I am a Kentucky based USDA Mortgage Lender that has originated over 300 KY Rural Housing Mortgage Loans in Kentucky-CALL OR TEXT 502-905-3708 FOR USDA MORTGAGE LOAN
Category: Property/Appraisal Requirements for USDA Loan
What are Kentucky USDA Home Loans? Do I Qualify? Deciding between rural and suburban is one of many choices you’ll make along your homeownership journey. And if the countryside is your preference, then you may want to consider applying for a USDA loan. You’…
Source: What are USDA Home Loans? Do I Qualify? – Cape Gazette
If you are looking to buy a home in Northern Kentucky, to either own a home on acreage in the country with 100% financing on your home loan with zero down, then you need to look at the Kentucky USDA Rural Housing Loan Program.
Here are some of the Key Financial Elements of the USDA Home Loan in Northern Kentucky:
With Northern Kentucky being part of the metro area of Cincinnati, the USDA has provided a map of the Ineligible Northern part of the Counties of Boone, Kenton, Campbell counties which means, the remaining southern part of the counties of Boone, Kenton, Campbell being eligible. Here is the Northern Kentucky rural housing map courtesy of the USDA:
What are the income limits for a Rural Housing Loan in Northern Kentucky?
Households with 1-4 members have different limits as households with 5-8. Similarly, applicants living in high-cost counties will have a higher income limit than those living in counties with a more average cost of living.
| Northern Kentucky Counties Boone, Kenton, Campbell, Bracken and Pendleton, Gallatin *** |
Cincinnati (OH, KY, IN FMR) | Household income of 4 or less:
***$99,250
|
Household income of 5 or more:
***$130,000
|
| All Other Areas | $90,300 | $119,200 |
Here are a few more items to check off before looking into this loan or at a particular property:
Text/call 502-905-3708
kentuckyloan@gmail.com
Kentucky USDA Rural Development Guarantee USDA loans offer 100% financing options on home purchases in rural areas of Kentucky. Properties though can be located within city limits and in subdivisions depending on the population density of that particular County of Kentucky. Jefferson and Fayette Counties, the two largest counties of Kentucky are not eligible for Rural Development Loans.
Full Credit Guidelines below ….click on link for USDA Mortgage Credit Guidelines
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Some highlights of the KY Rural Housing loan program are:
For a USDA eligible areas in Kentucky, see the property and income eligibility search, please click HERE.
Put my experience of originating KY USDA loans to work for you. I have successfully originated over 200 Rural Housing Mortgage Loans in Kentucky. I offer free pre-approvals and will help you from start to finish and I usually attend all my closings in Kentucky.
Get Qualified for a Kentucky USDA Loan Now!
Text/call: 502-905-370
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.
A Kentucky USDA home loan is a zero-dollar-down mortgage option provided by USDA’s Department of Rural Development.
This government-backed loan program comes in two types: direct loan, which is reserved for lower-income households and issued by USDA, and the guaranteed loan, which is reserved for low- to moderate-income families. The guaranteed loan is funded by private lenders, and USDA guarantees a portion of the loan against default.
Is a Kentucky USDA loan more beneficial than a Kentucky conventional loan?
The KY USDA home loan program is generally more beneficial to rural families than a conventional lending program, particularly for first-time homebuyers with lower- to median-level incomes.
Some of the benefits of Kentucky Rural Housing USDA loans include:
• zero down payment
• competitive interest rates
• lower-than-average monthly mortgage insurance
• relaxed credit requirements versus conventional loans
• no loan limits
How do I determine eligibility for a Kentucky Rural Housing USDA loan? To be eligible for a USDA home loan, borrowers must meet the program’s basic eligibility requirements. These requirements are relaxed compared to other mortgage options and are in place to ensure borrowers can make their monthly mortgage payments.
Here are a few of the basic Kentucky RHS USDA eligibility requirements:
• Income. Applicants must not have annual adjusted income greater than 115% of the median household income for the area. Check your county’s USDA income limit. This called compliance income.
• Credit. USDA’s guaranteed underwriting credit requirements. However, most lenders will want a 620 or preferably to get an Automated Approval 640 is the magic number in most cases. With regards to bankruptcy, 3 years is usually the date needed to lapse since your discharge. They actually require no minimum score but no lenders that I know of will do a no score loan.
• Employment. Applicants must have proof of two years of stable income and employment.
