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Kentucky FHA Loan

What are Kentucky FHA Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in Kentucky?
To be eligible for FHA Mortgage Loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum Loan Amount in Kentucky: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in Kentucky. The highest maximum FHA Home Loan right now in Kentucky is $271,050. The lowest maximum amount available in any county is $271,050. The lowest maximum amount available in any county is $285,000. To see what the limit is in the county in which you're interested, please refer to the Kentucky FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Kentucky, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Kentucky FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in Kentucky?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in Kentucky?
There are three main types of FHA Refinance loans available in KY.

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Kentucky?
The maximum amount for an FHA loan is determined by

Maximum Loan Amount in Kentucky
The maximum FHA Loan Amount allowed for FHA Mortgage Refinance varies from county to county in Kentucky. The highest maximum FHA Home Refinance amount right now in Kentucky is $271,050. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Kentucky, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in Kentucky is 85%.

What factors determine if I am eligible for an FHA Refinance Loan?
To be eligible for an FHA Mortgage Loan Refinance in KY, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

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Kentucky FHA Mortgage Limits by County

MSA Name County Name
One-Family
Two-Family
Three-Family
Four-Family
NON-METRO ADAIR $271,050 $347,000 $419,425 $521,250
NON-METRO ALLEN $271,050 $347,000 $419,425 $521,250
FRANKFORT, KY (MICRO) ANDERSON $271,050 $347,000 $419,425 $521,250
PADUCAH, KY-IL (MICRO) BALLARD $271,050 $347,000 $419,425 $521,250
GLASGOW, KY (MICRO) BARREN $271,050 $347,000 $419,425 $521,250
MOUNT STERLING, KY (MICRO) BATH $271,050 $347,000 $419,425 $521,250
MIDDLESBOROUGH, KY (MICRO) BELL $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BOONE $271,050 $347,000 $419,425 $521,250
LEXINGTON-FAYETTE, KY (MSA) BOURBON $271,050 $347,000 $419,425 $521,250
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) BOYD $271,050 $347,000 $419,425 $521,250
DANVILLE, KY (MICRO) BOYLE $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BRACKEN $271,050 $347,000 $419,425 $521,250
NON-METRO BREATHITT $271,050 $347,000 $419,425 $521,250
NON-METRO BRECKINRIDGE $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) BULLITT $271,050 $347,000 $419,425 $521,250
NON-METRO BUTLER $271,050 $347,000 $419,425 $521,250
NON-METRO CALDWELL $271,050 $347,000 $419,425 $521,250
MURRAY, KY (MICRO) CALLOWAY $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) CAMPBELL $271,050 $347,000 $419,425 $521,250
NON-METRO CARLISLE $271,050 $347,000 $419,425 $521,250
NON-METRO CARROLL $271,050 $347,000 $419,425 $521,250
NON-METRO CARTER $271,050 $347,000 $419,425 $521,250
NON-METRO CASEY $271,050 $347,000 $419,425 $521,250
CLARKSVILLE, TN-KY (MSA) CHRISTIAN $271,050 $347,000 $419,425 $521,250
LEXINGTON-FAYETTE, KY (MSA) CLARK $271,050 $347,000 $419,425 $521,250
