FHA Loan: “FHA loans are ideal for those who have less-than-perfect credit and may not be able to qualify for a conventional mortgage loan. The size of your required down payment for an FHA loan depends on the state of your credit score: If your credit score is between 500 and 579, you must put … Continue reading What FICO® Score Do You Need to Qualify for a Mortgage? – Cape Gazette
Gift Funds for a Kentucky FHA Mortgage
Getting Gift Funds for your down payment on a Kentucky FHA Mortgage.
Getting Gift Funds for your down payment on a Kentucky FHA Mortgage.
What is the Great Way to do it?
To avoid getting turn down for your Kentucky FHA mortgage loan if you are getting a gift from your mom, dad or another family member, please follow these rules:
The source of the down payment must always show FHA gift funds and their source (usually a relative). It cannot be a personal loan or cash.
Common Gift Fund Issues:
Scenario 1 – only gift funds being used in transaction
Gift amount: $5,000
Common submission problem:
- Source of down payment submitted as “checking and savings account.”
- Asset submitted as “checking account” with the financial institution as “Gift from Relative.”
Correct submission practice:
- Source of down payment should be submitted as an “FHA Gift from relative for $5,000”
- If funds are not yet in the bank account, DU should be submitted as…
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How does Flood Insurance Affect A Kentucky FHA Mortgage Loan Approval?
How to qualify for an FHA Loan in Kentucky with a flood insurance?
Here are the facts about flood insurance in regards to FHA mortgage loans in Kentucky:
- A lender will require if the Kentucky home mortgage property is in a flood zone. High-Risk areas are A or V. Zone X doesn’t require it.
- The flood zone is based on local elevation certificates. Sometimes the surveys on these certificates are old, and updates can be requested. There is usually a cost involved, but it can lower the Zone so it may be worth it.
3. Kentucky Insurance companies think of floods as very different than the general public. Most people think flooding is when a body of water rises and gets into your house. Floods are defined as any ground-water entering a house from the outside. Even if you are not in a flood zone, groundwater damage won’t be covered by homeowner’s insurance.
4. Kentucky Flood insurance is priced by FEMA regardless of…
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The Basics of Credit Scores for Kentucky Home Buyers and Home Owners
Minimum Credit Score Requirements To Buy A Home in Kentucky in 2019?
via The Basics of Credit Scores for Kentucky Home Buyers and Home Owners
For your free credit report and analysis call us today at 502-905-3708 or email us at kentuckyloan@gmail.com
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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…
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Kentucky USDA Rural Housing Repair and Grant Program.
Kentucky USDA Rural Housing Repair and Grant Program.
Section 504 Repair Loan and Grant Program for Kentucky USDA RHS Loans
Section 504 Repair Loan and Grant Program for Kentucky USDA RHS Loans
If you missed the live webinar to learn about recent changes to the Section 504 Single-Family Housing Repair Loan and Grant Program, the presentation slides from the webinar are available on the U.S. Department of Agriculture (USDA) Rural Development’s website. This information is for individuals and organizations, including nonprofits and public agencies, who work with affordable housing products such as weatherization, home repairs, and Section 504 application packaging.
The slides will provide information on the following:
- An overview of recent changes to the Section 504 Single-Family Housing Repair Loan and Grant Program.
- Information on Procedure Notice 527 (published on August 29, 2019).
For a brief overview of the 504 program, please watch the USDA Helps You Make Home Repairs
Program Guidelines & Terms –Section 504 Loans
• Maximum outstanding 504 loan amount is $20,000
• Interest rate is fixed…
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Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 