How Do Changes to the FHA Condo Loan Rules Help You?
FHA has recently provided new guidance on its rules for certifying condo buildings. Watch this video to learn why the FHA made these changes.
Posted by Home Ownership Matters on Wednesday, February 3, 2016
I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
Showing posts with label FHA Guidelines for Loan in Kentucky on a home. Show all posts
Showing posts with label FHA Guidelines for Loan in Kentucky on a home. Show all posts
Condo Requirements for a Kentucky FHA Mortgage Loan Approval in 2016
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
2013 Louisville Kentucky FHA Streamline Refinance Guidelines
2013 Louisville Kentucky FHA Streamline Refinance Guidelines
Louisville Kentucky FHA Streamline Refinances are FHA-to-FHA rate/term refinances designed to reduce the borrower’s principal and interest payments. FHA offers the following types of processing:
• Streamline with Appraisal
• Streamline without Appraisal
.
Mortgage Payment History
The mortgage history must be 0X30 in the last 12 months, regardless of the AUS decision.
Net Tangible Benefit
The lender must determine that there is a net tangible benefit as a result of the streamline refinance transaction,
with or without an appraisal. Net tangible benefit is defined as:
• reduction in the total
• refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage,
mortgage payment (principal, interest, taxes and insurances, homeowners’
association fees, ground rents, special assessments and all subordinate liens),
OR
• reduction in the term of the mortgage.
Reduction in Total Mortgage Payment: The new total mortgage payment is 5 percent lower than the
total mortgage payment for the mortgage being refinanced.
Items that can be included in a Louisville Kentucky FHA Streamline Refinance are:
• The existing unpaid balance
• Interest due for the current month on the FHA loan being paid off
• A credit for excess funds in the borrower’s escrow account
• A charge for escrow shortages or negative escrow balance due
Items that cannot be included in the streamline refinance payoff:
• Fax fees or other miscellaneous fees shown on the payoff
• Any other debt including seasoned subordinate liens or money due an ex-spouse
• The new loan may not include any delinquent interest accrued from late payments
• Current FHA loan must be FHA insured in the state of Kentucky .
LOUISVILLE KY FHA REFINANCE-STREAMLINE WITH APPRAISAL
•
• Existing second liens may be subordinated, max CLTV is 125%.
• Mortgage must be current at time of closing and be 0X30 in the last 12 months.
• Loan amount may exceed original mortgage amount if supported by current appraised value.
• Incidental cash back at closing limited to a maximum $500.
•
Kentucky FHA Streamline Guidelines
Maximum Loan Amount
The maximum loan amount is the lower of:
1) 97.75% of the appraised value of the property plus the new UFMIP that will be charged on the refinance
-OR-
2) Outstanding principal balance minus the applicable refund of UFMIP, plus closing costs, prepaid items to
establish the escrow account and the new UFMIP that will be charged on the refinance.
• Current FHA loan must be FHA insured.
REFINANCE-STREAMLINE WITHOUT APPRAISAL
• Mortgage must be current at time of closing and be 0X30 in the last 12 months.
• Incidental cash back at closing limited to a maximum $500.
• Eligible on 203(b).
Maximum Loan Amount
To determine the maximum loan amount, use the outstanding principal balance minus the applicable refund
of the UFMIP plus the new UFMIP that will be charged on the refinance.
For other guidelines not listed in this manual, refer to general FHA (Federal Housing
Authority) guidelines located at: www.hud.gov or www.hudclips.org
Fill out my form!
Louisville Kentucky FHA Streamline Refinances are FHA-to-FHA rate/term refinances designed to reduce the borrower’s principal and interest payments. FHA offers the following types of processing:
• Streamline with Appraisal
• Streamline without Appraisal
.
Mortgage Payment History
The mortgage history must be 0X30 in the last 12 months, regardless of the AUS decision.
Net Tangible Benefit
The lender must determine that there is a net tangible benefit as a result of the streamline refinance transaction,
with or without an appraisal. Net tangible benefit is defined as:
• reduction in the total
• refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage,
mortgage payment (principal, interest, taxes and insurances, homeowners’
association fees, ground rents, special assessments and all subordinate liens),
OR
• reduction in the term of the mortgage.
Reduction in Total Mortgage Payment: The new total mortgage payment is 5 percent lower than the
total mortgage payment for the mortgage being refinanced.
