Kentucky Single Family Housing Guaranteed Loan Program USDA and Rural Housing Changes 10/1/2011

Posted on October 1, 2011 by

Kentucky USDA/Guaranteed Rural Housing Program
Federal Budget Battle May Affect Funding Effective October 1, 2011
 
Despite changes in the fee structure effective October 1, 2011, Congress must appropriate funds for the Kentucky Guaranteed Rural Housing program. Assuming Congress passes legislation currently under consideration to keep the federal government fully functional, a number of days will be required to set up the authorized allocation for distribution.
 
Delays in the issuance of the Conditional Commitment should be expected. We  will be able to underwrite and condition the loan file. However, we will not be able to close and fund the loan until the Kentucky  Rural Housing Conditional Commitment is issued by the Local Kentucky RHS office.
 
We will notify our clients when RHS resumes the issuance of Conditional Commitments.

Kentucky Single Family Housing Guaranteed Loan Program USDA and Rural Housing
 
  

September 30, 2011 FISCAL YEAR 2012 COMMITMENT NOTICE!

Please find attached the “Fiscal Year 2012 (FY 12) Commitment Notice” for the Single Family Housing Guaranteed Loan Program. 

Beginning October 1, 2011, Rural Development will issue Conditional Commitments “subject to the availability of commitment authority.” 

 The FY 2012 fee structure will be as follows:

2 percent up-front fee for purchase transactions;

1 percent up-front fee for refinance transactions

; and 0.3 percent annual fee based on the average scheduled unpaid principal balance of the loan, for both purchase and refinance loans transactions.

 Form RD 1980-21, “Request for Single Family Housing Loan Guarantee,” has been revised with an effective date of 10-2011.  The revised form incorporates the Annual Fee disclosures.  Therefore, beginning October 1, 2011 all “Request for Single Family Housing Loan Guarantee” must be submitted on the revised form.  The prior version of the form is dated 10-2010, and will not be accepted for FY 2012 Conditional Commitment requests. 

The revised form is attached to this communication and can also be obtained from the following link: http://forms.sc.egov.usda.gov/efcommon/eFileServices/eForms/RD1980-21.PDF

As a reminder, the new Guarantee Fee and Annual Fee Calculator is available for download at:http://kentuckyusdaloan.wordpress.com/2011/08/30/kentucky-usda-rural-development-guaranteed-section-502-loans/

 Questions regarding this notice may be directed at 502-905-3708

 
 
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About Louisville Kentucky Mortgage

As a life-long Kentucky resident, I have helped over 589 families buy or refinance their home over the last 13 years. You can trust me for your next mortgage loan. I deliver on what I say and I will give you honest, up-front personal attention you deserve for your home loan. I have several advantages over the big- mega banks in town. First, I can shop your loan thru different mortgage companies across the country to get you the best deal out there, whereas most banks will offer offer you there one and only deal. I have access to over 15 different mortgage companies to broker your loan thru. My rates and fees are just as good or better than local banks and you will not get lost in the shuffle like most borrowers do at the mega banks; your just not a number at our company, you are a person and we will treat you like one throughout the entire process. Free pre-approvals within 2 hours and get your loan closed within 15 days. Give us a try or let us compare what you have now. Call me locally at 502-905-3708; this is my personal cell phone and I carry it on me at all times. Free credit reports and approvals. Stop by and see my at 107 South Hurstbourne Pky Louisville Ky 40222- or email me at kentuckyloan@gmail.com nmls# 57916
This entry was posted in Current USDA and RHS Guidelines, USDA /Rural Housing Loan Offices in Ky, USDA/RHS Income limits by Ky Counties and tagged , , , , , , , , , . Bookmark the permalink.

3 Responses to Kentucky Single Family Housing Guaranteed Loan Program USDA and Rural Housing Changes 10/1/2011

  1. Louisville Kentucky Mortgage says:
    October 1, 2011 at 2:45 pm

    When are they getting more rural housing funds for kentucky mortgage loans

    Reply

  2. Pingback: Kentucky Guaranteed Rural Housing Loans 2012 Update | Kentucky USDA/RHS Mortgage Loans

  3. Pingback: Kentucky Appraisal and Property Requirements for a USDA Guaranteed Rural Housing Loan in Ky | Kentucky USDA/RHS Mortgage Loans

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