: Income: They will take your gross monthly income and develop two ratios for you: The front end ratio, which is called your housing ratio, and then the back-end ratio or total debt ratio is the house payment plus the total monthly payments listed on the credit report. If you pay child support, this is included in the qualifying ratios but utility bills, car insurance, cell phone bills, water bills etc, is not included. Typically 28% is used for the housing ratio, and
Student Loans: They are pretty tough on student loans and qualifying with your current student loan debts. They will make us use 1% of your outstanding balance on student loans, so sometimes this will cause the loan to get denied because your debt to income ratio is too high. If they are in an Income-Based repayment plan they will still make us use the .5% balance so keep this in mind. For example, let’s say you owe $50k in outstanding student loans, and your IBR plan calls for a $50 monthly payment. RHS will make us use $250, not the $50 IBR payment so you can see where this will cause issue on higher debt to income ratios on some loans.**********
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Effective immediately for all Kentucky USDA Rural Housing Mortgage Loans.
If you are a Kentucky USDA Mortgage applicant who has student loan calculations will be changed to the following Fixed Payment Loans:
A permanent amortized, fixed payment may be used when it can be documented that the payment is fixed, the interest rate is fixed, and the repayment term is fixed.
Non-Fixed Payment Loans (i.e. deferred, income based, graduated, adjustable, etc.): The payment should be calculated as the greater of 0.5% of the loan balance or the actual payment reflected on the credit report. No additional documentation is required.
• Property location. Homes must be located within a rural area, as defined by USDA. Rural areas are any that have a population less than 35,000 depending on the area’s designation. Use this tool from USDA to determine if a specific address is eligible.
• Physical property. Homes must be the borrower’s primary residence, have direct access to a street, and have adequate utilities and water and wastewater disposal, among other things No working fams allowed or properties that income producing livestock or crops.
For those with lower incomes, a USDA direct loan provides greater opportunities for lending, as its credit and income requirements are more lax than the guaranteed loan option.
| Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 10/24/2017 |
| 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 |
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| Address | Bed/Bath | Price | |
| 117 Dove Drive | 3/1 | $34,840.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 301 Eastview Circle | 2/1 | $51,135.00 – GovtBid | |
| Shelbyville, KY 40065 | Foreclosure Sale | ||
| 1006 Twelve Oaks Dr | 3/2 | $67,000.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 117 Western Ave | 3/2 | $26,800.00 – GovtBid | |
| Cynthiana, KY 41031 | Foreclosure Sale | ||
| 427 Earl St. | 3/1.5 | $30,150.00 – GovtBid | |
| Danville, KY 40422 | Foreclosure Sale | ||
| 200 Verde Dr. | 3/2 | $36,850.00 – GovtBid | |
| Padacah, KY 42003 | Foreclosure Sale | ||
| 136 Fuller Way | 3/1 | $28,810.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 139 Pearl Street | 2/1.5 | $30,820.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 609 Ridgeview Drive | 3/2 | $46,230.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 261 Bridlewood Ave | 3/2 | $114,330.00 – GovtBid | |
| Shelbyville, KY 400657222 | Foreclosure Sale | ||
| 265 Meadowbrook Rd. | 2/1 | $13,400.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 50 Crabtree Rd | 3/2 | $43,515.00 – GovtBid | |
| Strunk, KY 42649 | Foreclosure Sale | ||
| 412 Chestnut St. | 3/1 | $12,060.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 508 Hickory Hill Drive | 3/1 | $13,400.00 – GovtBid | |
| Monticello, KY 42633 | Foreclosure Sale | ||
| 105 Woodland Place | 3/1.5 | $18,090.00 – GovtBid | |
| Mt Vernon, KY 40456 | Foreclosure Sale | ||
| 502 N. Main St. | 2/1.5 | $25,795.00 – GovtBid | |
| Brownsville, KY 42210 | Foreclosure Sale | ||
| 66 Craycraft Rd | 2/1 | $47,280.00 – GovtBid | |
| Tollesboro, KY 41189 | Foreclosure Sale | ||
| 328 E. Legend Dr | 3/2 | $40,200.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 90 Brewer Subdivision | 3/1 | $21,440.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| RR 746 Box 5230 | 3/1.5 | $16,750.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| 234 Gardner Lane | 3/1 | $25,460.00 – GovtBid | |
| Mt Sterling, KY 40353 | Foreclosure Sale | ||
| 221 Man O War Dr | 3/2 | $103,525.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 111 Beechmount Drive | 3/1 | $54,885.00 – GovtBid | |
| Nicholasville, KY 40356 | Foreclosure Sale | ||
| 5915 Woodcreek Crossing W | 3/2 | $46,900.00 – GovtBid | |
| Crestwood, KY 400148229 | Foreclosure Sale | ||
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Text/call 502-905-3708
kentuckyloan@gmail.com
Kentucky USDA Mortgage Lender for Rural Housing Loans 