Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Kentucky FHA Loan Requirements for 2022

Kentucky FHA Appraisal Requirements for Validity Period

The following update aligns with FHA Mortgagee Letter 2022-11 and is effective for all FHA loans with case numbers assigned on and after June 1, 2022.
Appraisal Validity Period
Loans with case numbers assigned prior to June 1, 2022
Loans with case numbers assigned on and after June 1, 2022
• The initial appraisal validity period is 120 days from the effective date of the appraisal.
• The 120-day validity period may be extended for 30 days at the option of the underwriter if the conditional commitment is issued before the original appraisal expiration date.
• An appraisal update may be used to extend the validity period of the initial appraisal. The appraisal update must be performed before the initial appraisal with no extension has expired.
• When the initial appraisal is updated, the updated appraisal will be valid for 240 days after the initial appraisal effective date.
• The initial appraisal validity period is 180 days from the effective date of the appraisal.
• If the initial appraisal will be more than 180 days at the disbursement date, an appraisal update may be performed to extend the appraisal validity period.
• When the initial appraisal is updated, the updated appraisal will be valid for one year after the initial appraisal effective date.
With these updates, the optional 30-day extension is no longer necessary and has been eliminated. In addition, the requirement for the appraisal update to be performed before the initial appraisal has expired has been removed.

 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
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 bonus income fha loan, Kentucky FHA Loan Requirements for 2022, overtime income fha loan, Overtime, Bonus, or Tip Income, TIP INCOME FHA LOANS

How to Calculate Income for a Kentucky FHA Mortgage Approval?

FHA INCOME CALCULATION FOR OVERTIME, BONUS, TIP INCOME FOR KENTUCKY FHA LOANS
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Kentucky FHA Loan Requirements for 2022

Quick Guide to Kentucky USDA Rural Development Loans Approval Requirements

close a Kentucky Rural Housing Loan in Kentucky?
June 10, 2022
In “2022 Kentucky USDA Income and Property Guidelines”
Kentucky Rural Housing Development Mortgage Guide for USDA Loans

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatar

close a Kentucky Rural Housing Loan in Kentucky? June 10, 2022 In “2022 Kentucky USDA Income and Property Guidelines” Kentucky Rural Housing Development Mortgage Guide for USDA Loans

View original post

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, back to work program FHA KY, bad credit fha loans Kentucky, bankruptcy fha, usda, va, conventional loan, credit scores FHA loan, FHA, FHA Announces COVID-19 Temporary Guidance for Kentucky FHA Mortgage Loans, FHA Approved Condo Kentucky, FHA Co-signors, FHA Guidelines, fha mortgage insurance premiums, FHA Refund Upfront MIP, FHA Streamline Refinance, fico scores FHA loan, flipping guidelines FHA loans, FORBEARANCES FOR KENTUCKY FHA LOANS, job history FHA loan, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links, Kentucky FHA loan limits for 2022, Kentucky FHA Loan Requirements for 2022, Kentucky FHA Mortgage Forbearances Guidelines, KY FHA LOANS, Loan Limits for FHA, louisville ky fha seller contributions, mi changes for FHA

Kentucky FHA Mortgage Loan Lender Guidelines

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, bad credit fha loans Kentucky, bankruptcy fha, usda, va, conventional loan, credit scores FHA loan, FHA, FHA Guidelines, fha mortgage insurance premiums, job changes fha, Kentucky FHA Important Links, Kentucky FHA loan limits for 2022, Kentucky FHA Loan Requirements for 2022, Kentucky FHA Mortgage Forbearances Guidelines

Kentucky FHA Loan Changes for 2022

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

What is a Kentucky FHA loan?

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

What Are the Terms?

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

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

What Are the Qualifications?

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

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

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

Increased Loan Limits for 2022

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

What is a Kentucky FHA loan?
What is a Kentucky FHA loan?
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Kentucky FHA Loan Requirements for 2022

First-Time HomeBuyer Louisville Kentucky Mortgage Programs

Kentucky Down payment assistance loans are available up to $7,500 for Mortgage
​​​​Kentucky Housing Down Payment Assistance for $7500 in 2022 for Kentucky Home Buyers

ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!
1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.

KHC is used for mostly applicants in Kentucky that don’t have access to money for a down payment on their home.

​​​​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.

Regular DAP
Purchase price up to $346,644 with Secondary Market.
Assistance in the form of a loan up to $7,500 in $100 increments.
Repayable over a 10-year term at 3.75 percent.
Available to all KHC first-mortgage loan recipients.
Affordable DAP
Purchase price up to $346,644​ with Secondary Market.
Assistance up to $7,500.
Repayable over a 10-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.​

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Kentucky Down payment assistance loans are available up to $7,500 for Mortgage

Kentucky Down payment assistance loans are available up to $7,500 for Mortgage

​​​​Kentucky Housing Down Payment Assistance for $7500 in 2022 for Kentucky Home Buyers

ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!

1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs

2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)

Realtors: We are here to help you and your clients take advantage of these great opportunities.

Buyers: We are here to answer questions you have regarding this program and qualification requirements.

KHC is used for mostly applicants in Kentucky that don’t have access to money for a down payment on their home.

​​​​KHC…

View original post 116 more words

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Kentucky FHA Loan Requirements for 2022

Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?

Kentucky Mortgage loan Federal Housing Administration zero down loan kentuckyRefinancing100 down kentucky fha loan FHA insured loan ky first time home buyer fha Louisville Kentucky

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky FHA Mortgage Lender

A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor.  

