Category: Current USDA and RHS Guidelines

KENTUCKY USDA AND RURAL HOUSING MORTGAGE QUALIFYING GUIDELINES FOR 2016

Kentucky Rural Housing USDA Highlights for 2016 Kentucky USDA Rural Development Guaranteed Lending Program is geared to assist low to moderate income families realize home ownership. Below are some important highlights:   Debt Ratios--29/41% on manual underwrites  - max to 45% Debt to Income ratios with GUS Approve/Eligible Finding. ZERO down payment – 100% LTV … Continue reading KENTUCKY USDA AND RURAL HOUSING MORTGAGE QUALIFYING GUIDELINES FOR 2016

Kentucky USDA Rural Development Fee Reduction

Kentucky USDA Rural Development  Fee Reduction USDA has just announced that they are planning to lower both the Guarantee Fee and the Annual Fee for RHS loans in Fiscal Year 2017. Effective for loans receiving commitments from RHS on or after October 1, 2016, the following fee changes will be in effect The Upfront Guarantee … Continue reading Kentucky USDA Rural Development Fee Reduction

KY USDA Rural Housing Update 2016

Kentucky USDA Rural Development  Guideline Update Effective for all loan commitments issued on or after March 9th,  Kentucky USDA Rural Housing Loan Program  is publishing an updated version of their 3555 handbook. The new handbook includes additional guidance and clarification on many previously vague subjects, including the following changes If the credit report on a loan … Continue reading KY USDA Rural Housing Update 2016

Kentucky USDA Rural Housing Credit Report Requirements Update 2016

Kentucky USDA Rural Housing Credit Report Requirements Update 2016

February 12, 2016 KY USDA Rural Housing Credit Report Update 2016 Effective immediately, an applicant’s credit score may be validated with at least two eligible trade lines instead of three trade lines as previously required.  Such trade lines consist of credit accounts (revolving, installment, etc.) with at least twelve months of repayment history reported on … Continue reading Kentucky USDA Rural Housing Credit Report Requirements Update 2016

KY USDA Up-Front Guarantee Fee Increase Effective October 1st, 2015

2015 Kentucky Rural Housing USDA Changes KY USDA Up-Front Guarantee Fee Increase Effective October 1st, 2015 Any Kentucky RHS USDA loan that has not received conditional commitment from state Rural Development Offices in Lexington, KY by end of business on 9/30 will be subject to the 2.75% up-front guarantee fee increase. Loan Purpose Loans obligated … Continue reading KY USDA Up-Front Guarantee Fee Increase Effective October 1st, 2015

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, … Continue reading Kentucky USDA Guaranteed Rural Housing Loans

New Credit Requirements for Kentucky USDA Rural Development Loans Starting 12/1/2014

TRADELINE REQUIREMENT: One borrower must have 3 tradelines that have existed for 12 months. If this requirement cannot be met, an accept decision must be downgraded to a refer and treated as a manual underwrite. VERIFICATION OF RENT: Scores 680 and above OR GUS accept = No VOR required. Scores 679 and below = VOR required. COLLECTIONS: … Continue reading New Credit Requirements for Kentucky USDA Rural Development Loans Starting 12/1/2014

Kentucky USDA Rural Housing Loans Credit Requirements for a Loan in 2014

Credit Scores: If you have a credit score below 640 you will probably get referred for a manual underwrite which means the income and credit requirements are much tougher for scores below 640. We can do scores down to 620 but usually it is best to try and raise your score to 640 so we … Continue reading Kentucky USDA Rural Housing Loans Credit Requirements for a Loan in 2014

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE 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) … Continue reading KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

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 … Continue reading RHS increase in Annual Fee for Kentuky Rural Development Loans October 1, 2014