Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Kentucky Rural Housing USDA Loans

Kentucky Rural Housing Loans

Louisville Kentucky Mortgage Loans

via Kentucky Rural Housing USDA Loans

What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:
•Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
•Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans
•Your overall pattern rather than to individual problems you may have had.
To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing…

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Can you get a mortgage loan while in a Chapter 13 Bankruptcy:

Here is a brief summary on getting a mortgage loan while in a Chapter 13 Bankruptcy:
 
You must have 12 payments paid into the Chapter 13 before you can apply for a mortgage loan.
 
The payments must be made on time for last 12 months or after 12 months if you have been in longer, so no late payments to the Chapter 13 while in it. 
 
You have to ask permission from the courts to seek a mortgage loan. They usually grants this. I have never not seen them grant it.
 
You have to qualify with the new house payment along with Chapter 13 payments and other debts listed on credit report. Debt to income ratios usually center around 31 and 43% respectively, meaning the new house payment should not be more than 31% of your gross monthly income and your total house payment and debts listed on credit report along with Chapter 13 payment should not be more than 43% of your total gross monthly income. 
 
Credit scores: Most FHA lenders I work with will want a 620 middle score. You have three fico scores from Experian, Equifax, and Transunion, and they throw out the high and low score and take middle score. For example, if you had a 598, 679, and 590 scores respectively for all three bureaus listed above, your qualifying score would be 598.
There are some FHA investors that I am set up with that will go down to 580, but I have seen in my past experiences 620 will get you a better deal and far greater chance of closing on your loan with FHA. 
 
Down payment: For FHA loans, you will need to have at least 3.5% down payment saved up. It is extremely hard to find a no money down loan program to get you approved for a mortgage while you are in a Chapter 13 plan. 
 
FHA and USDA are really the only two options that I know of that offer financing for a borrower with a current Chapter 13 Bankruptcy plan plan, so keep that in mind. 
 
Conventional loan program offered by Fannie Mae will not allow a mortgage loan for someone in a Chapter 13 Bankruptcy plan.
 
On USDA loans, it is possible to get 100% Financing after you have paid into the plan for 12 months with a good pay history. The credit scores needed for a USDA loan approval really need to be above 640 in my past experience in getting them approved. A lot of USDA lenders will say they will do down to 620, but it is very difficult getting them approved. Best to get your scores up to increase your changes in qualifying for a USDA loan. There is not much that difference in getting your scores up to that range if you are at a 620 score now. 
 
With USDA loans, they have income and property eligibility requirements that FHA does not have, so below is a rough run down of FHA vs USDA loan for you:
 
Typically, USDA-eligible properties are located in rural areas. It is a mistake, however, to think that you have to live far out in the country to qualify for a USDA loan. USDA-eligible properties are often located near urban areas.

A property’s eligibility is determined by its location with respect to USDA’s map of eligible locations. The USDA program also places limits on your household income based on median earnings in an area. If you exceed that limit, you can’t obtain a USDA loan.

The FHA, by contrast, does not place limits on household earnings. The FHA, however, does establish a maximum limit on the amount of money that can be borrowed through the program.

So if you were in a hurry to buy, after you have been in your Chapter 13 plan for 12 months, I can look at getting you approved to buy a home if you wish:
 
In order to get you pre-approved for your max loan amount, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free!
 
 
Mortgage Pre-Approval Checklist
 
1.  Last 30 days worth of pay stubs
2.  Last 2 years W-2′s
3.  Last 2 years tax returns
4.  Last two months bank statements for all accounts including 401 k or retirement account  if you have one
 
____________________________________________
 
 
Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home. 
 
Your first house payment usually starts 30-60 days after you close.
 
Your loan pre-approval is usually good for 90 days.
 
I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.
 
Let me know your questions. 
 
Thanks and look forward to helping you. 
 
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364
 
click here for directions to our office
 
Text/call:      502-905-3708

fax:            502-327-9119
email:kentuckyloan@gmail.com
 
 
http://www.mylouisvillekentuckymortgage.com/

If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

Text or call phone: (502) 905-3708

email me at kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

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 views of my employer. Not all products or services mentioned on this site may fit all people

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 

Kentucky FHA Mortgage Loans Guidelines

Here is a brief summary on getting a mortgage loan while in a Chapter 13 Bankruptcy:
 
You must have 12 payments paid into the Chapter 13 before you can apply for a mortgage loan.
 
