Showing posts with label Zero Down. Show all posts
Showing posts with label Zero Down. Show all posts

Louisville, Kentucky First Time Home Buyer Programs


1. FHA Loans in Kentucky

I do not have a lot of money for a down payment and have some credit issues in the past. 
Loan Features:
  • Great for First Time Home buyers in Kentucky
  • Low Down Payment of 3.5% for scores above 620
  • Easy Credit Qualifying with lower credit scores 
  • 2 years removed from bankruptcy Chapter &
  • 3 years removed from  a foreclosure
  • Clear Cavirs 
  • 2 year work history

kentuckyfhaloan.wordpress.com

KENTUCKY FHA

MORTGAGES
Government-backed loans with flexible guidelines.500 minimum credit score with 10% down payment3.5% down payment with 580 credit score2 years removed from bankruptcyCan be combined with down payment grants for $0 down payment
Max loan $$356,362 in Kentucky
2 year work history with no gaps over 6 months




2. USDA Loans in Kentucky


I live in a rural area and need financing for a home and have no money down in Kentucky for a home loan



Loan Features:
  • Great for those with Low to Moderate Income. 
  • Up to 100% Financing
  • Flexible Underwriting Guidelines and Credit Qualifications
  • Household Income & Property Geographic Limitations Apply
Learn More


kentuckyusdaloan.com

KENTUCKY USDA

MORTGAGES
Government-backed loans with flexible guidelines.Zero Down Payment640 Minimum Credit Score3 years removed from BankruptcyMax Income and Property Map Eligibility Requirements
2 year work history with no gaps over 60 days

3. Conventional Loans in Kentucky


I am able to make a larger down payment and have a good credit score.



mylouisvillekentuckymortgage.com

KENTUCKY CONVENTIONAL FIXED RATE

MORTGAGES
Get your fixed interest rates for eligible buyers.620 minimum credit score3% down payment4-7 years removed from Bankruptcy Depending of if Chapter 7 or 13Max Loan is $548,250 in Kentucky
2 Year work history but does not have to be same job



Loan Features:
  • Great for those with Moderate to High Income
  • As Little as 5% Down Payment (only 3% for First-Time Homebuyers)
  • 20% Down Payment Removes Mortgage Insurance Premiums
  • Flexible Terms
Learn More

4. VA Loans in Kentucky


I am an active member of the military or a veteran in Kentucky



Loan Features:
  • Designed to Provide Financing to American Veterans
  • Up to 100% Financing
  • No Monthly Private Mortgage Insurance (PMI)
  • No minimum credit score
  • 2 years removed from bankruptcy

Learn More

kentuckyvaloan.wordpress.com

KENTUCKY VA

MORTGAGES
Government-backed loans for those who’ve served our nation. Zero Down Payment LoanNo minimum credit score2 years removed from bankruptcyActive Duty --like to see a least a year left in service or 6 months reserves and a job relatable to your mos. skill



5. FHA Manufactured Home Guidelines for Mobile homes in Kentucky





I want to purchase a manufactured home with land.


Loan Features:
  • Great for First Time Homebuyers
  • Low Down Payment
  • Easy Credit Qualifying
  • Easy Refinancing

Manufactured Housing

KHC requires an Affidavit of Conversion to Real Estate per KRS186A.297, when manufactured home is permanently affixed to land.

The Certificate of Title is surrendered.

If manufactured house has not been converted to real estate, then this can be done at closing.
The following items need to be uploaded in the Closed Loan Package:

A copy of the recorded affidavit and the surrendered title to the manufacture home.
A copy of the executed affidavit and title (to be surrendered) sent to the county clerk for recording.

If a new manufactured home, copy of the original certificate of origin from the manufacturer that is going to be delivered to the county clerk so that title can be ordered.

After title is received, affidavit is prepared for recording and title is surrendered.
Within 90 days or less from closing date, need original of newly recorded affidavit and coy of surrendered title.

Failure to send to KHC within timeframe could result in repurchase.
Affixations are not acceptable.

