Category: 100% Financing

Purchase of an eligible new unit, transportation and set-up costs, and purchase of
an eligible site if not already owned by the applicant. Manufactured units must be
less than 12 months old and never occupied and will include the site. The date of
the purchase agreement must be within one year of the manufactured date
displayed on the plat attached to the unit. The following criteria outlines an
eligible unit for guarantee with the SFHGLP:
 To be an eligible unit, the new unit must have a floor area of not less
than 400 square feet.
 The unit must meet the Federal Manufactured Home Construction and
Safety Standards (FMHCSS).
 The unit must be placed on a permanent foundation built to FHA
guidelines in effect at the time of certification. Guidelines are
presently published in the “Permanent Foundation Guide for
Manufactured Housing” (HUD-4930.3G) which is found at
http://www.huduser.org/portal/publications/destech/permfound.html.
…

Credit Scores for Kentucky Mortgages

Minimum Credit Score Requirements for aKentucky Mortgage Loan ApprovalLoan

Here are the most common loan programs and their general guidelines on credit scores:

FHA Loans in Kentucky
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development. These loans are an attractive option for many borrowers, not just first-time homeowners.

FHA loans are available to borrowers with credit scores as low as 500. Borrowers with scores under 580 will need to have a 10% down payment.

VA Loans In Kentucky
VA Loans are designed to offer long-term financing to American Veterans. These loans are issued by federally qualified lenders and are guaranteed by the United States Veterans Administration. The Veterans Administration determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage…

Kentucky FHA Temporary Guideline Changes:
Rental Income & Self-Employment Income

FHA Announces COVID-19 Temporary Guidance for Kentucky FHA Mortgage Loans
Due to the ongoing effect of COVID-19, FHA has announced in ML 2020-03, updates to the following temporary guidelines below effective with case number assignments on or after 8/12/2020 -11/30/2020:

Rental Income for Kentucky FHA Mortgage Loans

• When qualifying utilizing rental income, for each property generating rental income the following is required:
  • Reduce the effective income associated with the calculation of rental income by 25%, or
  • Verify 6 months PITI reserves, or
  • Verify the borrower has received the previous 2 months rental payments as evidenced by borrower’s bank statements showing the deposit. (This option is applicable only for borrowers with a history of rental income from the property).

Self Employment Income for Kentucky FHA Mortgage loans 

• Self-employment income must be stable with a reasonable expectation that it will continue. Verification of the existence…