|KENTUCKY USDA Loans
are issued by qualified lenders and are guaranteed by the United States Department of Agriculture. These are not farm loans! They are intended to encourage home ownership in rural areas as defined by the USDA in Kentucky.
Here’s a quick overview of KENTUCKY MORTGAGE USDA loans:
- No down payment – a true 100% LTV Loan
- Minimum credit score of 581. Just investors will create overlays and institute a higher minimum credit score-Be aware of this!~!!!
- Borrowers that do not have a credit score may be eligible with additional requirements.
- No Bankruptcies or forecloses in the last 3 years
- Kentucky USDA Rural Housing has a Household income limits apply. Avg. limits throughout KENTUCKY are $86,850 for 1-4 people in the home, $114,650 for 5-8. Incremental increases to limits will apply for families with over 8 people.
- Generally easier to qualify for than a Conventional mortgage and much cheaper mortgage insurance than FHA loans in Kentucky!
- Property must be located in an eligible rural area as designated by map below
- No maximum loan amount unlike FHA and Conventional loans.
- Eligible Property Types:
- 1 unit properties only
- HUD Approved Condos
- New Manufactured Homes (*There is currently a pilot program in KENTUCKY only that allows for existing homes built after Jan. 2006)
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