A Kentucky Mortgage Loan Officer that has closed over 600 home loans specializing in Kentucky First Time Homebuyer Loans to include the following FHA, VA, USDA, Rural Housing, Down Payment Assistance Loan from Kentucky Housing Corp or KHC and the Fannie Mae Home Path HUD $100 Down Mortgage Program in Kentucky. Call/Text 502-905-3708 with your mortgage questions or email kentuckyloan@gmail.com I try to respond to all requests within minutes during regular business hours. NMLS# 57916 Joel Lobb Loan Originator, American Mortgage Solutions NMLS ID. 1364 Equal Housing Lender
Kentucky FHA, VA, and USDA loans for purchase, refinance, and renovations, and we now allow credit scores down to 580.
Kentucky First Time Homebuyers government mortgage programs offer expanded qualifying criteria for people with lower incomes or less-than-perfect credit.
Our expansive product set includes various Kentucky FHA, VA, and USDA loans for purchase, refinance, and renovations, and we now allow credit scores down to 580.
Other key features and benefits include:
Kentucky FHA Loans 3.5% down payment from borrower or other approved source1 Up to 6% seller’s concessions 580 credit score minimum Streamline and cash-out refinance options No reserves with most transactions AUS with TOTAL Mortgage Scorecard Kentucky VA loans Purchase, cash-out refinance, and Interest Rate Reduction Refinancing Loans (IRRRL) 100% loan-to-value available All closing costs may be paid by the seller No monthly mortgage insurance No prepayment penalty, and loan is assumable Kentucky USDA Mortgage Loans No down payment or reserves required 580 credit score minimum Financing available for closing costs and prepaid expenses2 Up to 6% interested party contributions
About
Documents Needed for a Mortgage Loan Approval
What is a Kentucky Mortgage Rate Lock?
Fannie Mae HomePath Ky
Glossary
Homeownership: Kentucky
Kentucky Mortgage Calculators
Kentucky Rural Housing USDA Loans
Kentucky VA Mortgage Frequently Asked Questions
Louisville Kentucky Down Payment Assistance Mortgage Program
Tips to ensure your mortgage closes smoothly
What not to do After You Apply for a Mortgage Loan Approval
Accessibility Statement
First-Time HomeBuyer Louisville Kentucky Mortgage Programs
Kentucky First Time Home Buyer Questions and Answers
Kentucky Housing Corporation (KHC)
Credit Scores for Kentucky Mortgages
Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?
Debt-to-Income Ratio for Kentucky Mortgage Loans:
Kentucky FHA Loan Louisville Kentucky Mortgage Guidelines
Kentucky FHA loan requirements
Kentucky FHA credit score minimums
500, with 10% down
580, with as little as 3.5% down
Kentucky FHA down payment minimums
3.5% down, a credit score 580 or above. This requires you to pay mortgage insurance premiums for the life of the loan.
10%, down, if your credit score is 500 to 580. You must pay mortgage insurance premiums for 11 years.
Kentucky FHA loan limits
FHA loans come with limits, but there’s no standard amount across the country. Instead, the limits vary by county and are adjusted on an annual basis. In 2023, the maximum FHA loan amount you could borrow ranged from $472,030
2023 Kentucky conforming and FHA loan limits are $472,030 for a one unit property
Kentucky Max FHA DTI Debt to Income Ratios maximum
You typically must have a debt-to-income ratio of 56.9% or lower on an Approved Eligible File through AUS on the Front back end ratio and the front end debt ratio is usually limited to 45% on the front end.
On FHA manual underwrites, the max debt ratio are as follows:
KENTUCKY MORTGAGE GUIDELINESKENTUCKY MORTGAGE GUIDELINES FOR A MANUAL UNDERWRITE AND CREDIT SCORE AND DEBT RATIO REQUIREMENTS WITH DOWN PAYMENT
Qualifying Ratios (%)
Acceptable Compensating Factors
500 – 579 or No Credit Score1
31/43
Borrowers with Minimum
Decision Credit Scores below 580, or with no
credit score may not exceed 31/43 ratios.
