What does Identity Of Interest mean for FHA Loans?

Identity of Interest Transactions for Kentucky FHA Mortgage Loans.

Kentucky FHA Mortgage Loans Guidelines

Does FHA Restrict down payment requirements on Identity of Interest Transactions?

The 85 percent maximum LTV restriction does not apply for Kentucky FHA Loans in regards to FHA Identity-of-Interest transactions under the following circumstances:


FAMILY MEMBER TRANSACTIONS•  the principal residence of another family member; or  a property owned by another family member in which the borrower has been a tenant for at least six months immediately predating the sales contract. A lease or other written evidence to verify occupancy is required.

BUILDER’S EMPLOYEE PURCHASE• An employee of a builder, who is not a family member, purchases one of the builder’s new houses or models as a principal residence.

CORPORATE TRANSFER • A corporation transfers an employee to another location, purchases the employee’s house, and sells the house to another employee.

TENANT PURCHASE• the current tenant purchases the property where the tenant has rented the property for at least…

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How to Ditch FHA Mortgage Insurance Premiums

Mortgage Insurance Rates Increasing on Louisville Kentucky FHA Loans

Kentucky FHA Mortgage Loans Guidelines

Originally Posted On: https://thelindleyteam.com/how-to-ditch-fha-mortgage-insurance-premiums/ When you get a mortgage, you’re signing a million sheets of paper and agreeing to pay a lot…

Source: How to Ditch FHA Mortgage Insurance Premiums

When you get a mortgage, you’re signing a million sheets of paper and agreeing to pay a lot of things that you may not understand at the time. Closing costs, down payments, inspections, real estate agent fees, home insurance, escrow, and so on and so forth. One of the numbers that may have gotten rolled into that list is mortgage insurance premiums.

If you got an FHA loan, you’re almost certainly paying FHA mortgage insurance premiums. Read on to learn more about what these are, how much you might be paying each month, and how you can get out from under them.

What Are FHA Mortgage Insurance Premiums?

Before the Federal Housing Administration was founded

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Collection accounts, to pay or not to pay..that is the question.

Rapid Rescore


Collection accounts are unpaid debts that are typically sold from the original creditor to a 3rd party collection company at a fraction of the original debt.  It is the collection company that then not only tries to collect on the debt but also reports the collection to your credit report.

Most collection companies report the debt every month to the credit bureaus.  This process is called “re-aging” of the collection account.  What this means to your credit score, is that it is impacted as if it were a new collection account every month.  There are some cases where the collection company doesn’t re-age monthly and the collection account can become “dormant” not impacting your credit scores as much.

It is the dormant collections that can significantly lower your credit scores once paid.  This is due to the fact that the collection company will update the account to the credit bureaus to…

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First time home buyers can do a conventional loan with just 3% down.  If you are not a first time home buyer, you still may be able to qualify for the 3% down if you are within income limits for the area you are purchasing. 620 minimum credit score required.

The Kentucky USDA loan is a program designed to finance properties located in rural areas. One of the goals with this United States Department of Agriculture program is to secure a home loan in areas where conventional loans might not approve the area simply due to a lack of comparable sales in the area. Every 10 years the United States performs its census, these areas are identified by the USDA. This is a zero down program. The last census was taken in 2010, more than eight years ago so many areas that were deemed rural in 2010 still qualify even though the area where the property is located looks anything but a rural setting. Household income is limited to 115% of the median income for the area. 581 Minimum Credit Score Required.

Kentucky VA loans are the most common of zero down programs and are not restricted by location. They are however restricted to veterans, active duty personnel with at least 181 days of service, National Guard and Armed Forces Reserve members with at least six years of service and unremarried surviving spouses of those who died while serving or as a result of a service related injury. In addition, this program requires no monthly mortgage insurance payment like other government-backed loans do. No minimum credit score required.

Two out of every three first time buyers select the Kentucky FHA program. It’s not restricted to who can apply nor are there any restrictions regarding location. The down payment requirement is just 3.5% and credit guidelines are somewhat relaxed compared to other low down payment conventional options. 580 minimum credit score required for 3.5% down payment and will go down to 500 credit score with 10% down payment.



I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.

I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank’s program due to credit, income, or other underwriting issues.

You will not get lost in the shuffle like most borrowers do at the mega banks; you’re just not a number at our company, you are a person and we will treat you like one throughout the entire process.

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708

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#57916http://www.nmlsconsumeraccess.org/

— 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 USDA Mortgage Lender for Rural Housing Loans

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Funding for Fiscal Year 2020 has now been authorized for RHS loans in Kentucky.
Additionally,  the following KY USDA Rural Housing Guidelines have been updated below:

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Credit Scores for Kentucky VA, FHA, USDA , Fannie Mae Home Loans

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2020?


Credit Score Requirements for Mortgage Loan