Mortgage Lending: KENTUCKY
Ky. Rev. Stat. Ann. §§ 286.8-110, 360.100 (West)
Scope: High-cost home loans as defined by § 360.100(1)(a); additional loans subject to prepayment penalty limitations.
Net Tangible Benefit Requirement for Refinancings: None.
Ability to Repay: No creditor shall make a high-cost home loan if creditor does not believe borrower will be able to make scheduled loan payments; verification of income and financial resources required; verification of ability to repay required (§ 360.100(2)(i), (y), (z)).