Category: 2014 Property Eligibility Map for KY USDA Loans

USDA Single Family Housing Homes for Sale in Kentucky Currently

usda1

Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 12/06/2016
State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD

 

Kentucky
8 Properties
BOYD County
picture of property
7234 Nekirk Rd. 3/1 $25,460.00
Ashland,KY 41102
View Property Details Foreclosure Sale
CAMPBELL County
picture of property
65 Bon Jan Lane 3/1 $51,590.00
Highland Heights,KY 41076
View Property Details Foreclosure Sale
FRANKLIN County
picture of property
2 Pebble Court 3/1 $30,820.00
Frankfort,KY 40601
View Property Details Foreclosure Sale
FULTON County
picture of property
171 State Route 1461 3/2 $24,790.00
Fulton,KY 42041
View Property Details Foreclosure Sale
OWEN County
picture of property
275 Highway 227 N 3/1 $42,210.00
New Liberty,KY 40355
View Property Details Foreclosure Sale
picture of property
204 N. Madison St. 2/1 $26,800.00
Owenton,KY 40359
View Property Details Foreclosure Sale
SHELBY County
picture of property
1721 Village Lane 3/1 $23,450.00
Shelbyville,KY 40065
View Property Details Foreclosure Sale
picture of property
125 Gloria Dr. 3/1 $36,850.00
Shelbyville,KY 400658910
View Property Details Foreclosure Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Address Bed/Bath Price
65 Bon Jan Lane 3/1 $51,590.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
7234 Nekirk Rd. 3/1 $25,460.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
275 Highway 227 N 3/1 $42,210.00 – GovtBid
New Liberty, KY 40355 Foreclosure Sale
1721 Village Lane 3/1 $23,450.00 – GovtBid
Shelbyville, KY 40065 Foreclosure Sale
415 Grassy Knoll Rd. 2/2 $28,140.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
171 State Route 1461 3/2 $24,790.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
204 N. Madison St. 2/1 $26,800.00 – GovtBid
Owenton, KY 40359 Foreclosure Sale
125 Gloria Dr. 3/1 $36,850.00 – GovtBid
Shelbyville, KY 400658910 Foreclosure Sale
2 Pebble Court 3/1 $30,820.00 – GovtBid
Frankfort, KY 40601 Foreclosure Sale
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.


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 views of my employer. Not all products or services mentioned on this site may fit all people
 

Kentucky USDA Guaranteed Rural Housing Loans

Kentucky USDA Guaranteed Rural Housing LoansDid you know that Kentucky home buyers can still get a mortgage with no money down, even with less than perfect credit? The Kentucky Guaranteed Rural Housing Loan Program offers these options in a wide range of areas, including many suburbs outside the major metro areas of Louisville, Lexington, Bowling Green, Owensboro, Paducah, Hopkinsville, and Northern Kentucky cities of Florence, Covington and Newport.This loan program is offered through the Kentucky 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
  • Home buyers 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.
  • No foreclosures in last 3 years. Can be a previous homeowner
  • No bankruptcies in last 3 years for A chapter 7. Chapter 13 are usually okay with 12 months history.
  • Credit scores as low as 620 No asset or reserve requirements. Gift funds are allowed

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

image004

ANNUAL GUARANTEE FEE
THROUGH 9/30/2014
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
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENTI

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
RHS Increase in Annual Fee
Kentucky USDA Mortgage Lenders must underwrite the loan using an annual fee of .5 percent and resubmit the application to RD in GUS after October 1, 2014

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
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

What are the property requirements for a USDA Rural Housing Loan in Kentucky?

 

USDA-Home-Loan

 

WHAT ARE THE PROPERTY REQUIREMENTS?

 

* The property must be a single family unit or an approved condominium unit.

