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2020 KENTUCKY USDA RURAL HOUSING FUNDING AVAILABLE

KENTUCKY RURAL HOUSING HAS FUNDING FOR 2020 MORTGAGE LOANS
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Funding for Fiscal Year 2020 has now been authorized for RHS loans in Kentucky.
Additionally,  the following KY USDA Rural Housing Guidelines have been updated below:
  • Income sources that will not be received for the next full 12 months must still be used in calculating Annual Eligibility Income unless specifically excluded by RHS guidelines (section 3555.152(b)(5)).
  • Section 9.3 Annual Income has been updated with detailed income verification requirements to cover previous grey areas in paystub, W-2, and self-employed documentation requirements
  • A significant increase or decrease in earnings requiring caution has been defined as a 20 percent variance in income over the previous 12 months.
  • Time spent in school can only be used towards income requirements when the schooling is part of college, technical school, or the acquisition of career-based certificates in high school. A standard high school diploma without an accompanying certificate would not meet these requirements.
  • Documentation requirements for several types of income have been reduced from 2 years to 1 year, and additional guidance has been provided for previously missing income types
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.

 

KENTUCKY USDA RURAL HOUSING TECHNOLOGY FEE FOR 2020

On January 1, 2020 the USDA Single Family Housing Guaranteed Loan Program will begin to assess and collect a fee (aka Technology Fee) from lenders on each closed loan that was submitted via the Guaranteed Underwriting System (GUS).

Specifically, any file submitted via GUS that is issued Form RD 3555-18E, “Conditional Commitment for Single Family Housing Loan Guarantee,” on or after January 1, 2020, will require lenders to remit a one-time $25 Technology Fee with their loan closing package (i.e. the same time a lender currently remits the Upfront Guarantee Fee).

This authority is provided by The Housing Opportunity Through Modernization Act of 2016 which was signed into law on July 29, 2016. The law created Section 502(i) in the Housing Act of 1949 (42 U.S.C. 1472(i)), later amended by Section 758 of the Consolidated Appropriations Act, 2018, and permits the Secretary to assess and collect a guarantee underwriting user fee from lenders for their use of the Rural Housing Service’s (Agency’s) automated guaranteed loan systems.

The collection of the fee will enable the Agency to fund future information technology enhancements needed to improve program delivery and reduce burden to the public.

Notice to Implement a Guarantee Systems User Fee for Lender Use of the Single Family Housing Section 502 Guaranteed Loan Program Automated Systems was published in the Federal Register on July 13, 2018.

An advanced copy of Handbook-1-3555 Chapter 16 provides direction on the disclosure and collection of the Technology Fee along with a new section on frequently asked questions for loan closings.  Lenders remitting closings via the Lender Loan Closing (LLC) System will notice the Technology Fee is disclosed separately from the Upfront Guarantee Fee in the Fees subsection of the Add Loan Closing page.

Although the fees are disclosed separately, they must both be paid using the same Pre-Authorized Debit Account.  Once a loan closing transaction has been successfully submitted to USDA, the fee amounts will be listed separately on the Lender Loan Closing Confirmation page with different Pay.gov Tracking IDs.  For this reason, it is possible for one fee amount to process and one to reject if the Pre-Authorized Debit Account is not funded in an amount enough to cover the total amount of both fees.  Lenders unable to use the LLC System to remit closing packages must send a check for both the Upfront Guarantee Fee and Technology Fee (when applicable).

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.

 

A Quick Q&A About USDA

Michele Fritz

usda

Achieving the dream of homeownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.

The program was originally created to boost the development of land in more rural areas of the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is…

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The Main Advantages Of USDA Loans

Many people are planning to purchase a family house in a rural area but can’t afford it. Should you be one of these people, there is no need for you to worry. The United States Department of Agriculture (USDA) contains the answer. The USDA Rural Development, an agency with the USDA that runs programs to improve the economy and quality lifestyle in rural America, offers a loan program that helps you find a lender and obtain a mortgage.

The USDA Rural Development home loan is primarily meant to help low-income individuals or households to purchase homes throughout rural areas. The USDA does not provide the funds but instead provides repayment guaranty to lenders.

What are the important things about this program?

1. Down payment is not required. Qualified borrowers have the choice of paying no down payment, which means borrowers can finance approximately 100 percent of the appraised home value. With the current markets thought to be “declining markets,” the 100 percent financing is truly unusual.

2. There are no mortgage insurance payments. Borrowers are certainly not required to pay expensive mortgage insurance premiums, which mean more money enable you to pay the monthly mortgage payment.

3. The thirty-year fixed rates are competitive. The USDA loan program is insured with the government. Any payment delinquencies made by the borrower shall be shouldered by the government. Because of this, lenders are going to offer the best loan deals for qualified borrowers, as well as giving the lowest interest rates.

4. Credit guidelines are generally flexible. Borrowers are required to provide a credit record report. However, credit guidelines are not strict. If a borrower carries a bad credit, it doesn’t mean he will no longer have enabled you to qualify for a loan.

5. There is no greatest purchase limit. However, the maximum loan amount is still to be determined by the lender using the applicant’s ability to pay.

