The horse racing derby may be the iconic symbol of this state but its FHA mortgage Kentucky also qualifies as an equally momentous emblem because of its support for families struggling to own homes. In fact, recent changes in the loan market have seen the Federal Housing Administration bequeath households that suffered the blunt of the post-2008 economic downturn the ability to apply anew. This includes even those who have had to file for bankruptcy during the recession.
Here are the few privileges of using FHA mortgage KY when applying during the period subsequent to a bankruptcy.
- As of August 2013, borrowers can access funding if they signify that they have recovered from insolvency in the past 12 months.
- If you lost your earnings during the economic slowdown in the previous few years, you can apply again for FHA mortgage Kentucky as long as the loss is above 20 percent of income.
This is the time for post-bankruptcy applicants to get in touch with our team for immediate support!
Apply when Housing Prices are At Their Lowest
Another amazing detail about this state is that its property market has some of the lowest costs in the land. On a median scale, a single-family unit in the state is currently nearly $40000 below that of the federal median.
Choose a Loan Term That Suits You
If budget matters in your pursuit for this home purchase credit, then you may go for either of the following amortization plans of FHA mortgage KY:
- A 30-year plan at a permanent rate: this is suitable if you want to maintain a low interest rate for the entire maturity period.
- The adjustable-rate plan of 15 years: This is suitable for applicants who want to enjoy a change in the rate during the ensuing years, or refinance to a lower margin.
Do I Qualify?
Yes you do, if you either have met the above post-bankruptcy stipulations or the following general guidelines of FHA mortgage Kentucky:
- You intend to inhabit in the new property as your official home.
- You have a credit score of 620.
- You have an employment record extending to the last 2 years, with steady income.
- You do not have any other loan obligations, currently.
In fact, you can apply for FHA mortgage KY via FHA Home Loan Group as a second-time borrower if you have managed to settle the previous loan.
Simple Application Method
You will need to follow these steps to apply for this accessible home purchase scheme at our site:
- 1. Send us your request and pass our easy pre-qualification stage.
- 2. Select a lender with certifications.
- 3. Gain approval to process the loan from the HUD.
- 4. Start the loan process by settling part of the closing costs.
The rest of the closing costs, 6% to be exact, will come from the seller through our influence. Thus, even if you have suffered foreclosure or bankruptcy during the recent recession, you can still apply for FHA mortgage Kentucky. Talk to our experts if you have any query and we will be glad to assist.
Contact us for further details! Call  202-4479