Kentucky Rural Housing USDA Credit and Income Guidelines for 2018
Kentucky Rural Housing USDA Credit and Income Guidelines for 2018 |
- No Down Payment required, 100% financing available
- 30 year fixed rate only no other terms allowed.
- Not limited to First Time Home buyers! Also available for the move up home buyer.
- More affordable than FHA when compared to mortgage insurance
- Seller concession fees at 6%
- No Bankruptcies last 3 years or foreclosures last 3 years
- Typical max income household income limits are centered on how many people are going to live in the home and which county you are going to buy a home in. Most Counties in Kentucky are maxed at $80k for a household of four or less, and up to $103k for a household of five or more.
- Debt to income ratios are usually centered around 45% on the backend ratio, meaning the new house payment plus the monthly bills on the credit report cannot be more than 45% of our total grossqualifying income.
- There is also a front end ratio, which is the new house payment only divided by the gross monthly income. This can vary anywhere between 20% to 35% I have seen on some borrowers depending on your credit scores and assets.
- If you have access to 20% down payment, you cannot use the USDA loan program.
- Only new manufactured homes are allowed for USDA loans and the dealer must be approved contractor with USDA
- Swimming pools are okay for USDA loans on appraisals.
- Working farms are not allowed with USDA loan, but there is no acreage limits on
- USDA loans.
| Kentucky Rural Housing USDA Program |
- Guarantee Fee applies. May be financed and added to the loan amount
- Flexible credit guidelines and 620 FICO***Even though USDA states in the guidelines that they will go down to a 580, most lenders will not go below 620 that I work with.
- Manual underwrites, meaning if you get a refer through the Automated system their is chance you can still get approved.
- Ratios per GUS Approval–GUS stands for their Automated Underwriting System which lenders use to get borrowers pre-approved. It will review credit, income, and assets along with area, purchase prince amount and determine your loan pre-approval
- Flipped properties within 90 days of seller acquisition are allowed
- Household income may not exceed 115% of the area’s median income level*
- Transferred appraisals are okay, so FHA will work for USDA appraisals.
| USDA Program Features: |
You might be surprised to find what properties are located in a USDA tract!To find a qualified property, qualified income, and to access the USDA website, click here [eligibility.sc.egov.usda.gov].
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
http://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
http://www.mylouisvillekentuckymortgage.com/
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Labels: credit scores, income, maps for usda eligiblity, rhs, rural housing, swimming pools usda, usda credit scores, USDA Loan Eligible Rural Areas
Kentucky USDA Mortgage Lender for Rural Housing Loans 