Category: Zero Down Home Loans

What are Kentucky USDA Home Loans? Do I Qualify?

What are Kentucky USDA Home Loans? Do I Qualify? Deciding between rural and suburban is one of many choices you’ll make along your homeownership journey. And if the countryside is your preference, then you may want to consider applying for a USDA loan. You’…

Source: What are USDA Home Loans? Do I Qualify? – Cape Gazette

USDA Home Loan in Kentucky Compared to FHA loans in Kentucky.

Mortgage In "100% Financing Zero Down" Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines In "100% Financing Zero Down"

Why use USDA financing for your next home purchase in Kentucky?

There are very few ways to purchase a home these days in Kentucky without a typical 3.5% down payment that is required for an FHA loans in Kentucky.  Many home buyers in Kentucky are surprised to find that a USDA Home Loan offers a lower payment than an FHA loan, even with NO DOWN PAYMENT!  “How can this be?” you ask.  The reason is because a Kentucky USDA home loan requires much lower MORTGAGE INSURANCE.

Kentucky FHA Loan vs. Kentucky USDA Loan Comparison

FHA USDA
$150,000 purchase price $150,000 purchase price
4.75% 30 year fixed rate 4.75% fixed rate
1.75% up front mortgage insurance (financed) 1.0% Guarantee Fee (financed)
  .85% month mi premium .35% monthly mi premium
$871.19 P&I monthly payment
with monthly mortgage insurance (not including taxes and insurance)
$826.86 P&I monthly payment (not including taxes and insurance
$5250.00 required down payment $0 down payment

A rural housing USDA loan saved this client $46.74 per month and they made NO DOWN PAYMENT!

Other benefits of Kentucky USDA Home Loans

  • Low up front closing costs
  • In some cases closing costs can be financed if home appraises for more than purchase price 
  • Minor credit problems OK with a minimum credit score of 581
  • No maximum loan amounts just household income limits based on which Kentucky County you are buying a home.
  • Fixed Rates Only for 30 years with no prepay penalty

A Kentucky USDA rural housing loan strive to find anyway possible to approve your loan, however there are some cases where a USDA Loan is not an option;

a previous bankruptcy must be discharged 3 years,

you must occupy the home being purchased as your primary residence,

the home may not be used for income producing purposes (farm, rental, etc.),

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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

Kentucky Rural Housing Development Mortgage Guide for 2019 USDA Loans

Kentucky Rural Housing Development Mortgage Guide for 2019 USDA Loans

I am a Kentucky based USDA Mortgage Lender that has originated over 200 KY Rural Housing Mortgage Loans in Kentucky, Put my expert advice to use. Kentucky Rural Development RHS loans give KY Rural Homebuyers a zero down mortgage loan with a low 30 year fixed rate loan. A Local Kentucky Rural Housing Mortgage Lender offering same day free approvals and credit report. This website is not affiliated with USDA or any other government agency. NMLS#57916 Equal Housing Lender Text or call today 502-905-3708 with your mortgage questions about USDA Rural Housing Loans in Kentucky. Free Pre-Approvals on most applications within the same day. Kentuckyloan@gmail.com

USDA Lenders Based in Kentucky Offering Rural Housing Mortgage loans.

2019 Kentucky Rural Development Mortgage Guide

  • 30 year fixed rate only for Purchases and Existing USDA loans Refinances.
  • Zero down Mortgage loan with no loan limits!
  • 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!

2019 Kentucky USDA Rural Max Income Limits:

  • New Income limits for most counties (*) in Kentucky are $86,850 for a  4 unit household and household families of five or more + can make up to  $114,650.

    The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $93,500 for a household of four or less and up to $123,400 for a family of five or more.

    With the new changes for 2019 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $87,600 for a family of four and up to $115,650 for a family of five or more. The metro area includes Oldham, Bullitt, Spencer, Hardin, Larue and Meade are including in these higher income limits for USDA loans.

    Remember,  Jefferson County Kentucky, Fayette County Kentucky are not eligible for USDA loans.

    ,Below is the website where you can check and make sure

     

     

    New USDA Rural Housing Income Limits for Kentucky Cincinnati (OH, KY, IN FMR), Boone, Kenton, Campbell, Pendleton, Gallatin*** Household income of 4 or less:

    ***$93,500
    Household income of 5 or more:

    ***$123,400
    Shelby, Bullitt, Oldham, Spencer** **$87,600 ** $115,650
    Rest of the Kentucky Counties in Kentucky not listed above* *$86,850  

    *114,650

     

 

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!

 

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What is a Kentucky USDA Rural home loan?

What is a Kentucky USDA Rural home loan?

USDA Lenders Based in Kentucky Offering Rural Housing Mortgage loans.

A Kentucky USDA home loan is a zero-dollar-down mortgage option provided by USDA’s Department of Rural Development.

This government-backed loan program comes in two types: direct loan, which is reserved for lower-income households and issued by USDA, and the guaranteed loan, which is reserved for low- to moderate-income families. The guaranteed loan is funded by private lenders, and USDA guarantees a portion of the loan against default.

Is a Kentucky  USDA loan more beneficial than a Kentucky conventional loan?

 The KY USDA home loan program is generally more beneficial to rural families than a conventional lending program, particularly for first-time homebuyers with lower- to median-level incomes.

Some of the benefits of Kentucky Rural Housing USDA loans include:
• zero down payment 
• competitive interest rates
• lower-than-average monthly mortgage insurance 
• relaxed credit requirements versus conventional loans
• no loan limits

How do I determine eligibility for a Kentucky Rural Housing USDA loanTo be eligible for a USDA home loan, borrowers must meet the program’s basic eligibility requirements. These requirements are relaxed compared to other mortgage options and are in place to ensure borrowers can make their monthly mortgage payments.

Here are a few of the basic Kentucky RHS USDA eligibility requirements:

• Income. Applicants must not have annual adjusted income greater than 115% of the median household income for the area. Check your county’s USDA income limit. This called compliance income.

Most Kentucky Counties that are eligible for the rural housing loan is $86,700 for a family of four and up to $114k for a family of five or more.

Kentucky Counties Cincinnati (OH, KY, IN FMR) Household income of 4 or less:

$93,050

Household income of 5 or more:

$121,850

Shelby $86,450 $114,100
All Other Areas $86,700 $114,150

• Credit. Applicants must have a minimum credit score of 581 to qualify for USDA’s guaranteed underwriting credit requirements. However, most lenders will want a 620 or preferably to get an Automated Approval 640 is the magic number in most cases. With regards to bankruptcy, 3 years is usually the date needed to lapse since your discharge.

• Employment. Applicants must have proof of two years of stable income and employment.

:  Income: They will take your gross monthly income and develop two ratios for you: The front end ratio, which is called your housing ratio, and then the back-end ratio or total debt ratio is the house payment plus the total monthly payments listed on the credit report. If you pay child support, this is included in the qualifying ratios but utility bills, car insurance, cell phone bills, water bills etc, is not included. Typically 28% is used for the housing ratio, and

Student Loans:  They are pretty tough on student loans and qualifying with your current student loan debts. They will make us use 1% of your outstanding balance on student loans, so sometimes this will cause the loan to get denied because your debt to income ratio is too high. If they are in an Income-Based repayment plan they will still make us use the 1% balance so keep this in mind. For example, let’s say you owe $35k in outstanding student loans, and your IBR plan calls for a $50 monthly payment. RHS will make us use $350, not the $50 IBR payment so you can see where this will cause issue on higher debt to income ratios on some loans.**********updated guidelines September 2019*****easier to qualify now.

⬇️⬇️⬇️⬇️
Effective immediately for all Kentucky USDA Rural Housing Mortgage Loans.

If you are a Kentucky USDA Mortgage applicant who has 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.

• Property location. Homes must be located within a rural area, as defined by USDA. Rural areas are any that have a population less than 35,000 depending on the area’s designation. Use this tool from USDA to determine if a specific address is eligible.

• Physical property. Homes must be the borrower’s primary residence, have direct access to a street, and have adequate utilities and water and wastewater disposal, among other things No working fams allowed or properties that income producing livestock or crops.

For those with lower incomes, a USDA direct loan provides greater opportunities for lending, as its credit and income requirements are more lax than the guaranteed loan option.


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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#57916http://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.

