs normally require you to be a first time homebuyer; however, this new program does not have this requirement. There are also various first mortgage options this program can be tied to, including FHA and USDA loans.

KHC recognizes that down payments, closing costs, and prepaids 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 DAP income limits.

On Mon, Jan 10, 2022 at 1:26 PM Joel Lobb, Mortgage Loan Officer <kentuckyloan@gmail.com> wrote:

Secondary Market Interest Rates — 45 Day Lock

Loan Type

Rate without Down
Payment Assistance

Rate with Down
Payment Assistance

FHA, VA & RHS 3.25% 4.00%

HFA Preferred Plus 80 3.75% 4.00%

—

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/

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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/

— 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.

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 |

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Kentucky FHA Mortgage Insurance Requirements and Down Payments

FHA mortgage insurance, typically referred to as MIP, is the one closing cost that is unique to FHA mortgage programs.

**Every FHA mortgage must have mortgage insurance regardless

of the amount of the down payment.**

There are two types of mortgage insurance for FHA insured loans – Up-front Mortgage Insurance Premiums and Monthly Mortgage Insurance Premiums.

Up-front Mortgage Insurance Premium (UFMIP)

UFMIP is calculated at 1.75% of the base loan amount on all loans, regardless of the down payment amount. This insurance protects the lender against losses in the event that the borrower defaults on the loan.

**The entire amount of the UFMIP can be financed into the loan amount!**

For example:

If the FHA loan amount is $100,000 (base loan amount)
The mortgage insurance premium would be $1,750 ($100,000 x 1.75%)
The mortgage amount including MIP would be $101,750 ($100,000 + $1,750)

What really happens during an FHA mortgage transaction is that the borrower owes FHA a lump sum mortgage insurance premium. The lender making the FHA loan will actually lend the money for the premium to the borrower and send the money to FHA so that the mortgage will be insured.

Monthly Mortgage Insurance Premium

In addition to the UFMIP, there may be a monthly premium due as well. The monthly premium is .80% of the base loan amount if the loan amount is less than or equal to 95% of the value of the home. If the loan amount is over 95% of the value of the home, the monthly premium is .85% of the base loan amount..

On a 30 year fixed loan, the monthly payment would be calculated as follows:

$100,000 x .80% = $800 / 12 months = $66.67 per month

FHA Minimum Down Payment

Effective January 1, 2009, the minimum down payment required on an FHA loan is 3.5% of the purchase price.

Any deposit (usually called earnest money) that you are required to give to your realtor at the time of an accepted purchase contract will count towards your 3.5% down payment. The appraisal fee collected at the time of inspection will also count towards your 3.5% down payment.

If, for example, you are purchasing a $100,000 house, your minimum down payment required would be $3,500. If your seller/realtor required you to put down $500 in earnest money on top of the $300 for your appraisal, your down payment would be lowered to $2,700 ($3,500 – $500 – $300 = $2,700).

Down Payment As A Gift

If a borrower does not have 3.5% of his or her own money to put down towards the home purchase, FHA allows that amount to be in the form of a gift to the borrower. The gift must be from a qualified source, such as a family member, employer or significant other. The source of the gift must be able to provide proof that they have the money in an account registered in their name prior to transfer to the borrower.

In some areas, this gift may also be grant money from a state or local municipality, if such funds are available.

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.

Category: khc down payment assistance

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