Kentucky Housing Home Buyers

To Our Kentucky Housing Home Buyers looking for foreclosed properties

 

We are pleased to provide you with information about Kentucky Housing Corporation’s (KHC) master commissioner sales. These sales typically take place at the county courthouse where the property is located. The listings are arranged by county, according to the county in which the property is located.

 

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BARREN
117 FORRESTER ROAD 9/26/2017
GLASGOW, KY 42141
BOONE
7181 HIGHPOINT DR 9/21/2017
FLORENCE, KY 41042
1150 MACINTOSH LANE 9/28/2017
FLORENCE, KY 41042
CHRISTIAN
3449 WILLIAM CT 9/18/2017
HOPKINSVILLE, KY 42240
FAYETTE
3941 NORTHAMPTON DRIVE 9/18/2017
LEXINGTON, KY 40517
FRANKLIN
338 SENATE DRIVE 9/25/2017
FRANKFORT, KY 40601
GREENUP
119 ETNA STREET 9/25/2017
RUSSELL, KY 41169
JEFFERSON
314 DOWNES LANE 9/15/2017
LOUISVILLE, KY 40214
1602 HASKIN AVE 9/15/2017
LOUISVILLE, KY 40215
4000 SUNFLOWER AVE 9/15/2017
LOUISVILLE, KY 40216
5069 POPLAR LEVEL ROAD 9/15/2017
LOUISVILLE, KY 40219
4928 WELLSWORTH AVENUE 9/29/2017
LOUISVILLE, KY 40216
1308 DONARD PARK AVE 9/29/2017
LOUISVILLE, KY 40218
7007 MATTHEWS RD 10/6/2017
LOUISVILLE, KY 40258
6001 ALANADALE DRIVE 10/6/2017
LOUISVILLE, KY 40272
1347 VIM DRIVE 10/20/2017
LOUISVILLE, KY 40213
6211 MARAVIAN DRIVE 10/20/2017
LOUISVILLE, KY 40258
LAUREL
6401 MOUNT ZION ROAD 10/13/2017
EAST BERNSTADT, KY 40729
MADISON
107 VALLEY ST 9/27/2017
RICHMOND, KY 40475
2379 COLLEGE HILL RD 9/27/2017
WACO, KY 40385
SHELBY
1701 CHERRY LANE 9/28/2017
SHELBYVILLE, KY 40065
 
What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:
•Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
•Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans
•Your overall pattern rather than to individual problems you may have had.
To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentucky USDA loan application.
What are the USDA Down Payment Requirements?
USDA Mortgages have no down payment requirement. Other loan programs don’t allow this.
What types of property are eligible?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
What is the maximum amount that I can borrow?
The maximum amount for an Kentucky USDA Mortgage Loans are determined by:
Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.
What kinds of loans does USDA offer?
Fixed rate loans – All USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.
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Kentucky USDA Loans
What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, ENG Lending’s USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.
What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:
USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loanin Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.
USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.
What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Rural Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:
Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).
How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).
What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
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if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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Kentucky Fannie Mae HomePath Homes for Sale 2017 –

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$234,000Just Listed

111 Leatherwood Ln
Nicholasville, KY 40356

3 Beds |2.5 Baths | 2048 sq. ft.

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$89,900Price Reduced

145 Copperas Lick Br
Prestonsburg, KY 41653

3 Beds |2 Baths | 2376 sq. ft.

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$69,900Price Reduced

115 Meadow Hill Dr
Ft Mitchell, KY 41017

3 Beds |1 Baths | 988 sq. ft.

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$274,900Price Reduced

104 Kiawah Ct
Georgetown, KY 40324

3 Beds |3 Baths | 2440 sq. ft.

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$129,900Price Reduced

211 Crittenden Ct
Crittenden, KY 41030

3 Beds |2 Baths | 1108 sq. ft.

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$179,900Price Reduced

114 Rabbit Run Rd
Georgetown, KY 40324

3 Beds |3 Baths | 2327 sq. ft.

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$64,900Price Reduced

1053 Bald Knob Rd
Beaver Dam, KY 42320

3 Beds |1 Baths | 1748 sq. ft.

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$32,500Price Reduced

1533 Cumnock St
Henderson, KY 42420

3 Beds |2 Baths | 1334 sq. ft.

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$245,000Active

101 Stoney Brooke Dr
Ashland, KY 41101

6 Beds |3.5 Baths | 3996 sq. ft.

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$27,500Active

355 Holmes St
Frankfort, KY 40601

2 Beds |1 Baths | 1148 sq. ft.

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$10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers HHF DAP

Hey everyone, KHC just released another $10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers for that’s available on a first come first serve basis!!! HHF DAP 2017 There is a… Source: $10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2017

https://kentuckymortgage.wordpress.com/…/10000-down-payment…

Hey everyone, KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers for  that’s available on a first come first…
KENTUCKYMORTGAGE.WORDPRESS.COM
Hey everyone, KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers for  that’s available on a first come first serve basis!!! HHF DAP 2017
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The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

Kentucky FHA Mortgage Insurance Reduced for 2017

 FHA has Reduced Annual MIP!
FHA has reduced the annual MIP amount effective with Closing/Disbursement dates
on or later than January 27, 2017. Closing/Disbursement date is considered the later
of the signing date of the mortgage or the date of the disbursement of the loan
proceeds, as entered in FHA Connection.

