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Showing posts with the label FHA Accessory Dwelling Units
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Kentucky Homeowners: Draft White House Order Could Make Refinancing Cheaper

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The White House is reportedly considering a draft executive order titled "Decreasing Housing Costs for the American People," first obtained by Scotsman Guide and also reported by HousingWire . As of this writing it has not been signed , and the final details could change. Here is what the current draft includes and why Kentucky borrowers should keep an eye on it. What the Draft Proposes Reducing or eliminating certain loan-level pricing fees on eligible refinances Waiving appraisals and some documentation on qualifying refinances that lower your payment Expanding title insurance waivers to reduce closing costs Directing the VA and USDA to pursue lower rates for eligible borrowers Requiring servicers to notify you when you may qualify to remove mortgage insurance Who in Kentucky Could Benefit Homeowners who bought or refinanced at higher rates over the past few years Veterans and military families, including those near Fort Knox and Fort Campbell Rural home...
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Accessory Dwelling Units (ADUs) for qualifying for a Kentucky FHA Mortgage Loans

Kentucky  FHA Expands Access to Financing for Kentucky Homes with ADUs The Federal Housing Administration (FHA), today announced a new policy which allows lenders to count income from Accessory Dwelling Units (ADUs) for qualifying for a Kentucky FHA Mortgage Loans.    This change allows for the inclusion of rental income from the ADU in the borrower’s qualifying income, potentially allowing more borrowers to qualify for FHA financing for properties with ADUs.   The policy will specifically allow for 75% of the estimated ADU rental income for some borrowers to qualify for an FHA-insured mortgage on a property with an existing ADU.    “One of the reasons we’re making this policy change is to help more borrowers qualify for homeownership and counting rental income is one way to do that,” said  FHA Commissioner Julia R. Gordon .   Accessory Dwelling Units (ADUs)   are second independent living unit located on the grounds of the primary unit. Addi...