Wednesday, January 5, 2011

kENTUCKY FHA Program Quick Reference 2011

FHA Program Quick Reference


Terms 15 & 30 Year Fixed

Loan Amount Minimum loan amount = $50,000 Base loan amount

Current HUD limits apply by the county in which the property is located.

For specific counties, see https://entp.hud.gov/idapp/html/hicostlook.cfm

Max LTV/CLTV Purchase = 96.5% LTV/100% CLTV

Streamline Refinance = 97.75% LTV/97.75% CLTV

Cash-Out Refinance = 85% LTV/85% CLTV

Min. Credit Score Minimum Loan Score for all streamline refinances: 640

The minimum Loan Score for non-High Balance FHA cash-out refinance transactions: 640

Occupancy Owner-Occupied

Second Homes & Investment allowed on FHA Streamline (principal balance only refinance)

Ratios 31%/43%

Transaction Types Purchase, Rate & Term Refinance, Streamline Refinance & Purchase

Eligible Borrowers U.S. Citizens, Permanent Resident Aliens & Non-Permanent Resident Aliens

Income Documentation Full/Alt Doc

Residual Income None required

Reserves 1-2 Units: None required

3-4 Units: 3 months PITI

Property Types SFR, 2-4 units, PUDs, FHA approved Condos

Mortgage Insurance Upfront: 1.00% for all LTVs and Terms, 1.00% on all Streamlines

Annual: 30 year - .85% for LTVs less than or equal to 95%, .90% for LTVs greater than 95%

15 year – no charge if initial LTV is 89.99% or lower, .25% for 90% LTV or greater

Seller Concessions 6% seller concessions are permitted

Down Payment