Category: USDA/RHS Income limits by Ky Counties

Kentucky USDA Foreclosed Homes List 2016 for Sale by Rural Development Rural Housing


USDA Single Family Housing is kentuckyloan@gmail.com as of 10/06/2016
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
Address Bed/Bath Price
206 Maysville Road 1/1 $26,800.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
23 Hale St. 3/1 $26,800.00 – GovtBid
Stanton, KY 40380 Foreclosure Sale
164 Hart Road 3/1 $31,490.00 – GovtBid
Corbin, KY 40701 Foreclosure Sale
500 White Oak Rd 3/2 $17,000.00 – GovtBid
Irvine, KY 40336 Foreclosure Sale
148 Falls Lane 3/1 $33,500.00 – GovtBid
Clearfield, KY 40313 Foreclosure Sale
104 Brooks Road 3/2 $86,050.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
1023 Byrtle Grove Rd 3/1 $63,085.00 – GovtBid
Leitchfield, KY 42754 Foreclosure Sale
201 Brooks Rd 3/1 $30,150.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
3465 Old Gallatin Rd 3/2 $42,950.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
1203 S 6th St 4/2 $12,500.00 – GovtBid
Mayfield, KY 42066 Foreclosure Sale
604 Wells Avenue 3/2 $16,750.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
15077 N. State Highway 7 3/1 $24,120.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale
1905 Stacy Lane Rd 3/1 $16,750.00 – GovtBid
Irvine, KY 40336 Foreclosure Sale
24 Golden Gates Drive 4/2 $47,570.00 – GovtBid
Wingo, KY 42088 Foreclosure Sale
406 Indian Hills Circle 3/1 $34,170.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
91 Roxanne St 3/1 $18,760.00 – GovtBid
Clearfield, KY 403139771 Foreclosure Sale
177 Crawford Rd 3/1 $30,820.00 – GovtBid
Clearfield, KY 403139648 Foreclosure Sale
2201 Brent Drive 3/1 $8,500.00 – GovtBid
Madisonville , KY 42431 Foreclosure Sale
1225 Tim Tam Way 3/2 $64,695.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
381 Dunroven Dr. 4/1.5 $40,200.00 – GovtBid
Versailles, KY 40383 Foreclosure Sale
377 Damron Br. 3/1 $26,130.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale
1304 Winchester Ave 5/2 $57,620.00 – GovtBid
Middlesboro, KY 40965 Foreclosure Sale

 

 

In order to get you pre-approved for your max loan amount, 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!

 

 Mortgage Pre-Approval Checklist:

  1. One full month’s or 30 days worth of pay stubs
  2. Last 2 years W-2′s
  3. Last 2 years tax returns
    4.  Last two months bank statements for all accounts including 401 k or retirement account  if you have one


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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

 

http://www.mylouisvillekentuckymortgage.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Can you refinance a Kentucky Rural USDA Housing Loan?


You can refinance your existing USDA Rural Housing Loan. See details below:

 

 

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Can you refinance a Rural Housing Loan? The short answer is yes. See below for qualifying criteria

 

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KENTUCKY  USDA LOAN GUARANTEED RURAL HOUSING REFINANCE FEATURES

  • Loan must be secured by the same property as the original loan. The original loan must be Guaranteed Rural Housing (GRH) or USDA Section 502 Direct only. The Program may not be used to refinance FHA, VA, or other government or conventional mortgages.
  • Term of the new loan will be 30 years.
  • Interest rate of the new loan cannot exceed the interest rate of the loan being refinanced. However, the interest rate of the new loan does not have to meet the interest rate requirements established in RD Instruction 1980-D, §1980.320 Interest rate.
  • Property must be owned and occupied by the borrowers as their principal residence.
  • The guarantee fee is 1.00% of the total principal obligation of the new loan.
  • The 1.00% guarantee fee may be always financed into any GRH refinancing transaction. As usual, borrowers may finance other closing costs and fees up to 100% of the current appraised value. However, it is possible for the loan-to-value (LTV) of the new loan to reach 101% if the 1% guarantee fee is financed. Loans may exceed 100% LTV only to the extent that the excess represents a financed guarantee fee of no more than 1.00%.
  • Total household income cannot exceed the moderate level for the area as established in RD Instruction 1980-D, Exhibit C.
  • GRH refinance loans are permitted for properties in areas that have been determined to be non-rural since the existing loan was made.
  • Applicants are not eligible to receive “cash out” from the refinancing transaction. However, applicants may receive reimbursement from loan proceeds at settlement for their personal funds advanced for eligible loan purposes that are part of the refinance transaction, such as an appraisal fee or credit report fee. At loan closing, a nominal amount of “cash out” to the applicants (beyond reimbursement of these “prepaid” items) may occasionally result due to final escrow and interest calculations. This amount, if any, must be applied to a principal reduction of the new loan.
  • Subordinate financing such as home equity seconds and down payment assistance “silent” seconds cannot be included in the new loan amount. Any existing secondary financing must be subordinate to the new first lien.
  • Maximum loan amount cannot exceed the balance of the loan being refinanced, plus the guarantee fee, and reasonable and customary closing costs, including funds necessary to establish a new escrow account.
  • Unpaid fees, such as late fees due the current servicer, are not eligible to be included in the new loan amount.
  • eligible areas on USDA Rural Development’s web-site at:
  • http://eligibility.sc.egov.usda.govhttp://eligibility.sc.egov.usda.gov

