Manufactured Home Requirements for Kentucky FHA, VA, USDA and Conventional Mortgage Loans

 

KENTUCKY MORTGAGE OPTIONS FOR MANUFACTURED HOMES

 

 Kentucky Mobile home Manufactured Homes including: Kentucky Conventional, Kentucky FHA, Kentucky VA and Kentucky USDA home loan programs.  

Kentucky Conventional Loans

• Up to 95 LTV on purchases
• 97 LTV Rate and Term REFI options for with an existing Fannie Mae loan through MH Advantage (see product snapshot for more info)
• Purchase and rate and term options available for single wide, double wide and larger
• Cash-out options available for double-wide and larger
• Second home options available for double-wide and larger
• Down to 580 FICO

Kentucky FHA Loans

• Up to 96.5 LTV on purchases and 97.75 LTV on Rate and Term REFIs
• Cash-out REFI options up to 80 LTV
• Purchase, cash-out and Rate and Term REFI options available for single wide, double wide and larger
• Down to 550 FICO
• Manual underwrite options available
• Manufactured homes are now available on FHA 203(k) products!

Kentucky VA Loans

• Up to 100 LTV on purchases and Rate and Term REFIs
• Up to 105 LTV for streamlined IRRRLs
• Cash-out REFI options up to 90 LTV
• Cash-out REFI options up to 80 LTV
• Down to 550 FICO
• Manual underwrite options available

Kentucky USDA Loans

• Up to 100 LTV on purchases and Rate and Term REFIs
• Purchase and Rate and Term REFI options available for single wide, double wide and larger
• Down to 580 FICO
• Manual underwrite options available

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.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).

Four of the most common mortgages for Kentucky Homebuyers

 If you’ve been considering buying a new home in Kentucky , you’ve probably thought about financing!
One of the first things you should do is connect with a Kentucky mortgage lender to find out what loans you're able to qualify for.
To feel a little more prepared for that conversation, let's talk about four of the most common Kentucky mortgages for Kentucky Homebuyers

1. Kentucky FHA Loans

Great for first-time homebuyers

Low down payment and closing costs

Easier to qualify for

Credit requirement: 580+ score with 3.5% down payment or 500 score with 10% down

Down payment: 3.5% minimum on most loans. Credit overlays with most lenders now want a 620 credit score nowadays.

2. Kentucky VA Loans

For service members, veterans, and select military spouses

No mortgage insurance and low closing costs

Government guarantee

Credit requirement: 620+, even though VA does not have a minimum score most VA lenders will want a 620 credit score or higher.

Down payment: 0% down

3. Kentucky USDA Loans

Great for low-to-medium income households

Has certain income and area requirements

Lower PMI than FHA Loans

Credit requirement: 640+ usually required, but on paper, USDA has no minimum credit score most lenders will want a 640 score to get an automated GUS approval.

Down payment: 0% down

4. Kentucky Conventional Loans

Great for buyers with good credit, a steady income, and low debt to income ratio (<45% dti

More flexibility and fixed rate

Diverse options for a down payment

Credit requirement: 620+, but most approvals require a 720 credit score or higher and pmi is based on your credit score and down payment, unlike Govt mortgage insurance programs like FHA, VA, USDA everybody pays the same regardless of credit score or down payment.

Down payment: 5% down or 3% on their affordable home loan options through Home Possible or Home Affordable Program.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/