* Homes must be located in designated rural areas. In Kentucky the following communities are ineligible: Jefferson County Kentucky, Fayette County KY, parts of Bullitt County, all though Shepherdsville and Mount Washington are okay for USDA Loans. Richmond KY, Paducah, KY, Hopkinsville, KY, and Bowling Green, Ky. Parts of Boone, Kenton and Campbell have eligible areas, please check website map below for more details

Rural Area Definition for USDA Housing Programs

The Agricultural Act of 2014 (Farm Bill) makes areas with population up to 35,000 and rural in character eligible for USDA Rural Housing Programs, with certain provisions. Changes to the eligible areas map based on the Farm Bill will be released on May 6, 2014, on the USDA Income and Property Eligibility Site. Select “Single Family Housing” under the Property Eligibility menu.

Stakeholders are advised that additional changes to eligible rural areas for USDA Rural Housing Programs as outlined in H.R.933, Consolidated and Further Continuing Appropriations Act of 2013 and the 2010 Census will take effect on October 1, 2014, barring further Congressional action. A preview of the “Future Eligible Areas” will be available on the USDA Income and Property Eligibility Site later this summer.

 

* Camps, existing mobile homes, and multifamily dwellings cannot be financed.

* Income-producing property cannot be financed.

* Homes may be new construction – stick built, modular or manufactured housing are all acceptable.

WHAT ARE THE APPRAISAL AND INSPECTION REQUIREMENTS?

* Standard appraisal documents are acceptable.

* The dwelling must be determined to be decent, safe, and sanitary. This can be verified by a home inspection report or

HUD Appraiser Certifies that Property meets HUD Minimum Requirements.

* Private water supplies must be tested for potability.

Location: Kentucky has 120 counties, and USDA is not allowed in the following KY Counties: Jefferson, Fayette (whole county)  and parts of  McCracken, Boone, Kenton, Campbell, Bullitt, Daviess, Warren, Franklin and Christian counties. The best thing to do on the location is tell me an address and I can look it up for you.

 
I have a website that is really good for USDA loans, located at http://kentuckyruralhousingusdaloan.blogspot.com/p/usda-rural-housing-loan-program.html  that may assist and educate you about the program.
 
 In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free. 
 
 Loan Checklist
The following is a list of documents that may be required to process your  mortgage loan:
  • One full month’s worth of pay stubs
  • Last 2 years W-2′s
  •  Last 2 years tax returns 
  • Last two months bank statements for all accounts
 
I don’t need originals, copies are fine. You can fax, email, or drop off at my office below . 
 
Let me know your questions. 
 
Thanks and look forward to helping you
 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Fill out my form!

 

Continue reading “What are the property requirements for a USDA Rural Housing Loan in Kentucky?”

100% Financing for Rural Home Loans in Kentucky

100% Financing for Rural Home Loans in Kentucky 
 
Kentucky USDA Rural Development Housing Zero Down
USDA Home Loans : 100% Financing Kentucky USDA Rural Development Housing Zero Down
Kentucky USDA Mortgage Loans
Kentucky Single Family Housing Guaranteed Loan Program

 

  • 100% financing, no down payment is required for the Rural Development Guarantee 502 Program in Ky. 30 Fixed 30 Year Rates only.
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Borrowers may request an exception to exceed these ratios when strong compensating factors are identified.
  • No Max. Purchase Price.
  • Gift/Grant or Seller Concessions are allowed.
  • Not limited to Kentucky first time home buyers. Typically cannot own another home when using the RHS Ky Mortgage Loan Program. 
  • Income Restrictions Apply by Kentucky Counties with most counties being limited to $75k for a household family of four, or up to $98k for a household family of 5 or more.
  • Seller Concessions up to 6% allowed or up to appraised value. 
  • 640 Middle Credit Score is needed for an automated approval through GUS, but can go lower on credit scores to 620 with compensating factors, such as, verified 12 month rent history with no lates, 2 months reserves or more, limited debt to income ratios of 31 and 43% respectively with no lates in last 12 months. 
  •  

     
    Joel Lobb 
    Senior  Loan Officer

    (NMLS#57916)
     
     

     phone: (502) 905-3708
     Fax:     (502) 327-9119
     
     Company ID #1364 | MB73346

How do Students Loans affect a Kentucky Rural Housing Mortgage Loan Approval?

