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:
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
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
Senior Loan Officer