Kentucky Rural Housing USDA Credit and Income Guidelines for 2018

Kentucky Rural Housing USDA Credit and Income Guidelines for 2018

• No Down Payment required, 100% financing available
• 30 year fixed rate only no other terms allowed.
• Not limited to First Time Home buyers! Also available for the move up home buyer.
• More affordable than FHA when compared to mortgage insurance
• Seller concession fees at 6%
• No Bankruptcies last 3 years or foreclosures last 3 years
• Typical max income household income limits are centered on how many people are going to live in the home and which county you are going to buy a home in. Most Counties in Kentucky are maxed at $80k for a household of four or less, and up to $103k for a household of five or more.
• Debt to income ratios are usually centered around 45% on the backend ratio, meaning the new house payment plus the monthly bills on the credit report cannot be more than 45% of our total grossqualifying income.
• There is also a front end ratio, which is the new house payment only divided by the gross monthly income. This can vary anywhere between 20% to 35% I have seen on some borrowers depending on your credit scores and assets.
• If you have access to 20% down payment, you cannot use the USDA loan program.
• Only new manufactured homes are allowed for USDA loans and the dealer must be approved contractor with USDA
• Swimming pools are okay for USDA loans on appraisals.
• Working farms are not allowed with USDA loan, but there is no acreage limits on
• USDA loans.

Kentucky Rural Housing USDA Program

• Guarantee Fee applies. May be financed and added to the loan amount
• Flexible credit guidelines and 620 FICO***Even though USDA states in the guidelines that they will go down to a 580, most lenders will not go below 620 that I work with.
• Manual underwrites, meaning if you get a refer through the Automated system their is chance you can still get approved.
• Ratios per GUS Approval–GUS stands for their Automated Underwriting System which lenders use to get borrowers pre-approved. It will review credit, income, and assets along with area, purchase prince amount and determine your loan pre-approval
• Flipped properties within 90 days of seller acquisition are allowed
• Household income may not exceed 115% of the area’s median income level*
• Transferred appraisals are okay, so FHA will work for USDA appraisals.

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USDA Program Features:

You might be surprised to find what properties are located in a USDA tract!To find a qualified property, qualified income, and to access the USDA website, click here [eligibility.sc.egov.usda.gov].

— 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
text or call 502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines

Remember, we are even available this weekend for pre-qualifications or questions.  Call our cell phone or email us.  If you miss us, leave a message and we WILL call you back

http://www.mylouisvillekentuckymortgage.com/

—

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

Text/call:      502-905-3708
email:          kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

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Labels: credit scores, income, maps for usda eligiblity, rhs, rural housing, swimming pools usda, usda credit scores, USDA Loan Eligible Rural Areas

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