NON-METRO CLAY $271,050 $347,000 $419,425 $521,250
NON-METRO CLINTON $271,050 $347,000 $419,425 $521,250
NON-METRO CRITTENDEN $271,050 $347,000 $419,425 $521,250
NON-METRO CUMBERLAND $271,050 $347,000 $419,425 $521,250
OWENSBORO, KY (MSA) DAVIESS $271,050 $347,000 $419,425 $521,250
BOWLING GREEN, KY (MSA) EDMONSON $271,050 $347,000 $419,425 $521,250
NON-METRO ELLIOTT $271,050 $347,000 $419,425 $521,250
NON-METRO ESTILL $271,050 $347,000 $419,425 $521,250
LEXINGTON-FAYETTE, KY (MSA) FAYETTE $271,050 $347,000 $419,425 $521,250
NON-METRO FLEMING $271,050 $347,000 $419,425 $521,250
NON-METRO FLOYD $271,050 $347,000 $419,425 $521,250
FRANKFORT, KY (MICRO) FRANKLIN $271,050 $347,000 $419,425 $521,250
UNION CITY, TN-KY (MICRO) FULTON $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) GALLATIN $271,050 $347,000 $419,425 $521,250
NON-METRO GARRARD $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) GRANT $271,050 $347,000 $419,425 $521,250
MAYFIELD, KY (MICRO) GRAVES $271,050 $347,000 $419,425 $521,250
NON-METRO GRAYSON $271,050 $347,000 $419,425 $521,250
NON-METRO GREEN $271,050 $347,000 $419,425 $521,250
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) GREENUP $271,050 $347,000 $419,425 $521,250
OWENSBORO, KY (MSA) HANCOCK $271,050 $347,000 $419,425 $521,250
ELIZABETHTOWN, KY (MSA) HARDIN $271,050 $347,000 $419,425 $521,250
NON-METRO HARLAN $271,050 $347,000 $419,425 $521,250
NON-METRO HARRISON $271,050 $347,000 $419,425 $521,250
NON-METRO HART $271,050 $347,000 $419,425 $521,250
EVANSVILLE, IN-KY (MSA) HENDERSON $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) HENRY $271,050 $347,000 $419,425 $521,250
NON-METRO HICKMAN $271,050 $347,000 $419,425 $521,250
MADISONVILLE, KY (MICRO) HOPKINS $271,050 $347,000 $419,425 $521,250
NON-METRO JACKSON $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) JEFFERSON $271,050 $347,000 $419,425 $521,250
LEXINGTON-FAYETTE, KY (MSA) JESSAMINE $271,050 $347,000 $419,425 $521,250
NON-METRO JOHNSON $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) KENTON $271,050 $347,000 $419,425 $521,250
NON-METRO KNOTT $271,050 $347,000 $419,425 $521,250
NON-METRO KNOX $271,050 $347,000 $419,425 $521,250
ELIZABETHTOWN, KY (MSA) LARUE $271,050 $347,000 $419,425 $521,250
LONDON, KY (MICRO) LAUREL $271,050 $347,000 $419,425 $521,250
NON-METRO LAWRENCE $271,050 $347,000 $419,425 $521,250
NON-METRO LEE $271,050 $347,000 $419,425 $521,250
NON-METRO LESLIE $271,050 $347,000 $419,425 $521,250
NON-METRO LETCHER $271,050 $347,000 $419,425 $521,250
MAYSVILLE, KY (MICRO) LEWIS $271,050 $347,000 $419,425 $521,250
DANVILLE, KY (MICRO) LINCOLN $271,050 $347,000 $419,425 $521,250
PADUCAH, KY-IL (MICRO) LIVINGSTON $271,050 $347,000 $419,425 $521,250
NON-METRO LOGAN $271,050 $347,000 $419,425 $521,250
NON-METRO LYON $271,050 $347,000 $419,425 $521,250
RICHMOND-BEREA, KY (MICRO) MADISON $271,050 $347,000 $419,425 $521,250
NON-METRO MAGOFFIN $271,050 $347,000 $419,425 $521,250
NON-METRO MARION $271,050 $347,000 $419,425 $521,250
NON-METRO MARSHALL $271,050 $347,000 $419,425 $521,250
NON-METRO MARTIN $271,050 $347,000 $419,425 $521,250
MAYSVILLE, KY (MICRO) MASON $271,050 $347,000 $419,425 $521,250
PADUCAH, KY-IL (MICRO) MCCRACKEN $271,050 $347,000 $419,425 $521,250
NON-METRO MCCREARY $271,050 $347,000 $419,425 $521,250
