Tag: FHA property requirements

How to qualify for a Kentucky FHA Home Loan ?


How to qualify for a Kentucky FHA Home Loan ?
How to qualify for a Kentucky FHA Home Loan ?

via How to qualify for a Kentucky FHA Home Loan ?

 

Kentucky FHA Loan Requirements for 2019

 

How do I qualify for an FHA loan in Kentucky?

Kentucky FHA loans allow buyers with down payments as little as 3.5% to buy a home, and with many state-sponsored down payment assistance programs like KHC or Kentucky Housing Agency down payment asssitance program of up to $6000 currently to use for your own down payment, Kentuck borrowers using FHA loans can  can get the loan with zero money down.

They’re are other down payment assistance programs in KEntucky see below:

KACO Down Payment Assistance Program

KHC Down Payment Assistance

Louisville Metro Housing Grant

Covington Kentucky Grants and Northern Kentucky Grants to Buy a Home

AFR Down Payment Assistance

Chenoa Fund Down Payment Assistance

Kentucky FHA loans allow up to a  higher debt to income ratio than conventional loans which are restricted to 45 to 50% debt to income ratio, which is much lower  than most Kentucky FHA loans. That means more Kentucky FHa  buyers can qualify for a home loan in case if  your co-borrower cannot go on the loan due to credit issues.

Do I qualify for an FHA loan in Kentucky?

They’re are many FHA Kentucky loans requirements, which can be confusing. Some lenders are tougher and will not lend even though FHA will insure the loan. So check around on your FHA loan questions

  • Buy a property you will use as your primary residence
  • Your credit score must meet the minimum requirements of the FHA and the lender (FHA requires a minimum of 500 for 10% down and 580 for 3.5% down; however, lenders often require higher minimums)
  • The property you want to buy has to meet the FHA criteria and get approved
  • Must meet debt-to-income requirements
  • Clear Cavirs number
  • 3 years removed from foreclosure sale date
  • 2 years removed from Chapter 7 Bankruptcy
  • 1 year in Chapter 13 plan with good pay history and permission from trustee

 

For a detailed explanation of the requirements, you can read the HUD handbook and check with prospective lenders.

A Complete Guide to Closing Costs

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Company ID #1364 | MB73346

 unnamed (2) (1)

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). USDA Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.


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FHA Mortgage guidelines for a Kentucky property that has well water and septic.


via FHA Mortgage guidelines for a Kentucky property that has well water and septic.

Below are Kentucky  FHA guidelines for a property that has well water and septic tanks for waste disposal .  The Kentucky FHA appraiser should be able to address the distance between the well and septic for distance requirements, and comment if public sewers are available.

Well water test will be required as a closing condition. FHA mortgages loans in Kentucky  require a septic inspection unless the appraiser mentions it is necessary.

(O) Water Supply Systems in Kentucky 

(1) Public Water Supply System The Mortgagee must confirm that a connection is made to a public or Community Water System whenever feasible and available at a reasonable cost. If connection costs to the public or community system are not reasonable, the existing onsite systems are acceptable, provided they are functioning properly and meet the requirements of the local health department.

(2) Individual Water Supply Systems (Wells) When an Individual Water Supply System is present, the Mortgagee must ensure that the water quality meets the requirements of the health authority with jurisdiction. If there are no local (or state) water quality standards, then water quality must meet the standards set by the EPA, as presented in the National Primary Drinking Water regulations in 40 CFR §§ 141 and 142. Soil poisoning is an unacceptable method for treating termites unless the Mortgagee obtains satisfactory assurance that the treatment will not endanger the quality of the water supply. Requirements for the location of wells for FHA-insured Properties are located in 24 CFR § 200.926d (f) (3). The following tables provide the minimum distance required between wells and sources of pollution for Existing Construction:

Individual Water Supply System for Minimum Property
Requirements for Existing Construction*
1 Property line/10 feet
2 Septic tank/50 feet
3 Drain field/100 feet
4 Septic tank drain field reduced to 75 feet if allowed by local authority
5 If the subject Property line is adjacent to residential Property then local well distance requirements prevail. If the subject Property is adjacent to non-residential Property or roadway, there needs to be a separation distance of at least 10 feet from the property line.
* distance requirements of local authority prevail if greater than stated above

The following provides the minimum requirements for water wells:

Water Wells Minimum Property Standards for New Construction
24 CFR § 200.926d(f)(1)
1 Lead-free piping
2 If no local chemical and bacteriological water standards, state standards apply
3 Connection of public water whenever feasible
4 Wells must deliver water flow of five gallons per minute over at least a four-hour period
Water Wells Minimum Property Requirements for Existing Construction
1 Existing wells must deliver water flow of three to five gallons per minute
2 No exposure to environmental contamination
3 Continuing supply of safe and potable water
4 Domestic hot water
5 Water quality must meet requirements of local jurisdiction or the EPA if no local standard

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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#57916 http://www.nmlsconsumeraccess.org/
 
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