Kentucky USDA RHS Rural Housing Mortgage Loans

Mortgage Rates Kentucky

Louisville Kentucky Mortgage — Sun, 27 May 2012 13:10:06 +0000

Kentucky USDA Rural Development Mortgage

Louisville Kentucky Mortgage — Sat, 26 May 2012 09:15:09 +0000

Kentucky USDA Rural Development Mortgage Overview

Features	Benefits
Down Payment is not required	Borrowers without savings, or who wish to retain their savings qualify
100% financing	More Americans become homeowners
No reserves are required	Buyers do not need to provide bank statements
Expanded qualifying ratios	Buyers with satisfactory credit may qualify with higher Debt-to-Income ratios to accommodate high cost housing areas, etc
Seller is allowed to pay Buyer’s Closing Cost (ask Kentucky USDA Specialist for details)	Reduces out of pocket costs for Buyers
Low minimum credit score (640 minimum credit score required)	Buyers with non-traditional or no credit histories may qualify
Streamlined processing with 640 credit score	No explanations on credit with 640+ score
Very low monthly PMI	According to a recent Administrative Notice (AN4557) sent out by USDA, starting October 1, 2011 the upfront guarantee fee will be reduced from 3.5% of the loan amount to 2% with the addition of minimal monthly mortgage insuranceon all purchase transactions with the USDA No Money Down Mortgage.On a refinance transactions involving USDA Mortgages, the upfront guarantee fee will remain at 1% of the loan amount but will include the monthly mortgage insurance.
Generous income limits based on 115% US median (not HUD)	Deductions are available for dependents, daycare, elderly households, etc. to assist more individuals and families in qualifying
No maximum purchase price limit	Buyers choose the home that meets their needs and repayment ability
NOT just for first time buyers	All homebuyers are eligible for benefits
Modular Homes may be eligible	Purchases only (Manufactured Homes are NOT Eligible)
Education/training substitute for job tenure	Income history for ratios is waived.
USDA is the lowest payment loan option for buyers wanting a FIXED Rate	No MI, very low 30 YEAR FIXED rates and very easy to qualify

Kentucky Guaranteed Rural Housing Loans

To be eligible, applicants must:

Have an adequate and dependable income;
Be a U.S. Citizen, qualified alien, or be legally admitted to the United States for permanent residence;
Have an adjusted annual household income that does not exceed the moderate income limit established for the area. A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income – such as annual child care expenses and $480 for each minor child – in order to qualify.USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calculating household income.
Have a credit history that indicates a reasonable willingness to meet obligations as they become due;
Have repayment ability based on the following ratios: Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29 percent. Total debt divided by gross monthly income must be equal to, or less than, 41 percent.

A Kentucky USDA Guaranteed Loan is a Government Insured 100% Purchase Loan. These loans are only offered in rural areas.

Why choose a Kentucky USDA Mortgage?

USDA Loans require no down payment.
There are no prepayment penalties for USDA Rural Home Loans.
A USDA Rural Development Loan has low monthly mortgage insurance.
A USDA Rural Development Mortgage is available all rural areas of the country, provided a market exists for the property and the home meets HUD’s minimum property standards.
A USDA Rural Housing Loan can be used to purchase a new or existing one family home in rural areas.
USDA RD Loans are offered at terms of 30 years with a fixed interest rate.

Kentucky USDA Loan FAQ’s

What is Considered a Kentucky Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator for USDA home loans at: http://eligibility.sc.egov.usda.gov.

What is the Maximum Loan Amount for a Kentucky USDA Loan?
There is no maximum loan amount for a USDA rural mortgage. However, it is limited by the appraised value and repayment ability (determined by your household income).

What is the Maximum LTV for a Kentucky USDA Loan?
The maximum USDA rural loan LTV can be up to 100% LTV plus the Agency guarantee fee.

Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs for a Kentucky USDA mortgage.

What is a Kentucky USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA provides the full faith and assurance of the U.S. government that any financial loss resulting from servicing the loan will be reimbursed in full up to an amount not exceeding 90% of the original loan amount. All loss up to an amount not exceeding 35% of the original loan is fully reimbursed. Any loss amount exceeding the 35% is 85% reimbursed. This leaves the lender only 15% exposed on the loss amount above the 35% of original loan. In the majority of cases, the total loss does not exceed 35% of the original loan and the lenders are fully reimbursed. This guarantee provides lenders an expanded level of protection against losses. The quality of this guarantee allows lenders to easily sell the loans on the secondary market.

Kentucky Rural Development Kentucky Guaranteed Housing Zero Down (kentuckyfirsttimehomebuyer.com)
2012 USDA Rural housing loan program Refinance for Kentucky (kentuckyusdaloan.com)
FHA/VA KHC USDA Kentucky Mortgage: (louisvillekentuckymortgagerates.com)
Kentucky Guaranteed Rural Housing Loans 2012 Update (kentuckyusdaloan.wordpress.com)
Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines (kentuckyusdaloan.com)
Louisville Kentucky Down Payment Assistance and Closing Costs (louisvillemortgageguide.com)
Kentucky Zero down Mortgage Loans (kentuckyfirsttimehomebuyer.com)
First Time Home Buyer Louisville Kentucky Mortgage Programs (louisvillekentuckymortgagerates.com)
Louisville Kentucky Mortgage Programs 2011 (louisvillemortgageguide.com)
Obama Administration Announces Pilot Program to Help Rural Borrowers Refinance Mortgages, Get Lower Interest Rates (yubanet.com)
Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA (louisvillekymortgage.net)
Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist (kentuckyfirsttimehomebuyer.com)
DEFERRED STUDENT LOANS AND DEBT RATIO CALCULATIONS Kentucky Rural Housing Loans and USDA Loans in KY (kentuckyfirsttimehomebuyer.com)
USDA Announces HARP-like Program (harp2.com)
The Kentucky Guaranteed Rural Housing (GRH) Loan Program (kentuckyusdaloan.com)
Section 502 USDA Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky Mortgages (kentuckyusdaloan.com)
FHA Loan Qualifying Summary (kentuckyfirsttimehomebuyer.com)
HARP 2.0 Refinance Guidelines for Kentucky Mortgages (kentuckyfirsttimehomebuyer.com)
USDA has a new “streamline” refi program – better than HARP for USDA Refi’s. (embracehomeloans.wordpress.com)
MHA’s Home Affordable USDA Rural Development / Special Loan Servicing Program Explained (boldrealestategroup.wordpress.com)
Louisville Kentucky mortgage rates (kentuckyusdaloan.com)
Louisville Kentucky mortgage rates (kentuckyvaloan.com)
Mortgage Insurance Rates Increasing on Louisville Kentucky FHA Loans (louisvillemortgageguide.com)
Kentucky Rural Housing USDA Guidelines 2011 (kentuckyusdaloan.com)
Mortgage Insurance Rates Increasing on FHA Loans (kentuckyfirsttimehomebuyer.com)
>kentucky Usda, Rural Development Guidelines 2011 (louisvillekentuckymortgagerates.com)
Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Louisville, Kentucky First Time Home Buyer Program… (mylouisvillekentuckymortgage.com)
HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans (mylouisvillekentuckymortgage.com)
Mortgage Rates Louisville, Kentucky (mylouisvillekentuckymortgage.com)
Louisville KY Mortgage Information | Louisville Kentucky Home Loans | Refinance Louisville (mylouisvillekentuckymortgage.com)
Rural Housing and USDA Loans in Kentucky (kentuckyusdaloan.com)

MORTGAGE LOAN PAYOFFS FOR USDA RURAL DEVELOPMENT DIRECT HOUSING LOANS IN KENTUCKY

Louisville Kentucky Mortgage — Thu, 24 May 2012 13:43:21 +0000

MORTGAGE LOAN PAYOFFS FOR USDA RURAL DEVELOPMEN T DIRECT HOUSING LOANS IN KENTUCKY

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USDA DIRECT LOAN PAYOFFS FOR KENTUCKY USDA MORTGAGES

MORTGAGE LOAN PAYOFFS

FOR USDA RURAL DEVELOPMENT DIRECT HOUSING LOANS

Understand that most RD loans have a “Subsidy Recapture” feature.

What is this? After a loan is closed, the subsidized portion of a borrower’s monthly payment will accrue as a separate account. The Government pays this subsidy each month to help very low and low income households

afford to own a home. This account is subject to being repaid or “recaptured” at the time a borrower

sells or transfers the property to another owner, no longer occupy the property, or pays the loan in full.

The maximum amount of recapture due will be the lesser of the amount of subsidy received or up to

50 percent of the Adjusted Value Appreciation in the property.

The Value Appreciation is based on appraised value and/or sales price at time of sale, refinance, or when the principal and interest balances are paid in full. This value excludes any of the borrower’s original equity or any value that resulted from eligible Capital Improvements that were made by the borrower. Borrowers who

refinance their Rural Development loan and want to pay off the principal and interest balance, have the

option to defer the final amount of Recapture due, or pay it off at closing. (See section below“Deferring

Payment of Recapture Due”).

Understanding your need for getting a payoff.

There are different options provided by our Centralized Service Center (CSC) for payoffs. These are:

􀂾 The Principal and Interest Payoff (P & I) is based on the anticipated principal, interest and

fee balance (if any fees have been added) for the requested date. This form of payoff is used

when the borrower’s account is not subject to recapture or if the borrower is only concerned

with the principal and interest balances due on their loan(s). As a note, all RD Section 504

repair loans are not subject to any recapture due.

􀂾 The Maximum Payoff statement indicates the Maximum amount the borrower may be

required to pay as of a requested date. It includes 100% of all Subsidy Recapture funds

including Principal and Interest and any fees that are due. This statement advises borrowers to

submit additional information to CSC so that Subsidy Recapture can be properly calculated for a

Final Payoff statement.

􀂾 The Estimated payoff is an estimated figure only. The Agency offers an automated Voice

Response Unit (VRU) by calling our toll-free number (1-800-414-1226). It provides an accurate

P&I balance and an estimated Subsidy Recapture amount based on a hypothetical sales price or

appraised value. Please follow the directions (below) for an “Estimated Payoff”.

􀂾 The Final Payoff statement is based on the account balance on the requested payoff date, and

the actual Subsidy Recapture Amount due is calculated based on the final documentation

provided by the borrower/settlement agent. This statement indicates the actual amount the

borrower will be required to pay at loan closing.

“USDA is an equal opportunity provider, employer and lender.”

To file

Getting the Estimated Payoff — (Recommended but not required).

Please note: This is an Estimated Figure AND CANNOT BE USED TO PAYOFF AN ACCOUNT. It

is calculated as of the date of your call. The Subsidy Recapture amount does not include any

value deductions for Capital Improvements.

CALL: 1-800-414-1226 (This is an automated Voice Response Unit (VRU).

You will need the customer’s loan number and the last 4 digits of their Social Security Number

Choose: 1 Touchtone – Then: 1 English Speaking – Then: 2 Payoff Information

Then: You will be asked to input the customer’s loan number and the last four digits

of their Social Security Number. Stay on the line and listen to the entire

explanation of the different types of payoff figures.

Then: Go to Calculated Payoff, “Estimated Loan Balance” – Choice Number 2. You will be

asked to input the Estimated Market Value and the Estimated Closing Costs in

whole dollars.

Getting a Final Payoff—applies to all transactions (ex. sale, refinance, pay in full)

1. A copy of the Residential Appraisal Report and/or a copy of the Signed Contract.

2. A copy of the Estimated Settlement Statement. A Good Faith Estimate from the lending

institution is

3. The Date of the Payoff. Funds are to be received at Rural Development on this date.

4. The reason for paying off the loan: selling, refinancing, pay in full, and paying the recapture, or

refinancing and deferring the Recapture (Subordination).

5. Capital Improvements that the borrower has made to the property can help to reduce the

amount of subsidy that is subject to recapture. If a borrower has made any improvements to the

property, he/she should request that the appraiser provide an addendum to the

appraisal to indicate the value of the improvements. Capital Improvements are additions that

add value to the property above and beyond repairs that maintain the property. General

maintenance to keep the property in good condition is not considered a Capital Improvement.

Examples of Capital Improvements that do not qualify: yard maintenance, painting,

wallpapering, floor coverings, roofing, siding, wells, septic systems, appliances, furnaces or

water heaters. The value of a Capital Improvement must be determined by an appraiser, based

on the increase in the property’s value because of the improvement. The cost of making the

Capital Improvement is not considered when making this assessment, only the value that the

Capital Improvements have added to the property. A copy of the original appraisal can be

requested by the borrower(s) to assist the appraiser in Capital Improvement Determinations.

6. Borrowers who refinance or wish to pay off their loan(s) and subsidy recapture in full

and remain in the property will receive a 25 percent discount on the recapture amount if it is

included in the final payment. Please be aware that the 25 percent discount only applies if the

borrower refinances the loan, or pays the loan in full and continues to occupy and retain title to

the property.

7. Borrower(s) can defer recapture and pay it off later. A mortgage discharge

Borrower(s) can defer recapture and pay it off later. A mortgage discharge is not provided,

however, the Agency can subordinate it’s lien to another lender for the new loan (see below).

8. For unpaid or deferred subsidy, the borrower will establish a “Subsidy Receivable” account

with the Agency which will not be due and payable until the borrower transfers title or

vacates the property. The borrower cannot obtain the 25 percent discount if they voluntarily

decide to pay off the balance at a later date. The “Subsidy Receivable” account will not accrue

any interest or fees.

Deferring Payment of Recapture due.

When a borrower initially refinances their RD loan(s), they have the option to defer their Recapture

payment, or pay it in full. As mentioned above and under current rules, if it is paid in full they will

receive a 25% discount in the amount of recapture owed. A Loan Subordination of the RD debt to

allow another lender to make a loan can be requested by a borrower who wishes to refinance their

Rural Development loan and payoff the principal, interest, and fees (if any) and defer the Subsidy

Recapture Amount. The borrower can receive no “cash out” or consolidate additional debt (including

other liens against the property). Modest real estate improvements may be considered as long as the

Loan to Value for the new loan and the Recapture Receivable Amount are at or below 100% of the

Current “as improved” Market Value of the property. Requests can include reasonable closing costs.

A Subordination Package for refinancing and/or making improvements to the property must be

completed and returned to the Agency for review.

The following must also be included:

􀂾 If Improvements are being done, a Contractor’s Bid must be provided to the agency for

review prior to approval.

􀂾 A signed, dated authorization from the borrower(s) waiving the 25 Percent Recapture

Discount in lieu of a Subordination must be provided to Rural Development. This form is

included in the Subordination Package.

􀂾 A copy of a recent Uniform Residential Appraisal Report (Pages 1 and 2).

􀂾 A copy of the Estimated Settlement Statement from either a lender or a closing

agency. A Good Faith Estimate is acceptable if it includes the proposed loan

amount.

If this account is a previously established Recapture Receivable Account, we will also need

a Principal and Interest payoff on the first mortgage.

After the Subordination has been approved and prior to the issuance of the Subordination, the

proposed lienholder must complete Form RD 1927-8, Agreement with Prior Lienholder, which

requires the proposed lienholder to provide at least 30 written days notice to Rural Development,

before any foreclosure actions on the proposed lien are initiated. This form is also included in the

Subordination Package.

TO COMPLETE A FINAL PAYOFF FOR

TO COMPLETE A FINAL PAYOFF FOR THE USDA/RURAL DEVELOPMENT

Date: _____________

Company:______________________________

Fax Number___________________

Attention: ____________________

Your payoff request for borrower(s):_____________________________

Account Number(s)______________________ Phone Number:____________

FOR SALES, PLEASE FAX THE FOLLOWING DOCUMENTS: THE ACCOUNT NUMBER MUST BE

WRITTEN ON EACH PAGE:

• Sales Contract that includes the sales price (establishing market value) and signatures of both

buyer and seller AND/OR Pages 1 and 2 of the Uniform Residential Appraisal Report (with 1st page

as property description, 2nd page to include comparison approach, the estimated market value and

the appraiser’s signature. The appraisal must be less than one year old).

• Estimated Settlement Statement detailing our borrower’s (the sellers) closing costs. THIS MUST BE

COMPLETED BY THE SETTLEMENT/ESCROW AGENT. AN ESTIMATE FROM A REAL ESTATE AGENT IS

NOT ACCEPTABLE.