HUD has announced a reduction of the annual Mortgage Insurance premiums per ML 2017-01, effective for all FHA loans DISBURSING on or AFTER January 27, 2017.
NOTE THAT ANY FHA LOAN DISBURSING PRIOR TO THIS DATE WILL NOT BE ELIGIBLE FOR THE REDUCED FHA MI PREMIUMS.


See below for the updated MIP rates:
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HOW DO YOU QUALIFY FOR AN FHA LOAN?
To qualify for an FHA Loan, you must meet the following standards:
• Have a 2 year history of employment. Long or short gaps between employments are
permissible. Will need to explain any gap of employment longer than 2 months.
• Must be a resident of the U.S., have a valid Social Security number and be of legal age (18
in most states) to sign a mortgage.
• Not be delinquent in any federal debt.
• Must have a front-end ratio (loan payment plus HOA fees, property taxes, mortgage
insurance, home insurance) that is typically 43% of your gross income.
• Must have a back-end ratio (loan plus all monthly debt) typically less than 50% of your gross
income.
• Have a minimum down payment of 3.5%.
• Have a credit score of at least 580.
• Have a property appraisal done by an FHA-approved appraiser.
• Property must meet specific standards at appraisal.
• It must be two years after you have lied for Chapter 7 bankruptcy and you must have reestablished
good credit. Exceptions might be made but it is up to the lender.
FHA mortgages are usually available to borrowers who previous property was foreclosed or
short-sold within the past three years. Exceptions might be made it the foreclosure occurred
because of extenuating circumstances, but please speak to the lender.
The private FHA mortgage loan lender may have other requirements.

WHAT TYPES OF FHA LOAN PROGRAMS ARE THERE?
Section 203(b): Can be used to finance from 1 to 4 housing units. Mortgage terms can be
changed to accommodate the borrower’s needs; it has a low down payment of 3.5% and there
are gift options for down payments that can be acceptable.
Section 234(c): A loan used for condominiums that has some credit requirements and rules.
Section 203(k): Allows the borrower to finance a repair or remodel up to four housing units
(depends on bank’s criteria). One mortgage loan will be used for the acquisition in addition to
upgrade of units. FHA Mortgage Consultants may be required on certain 203(k) loans.
HECM – Reverse Mortgages: Provides applicants only age 62 or older access to their
housing unit equities. Many payment methods are available, such as lump sum, installments,
line of credit or a mix of those three options.
FHA has developed new options such as the Streamlined Refinance and the “Make Home
Affordable Program” meant to help alter and refinance current mortgages. Details can be
provided by your FHA Mortgage lender.

 

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Louisville Kentucky FHA Mortgage Loan Guide
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New Kentucky FHA Mortgage rules starting…
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Kentucky Housing Foreclosure List for January 2017

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We are pleased to provide you with information about Kentucky Housing Corporation’s (KHC) master commissioner sales. These sales typically take place at the county courthouse where the property is located. The listings are arranged by county, according to the county in which the property is located.

BOONE
1516 TARAMORE DR UNIT 304 1/5/2017
FLORENCE, KY 41042
FAYETTE
419 DABNEY DRIVE 1/9/2017
LEXINGTON, KY 40502
1644 PRAIRIE CIR 1/9/2017
LEXINGTON, KY 40515
HARDIN
249 INDIANA TRAIL 1/5/2017
RADCLIFF, KY 40160
HARLAN
107 LAUREL BRANCH RD 1/24/2017
EVARTS, KY 40828
JEFFERSON
2721 SAINT XAVIER ST 1/13/2017
LOUISVILLE, KY 40212
1276 MORGAN AVE 1/13/2017
LOUISVILLE, KY 40213
1623 BELMAR DRIVE 1/13/2017
LOUISVILLE, KY 40213
1106 CLAYBOURNE ROAD 1/13/2017
LOUISVILLE, KY 40214
1529 BICKNELL AVE 1/13/2017
LOUISVILLE, KY 40215
1108 VINEWOOD RD 1/13/2017
LOUISVILLE, KY 40219
1534 WALTER AVE 1/27/2017
LOUISVILLE, KY 40215
4421 MCGILL DR 1/27/2017
LOUISVILLE, KY 40215
KENTON
140 PINE LAKE DRIVE UNIT 7 2/14/2017
ERLANGER, KY 41018
MEADE
575 DUGOUT DR 1/9/2017
VINE GROVE, KY 40175


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

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