6. Home repairs can be in the loan. If a borrower’s home requires improvement, extra funds could possibly be included in his home loan. The extra funds will be used to purchase the necessary home repairs.

To be eligible for the offer, you must meet the income limits and credit requirements set with the USDA loans. Your credit history does not need to be perfect but must show willingness to spend the monthly obligations. Another thing to note is that the home you’re planning to purchase must be located in a USDA a candidate rural area.

If you have tried applying for other loan programs with no success, you might consider applying for a usda loans. A lot of people have already benefited from this program. You can be one too from usda loan.

business grows up

Many people are planning to purchase a family house in a rural area but can’t afford it. Should you be one of these people, there is no need for you to worry. The United States Department of Agriculture (USDA) contains the answer. The USDA Rural Development, an agency with the USDA that runs programs to improve the economy and quality lifestyle in rural America, offers a loan program that helps you find a lender and obtain a mortgage.

The USDA Rural Development home loan is primarily meant to help low-income individuals or households to purchase homes throughout rural areas. The USDA does not provide the funds but instead provides repayment guaranty to lenders.

What are the important things about this program?

1. Down payment is not required. Qualified borrowers have the choice of paying no down payment, which means borrowers can finance approximately 100 percent of the appraised home value…

View original post 304 more words

USDA Rural Development Loan

BENEFITS OF A USDA RURAL DEVELOPMENT MORTGAGE

There is no down payment required. A borrower that qualifies for a mortgage with the USDA program has the options to pay nothing away from pocket for a down payment. This means that the borrower can finance up to 100% of the appraised value of the property.

There are no Mortgage Insurance requirements with a USDA mortgage. This gives the borrowers a chance to put additional money towards to the mortgage payment each month instead of pay expensive Mortgage Insurance fees.

There are competitive 30 year fixed interest rates. Due to guarantee of the U. S. Government, a lender can provide the lowest interest rates to qualified borrowers.

The rural development loan program won’t have a maximum purchase limit. However, the lender will determine a maximum loan amount good applicant ability to repay the loa

All kinds of Business

Have you been looking to purchase a fresh home in a rural area, but don’t know how to start when looking for help with a mortgage company? Nice thing about it! Home Town Mortgage is here for you with a great loan program made just for you and your wants. The U. S. Department of Agriculture (USDA) has a loan guarantee program that may help you obtain a home loan. With the help of the USD loan program you may well be living in your new home with little to simply no money down.

A usda mortgage gives borrowers that qualify to be able to get a home loan with easier qualifications and capital options that other conventional loan can’t give. One thing to make note of is that USDA Rural Development does not actually finance the loan. USDA Rural Development has partnered with lenders in every state who will…

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USDA 100% Financing Federal Mortgage Program!

100% financing, no down payment, USDA rural home loan program, zero down payment

patejasmine28

USDA Home Loan Program offers more credit flexibility in this concerned housing and lending market than traditional lenders do. It also provides low fixed monthly mortgage payments to help low-moderate income households.For those that have a desire to live right outside city limits you should check this program out. You can get 100% financing and no down payment within eligible property areas. You will be surprised how many semi-rural properties fall within the programs eligibility.A large percentage of our country ‘s greatest obstacle to home ownership is the lack in funds for down payment. USDA provides a solution not many know about. It overcomes down payment issues for an individual or family by loaning up to 100% of the appraised value of the property. This eliminates the down payment requirement.The USDA Guaranteed Home Loan program helps low-to-moderate income individuals and families purchase homes. The approval process is fairly easy and…

View original post 357 more words

What’s a USDA Loan?

USDA Loan Guidelines (mortgagewithmemories.com)
USDA 100% Financing Federal Mortgage Program! (patejasmine28.wordpress.com)
USDA financing (kentuckyusdaloan.com)
USDA Rural Development Loan (fiverronbusiness.wordpress.com)
The Main Advantages Of USDA Loans (businessgrows.wordpress.com)

Real Estate Prophets

usda

The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!

Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.

Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:

*100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
*Guarantee Fee applies: may be rolled into the loan amount.
*Flexible credit guidelines. Non-traditional credit histories may…

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Interest Rate Decrease for USDA Rural Housing Loans Direct Programs

SFH Direct Loan and Grant

New Condominium Approval Rule For Kentucky FHA Mortgage Loans 

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Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

Company NMLS ID #1364
Individual NMLS ID #57916
http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/42056

This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements for refinances, 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. Joel Lobb and his employer, American Mortgage Solutions is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. Equal Opportunity Lender and Equal Housing Lender.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

https://www.mylouisvillekentuckymortgage.com/

Louisville Kentucky Mortgage Loans

via New Condominium Approval Rule For Kentucky FHA Mortgage Loans

FHA to make financing easier for condo owners in Kentucky 

FHA Condo Approval Kentuckyunnamed (27).png

bb501-gotquestion2b252812529

fax:            502-327-9119
email:
          kentuckyloan@gmail.com

Company NMLS ID #1364
Individual NMLS ID #57916

http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/42056

This is not a commitment to make a loan.  Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements for refinances, 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.  Joel Lobb and his employer, American Mortgage Solutions is not acting on behalf of or at the direction of HUD/FHA or the…

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