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.
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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The Good Neighbor Next Door Sales Program
The Good Neighbor Next Door Sales Program was established December 1, 2006. This program as many others are revised and/or clarified periodically by a HUD mortgagee letter. Mortgagee Letter 2013 – 20, dated June 12, 2013 was issued to further clarify the program.
via The Good Neighbor Next Door Sales Program.
Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky
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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.
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All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.
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Kentucky FHA Mortgage Lender 