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Has anyone heard of a new KY state law prohibiting refinancing loans secured by properties with cisterns? A mortgage company in Ohio is denying KY applicants FHA loans citing a new rule. I have not heard of a new rule and neither has our county courthouse. The new rule would have been passed within the past 2 weeks.
I did a quick review of legislation passed during the current session of the KY legislature, but did not find any legislation dealing with this topic. Even if there were legislation passed during a session, such legislation generally has a 60 – 90 day delayed effective date.
I also did a quick review of FHA guidelines and did not find any recent changes regarding water testing or related matters. Could you check with the mortgage company to get more information to share with us here?
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