• Authorization to release information signed by the borrower(s). If the request is from a lender or its

agent, Social Security Number(s) and Account Number(s) are acceptable.

• Effective date of payoff requested.

When the above documentation is received together as a package, a Final Payoff will be

calculated. If you are notified by the Centralized Servicing Center (CSC) that additional

information is needed to calculate the payoff, please fax the entire package together again.

Also, please be sure that the account number is written on every piece of paper. This will

expedite your payoff request.

To complete a Final Payoff Statement: PLEASE FAX ALL REQUIRED DOCUMENTATION

TOGETHER AS A PACKAGE TO: 314-457-4433.

For Questions, you may call the Customer Service Department Toll Free at 1-800-414-1226

or TDD (hearing impaired only 1-800-438-1832) 7:00 a.m. to 5:00 p.m. Monday – Friday,

Central Time.

“USDA is an equal opportunity provider, employer and lender.”

To file a complaint of discrimination write USDA, Office of Civil Rights, Programs, 300 7th Street SW, Room 400 (Stop 9430),

Washington, DC 20024 or call (866)632-9992 (Voice), (202) 401-0216 (TDD/TTY Hearing Impaired Only) or (202)720-8046 (FAX

Joel Lobb NMLS# 57916

Key Financial Mortgage NMLS# 1800

502-905-3708 ph#

502-813-2795 Fax#

107 South Hurstbourne Parkway

Louisville Ky 40222

>kentucky Usda, Rural Development Guidelines 2011 (louisvillekentuckymortgagerates.com)
The Kentucky Guaranteed Rural Housing (GRH) Loan Program (kentuckyusdaloan.com)
HUD Homeownership Center Reference Guide Refinances (louisvillemortgageguide.com)
Kentucky Rural Housing USDA Guidelines 2011 (kentuckyusdaloan.com)
Section 502 USDA Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky Mortgages (kentuckyusdaloan.com)
HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans (louisvillekymortgage.net)
MHA’s Home Affordable USDA Rural Development / Special Loan Servicing Program Explained (boldrealestategroup.wordpress.com)
Rural Housing and USDA Loans in Kentucky (kentuckyusdaloan.com)
Home Affordability (bestfloridamortgage.wordpress.com)
USDA Announces HARP-like Program (harp2.com)

Rural Housing and USDA Loans in Kentucky

Louisville Kentucky Mortgage — Mon, 14 May 2012 13:24:19 +0000

Rural Housing and USDA Loans in Kentucky

When searching for home loan options in the Kentucky , you do not want to overlook the possibility of a USDA and Rural Home Loans . Designed to help encourage economic growth throughout the state of Kentucky, a USDA Loan is a great alternative to a traditional home loan. With no down payment required andflexible credit guidelines, a government backed USDA Loan can help your dream of homeownership become a reality in Kentucky.

100% Financing Up to the Appraised Value
New and Existing Homes are Eligible
No Maximum Loan Amount
Low Fixed Interest Rates
Minimum 640 score and 3 years removed from Bankruptcy and Foreclousre
Maximum Income Limits Per Kentucky Household
Low mortgage insurance on USDA loans in Kentucky
Seller can pay all closing costs and prepaids
No Termite report or Home Inspection Needed
Low 30 year fixed Rates on Kentucky Home Loans

Kentucky Areas that Qualify for a USDA Loan

While USDA Loans are limited to rural areas, you will probably be surprised at the selection of qualifying areas. Rural does not have to mean farm country, and so a number of areas that that are located right next to major cities do qualify.

In general terms, eligible USDA homes are limited to areas that are not within city limits and have less than 20,000 residents. However, you should never assume that your Kentucky home does not qualify. Even if the property you are considering is close to Lexington or Louisville, it may still qualify. So seek out the guidance of the USDA Loan Agency. Fill out the Application on this page, or call one of our certified USDA loan agents at1-502=905=3708 or email kentuckyloan@gmail.com and find out if you’re eligible.

Kentucky’s USDA Loan Income Limits by County

Some of the eligibility restrictions that determine if you qualify for a USDA include the county and zip code the home resides in, as well as, your past credit history and number of dependents.

In addition, because they are designed for families with moderate to lower incomes, the income of homebuyers looking into a Kentucky USDA Home Loan cannot exceed their county’s set limit:

