KENTUCKY HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT INCENTIVE


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Kentucky FHA Mortgage Loans Guidelines

Effective immediately,  will now accept Kentucky HUD REO purchases where the property is eligible for the $100 down payment incentive when obtaining Kentucky  FHA 203(b) financing. Properties must be in as-in condition and UNOTU subject to any repair escrow requirements. These incentives are provided by HUD and may be changed or discontinued by HUD at any time. Submissions for use of the $100 down payment incentive must meet the following guidelines:

HUD SALES CONTRACT

  • The $100 down payment incentive is only available if it is on the executed sales contract or cover letter from HUD accompanying the HUD sales contract.

MAXIMUMLOAN TO VALUE

  • When using the $100 dollar down incentive the LTV will exceed the maximum 96.5%. The AUS will return an “ineligible” findings when ran through DU. Review the findings to ensure that the loan is only ineligible due to exceeding the max allowed LTV. Borrowers using…

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