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Kentucky USDA Income Limits for 2019 Changed to Higher Limits

Kentucky USDA Income Limits Increased for most areas for 2019

USDA Loans: Low Rates With No Down Payment

Kentucky USDA Loans are mortgage loans which are backed and guaranteed by the United States Department of Agriculture. These loans are sometimes known as Rural Housing Loans or “Section 502” loans, which are named for it’s place in the USDA Charter.

USDA loans are extremely popular by both first-time homebuyers and even previous homeowners due to their low, competitive interest rates but also there is no need for a down payment.

USDA loans also offer lower monthly mortgage insurance premiums (MIP) than some of it’s popular counterparts, FHA and Conventional loans.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

2019 Kentucky USDA Loan Income Limits

While underwriting requirements for USDA loans will vary based on the credit profile of the borrower, there is one requirement where there is absolutely no leeway and that is with the household income limit for the area you are purchasing in.

USDA has set specific income limits based on the size of the household. Categories are based on household sizes of 1-4 and then household sizes of 5-8.

2018 Income Limits are based on household size:

  • 1-4 member household : $82,700

  • 5-8 member household : $109,150

There are some areas with slightly higher limits.  For example, in Northern Kentucky Counties of Boone, Kenton, Campbell, and Gallatin Counties the income limits for a 1-4 member household is $90,500 while a 5-8 member household is $119,450.  **Income limits vary my county and MSA***

USDA has published a great new PDF document that lists every area in every state.  You can view that document by here.

You can always go to the USDA eligibility website and lookup the income limit for the area you live or are wanting to purchase here.

Get a Free USDA Home Loan Quote

If you’re looking for a low- or no-money-down home loan, then the USDA loan may be the perfect option for you.

You can get a free USDA home loan quote now! There is no obligation to proceed, and we’ll be happy to answer all your questions.

 

USDA Rural Housing Lender for Kentucky

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
Company NMLS ID #1364

Text/call:      502-905-3708

fax:            502-327-9119

 


see useful links below for more Kentucky USDA Rural Housing Info

 

 

 

Interest Rate Increase for Single Family Housing Direct Programs for Kentucky Rural Housing Loans

