Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Bankruptcy, Collections Accounts, credit scores, Credit Scores/Credit Reports, deed-in-lieu, Disputed Accouts, FHA Guidelines, fico score, short sales

Kentucky FHA Loan Updates: What You Need to Know

 

Kentucky FHA Loan Guidelines for Credit, Down payment, income,

 

 

Kentucky FHA Loans: New Guidelines for Collections & Disputes 2026

Kentucky FHA Loans: New 2026 Guidelines

Collections, Disputes & Judgements Explained

If you’re a Kentucky first-time homebuyer with collections, disputes, or judgements on your credit report, you’re not alone—and you’re not disqualified from homeownership. The Federal Housing Administration (FHA) recently updated its lending guidelines to provide more flexibility and clarity around credit challenges.

Whether you’ve faced financial hardship, billing disputes, or collection accounts, understanding these new FHA rules could be the key to securing your Kentucky mortgage.

đź“‹ Effective Date: All loans with case numbers assigned on or after September 9th, 2026

Understanding FHA Loans with Bad Credit, Disputes & Collections

What Are Disputed Accounts on Your Credit Report?

A disputed account appears on your credit report when you’ve officially challenged information you believe is inaccurate or incorrect. Many Kentucky borrowers don’t realize that disputed accounts can affect their ability to qualify for an FHA loan. The good news? FHA has clarified how these accounts will be evaluated going forward.

Collection Accounts & FHA Loan Qualification

Collection accounts are one of the biggest obstacles for Kentucky first-time homebuyers trying to get approved. Under the new 2026 FHA guidelines, the agency has provided specific underwriting rules that actually offer more opportunity than you might think.

Judgements on Credit Reports

If you have judgements on your credit report, FHA underwriters will evaluate them carefully, but they don’t automatically disqualify you. The new guidelines provide specific direction on how these accounts are assessed during the mortgage approval process.

New FHA Guidelines for Collections, Judgements & Disputes

Collection Account Rules: The $2,000 Threshold

Here’s how FHA Fannie Mae’s DU (Desktop Underwriter) system now handles collection accounts:

If your collection accounts total $2,000 or more cumulatively:

  1. Pay in Full — The collection debt(s) must be paid in full prior to or at closing, OR
  2. Payment Plan — You can establish a payment arrangement with the creditor, and the monthly payment is included in your debt-to-income ratio, OR
  3. 5% Payment Calculation — Include a monthly payment of 5% of the outstanding balances of each collection account in your debt-to-income ratio

If your collection accounts total less than $2,000: These may be treated more favorably during underwriting, though FHA DU will still require verification.

đź’ˇ Important for Kentucky Borrowers: If you’re married and in a community property state, collection accounts from your spouse are also counted toward this threshold—even if they’re a non-borrowing spouse.

Manual Underwriting Triggers

Certain credit situations require manual underwriting instead of automated approval. Your Kentucky FHA application will likely be manually reviewed if:

  • $1,000 or more in disputed derogatory credit accounts appears on your credit report
  • 20% or greater decline in self-employed income
  • Mortgage lates within the last 12 months

While manual underwriting takes longer, it doesn’t mean you’ll be denied. Many Kentucky borrowers with credit challenges are successfully approved through manual underwriting because a trained loan officer can explain your circumstances and compensating factors.

Payment History Requirements for FHA Approval

FHA has strict (but achievable) payment history standards:

  • All mortgage and installment loan payments must be on time within the last 12 months
  • No more than two 30-day late payments within the last 24 months
  • No derogatory credit on revolving accounts (credit cards, lines of credit) in the last 12 months
  • Collection accounts must be addressed per the guidelines above

Additional 2026 FHA Updates

New Well Water Testing Requirements

If you’re purchasing a Kentucky home with a private well, be aware of updated FHA requirements for well water testing:

Well water tests must now be:

  • Performed by a disinterested third party (not you, the seller, or anyone with a financial interest in the transaction)
  • Conducted using a method acceptable to your local health authority
  • Documented before approval

Well water testing is now required for:

  • Newly constructed properties and/or new wells
  • Properties with deficiencies in the well or water quality identified by an appraiser
  • Areas where water safety issues have been reported or are known
  • Properties near dumps, landfills, industrial sites, farms, or hazardous waste areas
  • Properties where the well and septic system are less than 100 feet apart

Overtime, Bonus & Tip Income: Simplified Calculations

Good news for Kentucky borrowers with variable income: FHA has clarified how overtime, bonuses, and tips are calculated for loan qualification.

Your overtime, bonus, or tip income will be calculated as the LESSER of:

  1. Average income earned over the previous 2 years (or the total time if earned less than 2 years), OR
  2. Average income earned over the previous year

Commission & Business Expense Requirements Removed

FHA has completely eliminated previous requirements regarding unreimbursed business expenses and commission income or automobile allowances. This aligns FHA guidelines with current IRS tax law, making it easier for self-employed borrowers and those with commission-based income to qualify.

Interested Party Contribution (IPC) Limits

Under the 2026 guidelines, mortgagees and third-party originators are now explicitly included in IPC limits. This means:

  • Lenders cannot contribute toward your down payment to artificially lower your upfront costs
  • Exception: Premium pricing credits don’t count against IPC limits—unless the lender is also acting as the seller, agent, builder, or developer

DTI Requirements & Qualification

31% Front-End / 43% Back-End FHA

31% of your gross monthly income can go toward housing costs. 43% of your gross monthly income can go toward all monthly debts.

No compensating factors required to meet these ratios, making FHA one of the most accessible loan programs for Kentucky borrowers.

Documentation You’ll Need for Underwriting

If your Kentucky FHA application requires manual underwriting due to credit challenges, be prepared to provide:

Employment & Income Documentation

  • Verbal Verification of Employment (VOE)
  • Paystubs covering the most recent 30-day period
  • W2s for the past 2 years
  • 2-year employment history

Housing & Credit History

  • Verification of Rent (VOR) or 12 months of cancelled checks if credit report doesn’t show last 12 months of housing payment history
  • Letter of Explanation (LOX) for any derogatory credit or late payments within the last 24 months

Cash Reserves

  • At least 1 month in reserves from your own funds (cannot be a gift)
  • 3 months required if purchasing a 3-4 unit property

Ready to Get Approved for a Kentucky FHA Loan?

With over 20 years of experience helping Kentucky families overcome credit challenges to achieve homeownership, I specialize in FHA loans for borrowers with collections, disputes, judgements, late payments, and more.

📧 kentuckyloan@gmail.com

đź“ž 502-905-3708 (Call or Text)

I offer free FHA mortgage applications with same-day approvals. Let’s discuss your options today.

About Joel Lobb – Kentucky Mortgage Loan Officer

With over 20 years of mortgage industry experience, I’ve helped more than 1,300 Kentucky families secure homeownership through FHA, VA, USDA, KHC, and Fannie Mae programs.

Licensing & Credentials

  • License Type: Kentucky Mortgage Loan Only
  • NMLS Personal ID: 57916
  • Company NMLS ID: 1738461
  • Verify License: www.nmlsconsumeraccess.org

Kentucky FHA Loan Programs Available

  • âś“ Collections & Disputed Accounts
  • âś“ Judgements
  • âś“ Bad Credit & Low Credit Scores
  • âś“ Late Payments (within 24 months)
  • âś“ Self-Employed & Variable Income
  • âś“ Down Payment Assistance (KHC Programs)
  • âś“ First-Time Homebuyer Programs

Equal Housing Lender

This website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent educational platform created to assist Kentucky homebuyers with expert advice and accessible loan tools.

Last Updated: January 2026

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FHA Loans & Collections

Your Guide to Disputed Accounts & Collections 2026

đź’° Collection Accounts: The $2,000 Threshold

Step 1: Check Total

Add up all collection accounts on your credit report

Step 2: Compare

$2,000?

Is your total more or less?

Step 3: Choose Path

Select your payment strategy

1

Pay in Full

Pay before or at closing

2

Payment Plan

Monthly payment included in DTI

3

5% Calculation

5% of balance added to DTI

âť“ Disputed Accounts

What Triggers Manual Underwriting?

If you have $1,000 or more in disputed derogatory accounts, your application will be reviewed by a human underwriter instead of automated approval. This isn’t bad news—it means your circumstances can be explained!

⚠️

$1,000+ Disputes

Disputed derogatory accounts trigger manual review

📉

Self-Employment Drop

20% or greater income decline

⏰

Recent Mortgage Lates

Late payments in the last 12 months

âś…

Good News

Manual review = opportunity to explain!

âś“ Payment History Requirements

What FHA Requires

âś“

All mortgage & installment payments on time in the last 12 months

âś“

No more than 2 late payments (30 days) within the last 24 months

âś“

No derogatory credit on revolving accounts (credit cards) in the last 12 months

âś“

Collections must be addressed per the $2,000 threshold rules

đź“Š FHA Debt-to-Income Ratios

Your Maximum DTI Limits

Front-End Ratio
31%

Housing costs only

Back-End Ratio
43%

All monthly debts

No compensating factors required to meet these ratios

💡 Bad credit ≠ No approval. Collections and disputes can be managed with the right strategy!

Effective for all loans with case numbers assigned on or after September 9, 2026

Need help with your Kentucky FHA loan? Contact Joel Lobb • 502-905-3708 • kentuckyloan@gmail.com

This infographic is not endorsed by the FHA or any government agency

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, 90 day flip rule, appraisals, Appraisers FHA, FHA, FHA Guidelines, first time buyer kentucky, KY FHA LOANS

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.
Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

  • Ordered through a third party source. Interested/vested parties may not initiate the appraisal. I.E> buyers, sellers, realtors, loan officer, family members
  • Property must meet HUD’s minimum property standards. i.e.: permanent heat source, utilities must be on and in working order at time of inspection
  • Flips < 90 days – not allowed Per HUD -If current owner owned less than 90 days FHA will not insure. Sometimes a second appraisal will be required by FHA investor if sold within the last 6 months for a large profit. Receipts of work done may be needed to substantiate  increase in value of home in short-time period.
  • Transferred appraisal – ok
  • Appraisal valid 120 days – 30 day extension possible*
  • Property eligibility – No location restrictions.
  • New Construction Available

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.
Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:
ď‚· Not eligible for FHA financing
Resales occurring between 91 days and 180 Days after Acquisition:
ď‚· Obtain 2nd appraisal if resold between 91 to 180 days after acquisition
ď‚· Obtain 2nd appraisal if resale price is 100% or more over price paid by seller
ď‚· If 2nd appraisal is more than 5% lower than value of first appraisal, the lower value must be used
ď‚· Borrower not allowed to pay for 2nd appraisal
Exceptions to FHA Flipping Rules:
ď‚· Property purchased by an employer or relocation company due to relocation of an employee
 Resales by HUD – REO program
ď‚· Sales by other government agencies (i.e., IRS, court-ordered, DEA, etc.)
ď‚· Sales of non-profit agencies approved to purchase HUD properties
ď‚· Acquisition due to inheritance
ď‚· Sales of properties by federally chartered financial institutions
 Sales of properties by GSE’s
ď‚· Sales of properties by local or state governments
ď‚· Sales by builders selling a new home
ď‚· Sales of properties in federally declared disaster areas
NOTE: Mortgage Company must obtain a 12-month chain of title to document time restrictions above.
VA MORTGAGE AND FLIPPING RULE

 No Flipping Rules – Overlays may apply or at Underwriter’s discretion

 
USDA RURAL HOUSING MORTGAGE FLIPPING RULES
 Lender is responsible to ensure that any recently sold property’s value is strongly supported when a significant
increase between sale and purchase occurs.
ď‚· Lender must ensure that the appraisal value is supported with validated comps and protect the borrower from
predatory lending.

Fannie Mae Appraisal Flipping Rules
 No Flipping Rules – Lender overlays may apply
Freddie Mac
 No Flipping Rules – Lender overlays may apply

Applies to case numbers assigned on or after June 1, 2022

Updates the initial appraisal validity period from 120 days to 180 days from the effective date of the appraisal report;
Extends the appraisal update validity period from 240 days to one year from the effective date of the initial appraisal report;

Allows the appraisal update to be ordered AFTER an appraisal expires; and
Eliminates the optional 30-day extension.

✨This is big news for FHA ✨

The guideline change also puts FHA appraisal expirations on par with conventional loan expiration dates.

Kentucky FHA appraisals can take home buyers by surprise. That’s why we’ve put together some good-to-know info about the process. Feel free to use this to help educate your clients.

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.






http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 580 credit score FHA, 620 credit score FHA loan, credit scores, credit scores FHA loan, Credit Scores/Credit Reports, Fannie Mae Homepath, fico score, fico score used for mortgages, fico scores FHA loan, Homeownership Assistance Programs: Kentucky, HomePath

Credit scores required for A Kentucky Mortgage Loan Approval for FHA, VA, USDA and Conventional Fannie Mae

192199974_1008928599679889_572699217267405025_n
What credit score is needed to buy a house in Kentucky?

Ultimately, there is no singular credit score that can guarantee you a mortgage approval. Each lender is free to set their own credit score requirements.

But many loan types are insured by government organizations. And lenders cannot accept borrowers with credit scores below the minimum these organizations set. The four most popular home loan types are:

Conventional: Not backed by any government agency, but must meet the Fannie Mae and Freddie Mac underwriting guidelines
FHA: Loans backed by the Federal Housing Administration
VA: Loans backed by the US Department of Veterans Affairs (for military members)
USDA: Loans backed by the US Department of Agriculture (for low- to moderate-income families who buy homes in rural areas)

And here are the minimum credit score requirements for each of these loan types:

Conventional: 
620 SCORE NEEDED. BUT TO GET APPROVED FOR A FANNIE MAE LOAN MOSTLY LIKE YOU WILL NEED A 720 SCORE OR HIGHER IF YOU HAVE LESS THAN 20% EQUITY POSITION OR LESS THAN 20% DOWN PAYMENT DUE TO PRIVATE MORTGAGE INSURANCE
FHA: 
580 for a 3.5% down payment
500 for down payments of at least 10%
**MOST FHA LENDERS WILL WANT A 580 to 620  CREDIT SCORE NOWADAYS

VA: 
No minimum BUT MOST VA LENDERS WILL WANT A 580 to 620 CREDIT SCORE
USDA: 
No minimum, but with a credit score of at least 620 to 640 you could qualify for streamlined credit analysis and chances of approval goes way down if score is below 640…

unnamed-2020-09-27t195228.502

Joel Lobb
Senior  Loan Officer
(NMLS#57916)

phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans bank statements, FHA, FHA Guidelines, fico score, first time buyer kentucky, First Time Home Buyer, Gift funds, Home Mortgage Rates Ky, Kentucky FHA HUD Homes for $100 Down, Kentucky Housing, Kentucky Mortgage Interest Rates, Kentucky Real Estate and Kentucky Appraisal Links, KY FHA LOANS, Louisville Ky Home Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

  • Assets:

    • Assets are not required; however, any assets disclosed must be supported with appropriate documentation
    • Satisfactory explanation and documentation should be provided for large deposits or increases in liquid assets
    • Cash on hand is not acceptable
    • Bank accounts require Verification of Deposit with average 2 month balance, or 2 consecutive months statements dated within 45 days of loan application
    • Earnest money deposit may be considered an asset if deposit is not already reflected in liquid assets
    • Asset amount of retirement accounts is 60% of the vested account balance
    • Gifts must be documented through gift donor letter and establish that gift does not have to be repaid
    • For sale proceeds of real property, provide HUD-1 or equivalent closing statement to indicate the actual amount of cash proceeds realized by the borrower
    • Stocks and bonds must be documented by a statement provide by stockbroker or financial institution managing the portfolio
    • Households with net family assets of greater than $5,000 require that the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate be considered when calculating income.
  • Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky (mylouisvillekentuckymortgage.com)
  • Kentucky Housing Corporation (KHC) homeownership programs affected by the current federal government shutdown (mylouisvillekentuckymortgage.com)
  • Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentuck… (mylouisvillekentuckymortgage.com)