Kentucky USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2009

County Name		1-4 Person Households (Guaranteed Loans)	5-8 Person Households (Guaranteed Loans)
NON-METRO	ADAIR	$73,600	$97,150
NON-METRO	ALLEN	$73,600	$97,150
FRANKFORT, KY (MICRO)	ANDERSON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	BALLARD	$73,600	$97,150
GLASGOW, KY (MICRO)	BARREN	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	BATH	$73,600	$97,150
MIDDLESBOROUGH, KY (MICRO)	BELL	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BOONE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	BOURBON	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	BOYD	$73,600	$97,150
DANVILLE, KY (MICRO)	BOYLE	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BRACKEN	$73,600	$97,150
NON-METRO	BREATHITT	$73,600	$97,150
NON-METRO	BRECKINRIDGE	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	BULLITT	$73,600	$97,150
NON-METRO	BUTLER	$73,600	$97,150
NON-METRO	CALDWELL	$73,600	$97,150
MURRAY, KY (MICRO)	CALLOWAY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	CAMPBELL	$73,600	$97,150
NON-METRO	CARLISLE	$73,600	$97,150
NON-METRO	CARROLL	$73,600	$97,150
NON-METRO	CARTER	$73,600	$97,150
NON-METRO	CASEY	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	CHRISTIAN	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	CLARK	$73,600	$97,150
NON-METRO	CLAY	$73,600	$97,150
NON-METRO	CLINTON	$73,600	$97,150
NON-METRO	CRITTENDEN	$73,600	$97,150
NON-METRO	CUMBERLAND	$73,600	$97,150
OWENSBORO, KY (MSA)	DAVIESS	$73,600	$97,150
BOWLING GREEN, KY (MSA)	EDMONSON	$73,600	$97,150
NON-METRO	ELLIOTT	$73,600	$97,150
NON-METRO	ESTILL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	FAYETTE	$73,600	$97,150
NON-METRO	FLEMING	$73,600	$97,150
NON-METRO	FLOYD	$73,600	$97,150
FRANKFORT, KY (MICRO)	FRANKLIN	$73,600	$97,150
UNION CITY, TN-KY (MICRO)	FULTON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GALLATIN	$73,600	$97,150
NON-METRO	GARRARD	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GRANT	$73,600	$97,150
MAYFIELD, KY (MICRO)	GRAVES	$73,600	$97,150
NON-METRO	GRAYSON	$73,600	$97,150
NON-METRO	GREEN	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	GREENUP	$73,600	$97,150
OWENSBORO, KY (MSA)	HANCOCK	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	HARDIN	$73,600	$97,150
NON-METRO	HARLAN	$73,600	$97,150
NON-METRO	HARRISON	$73,600	$97,150
NON-METRO	HART	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	HENDERSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	HENRY	$73,600	$97,150
NON-METRO	HICKMAN	$73,600	$97,150
MADISONVILLE, KY (MICRO)	HOPKINS	$73,600	$97,150
NON-METRO	JACKSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	JEFFERSON	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	JESSAMINE	$73,600	$97,150
NON-METRO	JOHNSON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	KENTON	$73,600	$97,150
NON-METRO	KNOTT	$73,600	$97,150
NON-METRO	KNOX	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	LARUE	$73,600	$97,150
LONDON, KY (MICRO)	LAUREL	$73,600	$97,150
NON-METRO	LAWRENCE	$73,600	$97,150
NON-METRO	LEE	$73,600	$97,150
NON-METRO	LESLIE	$73,600	$97,150
NON-METRO	LETCHER	$73,600	$97,150
MAYSVILLE, KY (MICRO)	LEWIS	$73,600	$97,150
DANVILLE, KY (MICRO)	LINCOLN	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	LIVINGSTON	$73,600	$97,150
NON-METRO	LOGAN	$73,600	$97,150
NON-METRO	LYON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	MADISON	$73,600	$97,150
NON-METRO	MAGOFFIN	$73,600	$97,150
NON-METRO	MARION	$73,600	$97,150
NON-METRO	MARSHALL	$73,600	$97,150
NON-METRO	MARTIN	$73,600	$97,150
MAYSVILLE, KY (MICRO)	MASON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	MCCRACKEN	$73,600	$97,150
NON-METRO	MCCREARY	$73,600	$97,150
OWENSBORO, KY (MSA)	MCLEAN	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	MEADE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MENIFEE	$73,600	$97,150
NON-METRO	MERCER	$73,600	$97,150
GLASGOW, KY (MICRO)	METCALFE	$73,600	$97,150
NON-METRO	MONROE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MONTGOMERY	$73,600	$97,150
NON-METRO	MORGAN	$73,600	$97,150
CENTRAL CITY, KY (MICRO)	MUHLENBERG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	NELSON	$73,600	$97,150
NON-METRO	NICHOLAS	$73,600	$97,150
NON-METRO	OHIO	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	OLDHAM	$73,600	$97,150
NON-METRO	OWEN	$73,600	$97,150
NON-METRO	OWSLEY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	PENDLETON	$73,600	$97,150
NON-METRO	PERRY	$73,600	$97,150
NON-METRO	PIKE	$73,600	$97,150
NON-METRO	POWELL	$73,600	$97,150
SOMERSET, KY (MICRO)	PULASKI	$73,600	$97,150
NON-METRO	ROBERTSON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	ROCKCASTLE	$73,600	$97,150
NON-METRO	ROWAN	$73,600	$97,150
NON-METRO	RUSSELL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	SCOTT	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SHELBY	$73,600	$97,150
NON-METRO	SIMPSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SPENCER	$73,600	$97,150
CAMPBELLSVILLE, KY (MICRO)	TAYLOR	$73,600	$97,150
NON-METRO	TODD	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	TRIGG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	TRIMBLE	$73,600	$97,150
NON-METRO	UNION	$73,600	$97,150
BOWLING GREEN, KY (MSA)	WARREN	$73,600	$97,150
NON-METRO	WASHINGTON	$73,600	$97,150
NON-METRO	WAYNE	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	WEBSTER	$73,600	$97,150
CORBIN, KY (MICRO)	WHITLEY	$73,600	$97,150
NON-METRO	WOLFE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	WOODFORD	$73,600	$97,150

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

http://mylouisvillekentuckymortgage.com

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Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines

Louisville Kentucky Mortgage — Thu, 12 Apr 2012 04:03:02 +0000

: 502-905-3708-Free Same Day Loan Approvals–

Kentucky Mortgage USDA Loan Requirements

What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:

Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 640 or above is required for all loans
Your overall pattern rather than to individual problems you may have had.

