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

Kentucky Rural Housing USDA Guarantee Upfront and Annual Fee Changes October 2016


 

Human hand with a pot watering growing money tree
Good News for Kentucky First Time Home Buyers Using the USDA Rural Housing Loan Program!

 

Kentucky RHS USDA Mortgage Insurance  Changes Below and Important Dates to Keep in Mind that could affect your loan closing and approval!

On October 1, 2016, both the upfront guarantee fee and annual fee for purchase and refinance loans will decrease. We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%. The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule.

Due to the large volume of loan applications received daily, as well as current turn times, Kentucky will begin accepting applications using the new FY17 fee schedule on September 27, 2016

Applications using the new FY17 fee schedule submitted before September 27, 2016 will not be processed before October 1, 2016.

 September 27, 2016 will be the last day Kentucky will accept applications using the existing FY16 fee schedule. This will ensure all of these submissions are reviewed by the Agency prior to October 1.

 

 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. 

But starting with commitments on October 1, the funding fee that is financed is going from 2.75% to only 1%!  On a $100,000 loan, a buyer saves about $1750!  In addition, the annual fee (like PMI) reduces from .5% to .35% which lowers the monthly payment by $15 a month on an $100,000 loan amount.

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Joel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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 view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). USDA Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

 

Zero Down Mortgage? Yes, With The USDA Home Loan


August 11, 2016
Funding is Available for your SFH Guaranteed Applications!

As we enter the last two months of Fiscal Year (FY) 2016, Rural Development is pleased to announce that USDA has more than $10 billion available to guarantee no-down payment loans for your rural customers through our Single Family Housing Guaranteed Program. Today’s low interest rate environment, coupled with new program features such as the single-close construction loan and the streamlined-assist refinance option, makes this a great opportunity for rural Americans! Please visit our SFH Guarantee website or contact a Guaranteed Loan Specialist for more information!

Thank you for your support of the Single Family Housing Guaranteed Loan Program! We are proud to partner with you to serve the rural homebuyers of America.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Zero Down Mortgage?  Yes, With The USDA Home Loan As a loan originator, I get lots of questions from home buyers and Realtors about 100% financing. After the recent home mortgage meltdown crisis, n…

Source: Zero Down Mortgage? Yes, With The USDA Home Loan

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What’s the Difference Between an FHA and a USDA Mortgage?


What’s the Difference Between an FHA and a USDA Mortgage?

Chris Sanderson's avatarTech Savvy Lender

What’s the Difference Between an FHA and a USDA  Mortgage?

The vast majority of first time home buyers purchase their first home with using either an FHA or a USDA home loan for their financing.  These two options offer some great advantages as well as some negatives.  Let’s take a look at the differences.

Hopefully after watching that video you have a bit better understanding of the difference between an FHA and a USDA home loan.

FHA LoanFHA Loans

FHA loans are by far the most popular of all loan options for first time home owners.  The unique combination of low down payment, lenient credit qualifying, artificially low interest rates along with no income limits or property geographic limitations make this the loan of choice.

These loans are sponsored by the Federal Housing Administration (FHA) in order to increase availability of mortgage financing to those who have only a small down payment but still would…

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Credit Score Requirements for Kentucky Mortgage USDA Zero Down Home Loans


Mortgage”
Rural Housing Loans in Kentukcy Zero Down Home Loans
In “USDA No money down mortgage Louisville Kentucky Kentucky housing corp 30 year fixed”

Kentucky Rural Housing USDA Appraisal Requirements
  • Property must meet HUD’s minimum Property standards. i.e.: permanent heat source, functional kitchen, health & safety
  • Flips subject to UW review
  • Transferred appraisal – not allowed
  • Appraisal valid 120 days – 30 day extension possible
  • Swimming Pools – ok
  • Property eligibility – Located in a USDA designated rural area
  • New Construction Available
  • RHS Condos
    In order for a condo to be eligible for an RHS loan, it must appear on the FHA, VA, or FNMA approval list. Please see the Condos Guideline for more information.
  • Income Producing Properties and Outbuildings
    Minimal income production from property is allowable within reason (e.g. gardening) as long as the property remains predominantly residential in nature
    Outbuildings are permitted as long as they are no longer in commercial use. Interior photographs of all outbuildings will be required to determine usage
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|
 Company ID #1364 | MB73346
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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 view of  my employer. Not all products or services mentioned on this site may fit all people.
, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky