Showing posts with label fha changes. Show all posts
Showing posts with label fha changes. Show all posts
Kentucky FHA Mortgage Loans - Updated 2025 Guidelines | Joel Lobb

🏠 Kentucky FHA Mortgage Loans

Expert Kentucky FHA Lending with 20+ Years Experience

Helping Kentucky Families Achieve Homeownership Since 2003

πŸ”₯ NEW: 2025 FHA Appraisal Updates in Effect!

June 27, 2025: HUD released Mortgagee Letter 2025-18 with streamlined FHA appraisal requirements. Faster approvals, less paperwork, and better alignment with conventional loans!

🎯 Top 5 Reasons Kentucky Families Choose FHA Loans

πŸ’°

Low Down Payment

Just 3.5% down payment required - much lower than conventional loans

πŸ“Š

Flexible Credit

Minimum 580 credit score for 3.5% down, 500-579 for 10% down

🀝

Seller Paid Closing Costs

Sellers can contribute up to 6% toward your closing costs

πŸ’Ό

Flexible Income

Various income sources accepted with proper documentation

πŸ’‘

Qualify Without Spouse

Can qualify individually even if spouse has poor credit

πŸ†• What's New: 2025 FHA Appraisal Changes

HUD's latest updates make FHA loans even more attractive for Kentucky homebuyers:

  • 🚫 Eliminated: Remaining Economic Life requirements for appraisers
  • πŸ“· Streamlined Photos: No more attic or crawl space photos required
  • πŸ“Š Fewer Comps: Reduced comparable sales requirements in dynamic markets
  • ⚡ Faster Process: Quicker appraisal turnaround times
  • 🎯 Better Consistency: Closer alignment with conventional loan standards

πŸ’‘ What This Means for You

These changes make FHA loans more competitive in Kentucky's fast-moving real estate market. Your FHA offer can now compete more effectively with conventional financing, especially when combined with our available down payment assistance programs!

πŸ“‹ Kentucky FHA Loan Requirements

Requirement Details
Credit Score 580+ for 3.5% down | 500-579 for 10% down
Down Payment 3.5% minimum (can be gifted from family or qualified sources)
Co-Signer Yes - non-occupying co-borrowers allowed to help qualify
Debt-to-Income Typically 43% or less (higher with strong compensating factors)
Employment 2 years steady work history (fixed income sources accepted)
CAIVRS Must have clear CAIVRS (no outstanding federal debt)
Property Types Single family, condos, 2-4 unit properties, manufactured homes
Mortgage Insurance Required for all FHA loans - based on loan-to-value and term (not credit score or DTI like conventional PMI)

πŸ’° Kentucky FHA Loan Limits (2025)

Maximum FHA Loan Amounts by County

The maximum FHA loan amount varies by county in Kentucky. Current limits include:

  • Base Limit: $524,225
  • Mid-Range Counties: $671,200
  • Higher Cost Areas: $811,275
  • Highest Limit Counties: $1,008,300

Maximum Financing: 97.75% of appraised value or sales price (whichever is lower)

Contact me for specific loan limits in your Kentucky county - limits vary by location. I'll help you determine the exact limit for your area.

🏑 Available Kentucky FHA Loan Types

Purchase Loans

  • FHA Purchase: Buy your primary residence with just 3.5% down
  • FHA + KHC: Combine with Kentucky Housing Corporation down payment assistance

Refinance Options

  • Rate/Term Refinance: Lower your rate or change loan terms
  • Cash-Out Refinance: Access your home's equity for renovations, debt consolidation
  • FHA Streamline: Quick refinance for existing FHA borrowers (no appraisal needed)

✅ Pros and Cons of FHA Loans

✅ Advantages

  • Low 3.5% down payment
  • Flexible credit requirements
  • Competitive interest rates
  • Down payment can be gifted
  • Seller can pay closing costs
  • Available after bankruptcy/foreclosure
  • No prepayment penalties

⚠️ Considerations

  • Mortgage insurance required
  • Primary residence only
  • Loan limits apply
  • Property must meet FHA standards
  • Upfront mortgage insurance premium

πŸ• Waiting Periods After Financial Events

Event Standard Waiting Period With Extenuating Circumstances
Chapter 7 Bankruptcy 4 years 2 years
Chapter 13 Bankruptcy 2 years from discharge 1 year with court approval
Foreclosure 3 years 3 years (with conditions)
Short Sale/Deed-in-Lieu 3 years 2 years

🎁 Kentucky Down Payment Assistance Available

Kentucky Housing Corporation (KHC) Programs

We still have down payment assistance available through KHC programs for qualified Kentucky first-time homebuyers. These funds can significantly reduce your upfront costs and make homeownership more accessible.

Program Benefits:

  • Up to $10,000 in KHC down payment assistance
  • 5% grant available for qualified borrowers
  • Below-market interest rates
  • Can be combined with FHA loans
  • Income and purchase price limits apply

πŸš€ Ready to Get Your Kentucky FHA Loan Started?

Over 20 Years Experience | 1,300+ Kentucky Families Helped

Let me guide you through the new 2025 FHA guidelines and find the best loan program for your situation. Free pre-approval with same-day decisions!

πŸ“ž Call/Text
(502) 905-3708
πŸ“§ Email
kentuckyloan@gmail.com
🌐 Website
KentuckyFHALoan.com
πŸ“ Office
911 Barret Ave.
Louisville, KY 40204

Joel Lobb - Kentucky Mortgage Loan Officer
NMLS #57916 | EVO Mortgage - NMLS #1738461

Important Disclosures:

  • Equal Housing Lender - All loan programs subject to credit approval
  • Rates and terms subject to change without notice
  • Visit NMLS Consumer Access for licensing information
  • This website is not endorsed by FHA, VA, USDA, or any government agency
  • Kentucky Mortgage Loan Officer License Only