Interest Rate Decrease for USDA Rural Housing Loans Direct Programs

SFH Direct Loan and Grant

USDA Streamline Product: Streamline Assist for all USDA Kentucky Homeowners of current USDA mortgages for refinances


I now offer the USDA Streamline Product: ‘Streamline Assist’ for all USDA Kentucky Homeowners for refinances 
Take advantage of our Kentucky Rural Development USDA Streamline Refinance today!

 PROGRAM HIGHLIGHTS
  • Min 640 FICO
  • No appraisal
  • 30 year fixed only
  • Rate term only
  • No GUS run
  • No household income calculation
  • Mortgage only credit report
  • 2nd mortgage liens must be subordinated, but no max CLTV
  • Borrowers may be added but not removed from current loan
  • Max loan amount may include P&I balance of existing loan, eligible loan
    closing costs, funds necessary to establish tax and insurance escrow account
    and upfront guarantee fee
  • NTB must be met – $50 reduction in PITI plus annual fee payment
  • Seasoning required – 12 months timely payments prior to new application
    date
  • Streamlined application:
    * No income
    * Disclose assets only if needed to close
    * No liabilities listed other than mortgage to be refinanced
    * REO – list subject property only
New Product - New chalkboard with outlined text - on wood

 

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RHS USDA Recent News
Good news! Kentucky Mortgage holders of USDA Mortgage loans can get  new drastically lower fees starts with commitments starting tomorrow October 1.  If you have an  USDA eligible Loan up to $417,000 with no money down in most Kentucky Counties.
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.


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 views of my employer. Not all products or services mentioned on this site may fit all people
 


Posted By Blogger to Kentucky First Time Home Buyer Mortgage Loans

KENTUCKY USDA RURAL HOUSING MORTGAGE GUIDELINES FOR 2020

Kentucky Rural Housing USDA Highlights for 2020

Kentucky USDA Rural Development Guaranteed Lending Program is geared to assist low to moderate income families realize home ownership. Below are some important highlights:

USDA/Rural Development. The Annual Guarantee Fee is set to INCREASE October 1.
USDA/Rural Development. The Annual Guarantee Fee is set to INCREASE October 1.
  • Debt Ratios–29/41% on manual underwrites  – max to 45% Debt to Income ratios with GUS Approve/Eligible Finding.
  • ZERO down payment – 100% LTV ok
  • Income Eligibility Limits do apply. Usually to $86k for a family of four and up to $15k for a household family of five or more.
  • Lender Credit from the interest rate may be used to pay closing costs.
  • Gifts ok! Usually not needed for USDA loans because 100% Financing offered. Gift funds cannot be used for reserves to get a GUS approval.
  • Applicants with > 20% of the sales price in assets (exclude retirement accounts) are not eligible for USDA financing.
  • Clear CAIVRS required – CAIVRS is a Federal Government-wide data base of information regarding individuals where an insurance claim or guarantee loss was paid.
  • Student Loan Payments
    Effective immediately for all RHS loans, 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.

 

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 Fee will be lowered from 2.75% to 1.00% of the loan amount
  • The Annual Fee will be lowered from 0.50% to 0.35% of the average scheduled unpaid principal balance for the life of the loan

 

Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

Kentucky Mortgage Rates

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                                                            Open Today 9:00 am -7:00 pm

Kentucky Mortgage  Rates

Kentucky Mortgage Current Interest Rates
Fixed Rate Programs
    Lock
days
 iQualifying
Ratios
Program Calculator Rate Points APR
 Conforming 30 year fixed 3.500 0.000 3.574 30 28 / 41Prequalify
Kentucky Mortgage Only- Rates Change w/o notice
Conforming 20 year fixed 3.500 0.000 3.412 30 40 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 Conforming 15 year fixed 3.00 0.500 2.974 30 28 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 30 year fixed 3.125 0.500 4.187 30 35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 15 year fixed 3.125 0.000 3.389 30 35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 Jumbo 30 year Fixed 4.375 1.000 4.385 30 28 / 36Prequalify
kentucky mortgage rates only- change w/o notice
 VA 30 Year fixed 3.125 0.000 4.114 30 41 / 41Prequalify
kentucky mortgage rates only- change w/o notice

Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.

A 720 credit score or higher is assumed for a Kentucky Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.

  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown for Kentucky Mortgage Rates, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a Kentucky Mortgage  loan. This is not a Kentucky mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
  • These Kentucky  mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.
  • FHA

    • Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors. All Kentucky FHA loans require a minimum credit score of 640
  • Jumbo

    • Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans. All Jumbo loans require a 680 or higher score and a maximum loan to value of 80% 
  •   VA Loans
                Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling   factors. Kentucky VA loans require a minimum credit score of 620
  • USDA Loans
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors. Kentucky USDA loans require a 640 minimum credit score. 

Free Credit Report and Pre qualifications available anytime. 

                                                                

.  Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky.

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. 


Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage (NMLS #1800) 107 South Hurstbourne Parkway*
Louisville, KY 40222*

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Louisville Kentucky mortgage rates

Louisville Kentucky mortgage�rates.

via Louisville Kentucky mortgage rates.

Louisville Kentucky mortgage rates

Louisville Kentucky mortgage�rates.

via Louisville Kentucky mortgage rates.