Tag: kentucky fha loans

New Condominium Approval Rule For Kentucky FHA Mortgage Loans 


via New Condominium Approval Rule For Kentucky FHA Mortgage Loans

FHA to make financing easier for condo owners in Kentucky 

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fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 

 

Company NMLS ID #1364
Individual NMLS ID #57916

http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/42056

This is not a commitment to make a loan.  Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements for refinances, 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.  Joel Lobb and his employer, American Mortgage Solutions is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.  Equal Opportunity Lender and Equal Housing Lender.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
Company NMLS ID #1364

 

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/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.