USDA Rural Housing Loans Direct Programs Interest Rates

Effective Dec. 1, 2020, the current interest rate for Single Family Housing Direct Home Loans is 2.5 percent for low and very low-income borrowers. 

the current interest rate for Single Family Housing Direct Home Loans

The USDA 502 Direct Loan Program helps low- and very-low-income applicants in federally-determined rural areas of the state obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. This payment assistance is a type of subsidy that reduces the mortgage payment. The amount of assistance is determined by the adjusted family income.

A number of factors are considered when determining an applicant’s eligibility for this loan. At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt.

This is a zero down payment loan.

Program Fact Sheet

Program Forms & Resources

Click here for the current rate for the USDA 502 Direct Loan Program

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 2021

Kentucky Rural Housing USDA Highlights for 2021

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 $90k for a family of four and up to $119k 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

Due to Volatility in the current mortgage market, mortgage rates are currently not being posted.


Please call for a mortgage rate quote. 

 
 
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 
Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 

 
 
 
 
                                                               

                                                     

Louisville Kentucky mortgage rates

Louisville Kentucky mortgage�rates.

via Louisville Kentucky mortgage rates.

Kentucky USDA Mortgage Upfront Guarantee Fee and the monthly mortgage insurance Annual fee

August 1, 2012

 

Kentucky USDA Mortgage Upfront Guarantee Fee and the monthly mortgage insurance Annual fee 

 

Effective on October 1, 2012, the start of Fiscal Year (FY) 2013, Rural Development will revise the Up-Front Guarantee Fee and the monthly mortgage insurance fee structure as follows on a Kentucky USDA Mortgage loans in Kentucky for the Guaranteed Loan RHS :

 

Up-Front Guarantee Fee

FY 2012

Through

9/30/2012

FY 2013 Effective

10/01/ 2012

Purchase Transactions (no change)

2%

2%

Refinance Transactions

1.5%

2%

 

Annual Fee

FY 2012

Through

9/30/2012

FY 2013

Effective 10/01/2012

Purchase Transactions

.30%

.40%

Refinance Transactions

.30%

.40%

 

The FY 2013 fee structure is applicable to all Conditional Commitments (Form RD 1980-18, “Conditional Commitment for Single Family Housing Loan Guarantee”) issued by Rural Development on or after October 1, 2012.  Loan guarantee requests submitted to Rural Development by September 30, 2012, in which a Conditional Commitment has not been issued, will be subject to the FY 2013 fee structure.

 

Lenders are encouraged to plan for the changes noted and should keep in mind that some Rural Development offices are experiencing extreme backlogs in loan guarantee delivery.  There are no exceptions to the FY 2013 fee structure. Therefore, starting on October 1, 2012 all Conditional Commitments will be subject to the FY 2013 fee structure, regardless of the date the request was received by Rural Development.

 

The FY 2013 fee structure is only applicable to Conditional Commitments issued on or after October 1, 2012, Conditional Commitments issued by Rural Development prior to this date are notsubject to the new fee structure.

 

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*

Today’s Rates: 

Conforming1 Loan Rate FHA
30 Year
Fixed
15 Year
Fixed
30 Year
Fixed
Interest Rate 3.75% 2.875% 3.375%
Annual Percentage Rate (APR) 3.925% 3.182% 4.410%
Monthly Payment $833.61 $1,232.26 $995.53
Payment Term 30 YEARS 15 YEARS 30 YEARS
Loan Amount $180,000 $180,000 $180,000
Est. Prepaid Finance Charges $3,800 $3,800 $3,800
Down Payment 25% 25% 3.5%

Be aware that mortgage rates can change without notice and apply only in certain conditions. The APR for the loan products shown reflects the interest rates and estimated prepaid finance charges which include 1% of your loan amount to be paid toward the loan origination charge, but does not include all closing costs or discount points. The displayed rates assume that you’re refinancing a single-family primary residence with a 90-day-lock.

These mortgage rates are based upon 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.

The monthly payment amount displayed includes principal, interest and any required mortgage insurance. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment.

Conventional loans with a down payment less than 20% require mortgage insurance which could increase the monthly payment and APR.

FHA loans require both an upfront and in most cases, an annual mortgage insurance premium. The premium varies based on the individual loan characteristics. For illustrative purposes on FHA loans, our loan detail results include an estimated mortgage insurance payment added to the monthly principal and interest payment.

1 Conforming loan amounts for certain loan products have increased in federally designated metropolitan areas. Larger limits available in the state of Hawaii. To find out if these new loan limits can help meet your needs, contact us

Mortgage Rates Kentucky

Mortgage Rates Kentucky.

via Mortgage Rates Kentucky.

Mortgage Rates Kentucky

Mortgage Rates Kentucky.

via Mortgage Rates Kentucky.

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