Check Property Eligibility Map

To determine if a specific Kentucky property or area is eligible for USDA financing, click Kentucky USDA Rural Housing Map Below:

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Here are the important points about Kentucky USDA Rural Housing Loans:
  • USDA loan are only available in certain counties of Kentucky.
  • There are two types of USDA loans available: Direct and Guaranteed.
  • 100% financing. No down payment
  • USDA will go down to 580 score and uses and  automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval.
  • Income limits based on county and number of people in household.
  • Must be 3 years removed from bankruptcy and foreclosure
  • No purchase price limit
  • Upfront funding fee of 1% of loan amount paid to RD at closing
  • Annual mi fee of .35% paid each month for life of loan.
  • Takes on average 30-45 days to close.
  • 30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates.
  • Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable.
  • Appraisal has to meet FHA minimum standards
  • You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities.
  • There is no set max acreage but the appraisal will dictate approval of property by USDA.
  • You can only use USDA loans to purchase property or refinance an existing USDA loan
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.

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  10. ************IMPORTANT NOTICE************

    Due to construction, on Thursday, April 21st and Friday, April 22nd, the State Office will not have phone or internet access. Loans submitted during this time will be assigned to specialists, but State Office staff will not be available by phone or email. All inquiries during this time should be directed to:
    John Wells
    270-247-9525 X 238
    John.Wells@KY.USDA.gov
    *********************************************************

    *Current Turn Times*
    · For GUS Accepts -four business days from the day the loan is assigned.

    · For GUS Accept Full Docs, GUS Refers, Manual and Refinances- six business days from the date assigned.

    *Turn times also available on Facebook, so like us @ USDA Rural Development – Kentucky*

    Please Note:
    · If GUS is released on a previously submitted file, once the file is resubmitted, the turn time will reset from the most recent submission date.

    Student Loans and their Impact in the Total Debt Ratio

    Recent updates to the 3555 Handbook intended to simplify guidance for the delivery of the guaranteed loan program have caused some misperception in regards to total debt ratio calculations, specifically in the subject of student loans. The Agency is working on revisions to Chapter 11: Ratio Analysis; however, we want to further clarify the subject at this time.
    Total debt includes monthly housing expenses plus any other credit obligations incurred by the applicant. Student loan payments must be included in the calculation of the total debt-to-income ratio and captured under liabilities on the application. Student loan payments should be treated as described below:
    Fixed payment loans: A fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed. There must be no future adjustments to the terms of the student loan payments.

    Non-Fixed payment loans: Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation. One percent of the loan balance reflected on the credit report must be used as the monthly payment. No additional documentation is required.

    This clarification is effective immediately. Questions regarding this announcement may be directed to the National Office Division at (202) 720-1452.

    SERVICING TRAINING OPPORTUNITY:
    7 CFR Part 3555 Final Rule & HB-1-3555 Revisions

    On March 9, 2016 the final rule for 7 CFR Part 3555 and the revised technical handbook, HB-1-3555, went into effect for all conditional commitments issued by USDA. The USDA has prepared a presentation that will review the revisions to the 7 CFR Part 3555 final rule and HB-1-3555 with a focus on loan servicing. New changes will be listed followed by scenario based questions.

    TRAINING INFORMATION:
    The training presentation is on-demand and available 24 hours a day for your convenience!

    Link to Adobe Connect Training: https://usdard.adobeconnect.com/p7eyvffb70k/?OWASP_CSRFTOKEN=264176ace9cfa2e31569f48d1c223e1a531bf19aa355ee132a812e8099d2119e

    Training materials: Servicing Training Handout

    The new HB-1-3555 (Appendix 1 is 7 CFR Part 3555) is published online at: http://www.rd.usda.gov/publications/regulations-guidelines/handbooks#hb13555.

    The 7 CFR Part 3555 final rule is available online at: https://www.gpo.gov/fdsys/pkg/FR-2016-02-08/pdf/2016-01872.pdf.

    Questions regarding this announcement may be directed to the National Office Division at (202) 720-1452.

    Time Saving Tips for Uploading Documents in GUS
    Use the Origination Stacking Order Checklist to determine what documents are required based on the GUS underwriting recommendation
    Upload ONLY required documents
    Upload only 3 attachments:
    1. Upload all 7 pages of the executed 3555-21 with the ‘Request RHS Guarantee’ label

    2. Upload the appraisal with the ‘Appraisal’ label

    3. Upload all other documents as one attachment, in the order listed on the Stacking Order Checklist, with the ‘Underwriting’ label

    Thank you for your support of the Single Family Housing Guaranteed Loan Program!

    Kentucky Contacts

    Turn Time Loan Status Line: 859-224-7320

    Program Questions, Underwriting Questions, New Lender Setup and Training:

    Darren.Foster@ky.usda.gov

    John.Wells@ky.usda.gov

    Questions on New Submissions and Loan Note Guarantee Requests:

    Michele.Baldwin@ky.usda.gov

    Elizabeth.Yancey@ky.udsa.gov

    SFHGuaranteed@ky.usda.gov

    Help Resources

    USDA ITS Service Desk Support Center
    For e-Authentication assistance
    Email: eAuthHelpDesk@ftc.usda.gov
    Phone: 800-457-3642, option 1 (USDA e-Authentication Issues)

    Rural Development Help Desk
    For GUS system, outage or functionality assistance
    Email: RD.HD@STL.USDA.GOV
    Phone: 800-457-3642, option 2 (USDA Applications); then option 2 (Rural Development)

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