FHA Mortgage Requirements for Louisville Ky First Time Home Buyers


 FHA Mortgage Requirements for Louisville Ky First Time Home Buyers

             Minimum 640 credit score required

            Financing to 96.50% of lesser of sales price or appraised value. 3.5% minimum down payment on a Purchase.

             Maximum 6% seller-paid items.

  • Maximum debt  ratios of 40/55 with AUS approval.

    All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.

    Lender must follow the FHA maximum mortgage limits for particular area – see https://entp.hud.gov/idapp/html/hicostlook.cfm

    .Must follow Upfront and Annual Mortgage Insurance Premiums Guidelines (see information below).

    Upfront and Annual Mortgage Insurance Premiums

    Loan Terms Greater than 15 Years

    Case numbers on or after Monday, April 18, 2011

    LTV less than or equal to 95%

     1% annual 1.10 monthly

    LTV greater than 95%

    1% annual 1.15 monthly

Kentucky FHA home loans for Louisville Ky First Time Home Buyers . I would like to share some other information with you on this subject. Please click below to go to my Best Kentucky FHA Home Loans page to read on the various kinds of Kentucky FHA Loans available to you  for Louisville Ky First Time Home Buyers

Rent vs Own Comparison

Rent
Own A Home
Program
None
FHA Buydown  30 Year Fixed
30 Year Fixed  No PMI
USDA  30 Yr Fixed
Purchase Price
$0
$150,000
$150,000
$150,000
Down Payment
0%
3.50%
5.00%
0%
Down Payment $
$0
$5,250
$7,500
$0
Total Loan Amount
$0
$147,283*
$142,500
$153,000**
Interest Rate/ Annual Percentage Rate
0%
2.25%/3.56%
3.75%/3.85%
3.25%/3.29%
Monthly Payment
$900
$563***
$660
$666
Taxes
$0
$125
$125
$125
Home Insurance
$0
$50
$50
$50
Mortgage Insurance
$0
$169
$0
$51
Total Payment
$900
$982
$910
$967
Tax Savings****
$0
$179
$182
$184
After-Tax Payment
$900
$824
$749
$804

*Includes 1.75% Financed Mortgage Insurance Premium **Includes 2.00% Financed Funding Fee ***Payment $563 for year one(2.25% rate)-$653 payment for years 2-30(3.25% rate) ****28% tax bracket-Please consult your tax advisor for tax implications. All programs and terms are subject to change without notice.

 

Basic Kentucky FHA Home Mortgage Requirements for Louisville Ky First Time Home Buyers

Kentucky First Time Home Buyer Programs

Kentucky Down Payment Assistance Programs and Information Visit FHA website for more information.
FHA $100 Down Program *  Down Payment is $100 Must be HUD Owned Home or FHA Foreclosure 640 minimum credit score Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible No appraisal may be required  30 year fixed rate loan

Apply for free for your first time home buyer loans

kentucky first time home buyer programs

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    • In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free

      1. One full month’s or 30 days worth of pay stubs
      2. Last 2 years W-2′s
      3. Last 2 years tax returns
      4. Last two months bank statements for all accounts including 401 k or retirement account if you have one.

      _______________________________________________

      I don’t need originals, copies are fine. You can fax or email me the above documents.

      Let me know your questions.

      Thanks and look forward to helping you.

      Joel Lobb
      Senior Loan Officer
      (NMLS#57916)

      American Mortgage Solutions, Inc.
      10602 Timberwood Circle, Suite 3
      Louisville, KY 40223

      phone: (502) 905-3708
      Fax: (502) 327-9119
      kentuckyloan@gmail.com

      http://www.mylouisvillekentuckymortgage.com

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