Category: 2013 Property Eligibility Changes

2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY

– Eligible Rural  Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist
On March 26, 2013, the President signed “H.R.933 – Consolidated and Further
Continuing Appropriations Act, 2013” which provided funding through September 30,
2013. The Bill also extended the eligible rural areas that were in effect as of September
30, 2012 until September 30, 2013 for Kentucky Rural Housing Service (RHS) housing programs.
Barring any Congressional action, implementation of the 2010 Census Data is on
schedule for October 1, 2013, which will modify the eligible rural areas for the Kentucky USDA Rural Development loan  RHS
housing programs.

 

The future eligibility maps can be viewed on the Kentucky USDA Eligibility
web site at: http://eligibility.sc.egov.usda.gov. Due to these changes, some of the areas
that were previously eligible for Kentucky USDA financing will no longer qualify for the
program.

 
This change will significantly affect the processing and underwriting of USDA loans.
The national USDA office has advised that a complete loan guarantee request received by
the USDA office on or before September 30, 2013, will not be subject to the new rural
area designations that will take place on October 1, 2013. Applications received by close
of business on September 30, 2013 and processed on, or after, October 1, 2013, due to
state loan processing times will be subject to the newly designated rural areas if the
application is incomplete.

502 905 3708
We t will make every effort to get your Rural Development loan packages
submitted to the appropriate USDA office prior to the deadline. However, we urge you
to review the new data to determine what the impact is in your area. For those areas that
will not be eligible after October 1, you must get the complete loan packages in to
early so that the conditions can be cleared and the loans submitted to USDA
prior to the deadline

 

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USDA Loan Eligible Rural Areas in Kentucky Counties including the cities of Bardstown, Ky, Elizabethtown, Shepherdsville, Shelbyville, Frankfort, Burlington, Nicholasville, and Independence Northern Kentucky Have Changed effective October 1, 2013 will no longer be eligible for USDA and Rural Housing Guaranteed Loans or Direct loans!

Kentucky USDA Loans | Rural Housing Loans Kentucky.

502-905-3708 or kentuckyloan@gmail.com
Kentucky USDA and Rural Housing Mortgage Guidelines How to get approved for a Kentucky RHS Rural Development USDA Mortgage Loan

USDA Loan Eligible Rural Areas in Kentucky  Counties including the cities of Bardstown, Ky, Elizabethtown, Shepherdsville, Shelbyville, Frankfort, Burlington, Nicholasville,  and Independence  Northern Kentucky  Have Changed effective October 1, 2013 will no longer be eligible for USDA and Rural Housing Guaranteed Loans or Direct loans!

KY Bardstown, city Nelson 11,700 X X

KY Burlington, city Boone 15,926 X X

KY Elizabethtown, city Hardin 28,531 X X

KY Georgetown city Scott 29,098 X X

KY Independence city Kenton 24,757 X X

KY Nicholasville city Jessamine 28,015 X X

KY Shelbyville, city Shelby 14,045 X X

KY Shepherdsville city Bullitt 11,222 X X

 
502-905-3708 or email kentuckyloan@gmail.com
Kentucky USDA Rural Housing Map for Eligible Properties in Kentucky for the Rural Development Guarantee home loan
Home buyers in Kentucky  planning to use the  USDA Rural home loan program with zero down payment financing upcoming boundary changes that will cause many current USDA eligible rural areas to no longer qualify beginning October 1, 2013.

.Kentucky  population explosion over the last 10 years in the above cities  requires the USDA to update their eligible boundary map to reflect the not so recent 2010 Census data. 

  Details of the changes can been read in USDA AN 4711.

Kentucky USDA and Rural housing Guidelines Changes for Nicholasville, Ky, Etown, Ky, Shepherdsville, KY,  Shelbyville, KY,  Frankfort Kentucky,  Bullitt County KY USDA,  Shelby County USDA,  Bardstown Kentucky USDA and Rural housing

Beat the Oct. 1, 2013 Deadline for Kentucky USDA Loan Approval

To qualify for financing under the current 2010 USDA eligibility map, you need to have your complete loan application submitted before September 30, 2013 and obligated before December 31, 2013.