The payments must be made on time for last 12 months or after 12 months if you have been in longer, so no late payments to the Chapter 13 while in it. 
 
You have to ask permission from the courts to seek a mortgage loan. They usually grants this. I have never not seen them grant it.
 
You have to qualify with the new house payment along with Chapter 13 payments and other debts listed on credit report. Debt to income ratios usually center around 31 and 43% respectively, meaning the new house payment should not be more than 31% of your gross monthly income and your total house payment and debts…

View original post 954 more words

You Can Improve Your Credit Score…With Persistence!!!

DEFERRED STUDENT LOANS AND DEBT RATIO CALCULATIONS Kentucky Rural Housing Loans and USDA Loans in KY

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

June 13, 2018

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Kentucky USDA Income Limits Increased for most areas for 2018

USDA Loans: Low Rates With No Down Payment

Kentucky USDA Loans are mortgage loans which are backed and guaranteed by the United States Department of Agriculture. These loans are sometimes known as Rural Housing Loans or “Section 502” loans, which are named for it’s place in the USDA Charter.

USDA loans are extremely popular by both first-time homebuyers and even previous homeowners due to their low, competitive interest rates but also there is no need for a down payment.

USDA loans also offer lower monthly mortgage insurance premiums (MIP) than some of it’s popular counterparts, FHA and Conventional loans.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

2018 USDA Loan Income Limits

For the SFGLP, the 2018 income limits were updated on June 13, 2018.  Most counties saw increases. The floor income limit in all counties across the United States went up.

While underwriting requirements for USDA loans will vary based on the credit profile of the borrower, there is one requirement where there is absolutely no leeway and that is with the household income limit for the area you are purchasing in.

USDA has set specific income limits based on the size of the household. Categories are based on household sizes of 1-4 and then household sizes of 5-8.

2018 Income Limits are based on household size:

  • 1-4 member household : $82,700

  • 5-8 member household : $109,150

There are some areas with slightly higher limits.  For example, in Northern Kentucky Counties of Boone, Kenton, Campbell, and Gallantin Counties the income limits for a 1-4 member household is $90,500 while a 5-8 member household is $119,450.  **Income limits vary my county and MSA***

USDA has published a great new PDF document that lists every area in every state.  You can view that document by here.

You can always go to the USDA eligibility website and lookup the income limit for the area you live or are wanting to purchase here.

Get a Free USDA Home Loan Quote

If you’re looking for a low- or no-money-down home loan, then the USDA loan may be the perfect option for you.

You can get a free USDA home loan quote now! There is no obligation to proceed, and we’ll be happy to answer all your questions.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

Interest Rate Increase for Single Family Housing Direct Programs for Kentucky Rural Housing Loans

 March 28, 2018

 Interest Rate Increase for Kentucky Rural Housing USDA Direct Programs

Bullitt County KY USDA and Rural Housing Mortgages

Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines
In “100% Financing Zero Down”
USDA Loan Eligible Rural Areas in Kentucky Counties including the cities of Bardstown, Ky, Elizabethtown, Shepherdsville, Shelbyville, Frankfort, Burlington, Nicholasville, and Independence Northern Kentucky Have Changed effective October 1, 2013 will no longer be eligible for USDA and Rural Housing Guaranteed Loans or Direct loans!
In “2013 Property Eligibility Changes”
Changes for USDA rural development housing loans – kentucky rhs loan
In “Affordable housing”

Kentucky USDA Rural Housing Mortgage Loans

Image: The current area eligible in Bullitt County Kentucky for USDA and RHS loans consist of the following areas:

Mount Washington KY, 40047

Shepherdsville KY 40165

KY Bullitt County Ineligible Area

 

Bullitt County Ineligible Areas: The areas of Hillview, Brooks, Zoneton, and Hebron, commonly known as North Bullitt Area, are ineligible for Rural Development financing. The Line begins on the West at the Jefferson / Bullitt County line at Holsclaw Hill Road and follows Holsclaw Hill Road. South to Brooks Hill Road. The line continues South-Southeast to intersect with an East West line drawn from Bells Mill Road. At the intersection of Bells Mill Road. and Floyds Fork the line follows Floyds Fork East and then Northeast where it intersects the Bullitt County line .5 mile East of Floyds Fork.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
ImageKey Financial Mortgage Co. (NMLS #1800)*
107…

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What Low Interest Rates Mean to You

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christina hammond homes

file7391271797864

Mortgage interest rates are low now and whether you are a buyer or a seller, this is good news!

