Category: Property Eligilibity

Kentucky Rural Housing Mortgage Loans Require No Money Down

Kentucky Rural Housing Mortgage Loans Require No Money Down.

via Kentucky Rural Housing Mortgage Loans Require No Money Down.

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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?”

Kentucky USDA Loans | Rural Housing Loans Kentucky

Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

USDA Rural Housing Map for Ineligible Cities in Kentucky for Housing Loans.  Areas including are Louisville,  Lexington, Paducah, Richmond, Hopkinsville, Owensboro, and Bowling Green KY

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Eligible Cities are Back!A Continuing Resolution has passed allowing RHS to refer back to the 2000 census data for eligible areas.  This will allow the following eight Kentucky cities to remain eligible until January 2014:  Bardstown, Burlington, Elizabethtown, Georgetown, Independence, Nicholasville, Shelbyville, and Shepherdsville.  This is good news as implementation of the 2010 census data has been put on hold again.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
text or call 502-905-3708 cell

 

USDA Rural Housing Map for Ineligible Cities in Kentucky for Housing Loans.  Areas including are Louisville,  Lexington, Paducah, Richmond, Hopkinsville, Owensboro, and Bowling Green KY

(areas in yellow are not eligible for Kentuck USDA Mortgage Loans for 2017)

click on image to enlarge the area for more detailed map

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The United States Department of Agriculture has created a special home buyer opportunity for Americans that live in rural areas. These home buying programs were designed to increase homeownership amongst lower and middle income families that live in smaller sized cities, towns, and remote areas.

What makes these loans so special?

  • No Down Payments – USDA loans are one of the only home mortgages that allow someone to buy a home without putting any money down. In fact, the only other way someone can finance 100% of their home purchase is if they are in the military or a veteran. Even someone with perfect credit, long job history, and plenty of savings/assets can not qualify for 0 down on a home loan. This is a unique and very special aspect of USDA home buyer loans.
  • Lower PMI costs– Private Mortgage Insurance, also known as “PMI” is much lower on USDA loans than FHA or conventional mortgages. This can save you a lot of money.
  • Reduced Interest Rates The interest rates are lower on USDA loans, which results in lower payments, and plenty of money saved overtime.

Would You Like to Get Prequalified or Apply For a USDA Loan Now?
Click Here to Get Pre-Approved for a USDA Loan

How to Qualify for a USDA Loan

The best way to find out if you qualify for a USDA loan is to speak with one of our USDA specialists. It is easy to find out if you are eligible and usually only takes a few minutes. There are some basic qualification guidelines that the Department of Agriculture has set up which will help you have an idea if you can get a USDA loan.

  • Property Eligibility – The home you want to finance with a USDA loan must be an eligible property. You can not buy any home you want, it must be a designated property. You can look up homes in certain areas, or you can search by address on the USDA website.
  • Job History – Similar to all other mortgage loans, a two year work history is required.  You must show that you have been consistently employed for the past two years straight in order to qualify for USDA financing.
  • Income Limits – You must not make over a certain amount in order to receive a USDA mortgage. This amount varies by location so you will need to look up your specific counties income limits.
  • DTI Ratio– One of the main ways which determines if you will be approved or not is your debt-to-income ratios. While you must not make too much money, you also must not have too much debt. Your debt-to-income ratio is how much monthly debt you have (only those debts which show on your credit report are counted) compared to your bring home income. So if your household income is $4,000/month, and your currently monthly debts (excluding rent), combined with your new mortgage payment are $1,500/month, this would equal a 37.5% DTI ratios (this was calculated by taking $1,500 and dividing it by $4,000).
  • Credit Score – The minimum credit score varies from lender to lender, but most want to see at least a 640 credit score for you to be approved.
  • Mortgage Insurance – USDA loans have their own version of mortgage insurance. It is called the “Guaranteed Fee” and works similarly to how FHA loans have upfront and monthly mortgage insurance premiums (MIP). With USDA loans, there is a 1.0% upfront guarantee fee, and a 0.350% annual guarantee fee that is divided into 12 payments each year. The amount of your annual fee (paid monthly) adjusts each and goes down as your loan balance does. Use our USDA calculator to get an idea of what your monthly payment will be:

 

What Are the USDA Programs That Exist?

The USDA has two primary loan programs that exist. This includes direct loans and guaranteed loans.

  • Direct Loan – These are loans made directly by the government. You do not have to go through a mortgage lender, but instead you apply with the Department of Agriculture.  The direct loan is named the USDA 502 Direct Loan.
  • Guaranteed Loans – Guaranteed loans are those processed and closed by a USDA mortgage lender.  This program is called the USDA 502 Guaranteed Loan. The USDA backs the loan, but does not issue the loan themselves.

The difference between these two, aside from who provides the financing, is eligibility requirements.  The USDA 502 direct loan is geared more towards lower income families that may have issue obtaining a loan from a mortgage lender.  The USDA 502 guaranteed loan allows for more borrowers, including those with more income, to get a USDA loan.  Some applicants may be able to get a direct or guaranteed loan.  When you speak with a mortgage representative, they will help you identify which programs are available to you.  You can then compare loan terms of any mortgage you qualify for.

How to Apply for a USDA Loan

It is very easy to apply for a USDA loan. In fact, we can prequalify you over the phone. The best way to apply is to request a free USDA loan consultation and a loan specialist will contact you. All we need for an initial pre qualification is for you to share some basic information and we can inform you of your eligibility.

Would You Like to Get Prequalified or Apply For a USDA Loan Now?

USDA Mortgage Questions and Answers

Are USDA loans only for farms and agricultural properties?
This is a very common question and something that many people wonder about since it is the Department of Agriculture that backs these loans. It is actually the complete opposite though. USDA loans are meant for residential homes in rural areas, not agricultural or farmland.

Can you buy a farm with a USDA?
USDA loans are strictly for residential properties, so no farm or land that is used for agricultural purposes are allowed. In simplest words, the property can not be income producing.

If USDA loans are for rural properties does that mean they are not available near cities?
Surprisingly this is not the case either. Another misconception about the USDA home buying program is that the loans are exclusively for homes in remote areas. There are actually plenty of eligible homes just outside of various urban/suburban areas. The best way for you to get an idea of what type of home you can buy, and where, is to use the USDA property eligibility search.

Can I buy an investment property with a USDA loan?
No, you may only use a USDA loan for a home that you personally occupy as the owner.

Can I finance the loan costs into the loan?
Yes, you can finance the closing costs and the upfront mortgage insurance into the loan. This means that you do not pay the fees out of pocket at closing, but instead it is added to the loan amount. It is important to note that you will then be paying interest on these fees if they are wrapped into the mortgage. Just some “food for thought” when you decide if that is something you want to do.

How much is mortgage insurance on USDA loans?
There are two types of mortgage insurance on USDA loans. This includes both upfront mortgage insurance and what is called the “annual fee”. The upfront amount is 1.00% of the loan amount. This can be added to the loan amount (as described in the question above). The “annual fee” is divided into your monthly payments. This fee is 0.35% of the loan balance (recalculated each year). So the amount goes down as you pay your mortgage. The annual fee of 0.35% is divided into 12 and added to the monthly payments. This is cheaper than FHA MIP (mortgage insurance premiums), as well as the PMI amounts on VA and conventional loans.

Do I have to be a first time home buyer?
The good news is you do not have to be a first time buyer. The only stipulation is that it must be your primary residence. So you must not currently own a home to be able to get a USDA loan.

What is the loan limits? How much can I borrow?
USDA loan limits adhere to the Fannie Mae / Freddie Mac conforming loan limits. For a single family residence, this amount is $417,000 in most areas of the county


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
 
 

 

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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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!

 

 

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*

getQuotes

Rural Housing announced today that the Kentucky eligible property map will NOT be changing

Kentucky USDA and Rural Development Eligible Areas in Kentucky

January 2014 USDA RURAL HOUSING UPDATE 

eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky
eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky

The new 2014 Farm Bill has now passed the House and the Senate in Congress. This is a big deal for home buyers in the Louisville, Kentucky area and surrounding areas in Central Kentucky. This bill grandfathered the existing communities in that qualify for Rural Housing USDA Loans 100% financing until 2020.

This means a qualified buyer can purchase a home in Shepherdsville, Mt Washington, Shelbyville, Elizabethtown, Bardstown, Nicholasville, Georgetown, Kentucky cities  with Zero Down until at least 2020. Great news Indeed!


Call or email below to qualify for free for your next USDA Home loan in Kentucky.

2014 Kentucky USDA Rural Housing eligible areas
2014 Kentucky USDA Rural Housing eligible areas

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

October 1, 2012 over 900 communities across the USA will lose their eligibility for 100% USDA Rural Housing loans including cities in Kentucky that where once eligible. If you know of buyers looking in these communities they need to act now. They should probably be under contract by end of August to be safe. There is no indication this expiration will be delayed. See the cities below that will be no longer eligible come 10/1/2012 for a Rural Housing USDA Loan in Kentucky 

No Longer Eligible for Kentucky RHS USDA Loans come 10/1/2012 below:

 Bardstown,  KY, Nelson County  

 Burlington, KY,   Boone County 

  Elizabethtown, KY,   Hardin County 

 Georgetown, KY,  Scott County

  Independence, KY,   Kenton  County 

 Nicholasville , KY, Jessamine County

 Shelbyville, KY , Shelby County

 Shepherdsville. KY , Bullitt County 

 Bardstown KY1

Table 1. Metropolitan Kentucky USDA Eligible Areas Potentially Impacted by Population Change

KY Burlington 8.84 15,926 10,779
KY Elizabethtown 25.36 28,531 22,542
KY Georgetown 15.84 29,098 18,080
KY Independence 17.44 24,757 14,982
KY Nicholasville 13.01 28,015 19,680
KY Shelbyville 8.06 14,045 10,085
KY Shepherdsville 9.67 11,222 8,334

To see an eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky  Please clink the following link below:

https://kentuckyusdaloan.com/

Breaking News!! USDA Announcement.

All current eligible areas of Kentucky for Rural Development loans will remain the same until March 27, 2013 unless directed otherwise.

