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

Kentucky USDA Streamline Refinance – USDA to USDA Refi


Kentucky USDA Streamline Refinance – USDA to USDA Refi
• Costs can NOT be rolled into loan, but NO appraisal rquired
• 640 Minimum Credit Score
• New Guarantee fee is 2.75%, new Annual MI is .5%
• Full Credit Qualifying – Income and assets must be stated, just as any r/t refinance
• 29/41 ratios, manually underwritten. NO GUS is run.
• Interest rate must be 100 bp lower than loan being refinanced (1 full point)
USDA “Pilot” Streamline Refinance  Kentucky, 
• 640 Minimum Credit Score
• Must have made timely mortgage payments for the 12 months period prior to the refinance
• A Rural Refinance Pilot loan may include the existing principal balance of the loan, accrued (non-delinquent) interest, eligible closing costs & pre-paids, plus the upfront guarantee fee. The applicable upfront refinance guarantee fee is 2.75%.
o Closing costs and pre-paids can also be paid in cash or through premium pricing.
o Discount points cannot be financed.
• The new interest rate must be a fixed rate 100 basis points below the current interest rate.
• The new term of the refinance loan must be 30 years
• An annual fee also applies. For FY 2012 the applicable annual fee is 0.50%
• The home must remain the borrower’s primary residence
• A new appraisal, new credit report, HUD Handbook determination and additional property inspections are not required. The original appraisal amount may be used from Guaranteed Loan System to process the loan.
• Income verification for all adult household members.

MUST MEET CURRENT INCOME ELIGIBILITY REQUIREMENTS.
o Salary Income – VOE – 24 month history plus most recent paystub or 2 pay check stubs covering most recent 30 days and W-2 for previous 2 years.
o Self-employed and commissioned borrowers or employed by a relative – 2 years tax returns required.
o All household income must be included in the total eligibility income, even if not on the loan.
• Ratio calculations are not required. Therefore debt ratio waiver requests will not be necessary.

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Fax:     (502) 327-9119
 
 

KENTUCKY USDA UP-FRONT GUARANTEE FEE INCREASE


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KENTUCKY USDA UP-FRONT GUARANTEE FEE INCREASE
 
As announced by Rural Development, the upfront Guarantee Fee for purchase and refinance loans will increase as follows for Rural Housing USDA loans in Kentucky:
UPFRONT GUARANTEE FEE
THROUGH 9/30/2015
EFFECTIVE 10/1/15
All Transactions
2.0%
2.75%
The new fee structure is applicable to all Conditional Commitments issued by Rural Development on or after October 1, 2015. Loan guarantee requests submitted to Rural Development (RD) on which a conditional commitment has not been issued by September 30, 2015, will be subject to the new, higher guarantee fee structure.
Kentucky USDA Guaranteed Rural Housing Loans are one of the only “no money down” options available to home buyers today. Kentucky USDA loans aren’t just in the country. Many other areas fall within the USDA Kentucky Rural Housing designated areas, so opportunities may be closer than you think. To view eligible rural areas near you, CLICK HERE to access the USDA lookup tool on their website.
This program is very attractive to low-to-moderate income buyers:
  • Zero percent down
  • CLTV up to 102.04%
  • 6% seller contributions allowed
  • Credit scores as low as 640
  • No reserves required

 

 

 

 

 

 

 
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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 

USDA Guaranteed Rural Housing Loans


USDA Guaranteed Rural Housing Loans
Did you know that home buyers can still get a mortgage with no money down, even with less than perfect credit?
The Guaranteed Rural Housing Loan Program offers these options in a wide range of areas, including many
suburbs.
This loan program is offered through the Rural Housing Service, an agency of the U.S. Department of Agriculture
and designed to assist low and moderate-income residents by providing better access to affordable housing
finance options including little or no out-of-pocket costs in eligible areas.
To see if your market area falls in a designated rural area visit:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Available to low- and moderate-income borrowers whose adjusted income is equal to or less than 115% of the
area median income.
Owner-occupied single family non-farm residences, approved condos and PUDs
New construction properties are eligible.
Purchase or rate/term refinance
Home buyer can finance up to 100% of the market appraised value, including all recurring and non-recurring
closing costs, in some circumstances loan amounts as high as $417,000 in the continental U.S. Higher in
Alaska and Hawaii.
Credit scores as low as 640. No asset or reserve requirements. Gift funds are allowed.
Call us today to learn more about this program

 

 

 

Kentucky Fannie Mae Mortgage Guideline Changes for 2015


Kentucky Fannie Mae Mortgage Guideline Changes for 2015.

via Kentucky Fannie Mae Mortgage Guideline Changes for 2015.

Kentucky Fannie Mae Mortgage Guideline Changes for 2015


Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

Fannie Mae Kentucky Conforming Guideline Changes

updates

The following guideline changes are effective immediately for all Kentucky Fannie MaeF Conventional loans; however DU will not be updated to reflect these changes until August 15th 2015Conversion of Currently Primary Residence

Requirements for conversion of a borrower’s current primary residence to secondary or investment have been removed. The converted residence will be treated like a normal second home or investment part with regards to Reserve requirements and use of Rental Income.

This removes all requirements related to the requirement of 30% equity in the converted property.

Stocks, Bonds, & Mutual Funds

  • 100% of the value can now be used. No reduction in value is required.
  • Documentation that the funds have been liquidated is no longer required when the value of the asset is at least 20% greater than the required borrower funds for down payment and closing costs.

Unreimbursed Employee Expenses

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