Kentucky FHA mortgages refer to loans that are backed, but not issued, by the FHA, which means lenders will be reimbursed by the FHA in the event that the borrower defaults on the loan. This reduces the loan's risk to lenders.
Credit Scores and Down Payment Requirements for a Kentucky FHA Loan
The biggest advantage for Kentucky mortgage applicants-is the small down payment required. As of 2013, borrowers who have a credit score of at least 580 can pay only 3.5 percent of the home's value as a down payment. For example, a $100,000 home would require as little as a $3,500 down payment. If a borrower has a credit score less than 580, the down payment must be at least 10 percent..
Eligible Sources of Down Payment for A Kentucky FHA Loan
Most conventional mortgages require that you supply the funds for your mortgage down payment. Kentucky FHA mortgages allow you to use money from gifts donated to you by relatives, an employer or a charitable organization. The Department of Housing and Urban Development has a database of local programs that may assist certain borrowers, typically those will lower incomes, in making a down payment on a home.
Upfront Mortgage Insurance Premium
When you take out your FHA mortgage, you must pay a mortgage insurancepremium equal to 1.75 percent of the mortgage, as of 2013. For example, on a $100,000 mortgage, a borrower would have to make a payment of $1,750 at the time the loan is issued. However, this payment is treated separately from the cost of the down payment and, if necessary, is permitted to roll into the cost of the loan. In this prior example, if the borrower could not afford to pay the $1,750 upfront mortgage insurance premium in addition to the required down payment, the borrower could add the $1,750 to the loan, making the total mortgage $101,750
2013 Kentucky FHA Loan Limits
In order to qualify for an Kentucky FHA loan in Kentucky, the final negotiated selling price of the home an applicant is interested in buying must fall below the state'sFHA loan limits. According to FHA Home Loan Mortgage, in most counties in Kentucky, the FHA loan limit as of 2013 is $302,500. In the Louisville area including Bullitt, Henry, Jefferson, Meade, Nelson, Oldham, Shelby and Trimble counties, the FHA loan limit is $302,500. Additionally, in the Cincinnati area including Boone, Bracken, Cambell, Gallatin, Kenton and Pendleton counties, the FHA loan limit is $337,500.
2013 FHA Loan Limits for Kentucky Counties
1 - FAMILY is a single family home or condominium
2 - FAMILY is two separate living units (duplex)
3 - FAMILY three separate living units (triplex)
4 – FAMILY four separate living units(fourplex)
Kentucky Counties One-Family Two-Family Three Family Four-Family MSA Adair County $271,050 $347,000 $419,425 $521,250 NON-METRO Allen County $271,050 $347,000 $419,425 $521,250 NON-METRO Anderson County $271,050 $347,000 $419,425 $521,250 FRANKFORT, KY (MICRO) Ballard County $271,050 $347,000 $419,425 $521,250 PADUCAH, KY-IL (MICRO) Barren County $271,050 $347,000 $419,425 $521,250 GLASGOW, KY (MICRO) Batd County $271,050 $347,000 $419,425 $521,250 MOUNT STERLING, KY (MICRO) Bell County $271,050 $347,000 $419,425 $521,250 MIDDLESBOROUGH, KY (MICRO) Boone County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Bourbon County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA) Boyd County $271,050 $347,000 $419,425 $521,250 HUNTINGTON-ASHLAND, WV-KY-OH (MSA) Boyle County $271,050 $347,000 $419,425 $521,250 DANVILLE, KY (MICRO) Bracken County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Breatditt County $271,050 $347,000 $419,425 $521,250 NON-METRO Breckinridge County $271,050 $347,000 $419,425 $521,250 NON-METRO Bullitt County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Butler County $271,050 $347,000 $419,425 $521,250 NON-METRO Caldwell County $271,050 $347,000 $419,425 $521,250 NON-METRO Calloway County $271,050 $347,000 $419,425 $521,250 MURRAY, KY (MICRO) Campbell County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Carlisle County $271,050 $347,000 $419,425 $521,250 NON-METRO Carroll County $271,050 $347,000 $419,425 $521,250 NON-METRO Carter County $271,050 $347,000 $419,425 $521,250 NON-METRO Casey County $271,050 $347,000 $419,425 $521,250 NON-METRO Christian County $271,050 $347,000 $419,425 $521,250 CLARKSVILLE, TN-KY (MSA) Clark County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA) Clay County $271,050 $347,000 $419,425 $521,250 NON-METRO Clinton County $271,050 $347,000 $419,425 $521,250 NON-METRO