Kentucky USDA Mortgage Funds for 2021 Available.

Fiscal Year 2021 SFH Guaranteed Funds Now Available!

As of Sunday, December 27, 2020, funding for Rural Development’s Single-Family Housing Guaranteed Loan Program authorized by the “Consolidated Appropriations Act, 2021”, is available.

Files in Process:

All files processed “Subject to Availability of Funds” have been obligated and the updated Conditional Commitments were generated by the Agency to remove the “contingent upon” language.
Lender receipt of the updated Conditional Commitment will signal the request has been successfully obligated by the Agency.

Loan Closing:

Once the loan has closed (including loans that were closed prior to the obligation of funds by the Agency), the lender may submit their request for Loan Note Guarantee along with a closing package.
Lenders using the Agency’s automated Lender Loan Closing (LLC) system will complete the lender certification electronically (i.e. no manual signature/date required).
For manually submitted loan closing packages, ensure the lender certification on the Conditional Commitment is signed and dated after the Agency’s obligation date (the issuance date on the updated Conditional Commitment). Use of the Lender Loan Closing system is highly recommended.

For current Kentucky USDA Mortgage turn time information on files,

please check the SFH Guarantee Lender page at 👇👇 click

Current Underwriting Turn Times on Rural Housing USDA Loans in Kentucky -  Kentucky USDA Rural Housing Mortgage Lender
current Kentucky USDA Mortgage turn time information on files,

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

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Credit Score Information For Kentucky Home buyers

Credit Scores are important for getting approved for a Mortgage in Kentucky.

Louisville Kentucky Mortgage Loans

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing  Kentucky Mortgage: WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FHA  MORTGAGE HOME LOAN APPROVAL?

getting approved for a Mortgage Loan in Kentucky for 2020 getting approved for a Mortgage Loan in Kentucky for 2020

Credit_Score_Rangescomponents of Fico Score are payment history, amounts owed, credit types, new credit and length of creditunnamed (7)Different Fico Scores For a Kentucky Mortgage Loan Approval

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Manufactured Home Guidelines for Kentucky USDA Rural Housing Loans

USDA loan on a manufactured home on a permanent foundation in Ky.

Kentucky USDA Mortgage Lender for Rural Housing Loans

No Money Down for Manufactured Home Rural Buyers in Kentucky Using the USDA Rural Housing loan Program
New Manufactured Home Conventional Product
Announced at KHC’s Lender Luncheon last week, effective with reservations as of March 12, 2018, KHC will now allow manufactured homes with its conventional products, which is an exclusive for HFAs. This product has the same 660 credit score and ratios 40/50 as our conventional products, and can be used with new and existing properties.
Additionally, KHC will allow 95/105 percent CLTV. National Mortgage Insurance and Mortgage Guaranty Insurance Corporation have approved of this product, other mortgage insurance companies are currently reviewing it, but the loan can be used with our preferred risk (without mortgage insurance) product as well. KHC’s program guides have been updated to reflect this change. 
When reserving the conventional program for a manufactured home, choose…

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Kentucky Rural Housing Development Mortgage Guide for 2020 USDA Loans

Kentucky USDA/Rural housing

Louisville Kentucky Mortgage Loans

Kentucky USDA Rural Development

  • No down payment is required. This a true 100% financing loan for approved mortgage applicants in Kentucky .
  • Closings costs may be able to be financed into the loan or can be paid by seller or lender as a credit.
  • Generally easier to qualify for than conventional loans with you are looking to go no money down. 
  • Fixed-rate mortgages for 30 years is the only term allowed.
  • The property MUST be located in a rural area as defined by the USDA. Click here to learn more.
  • The borrower must meet income eligibility guidelines for the Guaranteed Rural Housing Program. Eligibility is based on all household income, including income from adults living in the home who are not applying for the loan. Click here for 2020 Income Limits
  • Seller can contribute up to 6% towards closing costs.