To be eligible for an Kentucky USDA Mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 640 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at below Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentuck USDA Loan application

What are the USDA Down Payment Requirements?
USDA Mortgages have no down payment requirement. Other loan programs don’t allow this.

What types of property are eligible?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

What is the maximum amount that I can borrow?
The maximum amount for an Kentucky USDA Mortgage Loans are determined by:

Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.

What kinds of loans does USDA offer?

Fixed rate loans - All Rural Housing and USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.

What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.

Kentucky USDA Loans

What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison,

What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Homeo Loans available in Kentucky for single family households:

USDA Guaranteed Rural Housing Loans
USDA Guaranteed Kentucky USDA Mortgage are the most common type of USDA loanin Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans approval . You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Kentucky USDA Mortgageamount is 102% of the appraised value of the home (100% plus the 2% USDA Kentucky USDA Mortgage RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?
USDA Kentucky USDA Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?
While USDA mortgage guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
Additional offers from other lenders.

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA

Kentucky USDA Loan Adjusted Maximum Income Limits by County\\\\\\\\\

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans
Updated 05/01/2009

County Name		1-4 Person Households (Guaranteed Loans)	5-8 Person Households (Guaranteed Loans)
NON-METRO	ADAIR	$73,600	$97,150
NON-METRO	ALLEN	$73,600	$97,150
FRANKFORT, KY (MICRO)	ANDERSON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	BALLARD	$73,600	$97,150
GLASGOW, KY (MICRO)	BARREN	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	BATH	$73,600	$97,150
MIDDLESBOROUGH, KY (MICRO)	BELL	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BOONE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	BOURBON	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	BOYD	$73,600	$97,150
DANVILLE, KY (MICRO)	BOYLE	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BRACKEN	$73,600	$97,150
NON-METRO	BREATHITT	$73,600	$97,150
NON-METRO	BRECKINRIDGE	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	BULLITT	$73,600	$97,150
NON-METRO	BUTLER	$73,600	$97,150
NON-METRO	CALDWELL	$73,600	$97,150
MURRAY, KY (MICRO)	CALLOWAY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	CAMPBELL	$73,600	$97,150
NON-METRO	CARLISLE	$73,600	$97,150
NON-METRO	CARROLL	$73,600	$97,150
NON-METRO	CARTER	$73,600	$97,150
NON-METRO	CASEY	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	CHRISTIAN	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	CLARK	$73,600	$97,150
NON-METRO	CLAY	$73,600	$97,150
NON-METRO	CLINTON	$73,600	$97,150
NON-METRO	CRITTENDEN	$73,600	$97,150
NON-METRO	CUMBERLAND	$73,600	$97,150
OWENSBORO, KY (MSA)	DAVIESS	$73,600	$97,150
BOWLING GREEN, KY (MSA)	EDMONSON	$73,600	$97,150
NON-METRO	ELLIOTT	$73,600	$97,150
NON-METRO	ESTILL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	FAYETTE	$73,600	$97,150
NON-METRO	FLEMING	$73,600	$97,150
NON-METRO	FLOYD	$73,600	$97,150
FRANKFORT, KY (MICRO)	FRANKLIN	$73,600	$97,150
UNION CITY, TN-KY (MICRO)	FULTON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GALLATIN	$73,600	$97,150
NON-METRO	GARRARD	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GRANT	$73,600	$97,150
MAYFIELD, KY (MICRO)	GRAVES	$73,600	$97,150
NON-METRO	GRAYSON	$73,600	$97,150
NON-METRO	GREEN	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	GREENUP	$73,600	$97,150
OWENSBORO, KY (MSA)	HANCOCK	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	HARDIN	$73,600	$97,150
NON-METRO	HARLAN	$73,600	$97,150
NON-METRO	HARRISON	$73,600	$97,150
NON-METRO	HART	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	HENDERSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	HENRY	$73,600	$97,150
NON-METRO	HICKMAN	$73,600	$97,150
MADISONVILLE, KY (MICRO)	HOPKINS	$73,600	$97,150
NON-METRO	JACKSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	JEFFERSON	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	JESSAMINE	$73,600	$97,150
NON-METRO	JOHNSON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	KENTON	$73,600	$97,150
NON-METRO	KNOTT	$73,600	$97,150
NON-METRO	KNOX	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	LARUE	$73,600	$97,150
LONDON, KY (MICRO)	LAUREL	$73,600	$97,150
NON-METRO	LAWRENCE	$73,600	$97,150
NON-METRO	LEE	$73,600	$97,150
NON-METRO	LESLIE	$73,600	$97,150
NON-METRO	LETCHER	$73,600	$97,150
MAYSVILLE, KY (MICRO)	LEWIS	$73,600	$97,150
DANVILLE, KY (MICRO)	LINCOLN	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	LIVINGSTON	$73,600	$97,150
NON-METRO	LOGAN	$73,600	$97,150
NON-METRO	LYON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	MADISON	$73,600	$97,150
NON-METRO	MAGOFFIN	$73,600	$97,150
NON-METRO	MARION	$73,600	$97,150
NON-METRO	MARSHALL	$73,600	$97,150
NON-METRO	MARTIN	$73,600	$97,150
MAYSVILLE, KY (MICRO)	MASON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	MCCRACKEN	$73,600	$97,150
NON-METRO	MCCREARY	$73,600	$97,150
OWENSBORO, KY (MSA)	MCLEAN	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	MEADE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MENIFEE	$73,600	$97,150
NON-METRO	MERCER	$73,600	$97,150
GLASGOW, KY (MICRO)	METCALFE	$73,600	$97,150
NON-METRO	MONROE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MONTGOMERY	$73,600	$97,150
NON-METRO	MORGAN	$73,600	$97,150
CENTRAL CITY, KY (MICRO)	MUHLENBERG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	NELSON	$73,600	$97,150
NON-METRO	NICHOLAS	$73,600	$97,150
NON-METRO	OHIO	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	OLDHAM	$73,600	$97,150
NON-METRO	OWEN	$73,600	$97,150
NON-METRO	OWSLEY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	PENDLETON	$73,600	$97,150
NON-METRO	PERRY	$73,600	$97,150
NON-METRO	PIKE	$73,600	$97,150
NON-METRO	POWELL	$73,600	$97,150
SOMERSET, KY (MICRO)	PULASKI	$73,600	$97,150
NON-METRO	ROBERTSON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	ROCKCASTLE	$73,600	$97,150
NON-METRO	ROWAN	$73,600	$97,150
NON-METRO	RUSSELL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	SCOTT	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SHELBY	$73,600	$97,150
NON-METRO	SIMPSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SPENCER	$73,600	$97,150
CAMPBELLSVILLE, KY (MICRO)	TAYLOR	$73,600	$97,150
NON-METRO	TODD	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	TRIGG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	TRIMBLE	$73,600	$97,150
NON-METRO	UNION	$73,600	$97,150
BOWLING GREEN, KY (MSA)	WARREN	$73,600	$97,150
NON-METRO	WASHINGTON	$73,600	$97,150
NON-METRO	WAYNE	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	WEBSTER	$73,600	$97,150
CORBIN, KY (MICRO)	WHITLEY	$73,600	$97,150
NON-METRO	WOLFE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	WOODFORD	$73,600	$97,150

