Western Kentucky are now eligible for low-interest loans from the U.S. Department of Agriculture

Several Kentucky counties eligible for low-interest USDA loans to repair agricultural damage

FRANKFORT, Ky. — Several Kentucky counties affected by the December 2021 storms that produced tornadoes and high winds in Western Kentucky are now eligible for low-interest loans from the U.S. Department of Agriculture, Kentucky Commissioner of Agriculture Dr. Ryan Quarles recently announced.

“Both my office and I have been on the ground in western Kentucky and witnessed the historic and devastating destruction that hit the region last month,” Commissioner Quarles said. “Our farmers need funds and resources to maintain operations and rebuild. The low-interest loans offered by USDA may help some get back on their feet and regain some sense of normalcy.”

The low-interest loans offered by USDA are for physical losses and can help producers repair or replace damaged or destroyed physical property essential to the success of the agricultural operation, including livestock losses. Examples of property commonly affected include essential farm buildings, fixtures to real estate, equipment, livestock, perennial crops, fruit and nut-bearing trees, and harvested or stored crops and hay.

USDA designated 24 Kentucky counties as primary eligibility areas for low-interest physical loss loans. They include:
Barren

  • Boyle
  • Breckinridge
  • Caldwell
  • Christian
  • Edmonson
  • Fulton
  • Graves
  • Grayson
  • Green
  • Hardin
  • Hart
  • Hickman
  • Hopkins
  • Logan
  • Lyon
  • Marion
  • Marshall
  • McLean
  • Muhlenberg
  • Ohio
  • Spencer
  • Taylor
  • Warren

The USDA has also designated 29 counties as contiguous and also eligible. They include:

  • Adair
  • Allen
  • Anderson
  • Bullitt
  • Butler
  • Calloway
  • Carlisle
  • Casey
  • Crittenden
  • Daviess
  • Garrard
  • Hancock
  • Henderson
  • Jefferson
  • LaRue
  • Lincoln
  • Livingston
  • McCracken
  • Meade
  • Mercer
  • Metcalfe
  • Monroe
  • Nelson
  • Shelby
  • Simpson
  • Todd
  • Trigg
  • Washington
  • Webster

The deadline to apply for the loans is Aug. 30, 2022.

Rural Housing Funds for Kentucky USDA Loans Now Available

updates
RHS Funding Now Available for Kentucky Rural Housing Mortgage Loans for 2022
Funding has now been authorized for RHS loans.


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Kentucky USDA Rural Housing Changes for Below

USDA Advance Copy Notice HB-1-3555 Chapter 11
USDA has announced that Chapter 11 of the HB-1-3555 will be updated and an advanced copy has been provided.  Changes will become effective after USDA issues a Special Procedure Notice.

  • Clarification was added that revolving accounts with no outstanding balance are not required to be closed.
  • USDA eliminated guidelines provided that a retained property that has been rented for 24 months or longer may be omitted from the DTI, and
  • Added guidance that the income received from rents may only be included in the repayment calculation if the property has been rented for 24 mo. or more.
  • Guidelines were added that monthly payment for borrowers in debt management plans must be included in the DTI.
  • The calculation guidelines for Non-Fixed Student Loan Payments were updated removing the requirement for the greater of calculation to be used and added guidance for when the payment amount is zero.
  • Additional guidance was added that compensating factors supporting Debt Ratio Waivers for manually underwritten loans must be documented.
  • Clarification was added that federal, state and local taxes don’t need to be included in the DTI unless there is a payment plan in place.

Refer to the Advance Copy Notice HB-1-3555 Chapter 11 and Chapter 11: Ratio Analysis

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