The USDA program is one of the best home loans…

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USDA Rural Housing on or after October 1, 2020, will continue to require an upfront guarantee fee of 1 percent accompanied by an annual fee of 0.35 percent

Per the Fiscal Year 2021 Commitment Notice released September 14, 2020, funding for the USDA Rural Housing Loan Program will be temporarily unavailable beginning October 1, 2020.

Fiscal year 2021 begins October 1, 2020 and ends at the close of business September 30, 2021. The guaranteed loan program is not available for a brief period of time at the beginning of each fiscal year, and during the temporary lapse in funding, Rural Housing Development will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance

As a reminder, all loans obligated by USDA Rural Housing on or after October 1, 2020, will continue to require an upfront guarantee fee of 1 percent accompanied by an annual fee of 0.35 percent, applicable to all Rural Housing transactions.

Mortgage Application Checklist of Documents Needed below  👇

W-2 forms (previous 2 years)
Paycheck stubs (last 30 days – most current)
Employer name and address (2 year history including any gaps)
Bank accounts statement (recent 2 months – all pages
Statements for 401(k)s, stocks and other investments (most recent)
federal tax returns (previous 2 years)
Residency history (2 year history)
Photo identification for applicant and co-applicant (valid Driver’s License

click on link for mortgage pre-approval

Joel Lobb (NMLS#57916)

Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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

NMLS Consumer Access for Joel Lobb

Accessibility for Website

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Kentucky USDA Rural Housing Streamline Refinance Guidelines


Kentucky USDA Rural Housing Mortgage Lender: Top 5 Reasons To Apply For A Kentucky  USDA Rural Housing Streamline Refinance
Rate/Term Refinance

Allows financing of
unpaid principal and
eligible costs subject
to available equity
Streamlined Refinance

Allows financing of
unpaid principal
balance and upfront
guarantee fee along
with accrued interest

Debt ratios are
Refinance (no appraisal
effective 6/2/2016)

Allows financing of
unpaid principal
balance and eligible

Debt ratios not

Streamline Refinance

A new appraisal is not required (unless the loan being refinanced is a Direct Loan and subsidy
recapture is required).

The new loan amount may not exceed the original loan amount of loan being refinanced.

The new loan is limited to:

The principal balance of the loan being refinanced

The upfront guarantee fee (if financed)

Accrued interest (current interest)

Reasonable and customary fee for reconveyance

Subsidy recapture due for Direct Loan borrowers may not be included in the new loan amount

A borrower may be removed from the loan as long as at least one original borrower remains on
the new loan.

All other rate/term refinance requirements, including debt ratio calculation and limits apply.
(Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline Refinance. See the
HB 1 3555 for all three types of refinance transactions allowed.)

Assist Refinance (cont.)

The new loan amount is limited to:

The unpaid principal balance of the loan being refinanced

The upfront guarantee fee (if financed)

Accrued interest (current interest)

Eligible loan closing costs (not to exceed 2% of total loan amount)

Permissible bona fide discount points (not to exceed 2% of total loan amount).

Funds to establish an escrow account for real estate taxes and insurance.

Subsidy recapture due for Direct Loan borrowers may not be included in new loan amount; however,
the cost of any appraisal obtained for recapture purposes is an eligible closing cost and may be
The maximum loan amount cannot exceed the balance of the loan being refinanced, plus the guarantee
fee and reasonable and customary closing costs (including funds necessary to establish a new tax and
insurance escrow account). Subordinate financing, such as home equity lines of credit and down payment
assistance “silent” seconds, cannot be included in the new loan amount. Unpaid fees, past due interest and
late fees/penalties due the servicer, cannot be included in the new loan amount.
(Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline
Assist Refinance.)

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364
click here for directions to our office
Text/call:      502-905-3708fax:            502-327-9119

USDA Loans in Kentucky 

USDA Income Limits 2020 Help More Buy With No Down Payment USDA income limits 2020 increase allows more home buyers purchase a home with no down payment. Effective May 2020 through April 30, 2021, USDA guaranteed housing base income limits are as follows: $90,300 for 1 – 4 person households and a whopping $119,200 for 5 or more person households. Guys, that is not low income! So, we are talking about a majority of American households meeting this income limit. Therefore, first time buyers or repeat buyers have the ability to use an amazing product to purchase a home without down payment.