580 and Above2
31/43
No compensating factors required. Energy
Efficient Homes may have stretched ratios of
33/45.
580 and Above2
37/47
One of the following:
• Verified and Documented cash Reserves
• Minimal Increase in housing payment
• Significant additional income not reflected
in Effective income
• Residual Income4
580 and Above2 40/40 No discretionary debt
580 and Above2
40/50
Two of the following:
• Verified and documented cash Reserves
• Minimal increase in housing payment
• Significant additional income not reflected
in Effective income
FHA KENTUCKY loan requirements for Job and Income
Show proof of income and an employment history of at least two years
Purchase a home that you’ll use as your primary residence
Get the property appraised by an FHA-approved appraiser and make sure it meets HUD guidelines
Not have a history of bankruptcy or foreclosure in the past year for Chapter 13 and 2 years removed from Chapter 7 and no foreclosures in last 3 years
KENTUCKY MORTGAGE GUDIELINES FOR BANKRUPTCY, SHORT SALE, FORECLOUSRE, CHAPTER 13 AND CHAPTER 7
FHA costs: mortgage insurance
FHA loans often come with attractive interest rates, as a result of their government guarantee. But you should expect your savings to be at least partially offset by extra costs in the form of mortgage insurance premiums, which are designed to cover costs if you default on the loan.
If your down payment is 10%, you’ll pay these premiums for 11 years. Otherwise, you’ll be stuck paying them until you sell your home or refinance your mortgage.
Here’s what the upfront and annual mortgage insurance premiums typically cost:
Upfront mortgage insurance premium: 1.75% of your loan amount
Annual mortgage insurance premiums: 0.45% to 1.05% of your loan amount, depending on your term and other factors
Kentucky FHA loans are mortgages insured by the Federal Housing Administration. Kentucky FHA loan borrowers pay for mortgage insurance that protects the lender from any loss if the borrower defaults on the loan.
FHA Loans Kentucky Benefits
Anyone is able to qualify for the loan in Kentucky – no first time buyer requirements ever. Loan amounts available up to $$356,362. Lenders tend to be more flexible with requirements since FHA insures the mortgage. FHA loans are easier to qualify for than conventional loans even if you’ve had bad credit history, such as bankruptcy. Down payments amounts as low as 3.5%.
Requirements for Kentucky FHA Loans
Credit score requirements for FHA loans depends on the type of loan the borrower needs to attain.
Borrowers need a minimum credit score of 580 or higher to obtain the 3.5% down .payment requirement.
If the borrower credit score falls between 500 and 579, they must make a minimum down payment of at least 10%.
Home-buyers are able to use their own savings to make the down payment or use other sources including monetary gifts from a family members or grants from a state or local government down-payment assistance program.
Home-buyers need to obtain their loan through an FHA-approved lender. FHA is not a lender, but rather an insurer.
FHA-approved lenders differ in their interest rate, service, and underwriting costs will vary among mortgage lenders.
FHA loans require two mortgage insurance premiums:
1- An upfront premium is 1.75% of the total loan amount ($1,750 for a $100,000 loan). The premium is paid when the home-buyer obtains the loan but it can be financed into the loan amount.
2- An annual premium (due monthly) and varies depending on the length of the loan, the amount of the loan, and the loan to value ratio.
FHA loans requires minimum property standards.
Desired properties must meet all local building codes and may include condominiums, townhouses, duplexes, and single family residences.
FHA loans require a clear Credit Alert Verification Reporting System (CAIVRS) report.
A government system that tracks people who have defaulted, have been delinquent, or have foreclosed on money owed to the government including: Small Business Administration loans, federal student loans, or other FHA loans. Although, if you have paid your debt in full or are current on a repayment plan, you may still be able to qualify for an FHA loan.
Joel Lobb (NMLS#57916) Senior Loan Officer
American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364 | MB73346
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
Joel Lobb (NMLS#57916) Senior Loan Officer
American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364 | MB73346
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
KENTUCKY MORTGAGE GUDIELINES FOR BANKRUPTCY, SHORT SALE, FORECLOUSRE, CHAPTER 13 AND CHAPTER 7
Kentucky First-Time Homebuyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky 