Lending 101: FHA Loans In Kentucky

Lending 101: FHA Loans In Kentucky

Here are some of our favorite features of Kentucky FHA loans:

1. Low down payment – FHA requires 3.5 % down. For qualified buyers, this money may be able to be gifted from a family member.
2. No income limits – There are no income limits placed on the borrower or the household.
3. Credit scores – Interest rates and underwriting requirements are less credit score sensitive than other loan programs. In some scenarios, we are able to lend to buyers with scores in the mid-500s. *Note: Credit scores under 580 will require a 10% down payment.
4. Manufactured homes – No problem with FHA! Manufactured homes must be on a permanent foundation and have been built after June 1976.
5. Rehab loans – Utilizing the FHA 203K program, we can do purchase and refinance loans that roll the cost of rehabs or…