Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out- one might be just what you’re looking for!
Single Family Homes for Sale
Category: FHA
12 New Fannie Mae Homes in Kentucky
12 New Fannie Mae Homes in Kentucky
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The program is targeted to:
Households whose gross annual income does not exceed $35,000.
An existing or new construction property (purchase price limit $115,000).
640 minimum credit score.
FHA, VA or RHS first mortgage options.
Households who meet one of the following criteria:
At least one of the home buyers is age 62 or older.
At least one member of the household is disabled and is receiving disability income.
A single- or two-parent household with at least one dependent child under the age of 18 living in the household.
Borrowers with properties located in Non-targeted counties must be a first time homebuyer — no ownership interest in the last 3 years.
Borrowers with properties located in Targeted counties can be a repeat home buyer.
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Loan Type
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Rate without Down Payment Assistance
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Rate with Down Payment Assistance
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FHA, VA & RHS
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2.00%
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2.00%
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RHS Streamlined-Assist Refinance Program
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3.50%
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RHS USDA Recent News
Good news! Kentucky Mortgage holders of USDA Mortgage loans can get new drastically lower fees starts with commitments starting tomorrow October 1. If you have an USDA eligible Loan up to $417,000 with no money down in most Kentucky Counties.
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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 views of my employer. Not all products or services mentioned on this site may fit all people
Kentucky FHA Mortgage Guidelines for 2013
Kentucky FHA Mortgage Guidelines for 2013
What is the primary benefit of an Kentucky FHA mortgage loan in 2013?
- Low down payments
- Easier to qualify for with lower credit scores
- Higher debt ratios allowed for borrowers\
- Easier Qualifying Appraisal Standards versus USDA Loans in Kentucky
How low can the down payment be?
As low as 3.5% down! Other than a VA Loan or a USDA Loan that may have a zero down payment requirement, this is the lowest down payment mortgage program available.
How low can my credit scores be?
Due to near constant changes in legislation, lending requirements and related issues, the FHA credit score regulations and underwriting credit score requirements change from time to time. Currently, to get maximum financing (96.5% LTV) on typical new home purchases, applicants should have a minimum credit score of 580, but our current FHA investors require a 640 mid credit score. .
How high can my debt to income ratio be?
When either or both of the permissible ratios of 31% (for the total mortgage payment) and 43% (for the total mortgage payment
plus all recurring monthly revolving and installment debt) is/are exceeded, the lender is required to provide justification as to why they believe the mortgage presents an acceptable risk. The ratios can be higher for certain borrowers. Only your lender can tell you for certain since many special conditions apply. Again, this is why it pays to shop multiple lenders.
Why do I need FHA mortgage insurance?
Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requirements
include mortgage insurance primarily for borrowers making a down payment of less than 20 percent. This is similar to the requirements for conventional loan borrowers with respect to Private Mortgage Insurance (PMI).
Term > 15 Years
<= $625,500
<=95.00%
11-Jun-12
120 bps
<= $625,500
>95.00%
11-Jun-12
125 bps
Above $625,500
<=95.00%
11-Jun-12
145 bps
Above $625,500
>95.00%
11-Jun-12
150 bps
Term <= 15 Years With LTV Above 78%
Base Loan Amount
LTV
Effective
Annual MIP
<= $625,500
<=90.00%
11-Jun-12
35 bps
<= $625,500
>90.00%
11-Jun-12
60 bps
Above $625,500
<=90.00%
11-Jun-12
60 bps
Above $625,500
>90.00%
11-Jun-12
85 bps
Decrease to Annual MIP on certain Kentucky Streamline FHA Refinances
SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount and takes effect on or after June 11th, 2012.
FHA’s monthly mortgage insurance payments will be automatically terminated when these conditions occur:
- For mortgages with terms 15 years and less and with Loan to Value ratios 90 percent and greater, annual premiums will be canceled when the Loan to Value ratio reaches 78 percent regardless of the amount of time the mortgagor has paid the premiums.
- For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78 percent, provided the mortgagor has paid the annual premium for at least 5 years.
- Mortgages with terms 15 years and less and with loan to value ratios of 89.99 percent and less will not be charged annual mortgage insurance premiums.
Related Articles
- Changes to Kentucky Fha Streamline Refinance Transactions. (louisvillemortgageguide.com)
- Down Payment and Closing Costs Assistance (kentuckyvaloan.com)
- Kentucky Mortgages Rates for FHA, VA, USDA, Conventional, Jumbo Mortgage Loans (kentuckyfirsttimehomebuyer.com)
- Louisville Kentucky mortgage rates (louisvillekymortgage.net)
- FHA Streamline Refinance: Twelve Months of On Time Payments (mylouisvillekentuckymortgage.com)
- Kentucky FHA Streamline Refinance (louisvillemortgageguide.com)
- New 30-year debt: FHA to collect MIPs for life of mortgage | HousingWire (mylouisvillekentuckymortgage.com)
- Louisville KY Kentucky FHA Streamline Refinance (mylouisvillekentuckymortgage.com)
- Louisville Kentucky Mortgage Rates (louisvillekentuckymortgagerates.com)
- FHA Mortgage Requirements for Louisville Ky First Time Home Buyers (kentuckyusdaloan.com)
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