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: 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: When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record
Joel Lobb
phone: (502) 905-3708
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Louisville Kentucky FHA Seller Contributions and Closing Costs
Louisville Kentucky FHA Seller contributions can make a big impact for a first time home buyer struggling to save the required 3.5% down payment let alone all other related fees. A seller who understands the benefit and has the ability to offer assistance could make the difference between purchasing a home now and continuing to rent.
Louisville Kentucky FHA Maximum Seller Contributions
Louisville Ky FHA guidelines allow the seller to contribute up to 6% of the sales price toward the buyers closing costs, discount points, and prepaids. The seller is also allowed to pay the upfront mortgage insurance premium (MIP) which is typically rolled into the cost of the loan.
Common FHA Closing Costs:
Below is a list of customary fees associated with an Kentucky FHA loan. This is only an example of costs the seller may pay on your behalf and does not include all allowable costs per Kentucky FHA guidelines. Make certain your lender provides you with an itemized list known as a Good Faith Estimate.
- Origination fee – The maximum origination fee is 1 percent of your loan amount, or 2 percent of the loan amount if it’s a home equity conversion loan.
- Appraisal fee to determine the value of the home
- Costs associated with your mortgage credit report
- Attorney’s fees, title search fees, title insurance – Attorney’s fees are not typical in Colorado, but title fees are and can range from $250 to $1,500 depending on the home’s location.
- Prepaid interest – You will pay interest accrued between the closing date and the end of the month.
- Upfront premium for your Kentucky FHA mortgage insurance. This will be 1.5 percent of the loan amount, but you may be able to roll it into your loan.
- Escrow amounts for future taxes and insurance – You will be required to pay 1 year of homeowner’s insurance and a few months of your property taxes.
- Discount points (if applicable)
- Up Front Mortgage Insurance Premium (MIP)
- Buy Downs (cost incurred for a permanent or temporary interest rate buy down)While the total amount of your closing costs might seem like a hefty price to pay, keep in mind what you’re getting in return:A home you can call your very own.
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!***
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 Refinance up to 85% for existing or new FHA mortgages.
- 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.
- Louisville KY FHA Streamline Refinance for existing FHA loans only.
- 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:
- NO employment verification is required*
- NO income verification is required*
- NO credit score verification is required*
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 Mortgages
via FHA Mortgages.
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Kentucky FHA Mortgage Lender 