If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the lender must:

• verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
• verify that the Borrower has made payment arrangements with the creditor and include the monthly payment in the Borrower’s Debt-to-Income ratio (DTI); or
• if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each collection and include the monthly payment in the Borrower’s DTI.

Collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Borrower’s ability to pay…

View original post 189 more words

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Kentucky FHA Loan Requirements for 2022

Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?

A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor.  

If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the lender must: 

•     verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds; 
•     verify that the Borrower has made payment arrangements with the creditor and include the monthly payment in the Borrower’s Debt-to-Income ratio (DTI); or 
•      if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each collection and include the monthly payment in the Borrower’s DTI.  

Collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Borrower’s ability to pay all collection accounts, unless excluded by state law. 

Unless the lender uses 5 percent of the outstanding balance, the lender must provide the following documentation: 

•     evidence of payment in full, if paid prior to settlement; 
•     the payoff statement, if paid at settlement; or 
•     the payment arrangement with creditor, if not paid prior to or at settlement.  

For manually underwritten loans, the lender must determine if collection accounts were a result of: 

•     the Borrower’s disregard for financial obligations; 
•     the Borrower’s inability to manage debt; or 
•     extenuating circumstances.  

The lender must document reasons for approving a mortgage when the Borrower has any collection accounts. The Borrower must provide a letter of explanation, which is supported by documentation, for each outstanding collection account. The explanation and supporting documentation must be consistent with other credit information in the file. 

For additional information see Handbook 4000.1 II.A.4.b.iv(M); II.A.5.a.iii(D), II.A.5.a.iv(O)  at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223Company NMLS ID #1364

click here for directions to our office
Text/call:      502-905-3708fax:            502-327-9119
email:

          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans bad credit fha loans Kentucky, Collections Accounts, Disputed Accouts, KY FHA LOANS, mortgage charge-offs

Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?

A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor.
If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the lender must:
•     verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
•     verify that the Borrower has made payment arrangements with the creditor and include the monthly payment in the Borrower’s Debt-to-Income ratio (DTI); or
•      if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each collection and include the monthly payment in the Borrower’s DTI.

Collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Borrower’s ability to pay all collection accounts, unless excluded by state law.   Unless the lender uses 5 percent of the outstanding balance, the lender must provide the following documentation:
•     evidence of payment in full, if paid prior to settlement;
•     the payoff statement, if paid at settlement; or
•     the payment arrangement with creditor, if not paid prior to or at settlement.

For manually underwritten loans, the lender must determine if collection accounts were a result of:
•     the Borrower’s disregard for financial obligations;
•     the Borrower’s inability to manage debt; or
•     extenuating circumstances.

The lender must document reasons for approving a mortgage when the Borrower has any collection accounts. The Borrower must provide a letter of explanation, which is supported by documentation, for each outstanding collection account. The explanation and supporting documentation must be consistent with other credit information in the file.

For additional information see Handbook 4000.1 II.A.4.b.iv.(M); II.A.5.a.iii.(D), II.A.5.a.iv.(O)  at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

21933-applyonlinenow-ani
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice.
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Kentucky FHA Loan Requirements for 2022

How to Calculate Residual Income for a Kentucky VA Home Loan Approval

Residual Income for a Kentucky VA Home

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

View original post

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans bad credit fha loans Kentucky, Bankruptcy, bonus income fha loan, Chapter 13 Bankruptcy Guidelines, chapter 7 bankruptcy, chapter 7 or chapter 13, FHA, FHA Guidelines, FHA Streamline Refinance, income, job time, KY FHA LOANS, overtime income fha loan, Overtime, Bonus, or Tip Income, well water FHA mortgage

Kentucky FHA Guideline Update

FHA has published the following guideline updates, which will be effective for all Kentucky FHA loans with case numbers assigned on or after September 9th
  • Specific verbiage for Well Water Testing has been added indicating that it must be performed by a disinterested party in a method acceptable to the local health authority. The borrower or any other interested party may not have contact with the sample. Additionally, cases mandating a Well Water Test have been added to include (but not limited to) the following
    • Newly constructed properties and/or wells
    • Properties with deficiencies in the well or well water as determined by an appraiser
    • Areas where water has been reported or is otherwise known to be unsafe
    • Properties located in close proximity to dumps, landfills, industrial sites, farms, or other sites that could contain hazardous waste
    • Properties where distance between well and septic systems is less than 100 feet
  • Clarification issued indicating how to calculate FHA income for Overtime, Bonus, or Tip Income must be calculated using the lesser of
    • Average Overtime, Bonus, or Tip income earned over the previous 2 years (or if earned less than 2 years, the total length of time it has been received); OR
    • Average Overtime, Bonus, or Tip income earned over the previous year
  • All requirements regarding unreimbursed business expenses and Commission Income or Automobile Allowances has been completely removed to align with current IRS tax laws
  • Rent Below Fair Market has been defined as an inducement to purchase when the borrower is allowed to live in the property rent free or at a rental amount more than 10 percent under the fair market rent as determined by the appraiser.
  • Clarification has been added that Reduction in Term for Kentucky FHA Mortgage Streamline Refinances refers specifically to the reduction of the remaining amortization period of the existing mortgage.

FHA Guidelines For Bankruptcy, income, down payment, mortgage insurance, credit scores, work history for FHA loan
FHA Guidelines For Bankruptcy, income, down payment, mortgage insurance, credit scores, work history for FHA loan

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.

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

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



Remember, we are even available this weekend for pre-qualifications or questions.  Call our cell phone or email us.  If you miss us, leave a message and we WILL call you back 

Related image