FHA Changes for Mortgage Loans in Kentucky for 2013

Minimum Credit Scores for a Kentucky FHA loan.

All Kentucky FHA loans  will soon require a 620 credit score for all Kentucky Home buyers or homeowners looking to refinance who have a debt to income ratio over 43 percent.

Kentucky FHA Loans with FICO scores under 620 will remain FHA-eligible, but you must show compensating factors or reasons to approve the loan. Compensating factors would be large down payments in excess of 10%, or a lot of money in savings or reserves after the loan is made.

Kentucky Housing MCC | KHC Mortgage Credit Certificate

Kentucky FHA loans and Foreclosure Rules

Currently,  a Kentucky home buyer or home owners can get a  FHA-insured financed three years after a foreclosure or short-sale.  FHA will now require  that only borrowers who (1) have re-established credit, and (2) can provide a fully-documented loan application will qualify for a Kentucky FHA loan

Furthermore, the group will examine the cause of the foreclosure to determine whether it was a one-time event, such as loss of employment, which may be a predictor of future loan performance.

FHA loans Louisville Ky Kentucky

FHA Premiums and Kentucky FHA Loans


There is a very good chance that the mortgage insuance premiums for upfront mortgage insurance and monthly mortgage insurance will be going up from the current 1.75% upfront funding fee and 1.25% monthly mi factor.


If you have any more questions or would like to apply for your Kentucky FHA loan, please contact me below:

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax

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


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