New Income limits for most counties (*) in Kentucky are $90,300 for a household family of four and household families of five or more  can make up to  $119,200.

With the new changes for 2020 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $90,300 for a family of four and up to $119,200 for a family of five or more. The metro area surrounding counties of Jefferson County includes Oldham, Bullitt, Spencer are included in these higher income limits for USDA loans.
Remember,  the entire  Jefferson County and Fayette County  Kentucky counties are not eligible for USDA loans. Along with parts of the following counties Daviess (Owensboro), Mccracken (Paducah), Madison County, (Richmond), Clark County (Winchester), Warren (Bowling Green), Hardin (Fort Knox and Radcliff), Bullitt(Hillview, Maryville, Zoneton, Fairdale, Brooks), Franklin, (Frankfort), Henderson (Henderson City Limits), Christian County (Hopkinsville, Fort Campbell), Boyd County (Ashland city limits) and the most Northern Parts of Boone, Kenton, Campbell Counties of Northern Kentucky (Covington, Florence, Richwood, Hebron, Ludlow, Fort Thomas, Bellevue, Ryle, Beechwood, )
The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $99,250 for a household of four or less and up to $131,000 for a family of five or more.
USDA Eligible Areas in Northern Kentucky
Highland Heights
Cold Springs
Grant County
Owen County
Pendleton County
USDA Income Limits
Boone, Kenton & Campbell Counties (N. KY)

$99,250  (family size 1-4)
$131,000 (family size 5 or more)
Grant, Owen & Pendleton Counties (N. KY)

$90,300 (family size 1-4)
$119,250 (family size 5 or more)

Most are familiar with USDA Rural Housing Loan Program  being a great no money down program available and it is not just for Kentucky first time buyers.







What is KY USDA Rural Development Guarantee in Kentucky?

Kentucky USDA Rural Development Guarantee USDA loans offer 100% financing options on home purchases in rural areas.  Properties though can be located within city limits and in subdivisions depending on population density of that area.
The RDG loan program is primarily used to help low to moderate income individuals or households to purchase homes and the applicants need to be within 115% of the median income for the area. Most Kentucky Counties are 90,300  for a household family incomes of four or less, and up to $119,200 for a family of five or more in the household income
Some highlights of the are:
  • 100% financing on purchases and 100%  Zero Money Down
  • Low 30 year fixed rates on all loans. They don’t offer any other terms or offer cash-out refinancing.
  • A small Rural Housing monthly guarantee fee or sometimes called annual fee of .35% of the loan amount divide by 12 months to get total monthly mi payment.
  • Upfront Rural Housing funding fee of 1% of the loan amount and is financed into new loan
  • Minimum credit scores of 581, but helpful to have 640 and get an automated underwriting approval thru Rural Housing’s underwriting engine – GUS–GUS stands for the Guaranteed Underwriting System to pre-approval all Kentucky USDA loans.
  • No rental verification needed with GUS approval if Approved Eligible Findings.
  • Flexible trade line requirements with GUS approval with only 1 trade line needed on credit for 12 months
  • No foreclosures in the last 36 months, but need explanation if < 36 months
  • Bankruptcy discharged at least 36 months
For a Kentucky USDA Rural Housing  property and income eligibility searchplease click HERE.

Issues to avoid or be aware of with Rural Housing property search:

  • Avoid homes in flood zones – RD is very restrictive for homes in flood zones
  • Avoid homes with cisterns – they are extremely difficult to get financed
  • Be aware that homes with wells and septic systems needed extra tests for contamination
  • Avoid homes with any income producing activities such as working farms, detached buildings with offices or car lifts for auto repairs, or anything else related to income producing activities.