Different Types of Mortgage Loans available for 2013 Kentucky Home buyers and homeowners

All loans are subject to credit approval.Pre-Qual-Button-v2

Kentucky VA High Balance FICO Requirements

Minimum credit scores for Kentucky VA loans greater than $417,000 have been lowered to the following

Purchase/Rate-Term/IRRRL – Loan amount ≤ $1,000,000 : 640

                                                    Loan amount > $1,000,000 : 700


Cash Out –                                  Loan amount ≤ $700,000 : 640

                                                    Loan amount $700,001 – $1,000,000 : 660

                                                    Loan amount > $1,000,000 : 700

Conforming FICO Requirements

 Conforming loans, both Standard and High Balance. for these products as long as they meet our minimum credit scores as follows

Loan amount > $417,000             : 660

Loan amount ≤ $417,000 with MI : 660

Loan amount ≤ $417,000 w/o MI : 620

This only applies to regular Conforming loans and is not applicable to Homepath, DU Refi Plus, or any other Conforming program. All other requirements, including Maximum LTV, for these products will remain the same. Non-LTV based credit requirements still apply.

Kentucky FHA Condo Requirements

Kentucky FHA condo project approval is not required under the following circumstances

  • FHA/HUD Real Estate Owned (REO) loan transactions that will be FHA insured
  • FHA Streamlines without Appraisal where condo project approval has expired or been withdrawn

Condo projects which are not approved must still carry and provide a copy of all required forms of insurance. FHA Case numbers ordered for these types of loans should still include the FHA condo project assigned ID number, if applicable.

Kentucky FHA Previous Short Sale

Borrowers which have undergone a previous Short Sale are eligible for a new loan with no Derogatory Credit waiting period if they meet the following requirements

  • Prior mortgage must have been current at the time of Short Sale with no mortgage lates for the 12 months preceding the sale
  • No lates on installment debt payments for the 12 months preceding the Short Sale

The 3 year waiting period still applies for all previous Short Sales not meeting these requirements.

Previously Modified Loans

Refinance of any loan which has been previously modified is subject to the terms of that modification. Any requirements in the modification, including inability to refinance or length of time before eligibility to refinance, must be followed in addition to the below product specific rules.


For an FHA Rate-Term on a previously modified loan, the following requirements must be met:

  • If the loan modification was made through the Home Affordable Modification Program (HAMP), the refinance may close as soon as 1 month passes from the date the modification was made permanent.
  • If the modification was not done through HAMP, the borrower must have made 3 timely consecutive monthly payments since the modification was finalized and the modified mortgage must be current.
  • FHA must approve the modification refinance through TOTAL Scorecard.

For a Conforming Rate-Term on a previously modified loan, the following requirements must be met:

  • The borrower must have made 24 timely consecutive monthly payments on the restructured loan before closing on the new refinance.
  • The borrower must be current on their modified mortgage

For a Conforming DU Refi Plus on a previously modified loan, the following requirements must be met:

  • The borrower benefit provision for DU Refi Plus must be met using the current modified terms of the current mortgage, not the original terms.
  • The borrower must meet standard mortgage delinquency requirements.
  • The property and mortgage must qualify for the DU Refi Plus program as per DU.



8 thoughts on “Different Types of Mortgage Loans available for 2013 Kentucky Home buyers and homeowners

  1. Adjustable Rate Mortgage, Credit history, Credit Reports, Credit score, Down payment, Downpayment, Fannie Mae, Federal Housing Administration, FHA insured loan, FHA loan, first time homebuyer, First-time buyer, fixed rate loan, Floating interest rate, Government, Home, home equity line, home equity loan, home loan, Interest rate, Kentucky, Kentucky Housing Corporation, kentucky property, Loan, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage, Mortgage loan, Real Estate, Refinancing, Rural housing, Rural Housing Service, United States Department of Agriculture, USDA, va, VA loan, Zero down home loans

  2. Pingback: FHA requirement changes to mortgage insurance, higher credit score needed | Kentucky FHA Mortgage Loans


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