 


For commitments issues on or after October 1, 2016:

USDA charges the lender, who can pass the charge to the borrower, a one-time up-front cost, which is known as a Guarantee Fee. The Guarantee Fee can be financed in addition to the maximum base loan amount. The Guarantee Fee is calculated as follows as of October 1, 2016:
PURCHASE TRANSACTION CALCULATION:

  • 1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
  • Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
  • A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.

CALCULATION FOR REFINANCE TRANSACTIONS:

  • 1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
  • Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
  • A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.

ANNUAL FEE:
All loan transactions will include an annual fee of .35%

 

 

 
REPAYMENT RATIOS REFINANCE FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
USDA – GUS Approved
USDA – Manual Underwrite – Must meet USDA guideline maximum debt ratios of 29 & 41%–No Exceptions Allowed.
TERM OF NEW LOAN FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
TERM OF THE NEW LOAN WILL BE A 30 YEAR FULLY AMORTIZED FIXED RATE MORTGAGE ONLY.
INTEREST RATE
  • Interest rate of the new loan must be a fixed rate.
  • The interest rate must be lower than the existing loan to be refinanced.
  • Funded buy down accounts are not permitted.
HOUSEHOLD INCOME Total adjusted income for the household cannot exceed the moderate level for the area as established in HB-1-3555.
LOAN SECURITY
  • Loan security must include the same property as the original loan.
  • The security property must be owned and occupied by the applicants as their principal residence.
RURAL / NONRURAL AREAS SFHGLP refinance loans are permissible for properties in areas that have been determined to be non-rural since the existing loan was made.
PROPERTY VALUATION
  • The value of the new mortgage loan request must be supported by a new appraisal. The loan amount cannot exceed the present market value plus the one-time 2 percent guarantee fee. The new loan amount can include closing costs or lender fees if supported by market value.
INSPECTIONS
  • The lender must confirm the property meets or continues to meet the current requirements of HUD Handbook 4150.2 and 4905.1.
  • No further inspections or repairs required by Rural Development.
  • Lender may require inspections or repairs. Expenses related to inspections or repairs may not be financed.
NET TANGIBLE BENEFIT Every refinance
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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

Kentucky Rural Housing USDA Program Mortgage Insurance Requirements


 

*Upfront guarantee fee will change from 2.75% to 1.0%
Annual fee will change from 0.50% to 0.35%

Kentucky USDA Loans are not just for small farm communities, but rather they can help many lower-income individuals or households purchase homes in many small cities, towns and townships!

USDA Loan Payment Calculator: Calculate Loan Guarantee Eligibility ...

 

 

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 Housing Credit Report Requirements Update 2016


February 12, 2016

KY USDA Rural Housing Credit Report Update 2016

Effective immediately, an applicant’s credit score may be validated with at least two eligible trade lines instead of three trade lines as previously required.  Such trade lines consist of credit accounts (revolving, installment, etc.) with at least twelve months of repayment history reported on the credit report.  Corresponding revisions to the 3555 Handbook will be posted on the USDA Rural Development’s Regulation and Guidance website on March 9, 2016.

At least one applicant whose income or assets are used for qualification must have a valid credit report score or have at least two historical trade line references that have existed for at least 12 months to establish a credit reputation.

For applicants without an established credit history and unable to establish the required number of eligible trade lines to validate the credit score, alternative methods may be used to evidence an applicant’s willingness to pay, such as a non-traditional mortgage credit report or multiple independent verifications of trade references per 7 CFR 3555, Section 3555.151 (i)(6).

Non-traditional credit may not be used to enhance poor payment records or low credit scores. GUS applications receiving an “Accept” underwriting recommendation, but which fail to meet the credit score validation test using a traditional credit report, must be downgraded to a “Refer” by the lender.  In these instances the use of a non-traditional credit history will be required in order to proceed.

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Kentucky Rural Housing Mortgage offer zero down payments and low 30 year fixed rates with lower monthly mortgage insurance requirements than FHA currently

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|

 Company ID #1364 | MB73346

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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). I lend in the following states: Kentucky