Monday, January 30, 2012

2018 FHA Loan Limits in Kentucky

2018 FHA Loan Limits in Kentucky




Here are the 2018 FHA loan limits for each county in Kentucky:


FHA Limits for 2018

FHA loan limits for mortgages in KENTUCKY counties below

County NameSingleDuplexTri-plexFour-plex
ADAIR$294,515$377,075$455,800$566,425
   NON-METRO
ALLEN$294,515$377,075$455,800$566,425
   BOWLING GREEN, KY
ANDERSON$294,515$377,075$455,800$566,425
   FRANKFORT, KY
BALLARD$294,515$377,075$455,800$566,425
   PADUCAH, KY-IL
BARREN$294,515$377,075$455,800$566,425
   GLASGOW, KY
BATH$294,515$377,075$455,800$566,425
   MOUNT STERLING, KY
BELL$294,515$377,075$455,800$566,425
   MIDDLESBOROUGH, KY
BOONE$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
BOURBON$294,515$377,075$455,800$566,425
   LEXINGTON-FAYETTE, KY
BOYD$294,515$377,075$455,800$566,425
   HUNTINGTON-ASHLAND, WV-KY-OH
BOYLE$294,515$377,075$455,800$566,425
   DANVILLE, KY
BRACKEN$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
BREATHITT$294,515$377,075$455,800$566,425
   NON-METRO
BRECKINRIDGE$294,515$377,075$455,800$566,425
   NON-METRO
BULLITT$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
BUTLER$294,515$377,075$455,800$566,425
   BOWLING GREEN, KY
CALDWELL$294,515$377,075$455,800$566,425
   NON-METRO
CALLOWAY$294,515$377,075$455,800$566,425
   MURRAY, KY
CAMPBELL$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
CARLISLE$294,515$377,075$455,800$566,425
   NON-METRO
CARROLL$294,515$377,075$455,800$566,425
   NON-METRO
CARTER$294,515$377,075$455,800$566,425
   NON-METRO
CASEY$294,515$377,075$455,800$566,425
   NON-METRO
CHRISTIAN$294,515$377,075$455,800$566,425
   CLARKSVILLE, TN-KY
CLARK$294,515$377,075$455,800$566,425
   LEXINGTON-FAYETTE, KY
CLAY$294,515$377,075$455,800$566,425
   NON-METRO
CLINTON$294,515$377,075$455,800$566,425
   NON-METRO
CRITTENDEN$294,515$377,075$455,800$566,425
   NON-METRO
CUMBERLAND$294,515$377,075$455,800$566,425
   NON-METRO
DAVIESS$294,515$377,075$455,800$566,425
   OWENSBORO, KY
EDMONSON$294,515$377,075$455,800$566,425
   BOWLING GREEN, KY
ELLIOTT$294,515$377,075$455,800$566,425
   NON-METRO
ESTILL$294,515$377,075$455,800$566,425
   NON-METRO
FAYETTE$294,515$377,075$455,800$566,425
   LEXINGTON-FAYETTE, KY
FLEMING$294,515$377,075$455,800$566,425
   NON-METRO
FLOYD$294,515$377,075$455,800$566,425
   NON-METRO
FRANKLIN$294,515$377,075$455,800$566,425
   FRANKFORT, KY
FULTON$294,515$377,075$455,800$566,425
   UNION CITY, TN-KY
GALLATIN$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
GARRARD$294,515$377,075$455,800$566,425
   NON-METRO
GRANT$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
GRAVES$294,515$377,075$455,800$566,425
   MAYFIELD, KY
GRAYSON$294,515$377,075$455,800$566,425
   NON-METRO
GREEN$294,515$377,075$455,800$566,425
   NON-METRO
GREENUP$294,515$377,075$455,800$566,425
   HUNTINGTON-ASHLAND, WV-KY-OH
HANCOCK$294,515$377,075$455,800$566,425
   OWENSBORO, KY
HARDIN$294,515$377,075$455,800$566,425
   ELIZABETHTOWN-FORT KNOX, KY
HARLAN$294,515$377,075$455,800$566,425
   NON-METRO
HARRISON$294,515$377,075$455,800$566,425
   NON-METRO
HART$294,515$377,075$455,800$566,425
   NON-METRO
HENDERSON$294,515$377,075$455,800$566,425
   EVANSVILLE, IN-KY
HENRY$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
HICKMAN$294,515$377,075$455,800$566,425
   NON-METRO
HOPKINS$294,515$377,075$455,800$566,425
   MADISONVILLE, KY
JACKSON$294,515$377,075$455,800$566,425
   NON-METRO
JEFFERSON$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
JESSAMINE$294,515$377,075$455,800$566,425
   LEXINGTON-FAYETTE, KY
JOHNSON$294,515$377,075$455,800$566,425
   NON-METRO
KENTON$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
KNOTT$294,515$377,075$455,800$566,425
   NON-METRO
KNOX$294,515$377,075$455,800$566,425
   LONDON, KY
LARUE$294,515$377,075$455,800$566,425
   ELIZABETHTOWN-FORT KNOX, KY
LAUREL$294,515$377,075$455,800$566,425
   LONDON, KY
LAWRENCE$294,515$377,075$455,800$566,425
   NON-METRO
LEE$294,515$377,075$455,800$566,425
   NON-METRO
LESLIE$294,515$377,075$455,800$566,425
   NON-METRO
LETCHER$294,515$377,075$455,800$566,425
   NON-METRO
LEWIS$294,515$377,075$455,800$566,425
   NON-METRO
LINCOLN$294,515$377,075$455,800$566,425
   DANVILLE, KY
LIVINGSTON$294,515$377,075$455,800$566,425
   PADUCAH, KY-IL
LOGAN$294,515$377,075$455,800$566,425
   NON-METRO
LYON$294,515$377,075$455,800$566,425
   NON-METRO
MADISON$294,515$377,075$455,800$566,425
   RICHMOND-BEREA, KY
MAGOFFIN$294,515$377,075$455,800$566,425
   NON-METRO
MARION$294,515$377,075$455,800$566,425
   NON-METRO
MARSHALL$294,515$377,075$455,800$566,425
   NON-METRO
MARTIN$294,515$377,075$455,800$566,425
   NON-METRO
MASON$294,515$377,075$455,800$566,425
   MAYSVILLE, KY
MCCRACKEN$294,515$377,075$455,800$566,425
   PADUCAH, KY-IL
MCCREARY$294,515$377,075$455,800$566,425
   NON-METRO
MCLEAN$294,515$377,075$455,800$566,425
   OWENSBORO, KY
MEADE$294,515$377,075$455,800$566,425
   ELIZABETHTOWN-FORT KNOX, KY
MENIFEE$294,515$377,075$455,800$566,425
   MOUNT STERLING, KY
MERCER$294,515$377,075$455,800$566,425
   NON-METRO
METCALFE$294,515$377,075$455,800$566,425
   GLASGOW, KY
MONROE$294,515$377,075$455,800$566,425
   NON-METRO
MONTGOMERY$294,515$377,075$455,800$566,425
   MOUNT STERLING, KY
MORGAN$294,515$377,075$455,800$566,425
   NON-METRO
MUHLENBERG$294,515$377,075$455,800$566,425
   CENTRAL CITY, KY
NELSON$294,515$377,075$455,800$566,425
   BARDSTOWN, KY
NICHOLAS$294,515$377,075$455,800$566,425
   NON-METRO
OHIO$294,515$377,075$455,800$566,425
   NON-METRO
OLDHAM$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
OWEN$294,515$377,075$455,800$566,425
   NON-METRO
OWSLEY$294,515$377,075$455,800$566,425
   NON-METRO
PENDLETON$294,515$377,075$455,800$566,425
   CINCINNATI, OH-KY-IN
PERRY$294,515$377,075$455,800$566,425
   NON-METRO
PIKE$294,515$377,075$455,800$566,425
   NON-METRO
POWELL$294,515$377,075$455,800$566,425
   NON-METRO
PULASKI$294,515$377,075$455,800$566,425
   SOMERSET, KY
ROBERTSON$294,515$377,075$455,800$566,425
   NON-METRO
ROCKCASTLE$294,515$377,075$455,800$566,425
   RICHMOND-BEREA, KY
ROWAN$294,515$377,075$455,800$566,425
   NON-METRO
RUSSELL$294,515$377,075$455,800$566,425
   NON-METRO
SCOTT$294,515$377,075$455,800$566,425
   LEXINGTON-FAYETTE, KY
SHELBY$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
SIMPSON$294,515$377,075$455,800$566,425
   NON-METRO
SPENCER$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
TAYLOR$294,515$377,075$455,800$566,425
   CAMPBELLSVILLE, KY
TODD$294,515$377,075$455,800$566,425
   NON-METRO
TRIGG$294,515$377,075$455,800$566,425
   CLARKSVILLE, TN-KY
TRIMBLE$304,750$390,100$471,550$586,050
   LOUISVILLE/JEFFERSON COUNTY, KY-IN
UNION$294,515$377,075$455,800$566,425
   NON-METRO
WARREN$294,515$377,075$455,800$566,425
   BOWLING GREEN, KY
WASHINGTON$294,515$377,075$455,800$566,425
   NON-METRO
WAYNE$294,515$377,075$455,800$566,425
   NON-METRO
WEBSTER$294,515$377,075$455,800$566,425
   NON-METRO
WHITLEY$294,515$377,075$455,800$566,425
   LONDON, KY
WOLFE$294,515$377,075$455,800$566,425
   NON-METRO
WOODFORD$294,515$377,075$455,800$566,425
   LEXINGTON-FAYETTE, KY



