Category: Zero Down Home Loans

Kentucky USDA Rural Housing Guidelines for Home Insurance Deductibles and POA’S for 2017

USDA REVISIONS TO HB-1-3555
 
THE REASONS BELOW ARE THE ONLY ACCEPTABLE TIMES A POWER OF ATTORNEY WILL BE ALLOWED. BORROWER UNAVAILABILITY OR FOR CONVENIENCE WILL NO LONGER BE AN ACCEPTABLE REASON TO USE A POWER OF ATTORNEY ON KENTUCKY USDA LOANS FOR THE 502 GUARANTEE LOAN PROGRAM
 
Use of a Power of Attorney (POA):
A Power of Attorney (POA) may only be used when the Mortgagee verifies and documents that all of the following requirements have been satisfied:
  • For military personnel, a POA may only be used for one of the applications (initial or final), but not both:
    • when the service member is on overseas duty or on an unaccompanied tour;
    • when the Mortgagee is unable to obtain the absent Borrower’s signature on the application by mail or via fax;

And

    • where the attorney-in-fact has specific authority to encumber the Property and to obligate the Borrower. Acceptable evidence includes a durable POA specifically designed to survive incapacity and avoid the need for court proceedings.
  • For incapacitated Borrowers, a POA may only be used where:
    • a Borrower is incapacitated and unable to sign the mortgage application;
    •  the incapacitated individual will occupy the Property to be insured;

And

    • the attorney-in-fact has specific authority to encumber the Property and to obligate the Borrower. Acceptable evidence includes a durable POA specifically designed to survive incapacity and avoid the need for court proceedings.
Hazard Insurance Maximum Deductible:
On Kentucky USDA Rural Housing Loans effective now, they have clarified that the maximum deductible may not exceed the greater of $1,000 or 1% of the face amount of the policy similar to the policy for flood insurance deductibles.
 MRB Special Funding Program 


KHC has $5 million available at 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today, Wednesday, March 8, 2017, with new reservations. This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000) in a county not receiving HHF DAP funds*.
  • 640 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households who meet one of the following criteria:
    • At least one of the home buyers is age 62 or older.
    • At least one member of the household is disabled and receiving disability income.
    • A single-or two parent household with at least one dependent child under the age of 18 living in the household.


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.
 

2017 STUDENT LOAN GUIDELINES FOR A KENTUCKY USDA RURAL HOUSING MORTGAGE LOAN

 

 

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Lenders must include the greater of:
• 1 percent of the outstanding loan balance; or
• The fixed payment as reflected on the credit report.

Income Based Repayment (IBR) plans, graduated plans, adjustable rates, interest-only and deferred plans are examples of repayment plans that are subject to change and do not represent a fixed payment or repayment plan. These types of repayment plans are unacceptable to represent a long-term fixed payment repayment plan. It is the lender’s responsibility to ensure the correct fixed payment is utilized in the capacity analysis.

No additional documentation is required if a credit report is obtained.

Guide Reference – http://www.rd.usda.gov/files/3555-1chapter11.pdf

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text/talk 502-905-3708 kentuckyloan@gmail.com

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List of Kentucky USDA Single Family Housing For Sale Feb 2017

 

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Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 02/08/2017

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
T
Address Bed/Bath Price
255 Meadow Grove Road 3/1 $26,800.00 – GovtBid
Pine Knot, KY 42635 Foreclosure Sale
862 Andrew Mason Rd 2/1 $21,440.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
171 Fairview Ave. 3/1 $38,190.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
519 Hickory Hill Dr. 3/1 $63,885.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
417 Creekview Dr 3/1 $26,800.00 – GovtBid
Paris, KY 40361 Foreclosure Sale
10854 Hope Means Rd. 4/2 $62,725.00 – GovtBid
Means, KY 40346 Foreclosure Sale
831 Strawberry Ln 3/1 $37,520.00 – GovtBid
Franklin, KY 42134 Foreclosure Sale
71 Apricot Lane 4/2 $62,685.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
1781 Highway 490 3/1.5 $16,080.00 – GovtBid
East Bernstadt, KY 40729 Foreclosure Sale
403 Greenview Drive 3/1 $42,210.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
452 Silverhawk Rd. 3/1 $22,110.00 – GovtBid
Olive Hill, KY 41164 Foreclosure Sale
21 N Carolina Ave 3/2 $47,235.00 – GovtBid
Morehead, KY 40351 Foreclosure Sale
85 Fanning Lane 3/2 $53,970.00 – GovtBid
Salt Lick, KY 40371 Foreclosure Sale
5052 Paddock Loop 3/2 $98,450.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
502 Mallard Park 3/1.5 $83,060.00 – GovtBid
Versailles, KY 40383 Foreclosure Sale
832 Old Whitley Rd. 2/1 $52,260.00 – GovtBid
London, KY 40744 Foreclosure Sale
129 Nipper Dr. 3/1 $16,080.00 – GovtBid
Ezel, KY 41425 Foreclosure Sale
808 Daniels Dr. 3/1 $28,140.00 – GovtBid
Worthington, KY 41183 Foreclosure Sale
208 Shannon Court 3/2 $66,605.00 – GovtBid
Winchester, KY 40391 Foreclosure Sale
2319 Redbud Lane 3/1 $43,550.00 – GovtBid
Paris, KY 40361 Foreclosure Sale
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2017 KY USDA Rural Housing Income Limits for Kentucky Counties Kentucky Rural Development Mortgage Guide

2017 Kentucky Rural Development Mortgage Guide

  • 30 year fixed rate only for Purchases and Existing USDA loans Refinances.
  • Zero down Mortgage loan with a loan limit of $424,000
  • Upfront funding fee is 1.0% and annual mi fee is .35% (very low compared to FHA)
  • Typically cannot own other real estate. There are exceptions to this.
  • You do not have to be a first-time home buyer in Kentucky
  • Can refinance existing USDA loan as long as lowering rate by 1% and can do without an appraisal. There are overlays to this by lenders.
  • Closing costs and prepaids can be paid by seller but must be put into contract
  • Closing costs may be financed into the loan up to the appraised value.
  • You will need two credit trade lines reporting at least for 12 months on your credit file. They don’t have to be open and active. Just reporting on your credit report.
  • All Guaranteed Mortgage Loans are ran through GUS. GUS stands for the Guaranteed Underwriting System. USDA and their underwriters use this system to pre-approve you. They review credit score/history, income, debt to income ratio and assets to determine your loan eligibility. If your credit score is below 640 or your debt to income ratio is over 45%, it will get a refer and you will find most lenders will not approve the loan.
  • Some lenders will do a credit score down to 600, but they will want a lot of documentation to overturn the refer and compensating factors for the lower credit score. They typically will need to verify rent for last 12 months, with no lates, cash payments are not acceptable, and debt to income ratios are set at 29% and 41% respectively. Reserves are typically helpful too on lower credit scores, so keep in that in mind, if you have money in a savings account, for a rainy day fund, this will help sometimes get the loan approved.
  • If you have access to 20% down payment you cannot use the USDA Program. Money in a retirement account does not account toward the 20% rule.
  • Properties must be located in an eligible area of Kentucky. Typically the large metro areas of Kentucky including the following: all of Jefferson County,  all of Fayette County, Owensboro, Paducah, Hopkinsville, Bowling Green, Richmond, Frankfort and Northern KY cities of Covington, Florence, Erlanger, Beechwood, Richwood are not eligible
USDA Eligible Areas In Northern Kentucky for Boone, Kenton, Campbell, Grant Counties
  • Independence
  • Burlington
  • Hebron
  • Highland Heights
  • Walton
  • Alexandria
  • Cold Springs
  • All Of Grant County, Pendleton County And Owen County

Search for Kentucky USDA Eligible Properties 

A property must be located in an eligible area in order to use a USDA loan to purchase a home.  Contrary to belief, Rural Development loans are not only for farms or very rural homes.  

Actually, a property with an operating and income producing farm is not eligible for these loans!