Do not record affixations with the mortgage.


Manufactured Housing Guidelines for Mobile homes in Kentucky


FHA and VA Loan with Manufactured Homes

Both new and existing manufactured housing is allowed.

FHA requires a foundation inspection by a structural engineer.

RHS Loans with Manufactured Home

KHC only allows new manufactured housing.

Dealer to property and set up like a stick built house.

Conventional Loans with Manufactured Home

Both new and existing manufactured housing is allowed with Conventional Preferred and Preferred Risk programs.

95% LTV / 105% CLTV.

No Structural Engineer inspection required for Conventional Loans







Grants for First Time Home Buyers in Kentucky

First Time Home Buyer Grants Kentucky


New Income and Purchase Price Limits

Kentucky Housing Corporation (KHC) is announcing new income and purchase price limits for Secondary Market products and KHC's Homebuyer Tax Credit. Things to know:

  • New limits begin with new reservations on or after May 1, 2021.
  • Most county income limits decreased, with a few exceptions. Be sure to check the income limits for the counties you serve.

For Secondary Market products, the purchase price will increase to $346,644. For the Homebuyer Tax Credit, the purchase price will increase to $311,997. KHC's program guides on AllRegs will be updated Saturday, May 1, 2021.

 

Refer to Down Payment Assistance Programs Grid -- PDF

  • Only homebuyers receiving a first mortgage through KHC are eligible for DAP.
  • All DAP loans take a lien position.
    • Show as subordinate financing in AUS.
    • KHC DAPs are not gifts or grants.
  • Regular and Affordable DAP are continuously funded and do not run out of monies.
    • Borrowers under the Secondary Market income and purchase price limits are eligible for Regular DAP. Refer to Secondary Market Gross Annual Applicant’s Income Limit Grid -- PDF
    • For borrowers to qualify for the Affordable DAP, they must be under the Affordable DAP income limits. Refer to Affordable DAP Gross Annual Applicant’s Income Limit Grid -- PDF
  • KHC will only subordinate a DAP when the first mortgage is coming back through KHC. Refer to KHC’s Subordination Request Form -- PDF

Lender can also refer to the DAP Quick Reference Card – PDF for more information.

 

Conventional

Refer to Conventional First Mortgage Programs Grid – PDF

Mortgage Insurance with Conventional Preferred Program

  • Charter coverage with HFA Preferred Program.
  • Standard Coverage with Preferred Plus 80.
  • KHC will order all MI certificates for TPO Lenders
    • TPO Lenders can choose the MI company when making a loan reservation.
  • Delegated/Correspondent Lender will order their own MI certificates.
    • Provide final MI certificate.
  • Listed below are the MI Companies and the portal names to access the conventional Preferred program.
    • Arch MI.
    • Essent.
    • Genworth: Simply Underwrite.
    • MGIC: MGIC Go.
    • Radian: One Underwrite.
    • UG.
  • Borrower must meet both KHC and MI company guidelines.
  • Lender has the option of a Single Pay Upfront option.
    • Paid by the borrower or the lender.
  • Mortgage insurance on HFA Preferred and Preferred Plus 80 with Manufactured Housing.
    • MGIC and Genworth allow 95% LTV / 105%CLTV.
    • ARCH, UG and Radian allow 95% LTV / 95%CLTV.
    • Essent is not insuring Manufactured Housing.

Lender can also refer to the First Mortgage Program Quick Reference Card – PDF for more information.

Delegated/Correspondent Lenders Conventional Fannie Mae Requirements

  • Lender must comply with all Fannie Mae requirements for origination, processing, underwriting, pre-funding review, closing and post-closing.
  • Any significant pre-funding findings must be reported to KHC within 30 days.
  • KHC will purchase a High Price Mortgage Loan (HPML).
  • Lender will verify employment on all borrowers within 10 business days prior to the note date.
  • Lender will upload appraisal to the Uniform Collateral Data Portal (UCDP) system.
  • Lender will complete the submission to Uniform Closing Dataset (UCD) and proved a copy of successful UCD Findings Report in the Closed Loan File uploaded to KHC for loan purchase.