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5 popular programs that Kentucky Home buyers use to purchase their first home.

• At least 3%-5% down

 Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no-closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.
Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.
The rates are a little higher compared to FHA, VA, or USDA loan but the mortgage insurance is not for life of loan and can be rolled off when you reach 80% equity position in home.
Conventional loans require 4-7 years removed from Bankruptcy and foreclosure.
Max Conventional loan limits are set at $424,00 for 2017 in Kentucky
If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.
They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in an rural area.
A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern  Kentucky .
There is a map link below to see the qualifying areas.
There is also a max household income limits with most cutoff starting at $76,000 for a family of four, and up to $98,000 for a family of five or more.
USDA requires 3 years removed from bankruptcy and foreclosure.
There is no max USDA loan limit.
FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score.
The current mortgage insurance requirements are kinda steep when compared to USDA, VA , but the rates are usually good so it can counteracts the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.
THe mi premiums are for life of loan like USDA.
FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.
Maximum FHA loan limits in Kentucky are set around $285,000 and below.
VA loans are for veterans and active duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2% for first time use, and 3% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront outof pocket.
VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and the max loan is $417,000 in Kentucky
Most VA lenders I work with will want a 580 credit score.
VA requires 2 years removed from bankruptcy or foreclosure.
This type of loan is administered  by KHC in the state of Kentucky. They typically have $4500 to $6000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.
KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at KHC requires 660 credit score.
The max debt to income ratios are set at 40% an 45% respectively.





I can answer your questions and usually get you pre-approved the same day. 


Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com
















 


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












2018 FHA loan limits in Kentucky





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