Don’t Do These at Home: 3 Big Remodeling


Don’t Do These at Home: 3 Big Remodeling.

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Local builders feel the bust all the same | Derby City Cents#comment-450#comment-450


Local builders feel the bust all the same | Derby City Cents#comment-450#comment-450.

FHA extends “Anti-Flipping Waiver” to Help Stabilize the Kentucky Housing Market for FHA loans


 FHA extends “Anti-Flipping Waiver” to Help Stabilize the Kentucky Housing Market for FHA loans

FHA extends “Anti-Flipping Waiver” to Help Stabilize the Market

 

Effective currently until December 31, 2011, FHA loans in Kentucky will continue to allow the 90-day waiver for all properties acquired directly from a lender, but prohibitsKentucky FHA financing for properties owned less than 90 days if the sales price is greater than or equal to a 20% increase over the seller’s acquisition cost. The 90 days is calculated from the seller’s acquisition date to the purchase contract date of the new transaction.

 

If the resale occurs within 0 to 90 days, the following requirements must be met:

 

1. All transactions must be arms-length; no identity of interest between buyer, property seller or third parties. Specific ways to ensure an arms-length transaction include:

 

o

 

 

Property seller currently holds title to the property. LLCs, corporations or trusts serving as property sellers must meet all applicable state and federal law.

 

 

o

 

 

No pattern or previous flipping activity exists on the property (as evidenced by multiple title transfers within 12 months.

 

 

o

 

 

The property was marketed openly and fairly (Any sales contracts with “assignment of contract of sale” may be a red flag).

2. Transactions with sales price greater than or equal to a 20% increase over seller’s acquisition cost are not allowed.

 

FHA extends “Anti-Flipping Waiver” to Help Stabilize the Kentucky Housing Market for FHA loans

Attn Kentucky First Time Home Buyers– Zero Down Home Loans KY | Louisville | eBay Classifieds (Kijiji) | 469910


Attn Kentucky First Time Home Buyers– Zero Down Home Loans KY | Louisville | eBay Classifieds (Kijiji) | 469910.

Kentucky FHA Loan Qualifying Summary


Kentucky FHA Loan Qualifying Summary

 

Kentukcy FHA Loan Qualifying Summary
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Kentucky FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Basic Kentucky FHA loan requirements.

  • Two Years of steady employment,
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or in some cases no credit score at all.
  • Bankruptcy’s must be at least two years old, with perfect credit since discharge.
  • Foreclosure’s must be at least three years old, with perfect credit since.
  • Your new mortgage payment should be approximately 30% of your gross (before taxes)  income.

These are some of the most basic of Kentucky FHA loan requirements  for qualifying for a Kentucky FHA loan.  If   you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

Get prequalified for a FHA loan >> Here – or-  Apply now for a FHA loan >> Here.

If you are unsure about your credit score or credit report, you can get a free credit score and view your credit report online instantly.

Following are some hyperlinks to some more detailed descriptions of Kentucky FHA guidelines for qualifying for a Kentucky FHA loan. Please click on the item that you require additional information on FHA requirements.

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