Kentucky USDA and Rural Housing Credit Scores Guidelines

Kentucky USDA No Score Loan Guides

Map of Kentucky highlighting Jefferson County
Map of Kentucky highlighting Jefferson County (Photo credit: Wikipedia)

DTI: 29/41 Maximum no exceptions.
Rent: 12 months 0 x 30 on Rent. 12 months cancelled checks or VOR if institution. Or a four Non Traditional Trade Lines may be substituted with underwriting
approval.
Credit: No delinquent or derogatory past or current credit. Regardless of size or type.
No open collections or judgments (exceptions granted upon review only
and only based on overall profile of the loan).
Job Time: 2 years of consecutive work/education with no gaps.
Alternative Trades: 3 Non Traditional Trades with Rent or 4 Non Traditional Trades with No Rent. 0 x 30 and must have 12 month history on each trade.
Pricing: 3.00 negative adjustment to price.
Miscellaneous: Required to have 2 months bank statements and/or 401k asset Account with 2 month Reserves. FTHB Education is required.
Minimum Loan: $30,000
Residual Incomer per Family/Geographic: Borrowers must have residual income left over after their loan closes, see table below for what is required:
Family Size
1
$450
2
$755
3
909
4
1,025
5
1,062
Over 5 Add $80 for each additional family member up to 7

Kentucky Rural Housing and USDA 620-639 Credit Score Loan Guides:

DTI: 29/41 Maximum no exceptions.
Rent: 12 months 0 x 30 on Rent. 12 months cancelled checks or VOR if institution. Or a four Non Traditional Trade Lines may be substituted with underwriting
approval.
Credit: 3 Trade Lines seasoned for 12 months with high balances of a minimum $500. No delinquency in last 12 months regardless of size or type.
No open collections or judgments (exceptions granted upon review only and only based on overall profile of the loan)
Alternative Trades: May be needed if credit is thin or needed to be strengthened overall credit quality.
May require four non-traditional trades if no Rent History.
Job Time: 2 years of consecutive work/education with no gaps.
Pricing: 1.50 negative adjustments to pricing.
Miscellaneous: Required to have 2 months bank statements and/or 401k asset Account with 2
months reserves.
Minimum Loan: $30,000

Kentucky USDA and Rural Housing Manual Underwrite with GUS Refer Scores >=640:

DTI: 29/41 Maximum no exceptions.
Rent: 12 months 0 x 30 on Rent. 12 months cancelled checks or VOR if institution. OR a four Non Traditional Trade Lines may be substituted with underwriting
Approval if no rent history is available.
Credit: 3 Trade Lines seasoned for 12 months with high balances of a minimum $500.
OR if payment shock <=25% and traditional trade lines cannot be supplied we can accept 3 alternative trade lines with 12 month history and 0 x 30.
No delinquency in last 12 months regardless of size or type on any credit.
No open collections or judgments (exceptions granted upon review only and only based on overall profile of the loan)
Job Time: 2 years of consecutive work/education with no gaps.
Pricing: 2.00 negative adjustments to pricing.
Miscellaneous: Required to have 2 months bank statements and/or 401k asset Account with 2
months reserves. May be waived with strong compensating factors.
Minimum Loan: $30,000

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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