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Kentucky Mortgage Guidelines for VA, FHA, USDA and Conventional Mortgage Loans

Kentucky Mortgage Guidelines for VA, FHA, USDA and Conventional Mortgage Loans





Kentucky VA Mortgage Loans


   • VA IRRRLS NO FICO 

   • Minimum FICO 550 on full files OR true NO FICO

   • Manual underwrite to a 580 FICO

   • Cash out to 100% LTV

   • Manufactured homes allowed, double wide or bigger

   • VA IRRRL NO LTV cap

   • VA IRRRL, unlimited late payments (loan must be current and last 6 payments on time)

   • VA IRRRL, allow odd terms on fixed loans

   • VA purchase up to 100% LTV

   • VA escrow holdbacks allowed


Kentucky FHA Mortgage Loans


   • FHA streamlines NO FICO

   • Minimum FICO 550 on full files 

   • Manufactured homes allowed, double wide or bigger

   • FHA streamlines, NOO allowed. NO Appraisals or AVMs

   • FHA 203(k) & (h) allowed

   • FHA escrow holdbacks allowed


Kentucky USDA Mortgage Loans


   • USDA Streamlines NO FICO

   • Minimum FICO 580 on full files OR true NO FICO

   • Manufactured homes allowed, double wide or bigger

   •  Streamlined assist 

   •  USDA escrow holdbacks allowed


Kentucky Conventional Mortgage Loans


   • Minimum FICO 580

   • Manufactured homes allowed, double wide or bigger

   • Up to 97% LTV (allow for the 3% to be gifted)

   • LPMI up to 97% LTV

   • LPMI and Regular MI allowed on investment properties

   • Unlimited financed properties (follow Fannie Mae guidelines)

   • HARP DU Refi Plus (allow for MI to be transferred) Fannie

   • HARP Open Access Relief loan (allow for MI to be transferred) Freddie

   • Home One, HomeReady, Home Possible

   • 80/10/10 Program with HELOC 2nd



I hope this gives you some useful input to help guide your decision making. Give me a call if you have more specific questions! Thanks so much 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 

Text/call 502-905-3708

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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 loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/