Crittenden County $271,050 $347,000 $419,425 $521,250 NON-METRO Cumberland County $271,050 $347,000 $419,425 $521,250 NON-METRO Daviess County $271,050 $347,000 $419,425 $521,250 OWENSBORO, KY (MSA) Edmonson County $271,050 $347,000 $419,425 $521,250 BOWLING GREEN, KY (MSA) Elliott County $271,050 $347,000 $419,425 $521,250 NON-METRO Estill County $271,050 $347,000 $419,425 $521,250 NON-METRO Fayette County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA) Fleming County $271,050 $347,000 $419,425 $521,250 NON-METRO Floyd County $271,050 $347,000 $419,425 $521,250 NON-METRO Franklin County $271,050 $347,000 $419,425 $521,250 FRANKFORT, KY (MICRO) Fulton County $271,050 $347,000 $419,425 $521,250 UNION CITY, TN-KY (MICRO) Gallatin County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Garrard County $271,050 $347,000 $419,425 $521,250 NON-METRO Grant County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Graves County $271,050 $347,000 $419,425 $521,250 MAYFIELD, KY (MICRO) Grayson County $271,050 $347,000 $419,425 $521,250 NON-METRO Green County $271,050 $347,000 $419,425 $521,250 NON-METRO Greenup County $271,050 $347,000 $419,425 $521,250 HUNTINGTON-ASHLAND, WV-KY-OH (MSA) Hancock County $271,050 $347,000 $419,425 $521,250 OWENSBORO, KY (MSA) Hardin County $271,050 $347,000 $419,425 $521,250 ELIZABEtdTOWN, KY (MSA) Harlan County $271,050 $347,000 $419,425 $521,250 NON-METRO Harrison County $271,050 $347,000 $419,425 $521,250 NON-METRO Hart County $271,050 $347,000 $419,425 $521,250 NON-METRO Henderson County $271,050 $347,000 $419,425 $521,250 EVANSVILLE, IN-KY (MSA) Henry County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Hickman County $271,050 $347,000 $419,425 $521,250 NON-METRO Hopkins County $271,050 $347,000 $419,425 $521,250 MADISONVILLE, KY (MICRO) Jackson County $271,050 $347,000 $419,425 $521,250 NON-METRO Jefferson County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Jessamine County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA) Johnson County $271,050 $347,000 $419,425 $521,250 NON-METRO Kenton County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Knott County $271,050 $347,000 $419,425 $521,250 NON-METRO Knox County $271,050 $347,000 $419,425 $521,250 NON-METRO Larue County $271,050 $347,000 $419,425 $521,250 ELIZABEtdTOWN, KY (MSA) Laurel County $271,050 $347,000 $419,425 $521,250 LONDON, KY (MICRO) Lawrence County $271,050 $347,000 $419,425 $521,250 NON-METRO Lee County $271,050 $347,000 $419,425 $521,250 NON-METRO Leslie County $271,050 $347,000 $419,425 $521,250 NON-METRO Letcher County $271,050 $347,000 $419,425 $521,250 NON-METRO Lewis County $271,050 $347,000 $419,425 $521,250 MAYSVILLE, KY (MICRO) Lincoln County $271,050 $347,000 $419,425 $521,250 DANVILLE, KY (MICRO) Livingston County $271,050 $347,000 $419,425 $521,250 PADUCAH, KY-IL (MICRO) Logan County $271,050 $347,000 $419,425 $521,250 NON-METRO Lyon County $271,050 $347,000 $419,425 $521,250 NON-METRO Madison County $271,050 $347,000 $419,425 $521,250 RICHMOND-BEREA, KY (MICRO) Magoffin County $271,050 $347,000 $419,425 $521,250 NON-METRO Marion County $271,050 $347,000 $419,425 $521,250 NON-METRO Marshall County $271,050 $347,000 $419,425 $521,250 NON-METRO Martin County $271,050 $347,000 $419,425 $521,250 NON-METRO Mason County $271,050 $347,000 $419,425 $521,250 MAYSVILLE, KY (MICRO) Mccracken County $271,050 $347,000 $419,425 $521,250 PADUCAH, KY-IL (MICRO) Mccreary County $271,050 $347,000 $419,425 $521,250 NON-METRO Mclean County $271,050 $347,000 $419,425 $521,250 OWENSBORO, KY (MSA) Meade County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Menifee County $271,050 $347,000 $419,425 $521,250 MOUNT STERLING, KY (MICRO) Mercer County $271,050 $347,000 $419,425 $521,250 NON-METRO Metcalfe County $271,050 $347,000 $419,425 $521,250 GLASGOW, KY (MICRO) Monroe County $271,050 $347,000 $419,425 $521,250 NON-METRO Montgomery County $271,050 $347,000 $419,425 $521,250 MOUNT STERLING, KY (MICRO) Morgan County $271,050 $347,000 $419,425 $521,250 NON-METRO Muhlenberg County $271,050 $347,000 $419,425 $521,250 CENTRAL CITY, KY (MICRO) Nelson County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Nicholas County $271,050 $347,000 $419,425 $521,250 NON-METRO Ohio County $271,050 $347,000 $419,425 $521,250 NON-METRO Oldham County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Owen County $271,050 $347,000 $419,425 $521,250 NON-METRO Owsley County $271,050 $347,000 $419,425 $521,250 NON-METRO Pendleton