Confused about the FHA loan requirements in KY? You are at the right place!
Kentucky FHA Loans
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA).
The federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
Why an FHA Loan?
FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment. Plus, you can have less-than-perfect credit.
An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.
Process of an FHA Loan
- Complete our simple FHA Loan Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Frequently Asked Questions
Is FHA only suitable for low-income borrowers?
Anyone who can qualify for an FHA loan and wants to profit from it, is eligible for one. There are no income restrictions, but there are loan amount caps.
How much of an FHA loan can I qualify for and afford?
You will be qualified by FHA lenders depending on your debt to income ratio. The more you qualify for and can afford depends on your income and debt level. Speaking with a lender early on in the process to find out where you stand is the best method to figure out how much you can qualify for.
What is a good credit score before applying for a mortgage?
When applying for a mortgage, a credit score of 680 or more is regarded as “good.” There are certain FHA lenders, though, that will accept credit scores as low as 500. Your rate will be better the higher your credit score is.
Ready for an FHA Loan?
Get pre-approved with LightPoint Mortgage in as little as 30 minutes.