If you are a buyer:

You will spend thousands less over the life of your home mortgage on a home purchased now versus a time of higher interest rates. If you are shopping for a home and have a down payment ready to go, this is an ideal time to act. Look at one of the online amortization calculators to see how much interest you will save over the life of your mortgage, then talk to a mortgage banker and a real estate agent to take advantage of these historically low interest rates.

If you are a seller:

Your home is more affordable now. You can ask a fair price for your home and buyers will save on the interest rates, making your home a better deal for them. If you…

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Kentucky USDA Single Family Housing Foreclosed Homes For Sale 2018

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State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD
Address Bed/Bath Price
118 Brooks Street 3/1.5 $43,755.00 – GovtBid
Cynthiana, KY 41031 Foreclosure Sale
41 Lori Lane 3/1 $49,580.00 – GovtBid
Garrison, KY 41141 Foreclosure Sale
1718 Amos Ridge Rd 3/1 $53,190.00 – GovtBid
Frenchburg, KY 40322 Foreclosure Sale
777 KY Highway 801 S 3/3 $50,920.00 – GovtBid
Morehead, KY 40351 Foreclosure Sale
14 Catalina Dr. 2/1 $30,150.00 – GovtBid
Walton, KY 41094 Foreclosure Sale
224 Back St. 3/1.5 $11,390.00 – GovtBid
Campton, KY 41301 Foreclosure Sale
375B Freedom School Road 3/2 $34,840.00 – GovtBid
Mt. Vernon, KY 40456 Foreclosure Sale
125 Green Valley Road 3/1.5 $112,836.00 – GovtBid
Williamsburg, KY 40769 Foreclosure Sale
121 Blue Bird Rd. 3/1 $20,502.00 – GovtBid
West Liberty, KY 41472 Foreclosure Sale
14 Short St 3/1 $54,520.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
4276 Browning Rd 3/1.5 $50,250.00 – GovtBid
Rockfield, KY 42274 Foreclosure Sale
3710 Aarons Run Rd 3/1 $48,175.00 – GovtBid
Mount Sterling, KY 40353 Foreclosure Sale
53 Elkins St. 3/1 $15,410.00 – GovtBid
Vanceburg, KY 411798022 Foreclosure Sale
33 Earnest Sparks Rd 3/2 $65,480.00 – GovtBid
Columbia, KY 42728 Foreclosure Sale
49 Nipper Dr 4/1 $19,899.00 – GovtBid
Ezel, KY 41425 Foreclosure Sale
120 Frederick Rd. 3/2 $85,305.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
74 Kaden 3/1 $20,370.00 – GovtBid
Ezel, KY 41425 Foreclosure Sale
200 Wilkerson 3/2 $31,490.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
19 Bon Jan Lane 3/1 $36,850.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
132 Grace Court 3/2 $91,810.00 – GovtBid
Harrodsburg, KY 40330 Foreclosure Sale
180 Chase Way 3/2.5 $23,130.00 – GovtBid
Glasgow, KY 42141 Foreclosure Sale
5821 Greenvale Lane 3/1 $30,150.00 – GovtBid
Paducah, KY 42033 Foreclosure Sale
661 Cottonwood Dr 3/1 $26,800.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
1260 Carolina Ave 3/1 $20,100.00 – GovtBid
