FHA GIFT FUNDS KENTUCKY MORTGAGE DOWN PAYMENT REQUIREMENTS

In most cases, it's ok with lenders to use gift money from a family member to make a down payment. The FHA allows down payments of as little as 3.5 percent, 

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

 

Kentucky Rural Housing and USDA Property Eligibility County List Map for Eligible Properties

Kentucky USDA Rural Housing Property Eligibility  County List Map for Eligible Properties 

USDA Property Eligibility Text Description County List for Kentucky

Kentucky USDA Property Eligibility enter address below: 👇👇👇👇 Kentucky Rural Housing USDA Loans A full list of income limits by county and household size are available on the Rural Development website at www.rd.usda.gov/ne under the Guarantee Loan Program and Direct Loan programs.  USDA Property Eligibility Text Description County List for Kentucky Select your county from the list below (Non-hyperlinked counties are all eligible).

USDA Property Eligibility Text Description County List for Kentucky Select your county from the list below (Non-hyperlinked counties are all eligible).   1. Adair   2. Allen   3. Anderson   4. Ballard   5. Barren   6. Bath   7. Bell   8. Boone   9. Bourbon   10. Boyd   11. Boyle   12. Bracken   13. Breathitt   14. Breckinridge   15. Bullitt   16. Butler   17. Caldwell   18. Calloway   19. Campbell   20. Carlisle   21. Carroll   22. Carter   23. Casey   24. Christian   25. Clark   26. Clay   27. Clinton   28. Crittenden   29. Cumberland   30. Daviess   31. Edmonson   32. Elliott   33. Estill   34. Fayette (county is completely ineligible)   35. Fleming   36. Floyd   37. Franklin   38. Fulton   39. Gallatin   40. Garrard   41. Grant   42. Graves   43. Grayson   44. Green   45. Greenup   46. Hancock   47. Hardin   48. Harlan   49. Harrison   50. Hart   51. Henderson   52. Henry   53. Hickman   54. Hopkins   55. Jackson   56. Jefferson (county is completely ineligible)   57. Jessamine   58. Johnson   59. Kenton   60. Knott   61. Knox   62. Larue   63. Laurel   64. Lawrence   65. Lee   66. Leslie   67. Letcher   68. Lewis   69. Lincoln   70. Livingston   71. Logan   72. Lyon   73. McCracken   74. McCreary   75. McLean   76. Madison   77. Magoffin   78. Marion   79. Marshall   80. Martin   81. Mason   82. Meade   83. Menifee   84. Mercer   85. Metcalfe   86. Monroe   87. Montgomery   88. Morgan   89. Muhlenberg   90. Nelson   91. Nicholas   92. Ohio   93. Oldham   94. Owen   95. Owsley   96. Pendleton   97. Perry   98. Pike   99. Powell   100. Pulaski   101. Robertson   102. Rockcastle   103. Rowan   104. Russell   105. Scott   106. Shelby   107. Simpson   108. Spencer   109. Taylor   110. Todd   111. Trigg   112. Trimble   113. Union   114. Warren   115. Washington   116. Wayne   117. Webster   118. Whitley   119. Wolfe   120. Woodford

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.

 800 Stone Creek Pkwy, Ste 7,

Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|

 Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com

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Kentucky Conventional Loan Limits for Fannie Mae Loans, FHA and VA Mortgages for 2022

General Loan Limits for 2022 Mortgage Loans in Kentucky for FHA, VA, and Conventional Home Loans

Maximum Loan Limits for 2022 – Kentucky Conventional and Kentucky FHA Programs

Kentucky CONVENTIONAL Mortgage Loans Limits for 2022

The Federal Housing Finance Agency (FHFA) has issued the following maximum first mortgage loan limits that will apply to conventional loans for acquisition by Fannie Mae / Freddie Mac with a note date on and after January 1, 2022.

2022 Conventional Loan Limits
Units	Conforming Amount – Kentucky	i
One	$647,200
Two	$828,200
Three	$1,001,650
Four	$1,244,850

Kentucky FHA Loans Maximum Loan Limits for 2022

For calendar year 2022, the Department of Housing and Urban Development (HUD) announced the following maximum first mortgage loan limits that will apply to Kentucky FHA loans with case numbers assigned on and after January 1, 2022 through December 31, 2022:

2022 Kentucky FHA Loan Limits
Units	Kentucky FHA Loan Limits for 2022
One	$420,680
Two	$538,650
Three	$651,050
Four	$809,150

Please Note: These new limits apply to FHA loans with case numbers assigned on and after January 1, 2022 through December 31, 2022. 

Although VA guaranteed loans do not have a maximum dollar amount, lenders who sell their VA loans in the secondary market must limit the size of those loans to the maximums prescribed by GNMA (Ginnie Mae) which are listed below.

Joel Lobb (NMLS#57916)
Senior Loan Officer



American Mortgage Solutions, Inc.


10602 Timberwood Circle Suite 3


Louisville, KY 40223


Company ID #1364 | MB73346


Text/call 502-905-3708

kentuckyloan@gmail.com



If You are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs: What home loan programs are available to first time home buyers in Kentucky?  1. FHA Loans in Kentucky I do not have a lot of mo...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FH...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FH...: Kentucky FHA Mortgage Credit Score Requirements. FHA is introducing new guidelines on loan to value ratios and the minimum credit sco...

Louisville Kentucky VA Home Loan Mortgage Lender: Tips on getting a Kentucky VA Mortgage Guidelines ...

Louisville Kentucky VA Home Loan Mortgage Lender: Tips on getting a Kentucky VA Mortgage Guidelines ...: Getting  your Louisville  Kentucky VA  Loan  Approval Run a 25-year loan if you are not getting an approval with a 30-year. Even with higher...

Run a 25-year loan if you are not getting an approval with a 30-year. Even with
higher ratios, 25-year loans are considered lower risk and can be key to getting
an Approve Eligible
• You can do a VA IRRRL on a property that the veteran no longer lives in
• Payoff debts at closing with seller concessions. When writing the offer, this
information goes in the “under additional provisions or other terms” section
• No seasoning requirement for being added to the title (No flip rule)
• Only type of loan where an SAR Underwriter can adjust the value after a
secondary review in Tidewater with a request from the borrower. That gives us
two chances to increase the value if it comes in under.
• You can have more than one at the same time.
• If the DD-214 is a Dishonorable Discharge, the Veteran can re-apply and get their
benefits reinstated and then buy their home. (Apply to the BCMR to upgrade on
basis of clemency)
• No max loan amount & no max amount of closing costs a seller can pay.
• Time of service requirements can be appealed if they are discharged due to a
service-related disability
• Student loans in deferred status that go by old guidelines can be omitted.
• Disputes do not need to be removed to qualify. This is a good trick if you need a
couple extra points. (Disputing collections)
• Time of service requirements can be appealed if they are discharged due to a
service-related disability.
• LP is generally nicer to VA Loans that have derogatory trade lines

Mortgage Application Checklist of Documents Needed below  👇

W-2 forms (previous 2 years)
Paycheck stubs (last 30 days - most current)
Employer name and address (2 year history including any gaps)
Bank accounts statement (recent 2 months – all pages
Statements for 401(k)s, stocks and other investments (most recent)
federal tax returns (previous 2 years)
Residency history (2 year history)
Photo identification for applicant and co-applicant (valid Driver’s License







Joel Lobb (NMLS#57916)

Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708

kentuckyloan@gmail.com


If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

NMLS Consumer Access for Joel Lobb 

Accessibility for Website 

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Kentucky Mortgage: USDA Rural Housing Kentucky Loan Information

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: USDA Rural Housing Kentucky Loan Information: A Kentucky USDA home loan is a zero-dollar-down mortgage option provided by USDA’s Department of Rural Development. This government-...

FHA Publishes Updates to Handbook 4000.1

 FHA Publishes Updates to Handbook 4000.1

FHA announced they are making updates to the 4000.1, which include enhancements, revisions to existing guidance as well as various technical edits. Changes to the Handbook can be implemented immediately but must be implemented for mortgages with case numbers assigned on or after 01/24/2022.

A brief summary of changes to the handbook are as follows:

• Contingent Liabilities
  • Guidance was added providing that when a contingent liability is created by a divorce decree or other court order, evidence that the other legally obligated party has made 12 months of timely payments is not required.
  • In situations where a copy of the divorce decree ordering the spouse or other legally obligated party to make payments is required, FHA has added for other court orders to be permitted in lieu of the divorce decree.
• Temporary Reduction in Income
  • Guidance was added providing that, federal, state, tribal, or local government employees temporarily out of work due to a government shutdown or other similar, temporary events (where lost income is anticipated to be recovered), income preceding the shutdown can be considered as effective income.
  • Pre-leave income received prior to and after the first mortgage payment due date is permitted to be used as effective income based on specific criteria.
• Section 8 Homeownership Voucher
  • Updated guidance for acceptability of grossing up Section 8 Homeownership Voucher income.
• Documenting the Transfer of Gift Funds
  • Guidance was added for gifts of land requiring proof of ownership by the donor and evidence of the transfer of title to the Borrower.
• 203(K) Rehab Program
  • Updated list of eligible projects to include the interior space of a condominium unit excluding any areas that are not the responsibility of the Condo Association
• Checking/Savings Accounts
  • FHA has removed the requirement for non-borrower parties on a shared account to provide a written statement that the Borrower has full access and use of the funds.
• Payment History Requirements
  • Provided clarity that for both Mortgages underwritten through TOTAL Scorecard and manually underwritten, the mortgage payment history for the previous 12 months must be documented.
• Streamline Refinances
  • Updated the Streamline Refinance’s Net Tangible Benefit guidance to specify the required minimum term reduction must be 3 years or more.
• Required Inspections for New Construction Financing
  • Expanded guidance to allow, in certain circumstances, a qualified trades person or contractor to provide the required inspections and certifications.
• Condo Flood Insurance
  • In addition to the form HUD-9991, the following is required (if applicable):
    • the certificate of insurance or a complete copy of the NFIP policy; and
    • the Letter of Map Amendment (LOMA), Letter of Map Revision (LOMR), or elevation certificate.
• New Construction
  • New construction financing guidance implemented per ML 2020-36 has been incorporated into the Handbook. No guideline changes are being made.
• Appraisal – Changing Markets
  • Guidance was added providing alternatives for appraisers in the absence of two credible comparables.
• Valuation of Leasehold Interest
  • The calculation of leasehold interest guidance has been removed in consideration of factors that offer advantages and disadvantages affecting value.

Ginnie Mae Clarifies Seasoning Requirements for Modified VA Loans
Ginnie Mae published a clarification on 10/29/2021 to advise that when a new VA refinance is paying off a previously modified non-VA loan that the modified loan is still subject to all current Ginnie Mae seasoning requirements in order to be eligible for a new VA Type I or II refinance.