You Can Still Refinance a USDA Loan

Current home owners who have a Kentucky  USDA loan will be able to refinance their Kentucky USDA loan under the Kentucky USDA Streamline Refinance Pilot program even if they are no longer in an eligible area, but you still need to meet the county income guidelines.

 

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New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities

New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities

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As of Thursday, March 28, 2013, RHS  or Rural Housing Loans will use the 2010 Census Data for Kentucky cities, which will impact certain cities in regards to their eligibility for RHS or USDA , rural housing  loans in Kentucky .  Unless there are other changes to this regulation, the cities that would become ineligible include:

Kentucky USDA and Rural Housing Guaranteed Home Loan Program

Joel Lobb (NMLS#57916)Senior  Loan Officer

502-905-3708 cell

502-813-2795 fax

jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Fill out my form!

 

 

Rural housing program breaks city limits | HousingWire

Rural housing program breaks city limits | HousingWire.

Rural housing program breaks city limits

New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities Bardstown Burlington Elizabethtown Georgetown Independence Nicholasville Shelbyville Shepherdsville

 

New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities

New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities

 

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As of Thursday, March 28, 2013, RHS  or Rural Housing Loans will use the 2010 Census Data for Kentucky cities, which will impact certain cities in regards to their eligibility for RHS or USDA , rural housing  loans in Kentucky .  Unless there are other changes to this regulation, the cities that would become ineligible include:

  • Bardstown
  • Burlington
  • Elizabethtown
  • Georgetown
  • Independence
  • Nicholasville
  • Shelbyville
  • Shepherdsville

 

 

 

 

 

Kentucky USDA and Rural Housing Guaranteed Home Loan Program

 

 

Joel Lobb (NMLS#57916)Senior  Loan Officer

502-905-3708 cell

502-813-2795 fax

jlobb@keyfinllc.com

 

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

 

 

 

Fill out my form!

Related Articles

Kentucky Rural Housing and USDA Property Eligibility Requirement Changes March 27,2013

Kentucky Rural Housing and USDA Property Eligibility Requirement Changes March 27,2013

by Louisville Kentucky Mortgage

 

Kentucky Rural Housing and USDA Property Eligibility

 

 Beginning March 27, 2013, RHS  will begin using the 2010 Decennial Census data to determine property and income eligibility for Kentucky properties for USDA and Rural Housing Loans in Kentucky . This means that a borrower in any area which has experienced a significant change in population and/or median income between 2000 and 2010 may lose eligibility for the Kentucky Rural Housing or USDA RHS Loan Program. Loans on hand will be allowed to continue using the 2000 Census data eligibility requirements only if there is a completed loan application (and all the documentation that entails) dated on or before March 26, 2013. Any loan using the 2000 Census data eligibility requirements must close and fund by September 30, 2013.

 

RHS or Rural Housing / USDA  has not yet released a list of the county specific changes that will occur for Kentucky Properties. . We encourage everyone to make their borrowers aware that changes will occur and to try and get applications completed  for a Kentucky USDA Property by March 26th for any cases where continued eligibility may be in jeopardy.


 

Joel Lobb (NMLS#57916)Senior  Loan Officer

 

502-905-3708 cell

502-813-2795 fax

jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*

 

107 South Hurstbourne Parkway*
Louisville, KY 40222*

 

Fill out my form!

Kentucky Rural Housing and USDA Property Eligibility Requirement Changes March 27,2013

Kentucky Rural Housing and USDA Property Eligibility

 

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Beginning March 27, 2013, RHS  will begin using the 2010 Decennial Census data to determine property and income eligibility for Kentucky properties for USDA and Rural Housing Loans in Kentucky . This means that a borrower in any area which has experienced a significant change in population and/or median income between 2000 and 2010 may lose eligibility for the Kentucky Rural Housing or USDA RHS Loan Program. Loans on hand will be allowed to continue using the 2000 Census data eligibility requirements only if there is a completed loan application (and all the documentation that entails) dated on or before March 26, 2013. Any loan using the 2000 Census data eligibility requirements must close and fund by September 30, 2013.

 

RHS or Rural Housing / USDA  has not yet released a list of the county specific changes that will occur for Kentucky Properties. . We encourage everyone to make their borrowers aware that changes will occur and to try and get applications completed  for a Kentucky USDA Property by March 26th for any cases where continued eligibility may be in jeopardy.

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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