Why choose a USDA Mortgage?

The loans require no down payment.
There are no prepayment penalties for USDA Kentucky USDA Mortgage Rural Home Loans
A USDA Kentucky USDA Mortgage Rural Housing has no monthly mortgage insurance.
A USDA Kentucky USDA Mortgage Rural Housing is available all rural areas of the country, provided a market exists for the property and the home meets HUD’s minimum property standards.
A USDA Kentucky USDA Mortgage Rural Housing Loan can be used to purchase a new or existing one family home in rural areas.
USDA RD LOANS are offered at terms of 30 years with a fixed interest rate.

USDA Loan FAQ’s

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

What is the Maximum LTV for a USDA Loan?
The maximum USDA rural loan LTV can be up to 100% LTV plus the Agency guarantee fee.

Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs for a Kentucky USDA Mortgage

What is a USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA provides the full faith and assurance of the U.S. government that any financial loss resulting from servicing the loan will be reimbursed in full up to an amount not exceeding 90% of the original loan amount. All loss up to an amount not exceeding 35% of the original loan is fully reimbursed. Any loss amount exceeding the 35% is 85% reimbursed. This leaves the lender only 15% exposed on the loss amount above the 35% of original loan. In the majority of cases, the total loss does not exceed 35% of the original loan and the lenders are fully reimbursed. This guarantee provides lenders an expanded level of protection against losses. The quality of this guarantee allows lenders to easily sell the loans on the secondary market.

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

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Louisville Kentucky mortgage rates

Louisville Kentucky Mortgage — Sun, 01 Apr 2012 21:54:53 +0000

Categories: 2011Louisville and Jefferson County Kentucky Real Estate/Home Info Links, Appraisals, Credit Score First Time Home Buyer Louisville Kentucky KHC, Credit Scores, Deliquencies, FHA Mortgage Guide, fico credit score, HomePath, Kentucky Mortgage Rates FHA VA KHC, Louisville Ky FHA Loans, Rates, Refinance of Mortgage, USDA/Rural housing, VA loansTags: Credit score, current louisville mortgage rates, Fannie Mae, Federal Housing Administration, Free Credit Report, interest rates, Kentucky, Kentucky Housing Corporation, kentucky rates mortgage, louisville, Louisville Kentucky, louisville rates, Mortgage, Mortgage broker, mortgage interest, Mortgage loan, Mortgages, Refinancing, Rural housing, United States Department of Agriculture

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via Louisville Kentucky mortgage rates.

Kentucky Rural Housing USDA Guidelines 2011

Louisville Kentucky Mortgage — Thu, 29 Mar 2012 14:07:50 +0000

Categories: First Time home Buyer PRgoams, Home Buying And Down Payment Assistance Programs In Kentucky, Kentucky Rural Housing USDA Guidelines 2011, Kentucky USDA Loan Adjusted Maximum Income Limits by County, Kentucky USDA Loans, Kentucky USDA/Rural Housing Areas, rhs loans kentucky, Rural Housing Loans No Money Down ProgramTags: Federal Housing Administration, Government, Kentucky Rural Housing USDA Guidelines 2011, kentucky usda lenders, KHC’s (Kentucky Housing ) First Mortgage Government, Loan, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage loan, United States Department of Housing and Urban Development, Zero down home loans

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The Kentucky Guaranteed Rural Housing (GRH) Loan Program

Louisville Kentucky Mortgage — Wed, 07 Mar 2012 16:24:52 +0000

The Kentucky Guaranteed Rural Housing (GRH) Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that is designated as rural by Rural Development.

Kentucky USDA Loan Benefits

No Down Payment Required. Borrowers can finance up to 100% of the appraised home value or a borrower can have a gift or grant go toward a down payment with no money out of pocket.
Competitive 30 year fixed interest rates.
Flexible credit guidelines.
No maximum purchase limit. The USDA Rural Development program has no maximum purchase price limit.

