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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2020 KENTUCKY USDA RURAL HOUSING FUNDING AVAILABLE

KENTUCKY RURAL HOUSING HAS FUNDING FOR 2020 MORTGAGE LOANS
KENTUCKY RURAL HOUSING HAS FUNDING FOR 2020 MORTGAGE LOANS
Funding for Fiscal Year 2020 has now been authorized for RHS loans in Kentucky.
Additionally,  the following KY USDA Rural Housing Guidelines have been updated below:
  • Income sources that will not be received for the next full 12 months must still be used in calculating Annual Eligibility Income unless specifically excluded by RHS guidelines (section 3555.152(b)(5)).
  • Section 9.3 Annual Income has been updated with detailed income verification requirements to cover previous grey areas in paystub, W-2, and self-employed documentation requirements
  • A significant increase or decrease in earnings requiring caution has been defined as a 20 percent variance in income over the previous 12 months.
  • Time spent in school can only be used towards income requirements when the schooling is part of college, technical school, or the acquisition of career-based certificates in high school. A standard high school diploma without an accompanying certificate would not meet these requirements.
  • Documentation requirements for several types of income have been reduced from 2 years to 1 year, and additional guidance has been provided for previously missing income types
http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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

kentuckyloan@gmail.com

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/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

KENTUCKY USDA RURAL HOUSING TECHNOLOGY FEE FOR 2020

On January 1, 2020 the USDA Single Family Housing Guaranteed Loan Program will begin to assess and collect a fee (aka Technology Fee) from lenders on each closed loan that was submitted via the Guaranteed Underwriting System (GUS).

Specifically, any file submitted via GUS that is issued Form RD 3555-18E, “Conditional Commitment for Single Family Housing Loan Guarantee,” on or after January 1, 2020, will require lenders to remit a one-time $25 Technology Fee with their loan closing package (i.e. the same time a lender currently remits the Upfront Guarantee Fee).

This authority is provided by The Housing Opportunity Through Modernization Act of 2016 which was signed into law on July 29, 2016. The law created Section 502(i) in the Housing Act of 1949 (42 U.S.C. 1472(i)), later amended by Section 758 of the Consolidated Appropriations Act, 2018, and permits the Secretary to assess and collect a guarantee underwriting user fee from lenders for their use of the Rural Housing Service’s (Agency’s) automated guaranteed loan systems.

The collection of the fee will enable the Agency to fund future information technology enhancements needed to improve program delivery and reduce burden to the public.

Notice to Implement a Guarantee Systems User Fee for Lender Use of the Single Family Housing Section 502 Guaranteed Loan Program Automated Systems was published in the Federal Register on July 13, 2018.

An advanced copy of Handbook-1-3555 Chapter 16 provides direction on the disclosure and collection of the Technology Fee along with a new section on frequently asked questions for loan closings.  Lenders remitting closings via the Lender Loan Closing (LLC) System will notice the Technology Fee is disclosed separately from the Upfront Guarantee Fee in the Fees subsection of the Add Loan Closing page.

Although the fees are disclosed separately, they must both be paid using the same Pre-Authorized Debit Account.  Once a loan closing transaction has been successfully submitted to USDA, the fee amounts will be listed separately on the Lender Loan Closing Confirmation page with different Pay.gov Tracking IDs.  For this reason, it is possible for one fee amount to process and one to reject if the Pre-Authorized Debit Account is not funded in an amount enough to cover the total amount of both fees.  Lenders unable to use the LLC System to remit closing packages must send a check for both the Upfront Guarantee Fee and Technology Fee (when applicable).

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

Credit Scores for Kentucky Mortgages

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2020?

A Quick Q&A About USDA

Michele Fritz

usda

Achieving the dream of homeownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.

The program was originally created to boost the development of land in more rural areas of the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is…

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