Rural Development (RD) funding, Kentucky Housing Corporation (KHC) will continue to purchase RHS Guaranteed Loans

During the temporary lapse in Rural Development (RD) funding, Kentucky Housing Corporation (KHC) will continue to purchase RHS Guaranteed Loans from Correspondent Lenders.  KHC will also continue to fund and close RHS Guaranteed Loans for Third Party Originators.  KHC will still require an RHS Conditional Commitment on every loan prior to funding or purchasing the closed loan.  Correspondent Lenders should be mindful that when closing a loan using a Conditional Commitment issued “subject to the availability of commitment authority,” they are assuming the risk of loss for the loan until RD obligates funds and a Loan Note Guarantee is issued.

Eligible Cities are Back!A Continuing Resolution has passed allowing RHS to refer back to the 2000 census data for eligible areas.  This will allow the following eight Kentucky cities to remain eligible until January 2014:  Bardstown, Burlington, Elizabethtown, Georgetown, Independence, Nicholasville, Shelbyville, and Shepherdsville.  This is good news as implementation of the 2010 census data has been put on hold again.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

kentuckyloan@gmail.com

 

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