TPO Lenders Conventional Fannie Mae Requirements

  • Lender will verify employment on all borrowers within 10 business days prior to the note date.
  • KHC will upload appraisal to the Uniform Collateral Data Portal (UCDP) system and complete the submission to Uniform Closing Dataset (UCD).
Government

Refer to Government First Mortgage Programs Grid-- PDF

Refer to FHA Refinance Programs Grid -- PDF

Refer to RHS Streamlined-Assist Refinance Program Grid—PDF

Refer to VA Programs Grid - PDF


Eligibility
  • Must be a U.S. citizen or have legal status to be in the U.S. Refer to specific agency guidelines.
  • KHC does not allow non-occupying co-borrowers or co-signors.
  • Applicant’s gross annual income must be at or below Secondary Market Income Limits (compliance income) per county location of the property.
    • Refer to Secondary Market Gross Annual Applicant’s Income Limit Grid – PDF
Compliance Income Limits
  • Compliance income is the gross annual income with the sum of the total anticipated income from all sources received by the applicant(s) during the 12-month period commencing with the date of initial occupancy (closing).
  • The following should be counted in compliance income: Base pay, overtime, bonuses, commission, child support/alimony, profit sharing, tip income, non-taxable income (SSI, Disability), car allowances, and schedule C or E income.
  • Non-borrowing occupant’s income is not considered in compliance income.
  • Use KHC’s Income Calculator on KHC’s website (under Lender Resource /Calculator tab) to determine compliance income.
    • This calculator is required on all loan submissions.
Effective Income
  • Effective Income is qualifying income. This includes income from the applicant(s) that is considered stable (continuing for at least three years) and is used to calculate debt ratios.


 

Insuring Agency Credit Standards
  • KHC follows the federal insuring agency guidelines. KHC requires all lenders to comply with the general Ability-To-Repay (ATR) standards and consider DTI in making reasonable, good faith determinations that the consumer has the ability to repay the loan. KHC has specific credit standards and maximum ratio requirements listed down below.
Minimum Credit Score
  • 620 minimum credit score required on all government first mortgage programs (FHA, VA, and RHS).
  • 660 minimum credit score required on Conventional HFA Preferred first mortgage programs.
Automated Underwriting System (AUS)
  • FHA accepts AUS Approval through Desktop Underwriter (DU) and Loan Prospector (LP) or a manual underwrite per HUD guidelines.
    • Manual Underwriting still requires a minimum 620 credit score and a VOR or LOE regarding not paying rent.
    • Refer to the KHC’s FHA Manual Underwrite Matrix - PDF
  • VA accepts an AUS Approval thru Desktop Underwriter (DU) and Loan Prospector (LP) or a manual underwrite per VA guidelines.
  • RHS allows for a manual underwrite if lender is unable to get and AUS approval through Government Underwriting System (GUS).
    • 29/41% maximum debt ratios for manual underwriting without GUS approval for RHS.
  • Conventional HFA Preferred and Preferred Plus 80 programs require a DU approve/eligible.
    • LP is not accepted on these conventional programs.
  • FHA Rate Term Refinance requires an AUS approval (DU or LP).
  • FHA Streamline and Simple Refinance – do not run AUS.
  • RHS Streamlined-Assist Refinance Program – do not run GUS.
  • For all KHC’s DAPs, the second mortgage amount is shown as subordinate financing.
Maximum Debt Ratios
  • All loan programs can go up to 40/50% with AUS approval.
  • Judgements, collections, bankruptcy, charge-offs, short sales, and foreclosures follow insuring agency guidelines.
Age of Credit Documents
  • Maximum age for government first mortgage credit documentation is 120 days.
  • Maximum age for conventional first mortgage credit documentation is 4 months.
IRS Form 4506-T
  • Required to be executed by the borrower at the time of application or closing.