Kentucky FHA Mortgage Qualifying Guidelines for 2020


FHA FINANCING
CREDIT REQUIREMENTS FOR KENTUCKY FHA FINANCING

Kentucky FHA Mortgage Loans Guidelines

Kentucky FHA Loans

The FHA is actually not the lender. They insure the loans that are issued by FHA-approved lenders. These loans don’t require the typical 20 percent down payment. Many borrowers will only need a 3.5 percent down payment. There are actually cases in which buyers may be able, through working with both FHA and other assistance sources for homebuyers, to get their home with no down payment whatsoever.

The other big plus is that FHA loans carry lower annual percentage rates than mortgage loans that would be offered to subprime borrowers by traditional lenders.

These loans are for financing your primary residence. They are not available for financing second or vacation homes.

Qualifying for a FHA Loan Mortgage In Kentucky

Credit Scores and Down Payment Percentages – Each year, the rules for qualifying for these loans changes. For 2020, applicants need a minimum credit score of 580 in…

View original post 1,476 more words

How To Qualify For An Kentucky VA Loan


Kentucky VA Mortgage Guidelines for 2020

KENTUCKY VA MORTGAGE LENDER

VA loans help active duty, reserves, and veterans buy a house with no down payment and no mortgage insurance monthly making it one of the best loans out there while getting a low 30 year fixed rate loan based on market trends.

VA loans help you buy a home with limited credit or no credit if you can provide alternative trade lines
The VA loan program makes it possible to purchase a home with as little as 0 percent down and with a lower credit score than required by traditional mortgages.

VA loans are not just for first-time home buyers, and they’re not restricted to low-income applicants. Here are the requirements you’ll need to meet to qualify for an VA loan

1. Consistent income and work history for last two years to support mortgage payment

In general, lenders want to see that…

View original post 608 more words

CREDIT SCORE REQUIREMENTS FOR KENTUCKY FHA FINANCING


What are the Kentucky FHA Credit Score Requirements for 2020 Mortgage Loan Approvals?

Kentucky FHA Mortgage Loans Guidelines

CREDIT REQUIREMENTS FOR KENTUCKY FHA FINANCING

What credit score do I need to qualify for a Kentucky FHA loan is one of the most common questions I hear from Kentucky homebuyers?

The short answer is you must have a minimum credit score of 500 to be eligible for an FHA loan in Kentucky.  Anything lower than 500 disqualifies you from consideration for an FHA loan.

There are two sets of credit score requirements for a Kentucky FHA Loan

One important thing to understand is that the Federal Housing Administration (FHA) does not lend money directly to home buyers. You will fill out an application with a regular lender just as you would if you were applying for any other type of mortgage. What the FHA does is ensure your loan to help protect the lender in case you default.

You will be required not only to meet the FHA guidelines…

View original post 611 more words

Kentucky VA Mortgage Loan Guidelines for 2020


Kentucky VA Mortgage Loan Guidelines for 2020
Complete List of VA Loan Benefits for Kentucky Veterans

• Eligible homebuyers are not required to have a down payment in most cases – typically cited as the greatest VA loan benefit. Conventional loans generally require a 5 percent down payment, and FHA loans require 3.5 percent.
• No monthly mortgage insurance premiums or PMI to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance unless they’re making a down payment of 20 percent or more.

KENTUCKY VA MORTGAGE LENDER

Complete List of VA Loan Benefits for Kentucky Veterans

• Eligible homebuyers are not required to have a down payment in most cases – typically cited as the greatest VA loan benefit. Conventional loans generally require a 5 percent down payment, and FHA loans require 3.5 percent.
No monthly mortgage insurance premiums or PMI to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance unless they’re making a down payment of 20 percent or more.


• Limitation on buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions.


• Lower average interest rates than other loan types. VA loans continue to have the lowest average interest rates of all loan types.