Kentucky USDA Rural Max Income Limits:

  • The total household income must be within the county limits for household size.  Typically a family household of 4 can make up to around $75,650  and a family of five or more  can make up to $99,850 for a household- Some KY counties allow for higher like Shelby County, and the Northern Kentucky Counties of Boone, Kenton, Campbell allow $82,000 (household income of four) up to $108,250 (household income of five or more)

Check Your Kentucky County for USDA Rural Housing Income Limits

 

Some More Facts about a Kentucky USDA loan:


It’s a two step approval process.  The chosen USDA lender must first underwrite the file and get it approved based on the income, assets, and credit report submitted. Then, the lenders must submit to USDA for a “conditional commitment”.  This conditional commitment is the final loan approval paperwork you are looking for. 


Even though the lender may have approved the file, it still must go to USDA office in Lexington for an assignment to SFH underwriter for the final approval process. They typically are checking the appraisal and income at this stage. There have been instances where the lender would approve the file but USDA would not due to appraisal issues or income and job history. 
This is very rare instances, so keep that in mind when it comes to final loan approval. 

This two-step approval process usually adds 4-6 days to the final loan approval process, so keep that in mind when you are writing up your contract because it takes a little longer to close these loans vs FHA, VA, and Fannie Mae loans.

Well Test Treatments:  Properties with a well as the primary drinking source will require a well water test.  There are local labs to perform this test and the water must pass.

Septic Test: Sometimes they will require the septic tank to be inspected if called for in the appraisal report or home inspection. 

Older Homes: As a general rule, USDA does not like homes older than 100 years old. They will sometimes require a home inspection in addition to the mandatory appraisal on older homes.

USDA Loan After a Short Sale:  A short sale is not the end of the world.  So it is very possible to obtain a USDA loan if 3 years have passed after the short sale.  But a buyer would need re-established good rent and other credit history.

Bankruptcy and Foreclosure:  If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy.  Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.

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!

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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.

Posted by joel lobb at 6:28:00 AM Links to this post

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Labels: bankruptcy, debt ratio, first time buyer kentucky usda, foreclosure, GUS approval, Kentucky Rural Housing and USDA Loans, Kentucky USDA Rural Development For 2017 Guide, rd, rhs

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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
County Name Family Size 1 -4 Family Size 5 – 8
Adair $75,650 $99,850
Allen $75,650 $99,850
Anderson $78,900 $104,150
Ballard $75,650 $99,850
Barren $75,650 $99,850
Bath $75,650 $99,850
Bell $75,650 $99,850
Boone $82,000 $108,250
Bourbon $78,400 $103,500
Boyd $75,650 $99,850
Boyle $75,650 $99,850
Bracken $82,000 $108,250
Breathitt $75,650 $99,850
Breckinridge $75,650 $99,850
Bullitt $75,650 $99,850
Butler $75,650 $99,850
Caldwell $75,650 $99,850
Calloway $75,650 $99,850
Campbell $82,000 $108,250
Carlisle $75,650 $99,850
Carroll $75,650 $99,850
Carter $75,650 $99,850
Casey $75,650 $99,850
Christian $75,650 $99,850
Clark $78,400 $103,500
Clay $75,650 $99,850
Clinton $75,650 $99,850
Crittenden $75,650 $99,850
Cumberland $75,650 $99,850
Daviess $75,650 $99,850
Edmonson $75,650 $99,850
Elliott $75,650 $99,850
Estill $75,650 $99,850
Fayette $78,400 $103,500
Fleming $75,650 $99,850
Floyd $75,650 $99,850
Franklin $76,850 $101,450
Fulton $75,650 $99,850
Gallatin $82,000 $108,250
Garrard $75,650 $99,850
Grant $75,650 $99,850
Graves $75,650 $99,850
Grayson $75,650 $99,850
Green $75,650 $99,850
Greenup $75,650 $99,850
Hancock $75,650 $99,850
Hardin $75,650 $99,850
Harlan $75,650 $99,850
Harrison $75,650 $99,850
Hart $75,650 $99,850
Henderson $75,650 $99,850
Henry $75,650 $99,850
Hickman $75,650 $99,850
Hopkins $75,650 $99,850
Jackson $75,650 $99,850
Jefferson $75,650 $99,850
Jessamine $78,400 $103,500
Johnson $75,650 $99,850
Kenton $82,000 $108,250
Knott $75,650 $99,850
Knox $75,650 $99,850
Larue $75,650 $99,850
Laurel $75,650 $99,850
Lawrence $75,650 $99,850
Lee $75,650 $99,850
Leslie $75,650 $99,850
Letcher $75,650 $99,850
Lewis $75,650 $99,850
Lincoln $75,650 $99,850
Livingston $75,650 $99,850
Logan $75,650 $99,850
Lyon $75,650 $99,850
Madison $75,650 $99,850
Magoffin $75,650 $99,850
Marion $75,650 $99,850
Marshall $75,650 $99,850
Martin $75,650 $99,850
Mason $75,650 $99,850
McCracken $75,650 $99,850
McCreary $75,650 $99,850
McLean $75,650 $99,850
Meade $75,650 $99,850
Menifee $75,650 $99,850
Mercer $75,650 $99,850
Metcalfe $75,650 $99,850
Monroe $75,650 $99,850
Montgomery $75,650 $99,850
Morgan $75,650 $99,850
Muhlenberg $75,650 $99,850
Nelson $75,650 $99,850
Nicholas $75,650 $99,850
Ohio $75,650 $99,850
Oldham $75,650 $99,850
Owen $75,650 $99,850
Owsley $75,650 $99,850
Pendleton $82,000 $108,250
Perry $75,650 $99,850
Pike $75,650 $99,850
Powell $75,650 $99,850
Pulaski $75,650 $99,850
Robertson $75,650 $99,850
Rockcastle $75,650 $99,850
Rowan $75,650 $99,850
Russell $75,650 $99,850
Scott $78,400 $103,500
Shelby $84,750 $111,850
Simpson $75,650 $99,850
Spencer $75,650 $99,850
Taylor $75,650 $99,850
Todd $75,650 $99,850
Trigg $75,650 $99,850
Trimble $75,650 $99,850
Union $75,650 $99,850
Warren $75,650 $99,850
Washington $75,650 $99,850
Wayne $75,650 $99,850
Webster $75,650 $99,850
Whitley $75,650 $99,850
Wolfe $75,650 $99,850
Woodford $78,400 $103,500