OWENSBORO, KY (MSA) MCLEAN $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) MEADE $271,050 $347,000 $419,425 $521,250
MOUNT STERLING, KY (MICRO) MENIFEE $271,050 $347,000 $419,425 $521,250
NON-METRO MERCER $271,050 $347,000 $419,425 $521,250
GLASGOW, KY (MICRO) METCALFE $271,050 $347,000 $419,425 $521,250
NON-METRO MONROE $271,050 $347,000 $419,425 $521,250
MOUNT STERLING, KY (MICRO) MONTGOMERY $271,050 $347,000 $419,425 $521,250
NON-METRO MORGAN $271,050 $347,000 $419,425 $521,250
CENTRAL CITY, KY (MICRO) MUHLENBERG $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) NELSON $271,050 $347,000 $419,425 $521,250
NON-METRO NICHOLAS $271,050 $347,000 $419,425 $521,250
NON-METRO OHIO $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) OLDHAM $271,050 $347,000 $419,425 $521,250
NON-METRO OWEN $271,050 $347,000 $419,425 $521,250
NON-METRO OWSLEY $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) PENDLETON $271,050 $347,000 $419,425 $521,250
NON-METRO PERRY $271,050 $347,000 $419,425 $521,250
NON-METRO PIKE $271,050 $347,000 $419,425 $521,250
NON-METRO POWELL $271,050 $347,000 $419,425 $521,250
SOMERSET, KY (MICRO) PULASKI $271,050 $347,000 $419,425 $521,250
NON-METRO ROBERTSON $271,050 $347,000 $419,425 $521,250
RICHMOND-BEREA, KY (MICRO) ROCKCASTLE $271,050 $347,000 $419,425 $521,250
NON-METRO ROWAN $271,050 $347,000 $419,425 $521,250
NON-METRO RUSSELL $271,050 $347,000 $419,425 $521,250
LEXINGTON-FAYETTE, KY (MSA) SCOTT $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) SHELBY $271,050 $347,000 $419,425 $521,250
NON-METRO SIMPSON $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) SPENCER $271,050 $347,000 $419,425 $521,250
CAMPBELLSVILLE, KY (MICRO) TAYLOR $271,050 $347,000 $419,425 $521,250
NON-METRO TODD $271,050 $347,000 $419,425 $521,250
CLARKSVILLE, TN-KY (MSA) TRIGG $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) TRIMBLE $271,050 $347,000 $419,425 $521,250
NON-METRO UNION $271,050 $347,000 $419,425 $521,250
BOWLING GREEN, KY (MSA) WARREN $271,050 $347,000 $419,425 $521,250
NON-METRO WASHINGTON $271,050 $347,000 $419,425 $521,250
NON-METRO WAYNE $271,050 $347,000 $419,425 $521,250
EVANSVILLE, IN-KY (MSA) WEBSTER $271,050 $347,000 $419,425 $521,250
CORBIN, KY (MICRO) WHITLEY $271,050 $347,000 $419,425 $521,250
NON-METRO WOLFE $271,050 $347,000 $419,425 $521,250
LEXINGTON-FAYETTE, KY (MSA) WOODFORD $271,050 $347,000 $419,425 $521,250

FHA loans in Kentucky's top cities:

Louisville Kentucky FHA Loans Lexington Kentucky FHA Loans Fayette Kentucky FHA Loans
Owensboro Kentucky FHA Loans Bowling Green Kentucky FHA Loans Florence Kentucky FHA Loans
Paduca Kentucky FHA Loans Richmond Kentucky FHA Loans Elizabethtown Kentucky FHA Loans
                                                                                                                             

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 FHA Refinance Programs

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate HUD FHA Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


 FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA-insured mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new FHA mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.


FHA Mortgage   |   FHA Refinance   |   FHA LOAN REQUIREMENTS   |   FHA MORTGAGE CALCULATOR   |   FHA MORTGAGE RATES

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