Kentucky Direct Single Family Housing Program

Loan Limit Change – Effective January 31, 2020

Homes financed under the program are generally 2,000 square feet or less.
Area Loan Limits
Single Family Housing Direct

The Direct Home Loan Program assists low- and very-low- income applicants obtain decent, safe, and sanitary housing in eligible rural areas.  Funds can be used to purchase, build, repair, or renovate a home.  Applicants must meet income eligibility for a direct loan.  Please select South Dakota from the map that displays.

Generally, rural areas with a population less than 35,000 are eligible.  Visit the USDA Income and Property Eligibility website for complete details.

Limit Effective 8- 19
Adair $251,862
Allen $251,862
Anderson $251,862
Ballard $251,862
Barren $251,862
Bath $251,862
Bell $251,862
Boone $251,862
Bourbon $251,862
Boyd $251,862
Boyle $251,862
Bracken $251,862
Breathitt $251,862
Breckinridge $251,862
Bullitt $251,862
Butler $251,862
Caldwell $251,862
Calloway $251,862
Campbell $251,862
Carlisle $251,862
Carroll $251,862
Carter $251,862
Casey $251,862
Christian $251,862
Clark $251,862
Clay $251,862
Clinton $251,862
Crittenden $251,862
Cumberland $251,862
Daviess $251,862
Edmonson $251,862
Elliott $251,862
Estill $251,862
Fleming $251,862
Floyd $251,862
Franklin $251,862
Fulton $251,862
Gallatin $251,862
Garrard $251,862
Grant $251,862
Graves $251,862
Grayson $251,862
Green $251,862
Greenup $251,862
Hancock $251,862

Hardin $251,862
Harlan $251,862
Harrison $251,862
Hart $251,862
Henderson $251,862
Henry $253,000
Hickman $251,862
Hopkins $251,862
Jackson $251,862
Jessamine $251,862
Johnson $251,862
Kenton $251,862
Knott $251,862
Knox $251,862
Larue $251,862
Laurel $251,862
Lawrence $251,862
Lee $251,862
Leslie $251,862
Letcher $251,862
Lewis $251,862
Lincoln $251,862
Livingston $251,862
Logan $251,862
Lyon $251,862
McCracken $251,862
McCreary $251,862
McLean $251,862
Madison $251,862
Magoffin $251,862
Marion $251,862
Marshall $251,862
Martin $251,862
Mason $251,862
Meade $251,862
Menifee $251,862
Mercer $251,862
Metcalfe $251,862
Monroe $251,862
Montgomery $251,862
Morgan $251,862
Muhlenberg $251,862
Nelson $251,862
Nicholas $251,862
Ohio $251,862
Oldham $253,000
Owen $251,862

Owsley $251,862
Pendleton $251,862
Perry $251,862
Pike $251,862
Powell $251,862
Pulaski $251,862
Robertson $251,862
Rockcastle $251,862
Rowan $251,862
Russell $251,862
Scott $251,862
Shelby $253,000
Simpson $251,862
Spencer $253,000
Taylor $251,862
Todd $251,862
Trigg $251,862
Trimble $253,000
Union $251,862
Warren $251,862
Washington $251,862
Wayne $251,862
Webster $251,862
Whitley $251,862
Wolfe $251,862
Woodford $251,862

Kentucky Rural Housing USDA loan program

What are the eligibility requirements for a Kentucky USDA loan?

 

The Kentucky Rural Housing USDA loan program has certain eligibility requirements .

Must be located in a eligible USDA Rural Housing Area.
The home would be your primary residence, not a rental property
Household income requirements beginning around $86,850 for a family of four and up to $115,400 for a family of five or more
Clear Cavirs Numbers.
No minimum credit score requirement but most lenders that offer USDA loans will want a 620 credit score or higher

What are USDA loan fees in Kentucky for 2020?

There are two fees on a USDA loan. An upfront fee, called the Guarantee fee and the monthly annual fee.

The upfront guarantee fee for fiscal year 2020 is 1 percent of the loan amount. This fee can often be rolled into the mortgage, instead of paying it out of pocket. The annual fee for  is .35 percent of the loan amount.

It’s important to check the maximum income limits   for your family size and where you live to get the most accurate data.

 

Advantages of USDA Loans

Zero Down Payment

Low Credit Score Requirements

Can finance closing costs up to appraised value

Streamline refinance an existing USDA with less documentation

No max loan amount

 

Disadvantages  of USDA Loans

only eligible in rural areas

Must be 3 years removed from bankruptcy or foreclosure

Limited to Income Requirements

Debt to income ratios tighter qualifying guidelines than FHA, Fannie Mae

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 https://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

 

Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
3 years from date bankruptcy was completed
Less than 3 years from date bankruptcy was completed*

Louisville Kentucky Mortgage Loans

How long does it take after a Bankruptcy, foreclosure or short-sale to get approved for A Kentucky VA, USDA, Rural Housing, FHA, and Conventional Mortgage loan?