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky.  For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
phone: (502) 905-3708
 Fax:     (502) 327-9119
kentuckyloan@gmail.com
Company ID #1364 | MB73346E
EQUAL HOUSING LENDER
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, first time buyer kentucky, Good Neighbor Next Door Sales Program, Grants And Down payment Assistance, HUD Foreclosure, HUD HOMES $100 Down, HUD HOMES FOR SALE KENTUCKYK, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, Kentucky FHA HUD Homes for $100 Down, KY FHA LOANS, Loan Limits for FHA, Louisville Ky Home Loans

Kentucky HUD Homes for Sale with the FHA $100 Down Program

Buying A HUD Home in Kentucky $100 Down FHA loan

KENTUCKY HUD HOMES SALES INCENTIVES

For a limited time, FHA offers sales incentives on HUD homes that will make these homes more affordable for home buyers when purchasing a property using FHA-insured financing. The incentives VARY from State to State but may include low down payments; sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount; broker bonuses for owner-occupant sales. The benefits of FHA financing are low down payments; competitive interest rates; flexible credit qualifying. To find a HUD-Approved Lender, and for the latest sales incentives in your areas, visit HUDhomestore.com The program incentives are subject to change without prior notice.

Sales Incentives

(subject to change without prior notice)

Participating States

$100 Down Payment! Available to Owner Occupant Homebuyers when purchasing a property using FHA-insured financing.

Kentucky HUD Homes for Sale By FHA

Search Results for HUD Homes in KY
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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

Text/call:      502-905-3708
fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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22 New Fannie Mae Homes in Kentucky

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$25,000Just Listed

3801 Herd Elias Rd
Tyner, KY 40486

3 Beds |2 Baths | 1634 sq. ft.

View Property

 

$79,900Back on Market

36 Sweetbriar Ave
Florence, KY 41042

3 Beds |1 Baths | 1288 sq. ft.

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$40,000Back on Market

2204 Parkwood Rd
Louisville, KY 40214

2 Beds |1 Baths | 624 sq. ft.

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$55,000Price Reduced

504 5th Ave
Frankfort, KY 40601

3 Beds |1 Baths | 1056 sq. ft.

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$108,900Price Reduced

1927 Brooklyn Chapel Rd
Morgantown, KY 42261

3 Beds |2 Baths | 2097 sq. ft.

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$288,900Price Reduced

7154 Thornwood Ln
Florence, KY 41042

4 Beds |3 Baths | 2776 sq. ft.

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$64,900Price Reduced

517 Washington Ave
Paintsville, KY 41240

3 Beds |2 Baths | 2242 sq. ft.

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$135,500Price Reduced

136 W Main St
Mount Sterling, KY 40353

5 Beds |2 Baths | 3641 sq. ft.

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$42,900Price Reduced

147 Williams Branch
Hazard, KY 41701

3 Beds |2 Baths

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$39,900Price Reduced

158 Baker Ave
Hazard, KY 41701

3 Beds |2 Baths | 2416 sq. ft.

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$19,000Price Reduced

1229 Hermes Ave
Covington, KY 41011

1 Beds |1 Baths

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$79,000Price Reduced

2116 Quillman Rd
Louisville, KY 40214

4 Beds |1 Baths | 1440 sq. ft.

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans debt to income ratios, Employment Gaps, FHA Back to Work Program Ky, FHA Co-signors, FHA Guidelines, first time buyer, first time buyer kentucky, income, job changes fha, job time, Kentucky FHA Important Links, Kentucky Housing, KY FHA LOANS, Loan Limits for FHA, louisville ky fha seller contributions, Self Employed

Kentucky FHA Mortgage Guidelines Changes for 2015

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Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015?

• Job Changes –

FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability.

And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she:
–is employed in the current job for six months or longer, and
–can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce.

• Employment Gaps –

For borrowers with gaps – FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must:
–explain any gaps in employment that span one or more months, and
–indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.

When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record
–qualifications for the position
–previous training and education, and
–the employers confirmation of continued employment

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Joel Lobb
Senior Loan Officer
(NMLS#57916)

 

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

 

 

 

 
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans FHA Streamline Refinance, Mortgage Insurance UFMIP, Refinance, Streamline

Kentucky FHA Streamline Refinance

Our Kentucky FHA lenders can help you buy a home with no money down or refinance to the lowest rates possible!

via Kentucky FHA Streamline Refinance.

