Lending 101: FHA Loans In Kentucky

Lending 101: FHA Loans In Kentucky
Kentucky FHA loans are great loan program that is not just for first-time buyers!
Here are some of our favorite features of Kentucky FHA loans:

Low down payment – FHA requires 3.5 % down. For qualified buyers, this money may be able to be gifted from a family member.
No income limits – There are no income limits placed on the borrower or the household.
Credit scores – Interest rates and underwriting requirements are less credit score sensitive than other loan programs. In some scenarios, we are able to lend to buyers with scores in the mid-500s. *Note: Credit scores under 580 will require a 10% down payment.
Manufactured homes – No problem with FHA! Manufactured homes must be on a permanent foundation and have been built after June 1976.
Rehab loans – Utilizing the FHA 203K program, we can do purchase and refinance loans that roll the cost of rehabs or repairs into the loan amount.
No geographic restrictions – FHA loans can be done anywhere,
Generous Debt-to-Income Ratios – For most buyers, FHA allows for a higher debt load than other programs. FHA may be the only program for some borrowers with high credit card and/or student loan debt.
Non-Occupant Co-Borrowers – FHA is one of the few programs that allow non-occupant co-borrowers. While a non-occupant co-borrower cannot help in scenarios where a buyer has a low score and cannot qualify on their own, it is a great solution for buyers who have low income or income that can’t be documented.
Want to learn more about FHA loans? Contact any member of our team today, reply to this email, or give us a call at 502-905-3708 and ask to speak to a mortgage loan originator.

Louisville Kentucky Mortgage Loans

Lending 101: FHA Loans In Kentucky

Kentucky FHA loans are great loan program that is not just for first-time buyers!Here are some of our favorite features of Kentucky FHA loans:
  1. Low down payment – FHA requires 3.5 % down. For qualified buyers, this money may be able to be gifted from a family member.
  2. No income limits – There are no income limits placed on the borrower or the household.
  3. Credit scores – Interest rates and underwriting requirements are less credit score sensitive than other loan programs. In some scenarios, we are able to lend to buyers with scores in the mid-500s. *Note: Credit scores under 580 will require a 10% down payment.
  4. Manufactured homes – No problem with FHA! Manufactured homes must be on a permanent foundation and have been built after June 1976.
  5. Rehab loans – Utilizing the FHA 203K program, we can do purchase and refinance loans that roll the cost of rehabs or repairs…

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Kentucky Direct Single Family Housing Program

Loan Limit Change – Effective January 31, 2020

Homes financed under the program are generally 2,000 square feet or less.
Area Loan Limits
Single Family Housing Direct

The Direct Home Loan Program assists low- and very-low- income applicants obtain decent, safe, and sanitary housing in eligible rural areas.  Funds can be used to purchase, build, repair, or renovate a home.  Applicants must meet income eligibility for a direct loan.  Please select South Dakota from the map that displays.

Generally, rural areas with a population less than 35,000 are eligible.  Visit the USDA Income and Property Eligibility website for complete details.

Remember, Direct USDA Loan Limits aren’t effective for the USDA Rural Development Single Family Guartneed Program, whereas that program has no Loan Limits, just income limits on the household income.

 

County or Equivalent Limit Effective 01-31-2020 for the Direct USDA Loan Program

Adair $265,400
Allen $265,400
Anderson $265,400
Ballard $265,400
Barren $265,400
Bath $265,400
Bell $265,400
Boone $265,400
Bourbon $265,400
Boyd $265,400
Boyle $265,400
Bracken $265,400
Breathitt $265,400
Breckinridge $265,400
Bullitt $266,800
Butler $265,400
Caldwell $265,400
Calloway $265,400
Campbell $265,400
Carlisle $265,400
Carroll $265,400
Carter $265,400
Casey $265,400
Christian $265,400
Clark $265,400
Clay $265,400
Clinton $265,400
Crittenden $265,400
Cumberland $265,400
Daviess $265,400
Edmonson $265,400
Elliott $265,400
Estill $265,400
Fleming $265,400
Floyd $265,400
Franklin $265,400
Fulton $265,400
Gallatin $265,400
Garrard $265,400
Grant $265,400
Graves $265,400
Grayson $265,400
Green $265,400
Greenup $265,400