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

Kentucky Mortgage Loan ProgramChapter 7 Bankruptcy
Conventional
(Determined by date of application)
  • 4 years from date bankruptcy was completed
  • 2 years from date bankruptcy was completed*
KENTUCKY FHA MORTGAGE
(Determined by date of credit approval)
  • 2 years from completion date
  • Less than 2 years, but no less than 12 months the date bankruptcy was completed*
KENTUCKY VA MORTGAGE
(Determined by date of credit approval)
  • 2 years from date bankruptcy was completed
  • Between 12-23 months from the date bankruptcy was completed*
KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
  • 3 years from date bankruptcy was completed
  • Less than 3 years from date bankruptcy was completed*

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Kentucky Rural Housing USDA Guidelines

Kentucky USDA Rural Housing Mortgage Loans Guidelines

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky

Kentucky Rural Housing USDA  Guidelines
Eligibility (GRH Purchase Transactions Only)
• In order for a property to be eligible for a Kentucky Rural Development guaranteed

loan, the property must be located in a rural designated area as defined in Rural Development Instruction §1980.312. You may view eligible areas on USDA Rural Development’s web-site at:

• Property must be a nonfarm, non-income providing tract.
• According to Rural Development Instruction §1980.313 (e) “Generally,

the value of the site must not exceed 30 percent of the total value of the property. When the value of the site is typical for the area, as evidenced by the appraisal, and the site cannot be subdivided into two or more sites, the 30 percent limitation may be exceeded.”

requirements on Rural Development properties are as follows:
New Construction – If the Builder is providing a one-year warranty, the
following inspections are…

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Kentucky Rural Housing Loan Changes for 2020 for the  Single Family Housing Guaranteed Loan 

Kentucky USDA Loan Changes

Program Update: Single Family Housing Guaranteed Loan Program (SFHGLP) Integration

 This email is intended to provide lenders with advanced notice of upcoming changes to the Single Family Housing Guaranteed Loan Program (SFHGLP). These changes will not go into effect until December 2019, with staggered implementation through February 2020. Please continue business as usual until you receive additional communication.

Lender Partners,

Good Afternoon. As you may know, we are working to transition the Single Family Housing Guaranteed Loan Program (SFHGLP) into an integrated National model. We are excited for the benefits this integration will bring in providing a more efficient and customer-centric experience for our lenders and in increasing rural home ownership. As we approach go-live for the new organization, we wanted to update you on the new organizational model, transition dates, and what to expect in the coming months:

The New Organizational Model

We have been preparing for the future organization, and we look forward to integrating all staff into a single, National model. In the integrated organization, loans will be handled by one of four production teams responsible for all origination and processing activities. When states transition, they will be placed into one of the four production teams, taking with them any in-process loans as well as all new loans originated in their state.

In the attached one-page overview, you will find a map illustrating the states included in each production team.

Transition Dates

State loan volume and staff will transition to the new integrated model in a series of three waves. The projected transition dates are listed below:

Wave   

Projected Transition Date

States Included*

Wave 1

      December 8th

AZ, DE/MD, HI/WP, KS, LA, ME, NE, NH/VT, NM, NY, OR, PA, SD, VA, WY

Wave 2

      January 19th

AK, AR, CO, FL, GA, IA, ID, IL, KY, MI, MN, MO, MT, NV, PR, SC, TN, TX, WA

Wave 3

      February 16th

AL, CA, CT/MA/RI, IN, MS, NC, ND, NJ, OH, OK, UT, WI, WV

*States included in each wave are based on the property location for loan files submitted, not lender location

What to Expect

Prior to each wave transition, local, state, and national lenders will receive more specific information about state alignment to production teams and their transition date. Please continue to conduct business as usual until you receive these communications. These communications will also inform lenders of new point of contact information for questions. Lenders will be able to contact the production teams through four centralized email inboxes aligned to each production team as well as a general inquiries inbox. These email inboxes will be activated prior to Wave 1.

We are excited for the benefits that will come with this new integration, and we look forward to working with the lender community in providing a more efficient, customer-centric experience, increasing rural home ownership.

We greatly appreciate your continued support. Should you have any additional questions or comments, please don’t hesitate to reach out to SFHGLPintegration@usda.gov.

Thank you,

SFHGLP Integration Infographic_8Nov2019.pptx

 

Source: Program Update: Single Family Housing Guaranteed Loan Program (SFHGLP) Integration

Comparing Kentucky FHA Loans in the State of Kentucky for 2020.

2020 KENTUCKY FIRST TIME HOME BUYER PROGRAMS

Louisville Kentucky Mortgage Loans

via Comparing Kentucky FHA Loans in the State of Kentucky for 2020.

Comparing Kentucky FHA Loans in the State of Kentucky. The good and the bad.

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