Kentucky USDA Rural Housing Guidelines for Student Loans:

 

 Now offering Kentucky Rural RHS USDA loans  We are excited to offer you Kentucky RD USDA loans as our new product offering.   Product Highlights:  620+ FICO 102% LTV including the Guarantee Fee Max DTI and minimum reserves determined by GUS Owner Occupied, 1 unit properties only Up to 6% Seller Concessions allowed

Now offering Kentucky Rural RHS USDA loans
We are excited to offer you Kentucky RD USDA loans as our new product offering.
Product Highlights:
620+ FICO
102% LTV including the Guarantee Fee
Max DTI and minimum reserves determined by GUS
Owner Occupied, 1 unit properties only
Up to 6% Seller Concessions allowed

Kentucky Student loans that are currently in repayment must have documentation to verify the current payment due (e.g. letter from a loan servicer, online account verifications, or other official written documentation). The credit report alone is not acceptable documentation. Verifications are valid for 120 days, 180 days for new construction. A fixed loan payment will not adjust over the repayment term. The payment listed on the documentation may be used for debt ratios.

 

Graduated repayment plans typically start with low payments and then adjust every 12 months or more. Regardless of when payment adjustments occur, lenders must utilize the highest payment documented on the repayment plan agreement in debt ratios.

 

Deferred student loans that are not in repayment status may use an estimated payment of 1% of the loan balance reflected on the credit report, or a verified fixed payment provided by the loan servicer to document the payment that will be due once deferment ends.

 

Kentucky Student loans with Income Based Repayment (IBR) plans of $0 are not eligible to be used in the debt ratio. The borrower must provide documentation of the IBR payment plan from the loan servicer. The following apply:

 

  • If the IBR payment is less than $100 and 1 percent of the total loan balance is more than $100, a minimum payment of $100 must be included in the debt ratios.
  • If the IBR payment is less than $100 and 1 percent of the total loan balance is less than $100, a minimum payment of 1% of the loan balance must be included in the debt ratios.
  • If the current IBR payment is over $100, use that payment amount in the debt ratios.

 mortgage-louisville-ky

Joel Lobb 
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky USDA Rural Home Loans : 100% Financing

Kentucky USDA Rural  Home Loans : 100% Financing

Kentucky USDA Rural Development Housing Zero Down
USDA Home Loans : 100% Financing Kentucky USDA Rural Development Housing Zero Down
Kentucky USDA Mortgage Loans
Kentucky Single Family Housing Guaranteed Loan Program

The program’s full name is the Kentucky USDA Rural Development Guaranteed Housing Loan program. Most people call them “USDA loans” or “Rural Housing Loans.” Kentucky USDA loans are insured by the U.S. Department of Agriculture and the program’s most popular feature is its option for “no money down” financing. Via the USDA, you can finance 100% of a home’s purchase price.

It is a common misconception that these loans are only for farm types of properties. In fact, income producing farms are not eligible for the program. 118 of Kentucky’s 120 counties contain areas that are eligible for program (The whole area of Jefferson & Fayette Counties currently are ineligible).  Parts of Bullitt County, McCracken, Christian, Boone, Kenton, Campbell Counties are ineligible.

 

The property cannot be located within the city limits of a municipality with a population level determined by the U.S Census with a limit set by the USDA.

A Kentucky USDA loans are similar to other loan types including loans via Fannie Mae and Freddie Mac. Kentucky USDA loans differ in their down payment requirements (none required) and its simpler loan approval standards. Kentucky Rural loans can be used by first-time buyers and repeat home buyers alike. Homeowner counseling is not required to use the Kentucky USDA program. Mortgage insurance premiums are also often more attractive than many alternative financing types.

Since October 1, 2012, USDA mortgage insurance rates have been :
•For purchases, 2.00% of loan amount upfront fee paid at closing
•For refinances, 2.00% of loan amount upfront fee paid at closing
•For all loans, 0.40% annual fee, based on the remaining principal balance

As a real-life example, then, a homebuyer with a $100,000 loan size in Kentucky would be asked make a $2,000 upfront mortgage insurance premium payment at closing, plus $33.33 in mortgage insurance monthly.

The upfront mortgage insurance is not required to be paid as cash and the amount is often added to your loan balance even above the purchase price and appraised value of the home. USDA is one of the only loan types that allows you to also finance in other closing costs and prepaid items above the purchase price up the appraised value if it is greater than the purchase price of the home.

Also similar to the FHA, the USDA requires mortgage insurance premiums to be paid until the loan is paid-in-full, or until the home is sold. USDA mortgage insurance rates are lower than those for a comparable FHA mortgages.assess a 1.75% upfront mortgage insurance premium and charge as much as 1.55% in MIP annually.

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

ualifying.

 

 

Mortgage News

For home buyers today, there are two mortgage programs which offer 100% financing. The first is the VA loan from the Department of Veterans Affairs. It’s available to most active military personnel and veterans nationwide.

The other program is the U.S. Department of Agriculture’s Rural Development Single Family Housing Loan Guarantee Program.

Sometimes called a “Rural Housing Loan” or a “Section 502” loan, today’s USDA financing isn’t just for farms. Because of the way the USDA defines “rural”, there are plenty of exurban and suburban neighborhoods nationwide in which USDA loans can be used.

Home buyers who buy a home in a qualified USDA area, and who meet USDA income eligibility requirements, can take advantage of the USDA’s low interest rate, no downpayment mortgage program..

What Are The Benefits Of A USDA Home Loan?

USDA mortgages are structured just like conventional ones via Fannie Mae and Freddie Mac. Where they…

View original post 525 more words

Kentucky USDA Loans | Rural Housing Loans Kentucky

Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

An Introduction to Rural Housing Development Guaranteed Rural Housing Program

 

An Introduction to Rural Housing Development  Guaranteed Rural

Kentucky USDA Guaranteed Rural Housing Home Loans
USDA guaranteed loans are designed to make home ownership possible for low- and moderate-income families. Offered through USDA Rural Development, these loans feature:
  • No down payment requirement
  • Low monthly mortgage insurance premiums
  • Flexible credit and qualifying guidelines
Eligibility requirements include (but are not limited to):
  • Borrowers must not currently have adequate housing
  • Borrowers must occupy the purchased home
  • Homes must be in a residential Rural Development eligible area
For more information and to apply for an Kentucky FHA, VA, USDA or other type of Kentucky mortgage, contact one of our and take the next step toward home ownership today!

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Housing Program

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RHD has several online resources to assist you with learning the eligibility rules and the calculations for the guarantee fees.
· Income and property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=…
· USDA Lender Interactive Network Connection (LINC) website for training and job aids: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do
· The Guaranteed Underwriting System (GUS): https://www.eauth.usda.gov/MainPages/index.aspx
· Underwriting and Loan Closing Documentation Matrix: http://www.rurdev.usda.gov/SupportDocuments/PR_UW_Loan_Closing_Matrix_Do…
· Rural Development Administrative Notices (ANs), which are RHD’s updates to their guidelines: http://www.rurdev.usda.gov/rd-an_list.html

The GRH program is similar to a mortgage insurance program. The borrower may purchase a home at 100% LTV based on the appraised value on a 30 year fixed rate loan. The one time, upfront guarantee fee can be added to the loan as well. As a result, the total LTV on GRH loans is often between 100% – 103%. In addition to this upfront fee, the borrower will have monthly insurance premiums that are added to their qualifying housing expenses.