Kentucky USDA Rural Housing Loans : Kentucky Rural Development Guidelines for 2015:

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Kentucky USDA Rural Housing Foreclosure Sale for 2017

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Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 01/06/2017
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
Address Bed/Bath Price
171 Fairview Ave. 3/1 $38,190.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
519 Hickory Hill Dr. 3/1 $63,885.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
417 Creekview Dr 3/1 $26,800.00 – GovtBid
Paris, KY 40361 Foreclosure Sale
65 Bon Jan Lane 3/1 $51,590.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
1254 Baker Branch Rd 2/1 $60,195.00 – GovtBid
Tutor Key, KY 41263 Foreclosure Sale
510 Harrison Hollow Rd 3/1 $16,750.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale


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

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New Fannie Mae Home Foreclosures in Kentucky — Kentucky First Time Home Buyer Loans for 2017

New Fannie Mae Home Foreclosures in Kentucky $21,900Active 210 N 35th St Louisville, KY 40212 2 Beds |1 Baths | 1119 sq. ft. View Property $28,500Active 1002 S 43rd St Louisville, KY 40211 3 Beds |1 Baths | 1692 sq. ft. View Property $96,900Active 111 Park Ave Erlanger, KY 41018 4 Beds |3 Baths | […]

via New Fannie Mae Home Foreclosures in Kentucky — Kentucky First Time Home Buyer Loans for 2017

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
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.

applyonlinenow-ani

USDA Single Family Housing Homes for Sale in Kentucky Currently

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Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 12/06/2016
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

 

