FAQ’s about Kentucky FHA Home Loans
Q. Can only a first time home buyer use the Kentucky FHA loan program?
A. No. You can use FHA home loans as many times as you desire when buying a home or doing a Kentucky mortgage refinance. The onlyKentucky FHA loan requirements is that you cannot have more than one outstanding FHA Kentucky mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing.
Q. Can FHASecure refinance Kentucky FHA loans help me save my house from foreclosure?
A. Yes. The newly released FHA Secure loan program is designed to help people with subprime loans that have adjusted after June 2005 who currently have mortgage late payments or facing foreclosure can refinance using the FHA home loan program, FHASecure.
Q. Does FHA use a FICO credit score for loan qualifying in Kentucky ?
A. No. FHA is one of the only types of real estate mortgage loans that currently does not require a FICO credit score to obtain a loan but those who do have a score should have a credit score of 580 or higher. FHA requires the last two years of credit history to determine your FHA loan qualification.
Q. Can I streamline refinance my Kentucky FHA loan at any time?
A. Yes, you can do a FHA streamline refinance assuming that the you are lowering your monthly payments or converting the loan to a fixed rate mortgage.
Q. Can I buy a 4 Unit Home with FHA loan financing?
A. Yes, you may use a FHA mortgage for buying a 2,3, or 4 unit home assuming that the Kentucky FHA mortgage amount does not exceed the maximum FHA loan limits for where the property is located.
Q. Can I buy a home with no down payment and get 100% financing using a Kentucky FHA loan?
A. Yes. Using a FHA insured real estate first mortgage in combination with other specialized no down payment and first time home buyer loan programs, such as , you may be able to buy a home with no money down.
Q. How long after a bankruptcy can I use a FHA loans for buying a home or mortgage refinance in
A. You may buy a home or do a refinance mortgage using FHA loans two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the discharge of the bankruptcy with a FHA streamline refinance loan.
Q. How long after a Foreclosure can I use a Kentucky FHA mortgage loan for buying a home or aKentucky FHA refinance mortgage?
A. FHA loans may be used for buying a home or Kentucky FHA mortgage refinance three years after the final date of foreclosure assuming that your credit since the foreclosure has been perfect.
- FHA Home Loans in Kentucky (kentuckyfhaloan.wordpress.com)
- FHA Guidelines for Loan in Kentucky on a home (kentuckyfhaloan.wordpress.com)
- Basic FHA Home Mortgage Requirements for Louisville Ky First Time Home Buyers (kentuckyfirsttimehomebuyer.com)
- Louisville Ky FHA Loans (louisvillekymortgage.net)
- 9 items Kentucky homebuyers want (louisvillemortgageguide.com)
- Kentucky FHA Mortgage Insurance Premiums 2011 (louisvillemortgageguide.com)