SFH Origination News

From the National Office in Washington DCSingle Family Housing Guaranteed Loan Program

September 26, 2012

Implementation of 2010 Census Data

No changes to rural designated areas based on the 2010 Census Data will occur until March 27, 2013 unless directed otherwise.

For additional information on this subject, attached is the Administrative Notice, AN 4679 with additional information. Below is an exert directly from the AN

   SFH Origination News
     
 
Single Family Housing Guaranteed Loan Program

USDA RD Approved Map Locations 2013

Rural Housing announced today that the Kentucky eligible property map will NOT be changing until March 2013.  Many were reporting the map change that determines what homes would be eligible was going to happen in October 2012, this is not the case.   Please bookmark the blog to stay informed of the latest USDA mortgage program changes
For the USDA approved map, please click here
Call us today at 502-905-3708 or visit Free Kentucky Rural Development and USDA Loan Approvals to learn more about 100% Rural Housing loans and application requirements

Fill out my form!

Kentucky Single Family Housing Guaranteed Loan Program

Kentucky Single Family Housing Guaranteed Loan Program

Kentucky Single Family Housing Guaranteed Loan Program 
– 25 Frequently Asked Questions

25 Questions and  Answers

1 What is the guarantee?
USDA Rural Development provides the full faith and assurance of the U.S Government
that any financial loss resulting from servicing the loan will be reimbursed in full up to
an amount not exceeding 90% of the original loan amount. All loss up to an amount not
exceeding 35% of the original loan is fully reimbursed. Losses exceeding 35% are 85%
reimbursed.
2 What is the advantage to the customer?
100 percent financing, fixed interest rate,  low monthly mi fee (.50bps) and upfront mi fee of 2% and no restrictions on size or design are just a few of the advantages.
3 What are the eligibility requirements?
Have adequate and dependable income (up to 115 percent of adjusted area median
income), have acceptable credit, do not own a dwelling in the local commuting area, US
Citizen or permanent resident, have the ability to personally occupy the home on a
permanent basis, and do not have funds for a 20% down payment loan plus closing and
moving expenses.
4 Can a Broker originate Guaranteed loans? Yes, however only Approved lenders may underwrite & submit loans.
5 How long does it take to get an answer?
Our goal is a 2 to 5 day turnaround. Time will be longer in some offices due to the large
number of guarantee requests received.
6 What is the maximum fixed Interest Rate  and term?
Fannie Mae 90 day delivery rate plus 60 basis points rounded up to nearest quarter of
one percent Or no more than the Lender’s published VA rate for first mortgage loans
with no discount points. The term is 30 years.
7 What is the maximum loan amount? The Loan amount is limited by the market value and repayment ability.
8 What is the maximum Loan to ValueIt can be up to 100% LTV plus the Agency guarantee fee.

9 What is the Guarantee Fee? The guarantee fee is 2.0 percent of the “Total” loan amount.
10 What are the qualifying ratios? PITI Ratio 29 percent, TD Ratio 41 percent.
Higher ratios may be approved with compensating factors.
11 Do we show deferred student loans in the debt ratio?
Deferred student loans should be included in the debt ratio calculations for Guaranteed
Loans regardless of the deferment period.
12 What is the minimum credit score?
Under certain criteria, credit score 640 and above no comment required.
For credit score 639 and below document circumstances were temporary in nature
beyond the applicants control and have been removed. In most cases, loans will not be
guaranteed for applicants who have a middle credit score of 580 & below.
13 What about location? The dwelling must be located in eligible rural area (See eligibility site) http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
14 What about refinancing? Limited to existing USDA Rural Development guaranteed or direct loans.
15 Can loans include acreage?

Possibly. The acreage must not contain any income producing facilities and the value of
acreage may not exceed of the total property value.
16 Can Manufactured Homes be financed? Yes, however they must be new and sold by an approved dealer contractor. We as a lender currently don’t offer these type of loans

17 What about an in-ground swimming pool?  Swimming pools are now okay with the recent changes on December 1st, 2014

18 What are the required inspections?Property must meet HUD Handbook 4905.1 & 4150.2 or similar standard. A FHA roster appraiser can verify adequacy/working order of electrical, plumbing, heating, water & waste disposal on existing dwellings.
19 Will USDA Rural Development issue a letter asking the Approved Lender to make a loan? No. This is the Approved Lender‟s loan. They underwrite the loan and decide if it meets their standards and Agency standards before submitting.
20 Is homebuyer education required? Homebuyer education is not required, however it is recommended.
21 Are seller concessions allowed? Yes. Rural Development  restricts  the amount of seller concessions to 6% of sales price
22 Who approves the Appraiser? The appraiser must be licensed by the State to complete appraisals.
23 Can necessary repairs be included in loan? Yes. An „as improved‟ appraisal will be needed to include cost of repairs.
24 Are alternate verifying income documents allowed

Yes. Paycheck stubs, payroll earnings statements and W-2 tax forms for previous 2 tax

years, and telephone verification of employment.

25 Who buys Guaranteed Housing Loans?

FHLB, Fannie Mae, Ginnie Mae, and other

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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