Kentucky
8 Properties
BOYD County
picture of property
7234 Nekirk Rd. 3/1 $25,460.00
Ashland,KY 41102
View Property Details Foreclosure Sale
CAMPBELL County
picture of property
65 Bon Jan Lane 3/1 $51,590.00
Highland Heights,KY 41076
View Property Details Foreclosure Sale
FRANKLIN County
picture of property
2 Pebble Court 3/1 $30,820.00
Frankfort,KY 40601
View Property Details Foreclosure Sale
FULTON County
picture of property
171 State Route 1461 3/2 $24,790.00
Fulton,KY 42041
View Property Details Foreclosure Sale
OWEN County
picture of property
275 Highway 227 N 3/1 $42,210.00
New Liberty,KY 40355
View Property Details Foreclosure Sale
picture of property
204 N. Madison St. 2/1 $26,800.00
Owenton,KY 40359
View Property Details Foreclosure Sale
SHELBY County
picture of property
1721 Village Lane 3/1 $23,450.00
Shelbyville,KY 40065
View Property Details Foreclosure Sale
picture of property
125 Gloria Dr. 3/1 $36,850.00
Shelbyville,KY 400658910
View Property Details Foreclosure Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Address Bed/Bath Price
65 Bon Jan Lane 3/1 $51,590.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
7234 Nekirk Rd. 3/1 $25,460.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
275 Highway 227 N 3/1 $42,210.00 – GovtBid
New Liberty, KY 40355 Foreclosure Sale
1721 Village Lane 3/1 $23,450.00 – GovtBid
Shelbyville, KY 40065 Foreclosure Sale
415 Grassy Knoll Rd. 2/2 $28,140.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
171 State Route 1461 3/2 $24,790.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
204 N. Madison St. 2/1 $26,800.00 – GovtBid
Owenton, KY 40359 Foreclosure Sale
125 Gloria Dr. 3/1 $36,850.00 – GovtBid
Shelbyville, KY 400658910 Foreclosure Sale
2 Pebble Court 3/1 $30,820.00 – GovtBid
Frankfort, KY 40601 Foreclosure Sale
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
 

Rural Housing Funds for Kentucky USDA Loans Now Available for 2017 and 2016 Mortgage Loans

updates
RHS Funding Now Available for Kentucky Rural Housing Mortgage Loans for 2017
Funding has now been authorized for RHS loans. Over the next two to three business days, USDA will be obligating all conditional commitments in their system. An updated Conditional Commitment will be issued for each loan removing the “contingent upon” language. Once Century has received this updated commitment, the loan will be eligible to close.

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


_______________________________________________

 


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

 

 

 

Kentucky Rural Housing USDA Guarantee Upfront and Annual Fee Changes October 2016

 

Human hand with a pot watering growing money tree
Good News for Kentucky First Time Home Buyers Using the USDA Rural Housing Loan Program!

 

Kentucky RHS USDA Mortgage Insurance  Changes Below and Important Dates to Keep in Mind that could affect your loan closing and approval!

On October 1, 2016, both the upfront guarantee fee and annual fee for purchase and refinance loans will decrease. We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%. The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule.

Due to the large volume of loan applications received daily, as well as current turn times, Kentucky will begin accepting applications using the new FY17 fee schedule on September 27, 2016

Applications using the new FY17 fee schedule submitted before September 27, 2016 will not be processed before October 1, 2016.

 September 27, 2016 will be the last day Kentucky will accept applications using the existing FY16 fee schedule. This will ensure all of these submissions are reviewed by the Agency prior to October 1.

 

 Most are familiar with USDA Rural Housing Loan Program  being a great no money down program available and it is not just for Kentucky first time buyers

But starting with commitments on October 1, the funding fee that is financed is going from 2.75% to only 1%!  On a $100,000 loan, a buyer saves about $1750!  In addition, the annual fee (like PMI) reduces from .5% to .35% which lowers the monthly payment by $15 a month on an $100,000 loan amount.

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Joel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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). USDA 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.

 

Kentucky Rural Housing USDA Appraisal Requirements

  • Property must meet HUD’s minimum Property standards. i.e.: permanent heat source, functional kitchen, health & safety
  • Flips subject to UW review
  • Transferred appraisal – not allowed
  • Appraisal valid 120 days – 30 day extension possible
  • Swimming Pools – ok
  • Property eligibility – Located in a USDA designated rural area
  • New Construction Available
  • RHS Condos
    In order for a condo to be eligible for an RHS loan, it must appear on the FHA, VA, or FNMA approval list. Please see the Condos Guideline for more information.
  • Income Producing Properties and Outbuildings
    Minimal income production from property is allowable within reason (e.g. gardening) as long as the property remains predominantly residential in nature
    Outbuildings are permitted as long as they are no longer in commercial use. Interior photographs of all outbuildings will be required to determine usage
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|
 Company ID #1364 | MB73346

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