Kentucky Fannie Mae Loans versus Kentucky FHA Loans

Kentucky Fannie Mae Loans versus Kentucky FHA Loans

Non Occupant Co-Borrower for Fannie Mae and FHA Loans.  The differences below: Kentucky Fannie Mae Loans Allowed on all Purchases up to 95% LTV Allowed on all Refinances including Cash out Does not have to be a Family Member Kentucky FHA Loans Limited to 75% LTV.  LTV can be increased to max 96.5% LTV provided: Non occupying borrower is not the seller in the transaction Property is not a 2-4 unit property Has to be a family member Not allowed on Cash out Refinances Non Occupant Co Borrowers must either be United State Citizens or have a Principal Residence in the United States.

Non arms Length / Identity of Interest for FHA and Fannie Mae Loans In KY Fannie Mae Loans(non arms length) Underwriter must confirm transaction is not a bail out Gift of Equity is allowed No additional restrictions apply FHA loans (Identity of Interest) Gift of Equity is allowed LTV limited to 85% unless Purchase is the principle residence of another Family Member Borrower has been a tenant in property for 6 months predating the sales contract.  A lease or other written evidence is needed to verify occupancy Borrower is an employee of the Builder of the property If a Family Member is providing secondary financing for the transaction, additional guidelines apply.  See HUD 4000.1 II.A.4.(3) for additional guidelines. 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/