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KENTUCKY FIRST TIME HOME BUYER FHA, VA USDA, KENTUCK HOUSING CORP

I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with 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 ID

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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky FHA Mortgage Information: How to Qualify For a Kentucky FHA Mortgage Loan 1. Low Down Payment   –  FHA Mortgage Loans only require a 3.5% down payment. And what m...

Student-Loan Freeze Led to Big Credit-Score Gains

 

Student-Loan Freeze Led to Big Credit-Score Gains, N.Y. Fed Says

• Some 30 million student borrowers saw scores rise, study says
• Freeze is set to expire on Aug. 31 but Biden may extend it

Share of Borrowers by Credit Score

Credit scores for student loan borrowers increased dramatically

Here are some key takeaways from the New York Fed report.

Better Credit Scores

The share of student-loan balances held by subprime borrowers fell to 26% in 2021, from 36% in 2019. That’s primarily because loans owed to the federal government that were delinquent before the pandemic were marked as current under the forbearance policy, putting millions of households on a sounder financial footing. 

“The end of forbearance will have impacts on credit scores, borrowing, and household cash flow over the coming year for the 38 million federal borrowers that have benefited from the pause,” the New York Fed researchers wrote. “Some borrowers will enter delinquency or default.”

Growing Balances

With repayments on hold, about two-thirds of student-debt holders had balances that were growing or flat at the end of 2021, compared with just 48% in 2019. That’s an increase of roughly 3.2 million borrowers.  

There was also a shift in the typical size of debts, with larger loans accounting for a bigger share of the total. At the same time, 5.4 million people who were recorded as having student debt outstanding at the end of 2019 no longer owed anything by the end of 2021.

Loan Shifts

Since the pandemic, larger debts have increased as a share of total loans

Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax

DC Debt Leader

On average, student borrowers in and around the nation’s capital owed the most at the end of 2021. Washington DC topped the list, with an average debt of $53,769, while Maryland ranked second and Virginia fifth. 

Student Loans by State

Average balances vary widely across states

Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax

Note: As of Q4 2021, average balance

“Of the ten states (not including D.C.) with the largest median balance, seven belong to the Southern Census region (Georgia, Maryland, Virginia, North Carolina, South Carolina, Alabama, and Tennessee),” the report found.

Top 10 Student Loan Debt

Seven of top-10 largest belong to the Southern Census region

Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax

Note: Ranked by median loan amount

Once the forebearence period ends, loan amounts are anticipated to rise and delinquency rates across states in the South are expected to have worse outcomes.

 

 

https://www.bloomberg.com/news/articles/2022-08-09/student-loan-freeze-raised-credit-scores-dramatically-ny-fed

Kentucky FHA Acceptable Sources of Heat for Appraisals

Kentucky FHA Acceptable Sources of Heat for A FHA Mortgage Loan Approval

Many people ask me what types of heat sources are okay for homes where the borrower is using FHA to finance the property.

Here’s the information – and by the way, USDA (Rural Housing) uses FHA rules listed below as their heat source guidelines too.

General Guidelines

• All habitable rooms must have a heat source

• Certain areas of the country do not require a heat source if normal for the area (i.e., Hawaii, certain counties in Florida)

Wood Stoves & Solar Systems

• Acceptable with certification that they were installed according to manufacturer’s recommendations.

• Must ALSO have a conventional heat source in all living areas.

• Must also have a heat source to maintain 50 degrees F in rooms where plumbing is located.

(Example: electric baseboard heat in bathroom, kitchen and basement/crawl space where plumbing pipes are located.)

Floor Heaters

• Acceptable

• If needs repairs or insufficient heat source for home, will require upgrade to conventional heat system.

Non-conventional Heating Systems

• Space heaters or non-conventional heat sources must comply with local codes.

• If does not comply, conventional heating system must be installed.

Propane Tanks

• Must be located a safe distance from the home.

• Must have ownership of propane tank UNLESS only leased tanks are available and normal for the area.

• Propane furnaces located in crawl space or basement is not acceptable.

I’m sure I have not covered every possibility but give me a call if you have any questions or reservations about listing a home that you think may not have an acceptable source of heat.

https://birminghamappraisalblog.com/faqs/what-is-the-fha-rule-for-heating-and-cooling-systems/