Who Is Eligible?

Individuals or families who plan to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan.

An applicant for the KentuckyUSDA mortgage guarantee loan must provide sufficient income verification and a credit history that indicates an ability and willingness to meet repayment obligations.

An individual or family must show proper legal capacity to own property in the U.S.A., own no home or dwelling currently, and have insufficient resources to qualify for a conventional home mortgage.

Under the GRH Loan Program, housing must be modest in size, design, and cost. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards. To verify eligibility for a GRH Loan, property eligibility and income eligibility must be obtained.

	Property Eligibility		Income Eligibility
			Income Limits*
	Form 1980-21 (Writeable format)		GRH – Guarantee Fee Calculator
	GRH overview presentation by Rural Development * *Note: Some guidelines may have changed since the production of this presentation.

Kentucky USDA and Rural Housing Apply below by clicking link.

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NMLS# 57916

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Louisville Kentucky Mortgage — Mon, 27 Feb 2012 23:49:20 +0000

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Section 502 USDA Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky Mortgages

Louisville Kentucky Mortgage — Wed, 22 Feb 2012 19:19:06 +0000

Section 502 Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky:

Brief Pilot Description: The Rural Refinance Pilot is available to eligible borrowers who qualify to refinance their current USDA mortgage loans. Under the Rural Refinance Pilot program, a lender does not need to submit a new credit report, new appraisal, any HUD Handbook minimum property determinations, or any additional property inspections. Eligible “Hardest Hit” States: The following states may participate in the Rural Refinance Pilot: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, and Tennessee. Additional States are not eligible at this time.

Eligible Borrowers: Current Section 502 Direct or Guaranteed Loan borrowers must:

1. Meet current income eligibility requirements;

2. Reside in an eligible rural area or an area that was eligible at the time of the original loan closing; and

3. Have made timely mortgage payments for the 12-month period prior to the refinance. Overview of Rural Refinance Pilot Guidelines: 1. The existing loan must be a Section 502 Direct or Guaranteed loan. 2. The new interest rate must be a fixed rate 100 basis points below the current interest rate. 3. The new term of the refinance loan may not exceed thirty years from the date of closing

. 4. A Rural Refinance Pilot loan may only include the principal balance of the loan plus a portion of or the full upfront guarantee fee. The applicable upfront refinance guarantee fee is 1.5 percent. No cash out is permitted to the borrower. Accrued interest, closing costs, lender fees, and late fees are not eligible to be part of the refinance loan.

5. An annual fee also applies. For FY 2012 the applicable annual fee is .3 percent.

6. A new appraisal, new credit report, HUD Handbook determination and additional property inspections are not required. The original appraisal amount may be used from Guaranteed Loan System to process the loan.

7. Ratio calculations are not required. Therefore debt ratio waiver requests will not be necessary.

8. Rural Refinance Pilot loans must be manually underwritten. They cannot be processed through the Guaranteed Underwriting System.

9. Customary and reasonable closing costs and other fees may be collected from the borrower by the lender. Such charges may not exceed the cost paid by the lender or charged to the lender by the service provider. An origination fee of up to one percent of the total loan amount may be charged to the borrower.

10. All the following documentation is required: a. Form RD 1980-21 “Request for Single Family Housing Loan Guarantee”. b. Income verifications for all adult household members. c. Uniform Residential Loan Application. d. Evidence of qualified alien status, if applicable. e. FEMA Form 81-93 “Standard Flood Hazard Determination.” Appropriate flood insurance must be obtained if the property is in a flood zone at the time of the new loan closing, even if the area was not in a flood zone at the time of the original loan closing. A flood elevation survey is not required. f. Evidence of previous 12 month mortgage payment history. The lender must secure evidence to document the borrower(s) has paid the loan on time for the previous 12 months. The lender may utilize a Verification of Mortgage obtained from or provided directly by the loan servicer that lists the payment history for each of the previous 12 months. As an alternative, the lender may submit a credit report which reflects a satisfactory mortgage payment history over the past 12 months. If the lender submits a credit report to Rural Development as proof of payment history, only the payment history of the current mortgage will be considered. Credit waivers or explanations for adverse credit that may be present on the report are not required.

11. All additional requirements of RD Instruction 1980-D and applicable Administrative Notices continue to apply. Rural Development Responsibilities: 1. Request funding for the refinance if necessary by sending an email request to: sfhgld@wdc.usda.gov. Please include the State and the amount of funding needed. 2. Retrieve original appraisal amounts in GLS when processing Rural Refinance Pilot transactions. 3. Review the previous 12-month mortgage payment history. If a credit report is submitted, only review the 12-month mortgage payment history. If the mortgage account is currently delinquent or has been reported delinquent in the previous 12 months, the borrower is not eligible. Agency staff should use the “Borrower ID” with GLS Report “GLSST01: Status of a GRH Loan Account” to ensure the loan is currently active and not in default. 4. Enter 0 in the “FICO Score” data field when processing a Rural Refinance Pilot application. 5. Enter the repayment income calculation in GLS, but do not include any “Additional Liabilities” amounts.

In the event the new mortgage payment results in ratios above 29 and/or 41 percent, check the box that indicates a debt ratio waiver has been issued by the Agency. 6. In the “Agency Notes” section of the GLS Application screen enter “Rural Refinance Pilot Loan.” This will identify the loan as part of this pilot in the event of a loan review. 7.

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