Kentucky USDA Mortgage holders should look to Streamline Refinance for Customers wanting to lower their payments and reduce their mortgage insurance
Net Tangible Benefit The new principal, interest, taxes, and insurance (PITI) must have at least a $50 reduction compared to the existing PITI. The reduction ($50) must be
Term The new term must be 30 years only.
Adding/Removing Borrowers Borrowers may be added, but not removed (unless deceased) from the current loan.
Maximum Mortgage Amount The mortgage amount may include the principal balance plus a portion or the full amount of the applicable upfront guarantee fee, accrued interest, funds to establish tax and insurance escrow, and eligible loan closing costs (discount points not permitted see below)
Eligible Collateral All dwellings must provide decent, safe, and sanitary at a modest cost (a dwelling with a purchase price not exceeding the FHA Single Family mortgage
Bankruptcy Chapter 7 and 13 must be discharged. The borrower(s) may not currently be in bankruptcy.
If a cost of living allowance or a proposed
If no schedule E, cancelled checks, money order receipts, bank statements, or other documents may be used to support rent amounts received
The USDA has announced effective October 1, 2016:
The new fee structure must be used for loans submitted in GUS on or after, Thursday, September 1, 2016.
Contact your Account Executive for more information on the fee changes or our USDA Streamline Assist Program.
Senior Loan Officer
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
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