Kentucky FHA Streamline Refinance

Welcome to the Kentucky FHA Streamline Refinance program! Our KY FHA lenders can help you save money each month on your FHA mortgage.  Want to take advantage of the current low rates?  No problem!  We service all areas of The Bluegrass State and we’re here to help!

This FHA Streamline Refi process is so simple that it’s been called “Streamline” because it allows you to refinance the interest rate on your current home mortgage rather quickly. Appraisals are usually not required and there is also less paperwork involved – saving both you and the lender time and money!

***Starting June 11, 2012 if you currently have an FHA loan you may qualify for a refinance that will reduce your upfront mortgage premium to only .01 percent and your annual premium of .55 percent!***

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

Louisville Ky  homeowners looking to for a  FHA refinancing offers benefits for current real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage (s). 


Some advantages of using a Louisville KY FHA mortgage for your mortgage refinance are as follows:

  • Cash-Out up to 85% of your properties value.
  • Consolidate first and second mortgages into single loan.
  • Bill consolidation programs.
  • Easier credit and income qualifications.
  • FHA  regulated closing costs.
  • Rate and Term Mortgage Refinancing up to 96.5% of your homes value.
  • Consolidate first and second mortgages* into a single loan.
  • min. 640 credit score.
  • Competitive rates for borrowers with a Bankruptcy older than two years.
  • Competitive rates for borrowers with a Foreclosure older than three years.
  • Easier credit and income qualifications.
  • FHA regulated closing costs.
  • No Cost Interest Rate Reductions programs.
  • No Income or Credit Qualifications*.
  • Zero cost refinance options available.
  • Easily switch amortization for adjustable to fixed or vice versa.
  • Easily shorten or lengthen term of your existing loan.
  • Easier credit and income qualifications.

What Are the New Changes That Make FHA Streamline Loans Even Better?

These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.

At least until now…

New changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.

In an effort to assist more Kentucky homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.

This new change alone means thousands of dollars in savings for most borrowers.

According to the FHA, based upon a $200,000 30 year mortgage with a loan-to-value higher than 95%, those who took out loans on or before May 31st, 2009, will now realize the following savings:

Before June 11th, 2012

After June 11th, 2012

Mortgage Premium at Closing

$3,500

$20

Monthly MI Premium

$208.33

$91.67

Upfront MI Premium Percentage

1.75%

0.01%

Annual MI Premium Percentage

1.25%

0.55%



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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013

Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013.

via Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013.

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FHA to Home Buyers: We’ll Forgive But (Won’t) Forget | Mortgage Rates & Trends

FHA to Home Buyers: We’ll Forgive But (Won’t) Forget | Mortgage Rates & Trends.

 

— FHA to Home Buyers: We’ll Forgive But (Won’t) Forget | Mortgage Rates &amp; Trends

 



rule change is allowing certain borrowers who have gone through a foreclosure, bankruptcy or other adverse event to become eligible to receive a new mortgage backed by the Federal Housing Administration after waiting as little as one year. Previously, they had to wait at least three years before they could qualify for a new government-backed loan. Fannie Mae and Freddie Mac, which guarantee conventional loans. require borrowers to wait seven years after a foreclosure unless there are extenuating circumstances, in which case the wait is three years.



 to be eligible for the new FHA loans, borrowers must be able to show their household income fell by 20 percent or more for at least six months and was  tied to unemployment or another event beyond their control. And they must prove their incomes have had a “full recovery; prove they have had at least one hour of approved housing counseling and have had 12 months of on-time housing payments.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Two Credit Unions Offering No Money Down Mortgages

Two Credit Unions Offering No Money Down Mortgages.

100% Financing Zero Down Payment Financing Kentucky Mortgages and Home loans. Buy a Home with No Down-Payment or Refinance Your Mortgage to 100% the USDA, VA, KHC Mortgage loans offer zero down financing

Two Credit Unions Offering No Money Down Mortgages

— 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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