Hancock $265,40
County or Equivalent Limit Effective 01-31-2020
Hardin $265,400
Harlan $265,400
Harrison $265,400
Hart $265,400
Henderson $265,400
Henry $266,800
Hickman $265,400
Hopkins $265,400
Jackson $265,400
Jessamine $265,400
Johnson $265,400
Kenton $265,400
Knott $265,400
Knox $265,400
Larue $265,400
Laurel $265,400
Lawrence $265,400
Lee $265,400
Leslie $265,400
Letcher $265,400
Lewis $265,400
Lincoln $265,400
Livingston $265,400
Logan $265,400
Lyon $265,400
McCracken $265,400
McCreary $265,400
McLean $265,400
Madison $265,400
Magoffin $265,400
Marion $265,400
Marshall $265,400
Martin $265,400
Mason $265,400
Meade $265,400
Menifee $265,400
Mercer $265,400
Metcalfe $265,400
Monroe $265,400
Montgomery $265,400
Morgan $265,400
Muhlenberg $265,400
Nelson $265,400
Nicholas $265,400
Ohio $265,400
Oldham $266,800
Owen $265,400
County or Equivalent Limit Effective 01-31-2020
Owsley $265,400
Pendleton $265,400
Perry $265,400
Pike $265,400
Powell $265,400
Pulaski $265,400
Robertson $265,400
Rockcastle $265,400
Rowan $265,400
Russell $265,400
Scott $265,400
Shelby $266,800
Simpson $265,400
Spencer $266,800
Taylor $265,400
Todd $265,400
Trigg $265,400
Trimble $265,400
Union $265,400
Warren $265,400
Washington $265,400
Wayne $265,400
Webster $265,400
Whitley $265,400
Wolfe $265,400
Woodford $265,400

Kentucky Rural Housing USDA loan program

What are the eligibility requirements for a Kentucky USDA loan?

 

The Kentucky Rural Housing USDA loan program has certain eligibility requirements .

Must be located in a eligible USDA Rural Housing Area.
The home would be your primary residence, not a rental property
Household income requirements beginning around $86,850 for a family of four and up to $115,400 for a family of five or more
Clear Cavirs Numbers.
No minimum credit score requirement but most lenders that offer USDA loans will want a 620 credit score or higher

What are USDA loan fees in Kentucky for 2020?

There are two fees on a USDA loan. An upfront fee, called the Guarantee fee and the monthly annual fee.

The upfront guarantee fee for fiscal year 2020 is 1 percent of the loan amount. This fee can often be rolled into the mortgage, instead of paying it out of pocket. The annual fee for  is .35 percent of the loan amount.

It’s important to check the maximum income limits   for your family size and where you live to get the most accurate data.

 

Advantages of USDA Loans

Zero Down Payment

Low Credit Score Requirements

Can finance closing costs up to appraised value

Streamline refinance an existing USDA with less documentation

No max loan amount

 

Disadvantages  of USDA Loans

only eligible in rural areas

Must be 3 years removed from bankruptcy or foreclosure

Limited to Income Requirements

Debt to income ratios tighter qualifying guidelines than FHA, Fannie Mae

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/

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364
 

Text/call:      502-905-3708


email:
          kentuckyloan@gmail.com

 

Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
3 years from date bankruptcy was completed
Less than 3 years from date bankruptcy was completed*

Louisville Kentucky Mortgage Loans

How long does it take after a Bankruptcy, foreclosure or short-sale to get approved for A Kentucky VA, USDA, Rural Housing, FHA, and Conventional Mortgage loan?

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

Kentucky Mortgage Loan Program Chapter 7 Bankruptcy
Conventional
(Determined by date of application)
  • 4 years from date bankruptcy was completed
  • 2 years from date bankruptcy was completed*
KENTUCKY FHA MORTGAGE
(Determined by date of credit approval)
  • 2 years from completion date
  • Less than 2 years, but no less than 12 months the date bankruptcy was completed*
KENTUCKY VA MORTGAGE
(Determined by date of credit approval)
  • 2 years from date bankruptcy was completed
  • Between 12-23 months from the date bankruptcy was completed*
KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
  • 3 years from date bankruptcy was completed
  • Less than 3 years from date bankruptcy was completed*

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Kentucky Rural Housing USDA Guidelines

Kentucky USDA Rural Housing Mortgage Loans Guidelines

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky

Kentucky Rural Housing USDA  Guidelines
Eligibility (GRH Purchase Transactions Only)
• In order for a property to be eligible for a Kentucky Rural Development guaranteed

loan, the property must be located in a rural designated area as defined in Rural Development Instruction §1980.312. You may view eligible areas on USDA Rural Development’s web-site at:

• Property must be a nonfarm, non-income providing tract.
• According to Rural Development Instruction §1980.313 (e) “Generally,

the value of the site must not exceed 30 percent of the total value of the property. When the value of the site is typical for the area, as evidenced by the appraisal, and the site cannot be subdivided into two or more sites, the 30 percent limitation may be exceeded.”

requirements on Rural Development properties are as follows:
New Construction – If the Builder is providing a one-year warranty, the
following inspections are…

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Credit Scores for Kentucky Mortgages

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2020?

