• 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 have a front-end ratio (loan payment plus HOA fees, property taxes, mortgage
insurance, home insurance) that is typically  40% of your gross income.
• Must have a back-end ratio (loan plus all monthly debt) typically less than 45-50% of your gross income.
• Have a minimum down payment of 3.5%. Down payment assistance and Grants are okay for the 3.5% down payment. Cannot be cash. Must be source and seasoned.
• Have a credit score of at least 580. Some lenders will require a higher score. Check with different FHA lenders.
• 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

• Maximum FHA Mortgage Loan in Kentucky for 2017 is set at $275,000 TO $299,000 depending on the Kentucky County.

see link here for max FHA loan limits for each Kentucky County >>>>>>>>>>>>>https://entp.hud.gov/idapp/html/hicost1.cfm




Joel Lobb
Senior  Loan Officer


American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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 view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.