Debt-to-Income Ratio for Kentucky Mortgage Loans:


 

 

Debt-to-Income Ratio for Kentucky Mortgage Loans Debt-to-Income Ratio: What It Is and Why You Should Care for A Kentucky Mortgage Loan  Debt-to-Income Ratio: What It Is and Why You Should Care for…

Source: Debt-to-Income Ratio for Kentucky Mortgage Loans:

Frequently Asked Questions about FHA Kentucky Home Loans


Frequently Asked Questions about FHA Kentucky Home Loans

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
Kentucky
?
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.

                                                                                                                     

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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