 March 28, 2018

 Interest Rate Increase for Kentucky Rural Housing USDA Direct Programs

Kentucky USDA Single Family Housing Foreclosed Homes For Sale 2018

 unnamed (33)
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
118 Brooks Street 3/1.5 $43,755.00 – GovtBid
Cynthiana, KY 41031 Foreclosure Sale
41 Lori Lane 3/1 $49,580.00 – GovtBid
Garrison, KY 41141 Foreclosure Sale
1718 Amos Ridge Rd 3/1 $53,190.00 – GovtBid
Frenchburg, KY 40322 Foreclosure Sale
777 KY Highway 801 S 3/3 $50,920.00 – GovtBid
Morehead, KY 40351 Foreclosure Sale
14 Catalina Dr. 2/1 $30,150.00 – GovtBid
Walton, KY 41094 Foreclosure Sale
224 Back St. 3/1.5 $11,390.00 – GovtBid
Campton, KY 41301 Foreclosure Sale
375B Freedom School Road 3/2 $34,840.00 – GovtBid
Mt. Vernon, KY 40456 Foreclosure Sale
125 Green Valley Road 3/1.5 $112,836.00 – GovtBid
Williamsburg, KY 40769 Foreclosure Sale
121 Blue Bird Rd. 3/1 $20,502.00 – GovtBid
West Liberty, KY 41472 Foreclosure Sale
14 Short St 3/1 $54,520.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
4276 Browning Rd 3/1.5 $50,250.00 – GovtBid
Rockfield, KY 42274 Foreclosure Sale
3710 Aarons Run Rd 3/1 $48,175.00 – GovtBid
Mount Sterling, KY 40353 Foreclosure Sale
53 Elkins St. 3/1 $15,410.00 – GovtBid
Vanceburg, KY 411798022 Foreclosure Sale
33 Earnest Sparks Rd 3/2 $65,480.00 – GovtBid
Columbia, KY 42728 Foreclosure Sale
49 Nipper Dr 4/1 $19,899.00 – GovtBid
Ezel, KY 41425 Foreclosure Sale
120 Frederick Rd. 3/2 $85,305.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
74 Kaden 3/1 $20,370.00 – GovtBid
Ezel, KY 41425 Foreclosure Sale
200 Wilkerson 3/2 $31,490.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
19 Bon Jan Lane 3/1 $36,850.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
132 Grace Court 3/2 $91,810.00 – GovtBid
Harrodsburg, KY 40330 Foreclosure Sale
180 Chase Way 3/2.5 $23,130.00 – GovtBid
Glasgow, KY 42141 Foreclosure Sale
5821 Greenvale Lane 3/1 $30,150.00 – GovtBid
Paducah, KY 42033 Foreclosure Sale
661 Cottonwood Dr 3/1 $26,800.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
1260 Carolina Ave 3/1 $20,100.00 – GovtBid
Maysville, KY 41056 Foreclosure Sale
675 Cottonwood Dr. 3/1 $30,150.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
 Kentucky USDA Single Family Housing Homes for sale 02/22/2018
Address Bed/Bath Price
535 Hillview st 3/1 $35,510.00 – GovtBid
Grayson, KY 411431462 Foreclosure Sale
213 State Route 716 3/2 $50,710.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
1069 Raccoon Rd 3/2 $102,475.00 – GovtBid
Raccoon, KY 41557 Foreclosure Sale
217 Brooks Street 3/1.5 $43,755.00 – GovtBid
Cynthiana, KY 41031 Foreclosure Sale
12171 River Rd. 3/2 $67,525.00 – GovtBid
Campbellsburg, KY 40011 Foreclosure Sale
1718 Amos Ridge Rd 3/1 $53,190.00 – GovtBid
Frenchburg, KY 40322 Foreclosure Sale
121 Jellico Drive 3/2 $105,765.00 – GovtBid
Coxs Creek, KY 40013 Foreclosure Sale
1553 Harrodsburg Road 3/1 $33,500.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
777 KY Highway 801 S 3/3 $50,920.00 – GovtBid
Morehead, KY 40351 Foreclosure Sale
114 Mary Street 2/2 $75,345.00 – GovtBid
Winchester, KY 40391 Foreclosure Sale
2185 State Highway 1661 3/2 $53,600.00 – GovtBid
grayson, KY 411436823 Foreclosure Sale
240 hugh St 3/2 $24,790.00 – GovtBid
Grayson, KY 411431911 Foreclosure Sale
5526 Stinson Fork 3/1 $24,120.00 – GovtBid
Rush, KY 41168 Foreclosure Sale
121 Blue Bird Rd. 3/1 $20,502.00 – GovtBid
West Liberty, KY 41472 Foreclosure Sale
3311 Castle HWY 3/1 $69,475.00 – GovtBid
Pleasureville, KY 40057 Foreclosure Sale
1744 E. Gap Hill Rd. 3/2 $30,150.00 – GovtBid
Cub Run, KY 42729 Foreclosure Sale
212 Dogwood Trail 3/2 $52,930.00 – GovtBid
Shepherdsville, KY 40165 Foreclosure Sale
602 Greenhill Rd. 3/1 $40,000.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
120 Hoffman Ln 3/2 $78,795.00 – GovtBid
LaGrange, KY 40031 Foreclosure Sale
164 Parkway Dr. 2/1 $36,110.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
203 Fuller Branch 3/2 $50,250.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
832 Daniels Drive 3/1 $28,140.00 – GovtBid
Worthington, KY 41183 Foreclosure Sale
175 Blue Jay Circle 4/2 $53,600.00 – GovtBid
Falmouth, KY 41040 Foreclosure Sale
113 Alexandria Cir 3/1 $47,245.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
514 Jamie Ridge Dr. 3/2 $56,465.00 – GovtBid
Mt Sterling, KY 40353 Foreclosure Sale
1303 Asbury St 3/1 $32,160.00 – GovtBid
Leitchfield, KY 42754 Foreclosure Sale
2300 West KY 8 3/1 $41,540.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
117 Dove Drive 3/1 $34,840.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
302 E. St 3/1 $37,455.00 – GovtBid
Mt. Sterling, KY 40353 Foreclosure Sale
72 Cedar Brook Court 3/1 $35,510.00 – GovtBid
Cynthiana, KY 41301 Foreclosure Sale
3487 Wallingford Rd. 3/2 $63,205.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
186 Fairview Avenue 3/1 $53,600.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale

 



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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

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

 
http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu


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/

 

 

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
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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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