County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) Perry County $271,050 $347,000 $419,425 $521,250 NON-METRO Pike County $271,050 $347,000 $419,425 $521,250 NON-METRO Powell County $271,050 $347,000 $419,425 $521,250 NON-METRO Pulaski County $271,050 $347,000 $419,425 $521,250 SOMERSET, KY (MICRO) Robertson County $271,050 $347,000 $419,425 $521,250 NON-METRO Rockcastle County $271,050 $347,000 $419,425 $521,250 RICHMOND-BEREA, KY (MICRO) Rowan County $271,050 $347,000 $419,425 $521,250 NON-METRO Russell County $271,050 $347,000 $419,425 $521,250 NON-METRO Scott County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA) Shelby County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Simpson County $271,050 $347,000 $419,425 $521,250 NON-METRO Spencer County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Taylor County $271,050 $347,000 $419,425 $521,250 CAMPBELLSVILLE, KY (MICRO) Todd County $271,050 $347,000 $419,425 $521,250 NON-METRO Trigg County $271,050 $347,000 $419,425 $521,250 CLARKSVILLE, TN-KY (MSA) Trimble County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) Union County $271,050 $347,000 $419,425 $521,250 NON-METRO Warren County $271,050 $347,000 $419,425 $521,250 BOWLING GREEN, KY (MSA) Washington County $271,050 $347,000 $419,425 $521,250 NON-METRO Wayne County $271,050 $347,000 $419,425 $521,250 NON-METRO Webster County $271,050 $347,000 $419,425 $521,250 EVANSVILLE, IN-KY (MSA) Whitley County $271,050 $347,000 $419,425 $521,250 CORBIN, KY (MICRO) Wolfe County $271,050 $347,000 $419,425 $521,250 NON-METRO Woodford County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA)
2013 FHA Loan Limits for Kentucky Counties
1 - FAMILY is a single family home or condominium2 - FAMILY is two separate living units (duplex)
3 - FAMILY three separate living units (triplex)
4 – FAMILY four separate living units(fourplex)
| Kentucky Counties | One-Family | Two-Family | Three Family | Four-Family | MSA |
| Adair County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Allen County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Anderson County | $271,050 | $347,000 | $419,425 | $521,250 | FRANKFORT, KY (MICRO) |
| Ballard County | $271,050 | $347,000 | $419,425 | $521,250 | PADUCAH, KY-IL (MICRO) |
| Barren County | $271,050 | $347,000 | $419,425 | $521,250 | GLASGOW, KY (MICRO) |
| Batd County | $271,050 | $347,000 | $419,425 | $521,250 | MOUNT STERLING, KY (MICRO) |
| Bell County | $271,050 | $347,000 | $419,425 | $521,250 | MIDDLESBOROUGH, KY (MICRO) |
| Boone County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Bourbon County | $271,050 | $347,000 | $419,425 | $521,250 | LEXINGTON-FAYETTE, KY (MSA) |
| Boyd County | $271,050 | $347,000 | $419,425 | $521,250 | HUNTINGTON-ASHLAND, WV-KY-OH (MSA) |
| Boyle County | $271,050 | $347,000 | $419,425 | $521,250 | DANVILLE, KY (MICRO) |
| Bracken County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Breatditt County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Breckinridge County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Bullitt County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Butler County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Caldwell County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Calloway County | $271,050 | $347,000 | $419,425 | $521,250 | MURRAY, KY (MICRO) |
| Campbell County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Carlisle County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Carroll County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Carter County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Casey County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Christian County | $271,050 | $347,000 | $419,425 | $521,250 | CLARKSVILLE, TN-KY (MSA) |
| Clark County | $271,050 | $347,000 | $419,425 | $521,250 | LEXINGTON-FAYETTE, KY (MSA) |
| Clay County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Clinton County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Crittenden County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Cumberland County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Daviess County | $271,050 | $347,000 | $419,425 | $521,250 | OWENSBORO, KY (MSA) |
| Edmonson County | $271,050 | $347,000 | $419,425 | $521,250 | BOWLING GREEN, KY (MSA) |
| Elliott County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Estill County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Fayette County | $271,050 | $347,000 | $419,425 | $521,250 | LEXINGTON-FAYETTE, KY (MSA) |
