Kentucky HUD $100 Down FHA Loan Program with List of Houses for Sale in 2017






What is the FHA $100 Down Program?
The $100 Down Program allows the buyer of an FHA REO property to get a loan through FHA which exceeds the standard LTV limitations.
Is the $100 Down Program available on all FHA REO purchases?
The $100 Down Program is only available for certain areas and properties. You'll need to talk with the Asset Manager to determine if the property is eligible and have them add an addendum to the purchase contract if your borrower wants to take advantage of the program.
Can the UFMIP be financed into the loan amount?
It can, but the Total Loan Amount (excluding repairs) cannot exceed 100% of the Appraised Value minus the $100 down. Otherwise the UFMIP cannot be financed and the borrower must bring funds for it to be paid in at closing.
Can repairs be financed into the loan amount?
Yes, repairs can be financed up to 110% LTV.


HUD’s As-Is Policy and How to Fund Repairs

February 16, 2017
Photo credit: Home Water Softener Reviews


Whether a HUD home is listed as Insured (I), Insured with Escrow Repairs (IE) or Uninsured (UI), they all have one thing in common: they are sold as-is. This means that HUD doesn’t warrant the condition of its properties and will not pay for repairs or defects after a buyer’s contract has been executed. For this reason, HUD strongly recommends that the purchaser have a home inspection performed.
If your client should find that perfect home, but it needs repairs, you may suggest that he or she apply for FHA-backed financing: a 203(b) IE or a 203(k). The 203(b) IE allows repair costs of up to $10,000 and the 203(k) is for a property listed as uninsured, with repair costs over $10,000.
It may be tempting for some buyers to ‘get a start’ on the repairs or updates by making repairs or modifications before they close. Buyers should be made aware that HUD does NOT allow any repairs to be made prior to closing even if the lender requires these repairs. In the event that repairs are made the buyer and/or is selling broker will be responsible for ensuring that the property is placed back in its condition at the time of contract execution at the
For example, a buyer started gutting a kitchen prior to closing. The entire kitchen was removed and the contract didn’t close. Not only did the buyer lose thousands on renovation costs on a property that didn’t close, but the home no longer has a kitchen and doesn’t meet FHA conditions for lending and can only be sold as uninsurable.
If the buyer doesn’t comply with HUD’s requirement, one or all of the following can happen:
  • Contract cancellation
  • Fines and penalties associated with any damage caused by unauthorized repairs
The selling agent’s NAID may be suspended or they face termination if repairs or modifications are made to the property before the closing.

