KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE
KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE
|
|
EFFECTIVE 10/1/14 | ||
| Purchase Transactions |
.40% |
.50% |
||
| Refinance Transactions |
.40% |
.50% |
The new fee structure is applicable to all Conditional Commitments issued by Kentucky Rural Development Loans on or after October 1, 2014.
Loan guarantee requests submitted to Rural Development (RD) on which a conditional commitment has not been issued by September 30, 2014, will be subject to the 2014 annual guarantee fee structure.
There is no exception to the new annual guarantee fee structure regardless of the date the file was submitted/received by RD . Inc. If the Conditional Commitment has not been issued before October 1, 2014, the file will need to be revised to reflect the correct fees and this will require re-disclosure, re-underwriting and resubmission to RD.
The Guarantee Fee change will take effect 10/1/2014.
—
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
(NMLS#57916)
EVO Mortgage
911 Barret Ave, Louisville, KY 40204
Text or call: 502-905-3708
Company NMLS #1738461
Equal Housing Lender
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Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentucky USDA loan application.
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
(NMLS#57916)
EVO Mortgage
911 Barret Ave, Louisville, KY 40204
Text or call: 502-905-3708
Company NMLS #1738461
Equal Housing Lender
USDA Eligible Areas changes effective January 15, 2014
usda loan requirments 2014 kentucky
RHS increase in Annual Fee for Kentuky Rural Development Loans October 1, 2014
RHS Increase in Annual Fee for Rural Housing Mortgage Loans in Kentucky
On Wednesday, October 1, 2014, the annual fee for both purchase and refinance loans will increase from .4 percent to .5 percent. The Guaranteed Underwriting System (GUS) has been updated to allow lenders to select and underwrite at either the .4 percent or .5 percent annual fee structure. Lenders should communicate with Rural Development (RD) offices to understand current processing time-frames.
GUS “Final Submissions” with an annual fee of .4 percent, that areissued a conditional commitment by RD prior to the close of business on Tuesday, September 30, 2014, will not be affected by the annual fee change. Those submissions that are not issued a conditional commitment by RD prior to the close of business on Tuesday, September 30, will be affected by the annual fee change.
Lenders must underwrite the loan using an annual fee of .5 percent and resubmit the application to RD in GUS.
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
(NMLS#57916)
EVO Mortgage
911 Barret Ave, Louisville, KY 40204
Text or call: 502-905-3708
Company NMLS #1738461
Equal Housing Lender
Kentucky USDA Mortgage Lender for Rural Housing Loans 