| Fleming County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Floyd County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Franklin County | $271,050 | $347,000 | $419,425 | $521,250 | FRANKFORT, KY (MICRO) |
| Fulton County | $271,050 | $347,000 | $419,425 | $521,250 | UNION CITY, TN-KY (MICRO) |
| Gallatin County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Garrard County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Grant County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Graves County | $271,050 | $347,000 | $419,425 | $521,250 | MAYFIELD, KY (MICRO) |
| Grayson County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Green County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Greenup County | $271,050 | $347,000 | $419,425 | $521,250 | HUNTINGTON-ASHLAND, WV-KY-OH (MSA) |
| Hancock County | $271,050 | $347,000 | $419,425 | $521,250 | OWENSBORO, KY (MSA) |
| Hardin County | $271,050 | $347,000 | $419,425 | $521,250 | ELIZABEtdTOWN, KY (MSA) |
| Harlan County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Harrison County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Hart County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Henderson County | $271,050 | $347,000 | $419,425 | $521,250 | EVANSVILLE, IN-KY (MSA) |
| Henry County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Hickman County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Hopkins County | $271,050 | $347,000 | $419,425 | $521,250 | MADISONVILLE, KY (MICRO) |
| Jackson County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Jefferson County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Jessamine County | $271,050 | $347,000 | $419,425 | $521,250 | LEXINGTON-FAYETTE, KY (MSA) |
| Johnson County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Kenton County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Knott County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Knox County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Larue County | $271,050 | $347,000 | $419,425 | $521,250 | ELIZABEtdTOWN, KY (MSA) |
| Laurel County | $271,050 | $347,000 | $419,425 | $521,250 | LONDON, KY (MICRO) |
| Lawrence County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Lee County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Leslie County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Letcher County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Lewis County | $271,050 | $347,000 | $419,425 | $521,250 | MAYSVILLE, KY (MICRO) |
| Lincoln County | $271,050 | $347,000 | $419,425 | $521,250 | DANVILLE, KY (MICRO) |
| Livingston County | $271,050 | $347,000 | $419,425 | $521,250 | PADUCAH, KY-IL (MICRO) |
| Logan County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Lyon County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Madison County | $271,050 | $347,000 | $419,425 | $521,250 | RICHMOND-BEREA, KY (MICRO) |
| Magoffin County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Marion County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Marshall County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Martin County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Mason County | $271,050 | $347,000 | $419,425 | $521,250 | MAYSVILLE, KY (MICRO) |
| Mccracken County | $271,050 | $347,000 | $419,425 | $521,250 | PADUCAH, KY-IL (MICRO) |
| Mccreary County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Mclean County | $271,050 | $347,000 | $419,425 | $521,250 | OWENSBORO, KY (MSA) |
| Meade County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Menifee County | $271,050 | $347,000 | $419,425 | $521,250 | MOUNT STERLING, KY (MICRO) |
| Mercer County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Metcalfe County | $271,050 | $347,000 | $419,425 | $521,250 | GLASGOW, KY (MICRO) |
| Monroe County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Montgomery County | $271,050 | $347,000 | $419,425 | $521,250 | MOUNT STERLING, KY (MICRO) |
| Morgan County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Muhlenberg County | $271,050 | $347,000 | $419,425 | $521,250 | CENTRAL CITY, KY (MICRO) |
| Nelson County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Nicholas County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Ohio County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Oldham County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Owen County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Owsley County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Pendleton County | $337,500 | $432,050 | $522,250 | $649,050 | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) |
| Perry County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Pike County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Powell County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Pulaski County | $271,050 | $347,000 | $419,425 | $521,250 | SOMERSET, KY (MICRO) |
| Robertson County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Rockcastle County | $271,050 | $347,000 | $419,425 | $521,250 | RICHMOND-BEREA, KY (MICRO) |
| Rowan County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Russell County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Scott County | $271,050 | $347,000 | $419,425 | $521,250 | LEXINGTON-FAYETTE, KY (MSA) |
| Shelby County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Simpson County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Spencer County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Taylor County | $271,050 | $347,000 | $419,425 | $521,250 | CAMPBELLSVILLE, KY (MICRO) |
| Todd County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Trigg County | $271,050 | $347,000 | $419,425 | $521,250 | CLARKSVILLE, TN-KY (MSA) |
| Trimble County | $302,500 | $387,250 | $468,100 | $581,750 | LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) |
| Union County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Warren County | $271,050 | $347,000 | $419,425 | $521,250 | BOWLING GREEN, KY (MSA) |
| Washington County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Wayne County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Webster County | $271,050 | $347,000 | $419,425 | $521,250 | EVANSVILLE, IN-KY (MSA) |
| Whitley County | $271,050 | $347,000 | $419,425 | $521,250 | CORBIN, KY (MICRO) |
| Wolfe County | $271,050 | $347,000 | $419,425 | $521,250 | NON-METRO |
| Woodford County | $271,050 | $347,000 | $419,425 | $521,250 | LEXINGTON-FAYETTE, KY (MSA) |
Judgements Must be Paid
One of the guidelines to get an FHA loan in Kentucky is that there can not be any outstanding monetary judgments in the applicant's name. According to 1st Continental Mortgage, judgments must be paid off before an FHA mortgage loan is eligible for insurance. 1st Continental Mortgage also states that exceptions can be made if an applicant has shown a strong payment history on his judgment and has been making his payments on time. Documents proving these acceptable payments and a creditor's willingness to subordinate the judgment to the insured mortgage are necessary in this case.
Previous Foreclosure
In order to meet the FHA guidelines for a loan in Kentucky, a borrower does not qualify if she has had a recent foreclosure on another property. A Kentucky Home buyer or owner as an applicant who has a real estate property that was foreclosed on within the past three years, or an applicant who was given a deed-in-lieu of foreclosure within the previous three years, is not generally eligible. Once again, exceptions can be made on an individual application basis if there are extenuating documented circumstances that a loan officer feels were beyond the applicant's control.
Bankruptcy
In Kentucky, bankruptcy does not automatically disqualify an an applicant from receiving an FHA mortgage loan. Kentucky FHA rules states that with a Chapter 7 Bankruptcy, an FHA applicant will not be disqualified if at least two years have passed since the bankruptcy was discharged. In the case of a Chapter 13 Bankruptcy, a borrower may qualify for an FHA loan if at least one year of the pay-out period has been completed and the applicant can show a satisfactory payment history during that one year time frame.
Down Payment
The guidelines for an FHA loan in Kentucky require a minimum down-payment of about 3.5 percent of the price of the home. Gifts from family and financial assistance from acceptable outside resources can satisfy the down-payment amount if an applicant does not have the cash on hand. According to 1st Continental Mortgage, the seller can not pay the down payment, but he can pay up to 6 percent of the price of the home in closing costs.
Pest Inspection
A home inspection is not required to borrow money in the form of an FHA loan in Kentucky, even though it is a positive home buying practice. However, the FHA's guidelines do require an acceptable pest inspection before the property can be purchased.
Joel Lobb (NMLS#57916)Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
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