Maysville, KY 41056 Foreclosure Sale
675 Cottonwood Dr. 3/1 $30,150.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
 Kentucky USDA Single Family Housing Homes for sale 02/22/2018
Address Bed/Bath Price
535 Hillview st 3/1 $35,510.00 – GovtBid
Grayson, KY 411431462 Foreclosure Sale
213 State Route 716 3/2 $50,710.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
1069 Raccoon Rd 3/2 $102,475.00 – GovtBid
Raccoon, KY 41557 Foreclosure Sale
217 Brooks Street 3/1.5 $43,755.00 – GovtBid
Cynthiana, KY 41031 Foreclosure Sale
12171 River Rd. 3/2 $67,525.00 – GovtBid
Campbellsburg, KY 40011 Foreclosure Sale
1718 Amos Ridge Rd 3/1 $53,190.00 – GovtBid
Frenchburg, KY 40322 Foreclosure Sale
121 Jellico Drive 3/2 $105,765.00 – GovtBid
Coxs Creek, KY 40013 Foreclosure Sale
1553 Harrodsburg Road 3/1 $33,500.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
777 KY Highway 801 S 3/3 $50,920.00 – GovtBid
Morehead, KY 40351 Foreclosure Sale
114 Mary Street 2/2 $75,345.00 – GovtBid
Winchester, KY 40391 Foreclosure Sale
2185 State Highway 1661 3/2 $53,600.00 – GovtBid
grayson, KY 411436823 Foreclosure Sale
240 hugh St 3/2 $24,790.00 – GovtBid
Grayson, KY 411431911 Foreclosure Sale
5526 Stinson Fork 3/1 $24,120.00 – GovtBid
Rush, KY 41168 Foreclosure Sale
121 Blue Bird Rd. 3/1 $20,502.00 – GovtBid
West Liberty, KY 41472 Foreclosure Sale
3311 Castle HWY 3/1 $69,475.00 – GovtBid
Pleasureville, KY 40057 Foreclosure Sale
1744 E. Gap Hill Rd. 3/2 $30,150.00 – GovtBid
Cub Run, KY 42729 Foreclosure Sale
212 Dogwood Trail 3/2 $52,930.00 – GovtBid
Shepherdsville, KY 40165 Foreclosure Sale
602 Greenhill Rd. 3/1 $40,000.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
120 Hoffman Ln 3/2 $78,795.00 – GovtBid
LaGrange, KY 40031 Foreclosure Sale
164 Parkway Dr. 2/1 $36,110.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
203 Fuller Branch 3/2 $50,250.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
832 Daniels Drive 3/1 $28,140.00 – GovtBid
Worthington, KY 41183 Foreclosure Sale
175 Blue Jay Circle 4/2 $53,600.00 – GovtBid
Falmouth, KY 41040 Foreclosure Sale
113 Alexandria Cir 3/1 $47,245.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
514 Jamie Ridge Dr. 3/2 $56,465.00 – GovtBid
Mt Sterling, KY 40353 Foreclosure Sale
1303 Asbury St 3/1 $32,160.00 – GovtBid
Leitchfield, KY 42754 Foreclosure Sale
2300 West KY 8 3/1 $41,540.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
117 Dove Drive 3/1 $34,840.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
302 E. St 3/1 $37,455.00 – GovtBid
Mt. Sterling, KY 40353 Foreclosure Sale
72 Cedar Brook Court 3/1 $35,510.00 – GovtBid
Cynthiana, KY 41301 Foreclosure Sale
3487 Wallingford Rd. 3/2 $63,205.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
186 Fairview Avenue 3/1 $53,600.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale

 



http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 

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.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu


Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/

 

 

Kentucky USDA Rural Development Loans

 

USDA-Loan-Apply-Today

Frequently Asked Questions

Are only first-time homebuyers eligible?

No, you do not have to be a first time home buyer.  The USDA Loan program has no restrictions that prevent previous homeowners from using the program.


What is the maximum amount that I can borrow?

There isn’t a limit to the amount a homeowner can borrow; however, most lenders conform to the loan limits set forth by Fannie Mae and Freddie Mac and will extend financing for up to $424,100.


How much are the closing costs for a USDA mortgage?

Closing costs vary from lender to lender and state to state. The charges from the USDA are a Guarantee fee of 1% of the loan amount. Additionally, there is a monthly mortgage insurance factor of .35% of the principal balance.


Can closing costs be financed into a USDA Loan?

Yes! The USDA home loan has the ability to finance closing costs up to the appraised value or to get a 6% seller contribution to closing costs from sellers on the contract.

What are USDA eligibility requirements?

USDA requires that the borrower demonstrates a reasonable ability and willingness to repay the mortgage loan. USDA lenders will view your credit history, income, and assets to verify your ability to repay the mortgage.


What is the USDA’s minimum credit requirement?

The USDA has no minimum score required; however, most lenders require a minimum credit score of 620 to obtain financing. Exceptions can be made and you should talk to a loan specialist about this.


Can you qualify for a USDA loan if your credit score is below 640?

Many lenders do require a 640 minimum Fico score to be eligible for a USDA home loan, however, exceptions can be made. It is important to note that the derogatory credit is temporary in nature, beyond the applicant’s control, and the circumstances that caused the adverse credit are no longer a factor.


What does the USDA require for employment eligibility?

You must have established employment to be eligible for a USDA Loan. Almost all lenders will require a minimum of two years of steady employment or schooling prior to your current employment if less than 2 years. If you are self-employed, you are eligible but will be required to provide two years of federal tax returns to verify your income.


Do USDA home loans have PMI?

USDA mortgages do have a guarantee fee and monthly PMI. The rate for the mortgage insurance is .35% of the outstanding principal balance and the current guarantee fee is 1% of loan amount. For example, if you borrowed a full $150,000 from your lender, the guarantee fee would be $1,500, which you can finance into your mortgage. The monthly PMI would be about 44.00 dollars a month on a 151,500 loan amount. (which includes the guarantee fee of 1%)


Can I get a USDA Mortgage after bankruptcy?

Yes, the USDA Loan Program requires the bankruptcy to be discharged for at least 3 years for a CH 7 and at least 12 months of on time payments on a CH 13. You can be in a CH 13 currently as long as 12 months of on-time payments have been made and verified.


How soon can you qualify for a mortgage after foreclosure?

 VA Loans: 2 years after foreclosure
 USDA Loans: 3 years after foreclosure (Exceptions are possible!)
 FHA Loans: 3 years after foreclosure
 Conventional Loans (Fannie Mae and Freddie Mac): 7 years after foreclosure


Can I use a USDA Loan on investment property or Second Home?

No, the USDA Rural Housing Program is for primary residences only. Furthermore, any property that is income producing (farms, multi-family, over 30 acres, etc.) cannot qualify for the 502 Guaranteed Rural Home Loan.


Can a USDA loan finance a condominium?

Yes, you can use a USDA loan to finance a condo; however, there are requirements that will need to be met.


Does a USDA home loan finance modular or manufactured homes?

Modular and manufactured homes can be considered a USDA eligible property, but additional appraisal requirements will apply. Most lenders do not offer Section 502 USDA loans on manufactured homes; however, they do finance modular homes. The difference between a modular and manufactured is how and where the home is constructed. A manufactured home is already fully built and put on a foundation and modular homes are built in pieces, and then taken to the site to be constructed.


How fast can you close a USDA loan?

USDA loans have a 2 prong process. The loan is first approved by the lender and then sent to the local USDA field office to be insured. Depending on the turn-times at the local USDA office, closing can be as fast as 20 days or up to 60 days.

 

Kentucky USDA Rural Development Loans

  • Looking for 100% Financing without the Military Service Requirement?
  • Tired of Sourcing Funds for a Down Payment?
  • Need a New Product Niche Designed Specifically for Purchases?

100% Financing – If your borrower wants low down payment options, Kentucky USDA Rural Housing is the only widely available zero-down loan (other than VA which includes military service requirements).  Plus – reduced MI and no cash reserve requirements! *

Not a Farm Loan – It takes just a few minutes to check property eligibility – moving to a farm isn’t required – in fact, many suburban and rural parts of the country are eligible. Visit the USDA Mapping Tool Site (for residential properties only).

Program Minimum Down
Payment
Conventional 3%
FHA 3.5%
USDA 0%
VA 0%

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gotquestion-1

 

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

 

Jo

USDA Guaranteed Rural Housing Loans are one of the only “no money down” options available to home buyers today. USDA loans aren’t just in the country. Many other areas fall within the USDA Rural Housing designated areas, so opportunities may be closer than you think. To view eligible rural areas near you, CLICK HERE to access the USDA lookup tool on their website.
This program is very attractive to low-to-moderate income buyers:
  • Zero percent down
  • CLTV up to 102.04%
  • 6% seller contributions allowed
  • Credit scores as low as 620
  • No reserves required