Sources






Property Case
136 Anna Dr
Rineyville, KY, 40162
Hardin County
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402 Park Avenue
Irvine, KY, 40336
Estill County
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1708 Holly Dr
Bowling Green, KY, 42101
Warren County
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803 N 25th St
Paducah, KY, 42001
Mccracken County
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607 Artic Avenue
Oak Grove, KY, 42262
Christian County
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1121 3rd Circle Prospect
Ashland, KY, 41101
Boyd County
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2098 Concord Rd
Carlisle, KY, 40311
Nicholas County
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491 Hickory Hill Dr
Monticello, KY, 42633
Wayne County
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Box 92 Hc 63 Henry Goble Rd
Inez, KY, 41224
Martin County
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90 Winns Second St
Pikeville, KY, 41501
Pike County
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1075 Bird Rd
Magnolia, KY, 42757
Larue County
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4201 Pine Terrace D
Ashland, KY, 41102
Boyd County
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6109 Hwy 2779
Hardinsburg, KY, 40143
Breckinridge County
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10417 Us Hwy 431 N
South Carrollton, KY, 42374
Muhlenberg County
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317 S 21st St
Middlesboro, KY, 40965
Bell County
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7391 Johnson Mill Rd
Hopkinsville, KY, 42240
Christian County
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285 Candlelight Dr
Stanford, KY, 40484
Lincoln County
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577 Shotgun Hollow
Frenchburg, KY, 40322
Menifee County
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1108 Vinewood Rd
Louisville, KY, 40219
Jefferson County
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6865 Green River Rd
Hustonville, KY, 40437
Lincoln County
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326 Richmond St
Lancaster, KY, 40444
Garrard County
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249 Saint Clare St
Elizabethtown, KY, 42701
Hardin County
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4555 Skyline Dr
Ashland, KY, 41102
Boyd County
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1825 Hwy 490
East Bernstadt, KY, 40729
Laurel County
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34 W Airview Drive
Elizabethtown, KY, 42701
Hardin County
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62 Old Smith Hill
Pineville, KY, 40977
Bell County
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257 Johnson Ave
Frankfort, KY, 40601
Franklin County
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1709 Mary Ellen Dr
Flatwoods, KY, 41139
Greenup County
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226 Lakeshore Dr
Burnside, KY, 42519
Pulaski County
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111 Smith Hill Dr
Morgantown, KY, 42261
Butler County
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2530 Winchester Ave
Middlesboro, KY, 40965
Bell County
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3520 State Route 503
Wurtland, KY, 41144
Greenup County
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164 Holly Trl
Roundhill, KY, 42275
Butler County
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4001 Blackburn Ave
Ashland, KY, 41101
Boyd County
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99 Lexington St
Wheatcroft, KY, 42463
Webster County
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547 Cardinal Point
Greenup, KY, 41144
Greenup County
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503 Atlee Dr
Harrodsburg, KY, 40330
Mercer County
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1105 Custer Roberts Hollow Ln
Custer, KY, 40115
Breckinridge County
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195 Shawhan Rd
Cynthiana, KY, 41031
Bourbon County
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2312 Remington Way Apt 2303
Lexington, KY, 40511
Fayette County
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1121 Boyd St
Paintsville, KY, 41240
Johnson County
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9522 Maple Rd
Louisville, KY, 40229
Jefferson County
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176 Ratliff Rd
Pikeville, KY, 41501
Pike County
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4701 Plum Ridge Roa
Taylorsville, KY, 40071
Spencer County
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129 Bourne Ave
Somerset, KY, 42501
Pulaski County
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358 Preston Avenue
Lexington, KY, 40502
Fayette County
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410 Bradford St
Beechmont, KY, 42323
Muhlenberg County
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3636 Springdale Cir
Paducah, KY, 42001
Mccracken County
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598 Golden Meadow Ln
Ledbetter, KY, 42058
Livingston County
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60 Cloud Subdivision
London, KY, 40741
Laurel County
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35 Woodmill Dr
Grayson, KY, 41143
Carter County
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1422 Wurtele Ave
Louisville, KY, 40208
Jefferson County
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640 Old State Rd
Mount Vernon, KY, 40456
Rockcastle County
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12875 Nebo Rd
Providence, KY, 42450
Hopkins County
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6981 Reed Street
Drift, KY, 41619
Floyd County
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4255 Shaffer Rd
Paducah, KY, 42001
Mccracken County
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350 Lakeview Dr
Nancy, KY, 42544
Pulaski County
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36 River Rd
Vanceburg, KY, 41179
Lewis County
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310 Beech St
Falmouth, KY, 41040
Pendleton County
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6005 Ky Highway 3170
Maysville, KY, 41056
Mason County



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8 Lisman St
Clay, KY, 42404
Webster County
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1619 Tedrow Trl
Lawrenceburg, KY, 40342
Anderson County
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108 Stone Avenue
Cynthiana, KY, 41031
Harrison County
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422 Dudley Ave
Georgetown, KY, 40324
Scott County
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83 Creekside Dr
Prestonburg, KY, 41653
Floyd County
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120 Mountain Lane
Vine Grove, KY, 40175
Meade County
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201 Hoover St
Paducah, KY, 42003
Mccracken County
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52 Colony Spur
Butler, KY, 41006
Pendleton County
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783 Philpot Rd
Campbellsville, KY, 42718
Taylor County
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1482 N Old Stilesville Rd
Eubank, KY, 42567
Pulaski County
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672 Leverton Pl
Richmond, KY, 40475
Madison County
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575 Dugout Dr
Vine Grove, KY, 40175
Meade County
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Joel Lobb
Senior  Loan Officer
(NMLS#57916)


text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.