Monday, August 27, 2012

FHA Streamline Refinance No Appraisal




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Kentucky FHA loans

Advantages:
  1. Kentucky FHA loans are not as strict on credit scoring. We can go down to a 640 credit score with compensating factors and if it makes sense.
  2. High debt to income ratios: 31% / 55%
  3. 100% of down payment can be a gift from: relative, close friend, or employer. Currently Kentucky Housing will give you up to $6000.00 for downpayment assistance with Kentucky FHA mortgage loans
  4. Seller, builder, or realtor can pay up to 6% of the sales price towards the buyers closing costs,discount points, prepaids,  and up front mortgage insurance premium.
  5. Buyer can finance closing costs into the loan, except for prepaids and discount points.
  6. Credit criteria is not as strict as a Conventional loan.  In fact, you might qualify if you have filed a chapter 13 bankruptcy and have been in it for at least one year.
Disadvantages:
  1. Kentucky FHA mortgage insurance may be more expensive than Conventional mortgageinsurance.
  2. Maximum loan amounts are lower than conventional loans and they are determined by area.






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