• No prepayment penalties. VA buyers can pay off a loan early…

View original post 245 more words

Rural Housing Requirements For USDA Loans In Kentucky


Kentucky Mortgage USDA Loans Zero Down Home Loans Still Exist

Kentucky USDA Mortgage Lender for Rural Housing Loans

Kentucky Rural  Housing Loans

Kentucky USDA loans are mortgages made by lenders and guaranteed by the U.S. Department of Agriculture. They are available to moderate- and low-income borrowers to build, rehabilitate, improve or relocate a primary residence in eligible rural and suburban areas. The income limit is 115 percent of the median income in your area. You can check the income limits for your area here.

It can be closed with zero down. USDA loans do have a monthly insurance requirement, but the upfront fee is significantly lower than on the VA loan and the mortgage premiums are lower than on the FHA loan.

The problem is that the number of buyers who qualify for a USDA loan is much smaller. Unlike on other loans where more income is better, a USDA loan has strict income maximums.

Fees for Kentucky USDA Loans

USDA loan borrowers pay an upfront…

View original post 246 more words


Mortgage Costs for A Kentucky Mortgage Loan

Payments & fees you can expect for a Kentucky Mortgage Loan Approval

Mortgage Guide for Kentucky Home Buyers

Here’s a breakdown of the expenses you can expect:

Down payment and earnest money, Your monthly mortgage payment, Closing costs, Other fees and expenses

divider

Icon 1

Down Payment and Earnest Money

Before you even buy the home, you’ll need cash for your earnest money and down payment. You may have heard the myth that you need a 20% down payment to buy a home, but there are actually loan programs available that require as little as 3.5% — or even 0% down for those who qualify. Contact me to learn more.

divider

Icon

The Mortgage Payment

Your monthly mortgage payment consists of:

Principal: The actual amount you are borrowing.
Interest: What it costs to borrow the money for your home.
Escrow: A third party account used to pay for taxes and insurance on your behalf. Learn more about escrow.
divider

Icon 1

Closing Costs

You’ll also have to pay closing costs when ownership of the home is transferred to you. Closing costs are a one-time payment due when you close your loan.

Everyone’s closing costs vary slightly, but below are a few examples of what might be included:

Icon 1

You can negotiate with the seller to pay some or all of your closing costs. If the seller won’t pay and you can’t afford these costs, talk to me about rolling them into your loan.

Learn more about closing costs.

divider

Icon 1

Other Expenses to Save For

Don’t forget: Your home will need regular maintenance and upkeep. You’ll also have bills for electricity, water, internet, and other utilities to pay. And don’t forget your moving costs! Whether it’s hiring professionals or handing out pizza and sodas to your buddies, you still need to save some cash!

If you have further questions about the costs that come with buying a home, I’m here to help. Contact me anytime.
divider



Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3

Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708

 kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of  my employer. Not all products or services mentioned on this site may fit all people.

, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky

Lending 101: FHA Loans In Kentucky


What are the Kentucky FHA Credit Score Requirements for 2020 Mortgage Loan Approvals?

Kentucky FHA Mortgage Loans Guidelines

Lending 101: FHA Loans In Kentucky

Kentucky FHA loans are great loan program that is not just for first-time buyers!

Here are some of our favorite features of Kentucky FHA loans:

  1. Low down payment – FHA requires 3.5 % down. For qualified buyers, this money may be able to be gifted from a family member.
  2. No income limits – There are no income limits placed on the borrower or the household.
  3. Credit scores – Interest rates and underwriting requirements are less credit score sensitive than other loan programs. In some scenarios, we are able to lend to buyers with scores in the mid-500s. *Note: Credit scores under 580 will require a 10% down payment.
  4. Manufactured homes – No problem with FHA! Manufactured homes must be on a permanent foundation and have been built after June 1976.
  5. Rehab loans – Utilizing the FHA 203K program, we can do purchase and refinance loans that roll the cost of rehabs or…

View original post 134 more words

%d bloggers like this: