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 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!

— 

Housing Program

.

 

 

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.

Kentucky USDA Loans | Rural Housing Loans Kentucky

Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

100% Financing Zero Down Payment Financing Kentucky Mortgages and Home loans

Buy a Home with No Down-Payment or Refinance Your Mortgage to 100% Just a few years ago, most mortgage companies offered no money down home loans, but today only there are only a handful of experienced lenders offering the USDA and VA home loans. Don’t miss out on affordable mortgage rates for no equity mortgages. Now is the time to discuss no money down home buying or no equity refinancing while rates are low and the programs still exist.

 

13959394512549000293

 

 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
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 view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky Rural Development, Rural Housing Service Properties for Sale in Ky.

Kentucky Rural Development, Rural Housing Service Properties and homes for Sale in Ky. 

Kentucky
Click on an address to view detailed property information.
City Address Bed Bath Agency
Artemus 1008 Ramsey Branch RD, 40309   0   0.0    RD
Bagdad 235 Jacksonville Road, 40003   2   1.0    USMS
Bagdad 1771 Lebanon Ridge Road, 40003   3   2.0    USMS
Bardstown 1009 W. Milestone Court, 40004   0   0.0    RD
Calvert City 244 Arizona Street, 42029   0   0.0    RD
Corbin 332 Forego Trail, 40701   0   0.0    RD
Corbin 96 Sandy Hill Circle, 40701   0   0.0    RD
Custr 7066 Highway 1073, 40115   0   0.0    RD
Cynthiana 168 Cedarbrook Drive, 41031   0   0.0    RD
Elkton 1410 Blue Gray Parkway, 42220   0   0.0    RD
Eminence 314 Vernon Street, 40019   0   0.0    RD
Ezel 14699 Hwy 460 W, 41425   0   0.0    RD
Ezel 1785 Hwy 882, 41425   0   0.0    RD
Falmouth 8137 HWY 10 N, 41040   0   0.0    RD
Frenchburg 528 Lantern Way, 40322   0   0.0    RD
Georgetown 103 Blackberry Ridge Ct, 40324   4   3.5    USMS
Grayson 610 Holcomb St, 41143   0   0.0    RD
Grayson 466 Leadingham Branch, 41143   2   1.0    USMS
Harlan 105 Sally Rachel Rd, 40831   0   0.0    RD
HICKMAN 106 BERNAL ST, 42050   0   0.0    RD

 

City Address Bed Bath Agency
INDEPENDENCE 30 PEACH DRIVE, 41051   0   0.0    RD
Irvine 25 McClanahan Court, 40336   0   0.0    RD
Lawrencburg 1808 ADDALYNE CT, 40342   0   0.0    RD
Lawrenceburg 104 HOLLY COURT, 40342   0   0.0    RD
Lawrenceburg 1516 BROOKE DRIVE, 40342   0   0.0    RD
Manchester 229 Laurel Heights Road, 40962   0   0.0    RD
McKee 447 TURKEY FOOT RD, 40447   0   0.0    RD
Monticello 102 Wells Court, 42633   0   0.0    RD
Mt. Sterling 287 Woodland Lane, 40353   0   0.0    RD
OWENSBORO 5438 DIANA AVE, 42301   0   0.0    RD
Perryville 141 SOUTHERN DRIVE, 40468   0   0.0    RD
Prestonsburg 25 Herald Lane, 41653   0   0.0    RD
Prestonsburg 1476 Ruff and Tuff Br, 41653   0   0.0    RD
Raceland 517 Greenup Ave., 41169   0   0.0    RD
Russellville 218 Center Street, 42276   0   0.0    RD
Scottsville 906 East Walnut, 42164   0   0.0    RD
Scottsville 422 SOUTH 3RD ST, 42164   0   0.0    RD
Sitka, KY 4888 KY RT 1559, 41255   0   0.0    RD
Somerset 5323 Beechwood Drive, 42501   0   0.0    RD
Somerset 249 Ridgeview Drive, 40741   0   0.0    RD
City Address Bed Bath Agency
Stanford 175 Young Dr., 40484   0   0.0    RD
Stanford 180 Robin Dr, 40484   0   0.0    RD
TOLLESBORO 6560 WEST KY 10, 41189   0   0.0    RD
West Paducah 7520 Nathan Drive, 42086   0   0.0    RD
Williamsburg 1355 New Zion Road, 40769   0   0.0    RD
Williamsburg 274 Shelby Hurst Rd, 40769   0   0.0    RD
Wilmore 324 Wise Drive, 40390   0   0.0    RD
Wilmore 609 TOCHER DR, 40390   0   0.0    RD
WINCHESTER 110 COLONIAL PARK DRIVE, 40391   0   0.0    RD
Winchester 608 Dixiana Dr, 40391   0   0.0    RD
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*

%d bloggers like this: