Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky FHA Mortgage Information

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky FHA Mortgage Information: How to Qualify For a Kentucky FHA Mortgage Loan 1. Low Down Payment –  FHA Mortgage Loans only require a 3.5% down payment. And what ma...



General FHA loan requirements include:

  • The loan must be for a property used for your primary residence.
  • The property must be appraised by an FHA-approved appraiser.
  • The property must be safe, sound and secure, in compliance with minimum property standards as defined by the U.S. Department of Housing and Urban Development, or HUD.
  • You must have a valid Social Security number and be a legal resident of the U.S.
  • You must have a minimum credit score of 580 with a down payment of at least 3.5 percent, or a minimum credit score of 500 with a down payment of at least 10 percent.
  • You may not have delinquent federal debt or judgments, or debt associated with past FHA loans.
  • You must have steady employment history.
  • You must make a down payment of at least 3.5 percent of the purchase price. If the down payment was gifted by a family member, documentation is required.
  • You must have a DTI ratio that does not exceed limits.
  • Any judgments or collections on the credit report must be resolved or satisfactorily explained.
  • Any required waiting period has passed, as follows: