FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015


Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

Refinancing FHA Mortgage loans. 

FHA STREAMLINES: FHA to FHA Refinance

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

  • 620 minimum Credit Score
  • NO AUS findings run
  • NO Income stated on application or verified
  • NO Appraisal – COSTS CAN NOT BE ROLLED INTO LOAN –No longer an allowable option
  • Verify assets only for cash to close
    • If you pay ALL costs with interest rate credit, no assets needed to be verified.
    • This would mean paying for the re-establishment of their escrows.
    • If they pay for their new escrow account, verify those assets. They will get reimbursed by their previous servicer 2-3 weeks after closing.
  • New annual MI is Life of Loan, but is .85% instead of 1.35% in most cases.
  • FHA loans endorsed prior to May 31, 2009 may be eligible for up front MI of .01
  • Dropping a borrower usually requires credit qualifying – see full guidelines
  • 5% PI & MI reduction required for Net Tangible benefit to…

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