A Quick Q&A About USDA

Michele Fritz

usda

Achieving the dream of homeownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.

The program was originally created to boost the development of land in more rural areas of the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is…

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The Main Advantages Of USDA Loans

Many people are planning to purchase a family house in a rural area but can’t afford it. Should you be one of these people, there is no need for you to worry. The United States Department of Agriculture (USDA) contains the answer. The USDA Rural Development, an agency with the USDA that runs programs to improve the economy and quality lifestyle in rural America, offers a loan program that helps you find a lender and obtain a mortgage.

The USDA Rural Development home loan is primarily meant to help low-income individuals or households to purchase homes throughout rural areas. The USDA does not provide the funds but instead provides repayment guaranty to lenders.

What are the important things about this program?

1. Down payment is not required. Qualified borrowers have the choice of paying no down payment, which means borrowers can finance approximately 100 percent of the appraised home value. With the current markets thought to be “declining markets,” the 100 percent financing is truly unusual.

2. There are no mortgage insurance payments. Borrowers are certainly not required to pay expensive mortgage insurance premiums, which mean more money enable you to pay the monthly mortgage payment.

3. The thirty-year fixed rates are competitive. The USDA loan program is insured with the government. Any payment delinquencies made by the borrower shall be shouldered by the government. Because of this, lenders are going to offer the best loan deals for qualified borrowers, as well as giving the lowest interest rates.

4. Credit guidelines are generally flexible. Borrowers are required to provide a credit record report. However, credit guidelines are not strict. If a borrower carries a bad credit, it doesn’t mean he will no longer have enabled you to qualify for a loan.

5. There is no greatest purchase limit. However, the maximum loan amount is still to be determined by the lender using the applicant’s ability to pay.

6. Home repairs can be in the loan. If a borrower’s home requires improvement, extra funds could possibly be included in his home loan. The extra funds will be used to purchase the necessary home repairs.

To be eligible for the offer, you must meet the income limits and credit requirements set with the USDA loans. Your credit history does not need to be perfect but must show willingness to spend the monthly obligations. Another thing to note is that the home you’re planning to purchase must be located in a USDA a candidate rural area.

If you have tried applying for other loan programs with no success, you might consider applying for a usda loans. A lot of people have already benefited from this program. You can be one too from usda loan.

business grows up

Many people are planning to purchase a family house in a rural area but can’t afford it. Should you be one of these people, there is no need for you to worry. The United States Department of Agriculture (USDA) contains the answer. The USDA Rural Development, an agency with the USDA that runs programs to improve the economy and quality lifestyle in rural America, offers a loan program that helps you find a lender and obtain a mortgage.

The USDA Rural Development home loan is primarily meant to help low-income individuals or households to purchase homes throughout rural areas. The USDA does not provide the funds but instead provides repayment guaranty to lenders.

What are the important things about this program?

1. Down payment is not required. Qualified borrowers have the choice of paying no down payment, which means borrowers can finance approximately 100 percent of the appraised home value…

View original post 304 more words

USDA Rural Development Loan

BENEFITS OF A USDA RURAL DEVELOPMENT MORTGAGE

There is no down payment required. A borrower that qualifies for a mortgage with the USDA program has the options to pay nothing away from pocket for a down payment. This means that the borrower can finance up to 100% of the appraised value of the property.

There are no Mortgage Insurance requirements with a USDA mortgage. This gives the borrowers a chance to put additional money towards to the mortgage payment each month instead of pay expensive Mortgage Insurance fees.

There are competitive 30 year fixed interest rates. Due to guarantee of the U. S. Government, a lender can provide the lowest interest rates to qualified borrowers.

The rural development loan program won’t have a maximum purchase limit. However, the lender will determine a maximum loan amount good applicant ability to repay the loa

All kinds of Business

Have you been looking to purchase a fresh home in a rural area, but don’t know how to start when looking for help with a mortgage company? Nice thing about it! Home Town Mortgage is here for you with a great loan program made just for you and your wants. The U. S. Department of Agriculture (USDA) has a loan guarantee program that may help you obtain a home loan. With the help of the USD loan program you may well be living in your new home with little to simply no money down.

A usda mortgage gives borrowers that qualify to be able to get a home loan with easier qualifications and capital options that other conventional loan can’t give. One thing to make note of is that USDA Rural Development does not actually finance the loan. USDA Rural Development has partnered with lenders in every state who will…

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