Items that can be included in a Louisville Kentucky FHA Streamline Refinance are:
• The existing unpaid balance
• Interest due for the current month on the FHA loan being paid off
• A credit for excess funds in the borrower’s escrow account
• A charge for escrow shortages or negative escrow balance due
Items that cannot be included in the streamline refinance payoff:
• Fax fees or other miscellaneous fees shown on the payoff
• Any other debt including seasoned subordinate liens or money due an ex-spouse
• The new loan may not include any delinquent interest accrued from late payments
• Current FHA loan must be FHA insured in the state of Kentucky .
LOUISVILLE KY FHA REFINANCE-STREAMLINE WITH APPRAISAL
•
• Existing second liens may be subordinated, max CLTV is 125%.
• Mortgage must be current at time of closing and be 0X30 in the last 12 months.
• Loan amount may exceed original mortgage amount if supported by current appraised value.
• Incidental cash back at closing limited to a maximum $500.
•
Kentucky FHA Streamline Guidelines
Maximum Loan Amount
The maximum loan amount is the lower of:
1) 97.75% of the appraised value of the property plus the new UFMIP that will be charged on the refinance
-OR-
2) Outstanding principal balance minus the applicable refund of UFMIP, plus closing costs, prepaid items to
establish the escrow account and the new UFMIP that will be charged on the refinance.
• Current FHA loan must be FHA insured.
REFINANCE-STREAMLINE WITHOUT APPRAISAL
• Mortgage must be current at time of closing and be 0X30 in the last 12 months.
• Incidental cash back at closing limited to a maximum $500.
• Eligible on 203(b).
Maximum Loan Amount
To determine the maximum loan amount, use the outstanding principal balance minus the applicable refund
of the UFMIP plus the new UFMIP that will be charged on the refinance.
For other guidelines not listed in this manual, refer to general FHA (Federal Housing
Authority) guidelines located at: www.hud.gov or www.hudclips.org
 |
| call 502 905 3708 for our free Louisville Kentucky FHA streamline Refinance analysis |
Fill out my form!
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
FHA Guidelines for Loan in Kentucky on a home
FHA Guidelines for Loan in Kentucky on a home
By Kristine Tucker, eHow Contributor .updated: December 12, 2010
Guidelines for an FHA loan in Kentucky.Getting a Federal Housing Authority (FHA) sponsored loan in Kentucky requires several criteria to be met before an applicant can receive mortgage funds. Since the FHA is a federal agency, the qualification requirements for a mortgage loan are similar in most states. However, depending upon relevant financial considerations and cost of living indexes, the maximum FHA loan limit fluctuates from state to state and within regions of a state. Each FHA home loan application is considered on an individual basis.
FHA Loan Limits
In order to qualify for an FHA loan in Kentucky, the final negotiated selling price of the home an applicant is interested in buying must fall below the state’s FHA loan limits. According to FHA Home Loan Mortgage and Lender 411, in most counties in Kentucky, the FHA loan limit as of 2010 is $271,050. 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.
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. According to 1st Continental Mortgage, 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. 1st Continental Mortgage 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 timeframe.
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 toMortgage, 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. , a termite inspection is required for all existing properties.
Read more: Guidelines to Get an FHA Loan in Kentucky
eHow.com http://www.ehow.com/list_7486590_guidelines-fha-loan-kentucky.html#ixzz1BoqYjxJL
Fill out my form!
By Kristine Tucker, eHow Contributor .updated: December 12, 2010
Guidelines for an FHA loan in Kentucky.Getting a Federal Housing Authority (FHA) sponsored loan in Kentucky requires several criteria to be met before an applicant can receive mortgage funds. Since the FHA is a federal agency, the qualification requirements for a mortgage loan are similar in most states. However, depending upon relevant financial considerations and cost of living indexes, the maximum FHA loan limit fluctuates from state to state and within regions of a state. Each FHA home loan application is considered on an individual basis.
FHA Loan Limits
In order to qualify for an FHA loan in Kentucky, the final negotiated selling price of the home an applicant is interested in buying must fall below the state’s FHA loan limits. According to FHA Home Loan Mortgage and Lender 411, in most counties in Kentucky, the FHA loan limit as of 2010 is $271,050. 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.
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. According to 1st Continental Mortgage, 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. 1st Continental Mortgage 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 timeframe.
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 toMortgage, 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. , a termite inspection is required for all existing properties.
Read more: Guidelines to Get an FHA Loan in Kentucky
eHow.com http://www.ehow.com/list_7486590_guidelines-fha-loan-kentucky.html#ixzz1BoqYjxJL
Fill out my form!
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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