Beginning March 27, 2013, RHS will begin using the 2010 Decennial Census data to determine property and income eligibility for Kentucky properties for USDA and Rural Housing Loans in Kentucky . This means that a borrower in any area which has experienced a significant change in population and/or median income between 2000 and 2010 may lose eligibility for the Kentucky Rural Housing or USDA RHS Loan Program. Loans on hand will be allowed to continue using the 2000 Census data eligibility requirements only if there is a completed loan application (and all the documentation that entails) dated on or before March 26, 2013. Any loan using the 2000 Census data eligibility requirements must close and fund by September 30, 2013.
RHS or Rural Housing / USDA has not yet released a list of the county specific changes that will occur for Kentucky Properties. . We encourage everyone to make their borrowers aware that changes will occur and to try and get applications completed for a Kentucky USDA Property by March 26th for any cases where continued eligibility may be in jeopardy.
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
- Kentucky Housing Loans and Down payment Assistance for 2013 (louisvillekymortgage.net)
- Kentucky USDA Rural Housing Loan Program (kentuckyusdaloan.com)
- 2013 Credit Requirements for A Kentucky Rural Housing RHS Mortgage Loan (kentuckyfirsttimehomebuyer.com)
- The Rural Housing Bubble (mylouisvillekentuckymortgage.com)
- Kentucky Housing first mortgage loans guidelines for 2013 (kentuckyfirsttimehomebuyer.com)
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- 2013 Kentucky FHA Mortgage Changes to Mortgage Insurance (louisvillekymortgage.net)
- Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: USDA/Rural Housing 0 Down (louisvillekentuckyvamortgage.blogspot.com)
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