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
Fiscal Year 2021 SFH Guaranteed Funds Now Available!
As of Sunday, December 27, 2020, funding for Rural Development’s Single-Family Housing Guaranteed Loan Program authorized by the “Consolidated Appropriations Act, 2021”, is available.
Files in Process:
All files processed “Subject to Availability of Funds” have been obligated and the updated Conditional Commitments were generated by the Agency to remove the “contingent upon” language. Lender receipt of the updated Conditional Commitment will signal the request has been successfully obligated by the Agency.
Once the loan has closed (including loans that were closed prior to the obligation of funds by the Agency), the lender may submit their request for Loan Note Guarantee along with a closing package. Lenders using the Agency’s automated Lender Loan Closing (LLC) system will complete the lender certification electronically (i.e. no manual signature/date required). For manually submitted loan closing packages, ensure the lender certification on the Conditional Commitment is signed and dated after the Agency’s obligation date (the issuance date on the updated Conditional Commitment). Use of the Lender Loan Closing system is highly recommended.
For current Kentucky USDA Mortgage turn time information on files,
please check the SFH Guarantee Lender page at 👇👇 click
MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS
No Money Down for Manufactured Home Rural Buyers in Kentucky Using the USDA Rural Housing loan Program
New Manufactured Home Conventional Product
Announced at KHC’s Lender Luncheon last week, effective with reservations as of March 12, 2018, KHC will now allow manufactured homes with its conventional products, which is an exclusive for HFAs. This product has the same 660 credit score and ratios 40/50 as our conventional products, and can be used with new and existing properties.
Additionally, KHC will allow 95/105 percent CLTV. National Mortgage Insurance and Mortgage Guaranty Insurance Corporation have approved of this product, other mortgage insurance companies are currently reviewing it, but the loan can be used with our preferred risk (without mortgage insurance) product as well. KHC’s program guides have been updated to reflect this change.
When reserving the conventional program for a manufactured home, choose…
Streamline Refinance • A new appraisal is not required (unless the loan being refinanced is a Direct Loan and subsidy recapture is required). • The new loan amount may not exceed the original loan amount of loan being refinanced. • The new loan is limited to: • The principal balance of the loan being refinanced • The upfront guarantee fee (if financed) • Accrued interest (current interest) • Reasonable and customary fee for reconveyance • Subsidy recapture due for Direct Loan borrowers may not be included in the new loan amount • A borrower may be removed from the loan as long as at least one original borrower remains on the new loan. • All other rate/term refinance requirements, including debt ratio calculation and limits apply. (Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline Refinance. See the HB 1 3555 for all three types of refinance transactions allowed.)
Streamlined Assist Refinance (cont.) • The new loan amount is limited to: • The unpaid principal balance of the loan being refinanced • The upfront guarantee fee (if financed) • Accrued interest (current interest) • Eligible loan closing costs (not to exceed 2% of total loan amount) • Permissible bona fide discount points (not to exceed 2% of total loan amount). • Funds to establish an escrow account for real estate taxes and insurance. • Subsidy recapture due for Direct Loan borrowers may not be included in new loan amount; however, the cost of any appraisal obtained for recapture purposes is an eligible closing cost and may be included. Note: The 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 tax and insurance escrow account). Subordinate financing, such as home equity lines of credit and down payment assistance “silent” seconds, cannot be included in the new loan amount. Unpaid fees, past due interest and late fees/penalties due the servicer, cannot be included in the new loan amount. (Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline Assist Refinance.)
New Income limits for most counties (*) in Kentucky are $91,900 for a household family of four and household families of five or more can make up to $121,300.
With the new changes for 2021 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $91,900 for a family of four and up to$121,300 for a family of five or more. The metro area surrounding counties of Jefferson County includes Oldham, Bullitt, Spencer are included in these higher income limits for USDA loans.
Remember, the entire Jefferson County and Fayette County Kentucky counties are not eligible for USDA loans. Along with parts of the following counties Daviess (Owensboro), Mccracken (Paducah), Madison County, (Richmond), Clark County (Winchester), Warren (Bowling Green), Hardin (Fort Knox and Radcliff), Bullitt(Hillview, Maryville, Zoneton, Fairdale, Brooks), Franklin, (Frankfort), Henderson (Henderson City Limits), Christian County (Hopkinsville, Fort Campbell), Boyd County (Ashland city limits) and the most Northern Parts of Boone, Kenton, Campbell Counties of Northern Kentucky (Covington, Florence, Richwood, Hebron, Ludlow, Fort Thomas, Bellevue, Ryle, Beechwood, )
The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Bracken, Gallatin, and Pendleton are $99,250 for a household of four or less and up to $131,000 for a family of five or more.
USDA Eligible Areas in Northern Kentucky
USDA Income Limits
Boone, Kenton & Campbell Counties (N. KY)
$99,250 (family size 1-4)
$131,000 (family size 5 or more)
Grant, Owen & Pendleton Counties (N. KY)
saw an increase of $91,900 for a family of four and up to$121,300 for a family of five or more 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.
What is KY USDA Rural Development Guarantee in Kentucky?
Kentucky USDA Rural Development Guarantee USDA loans offer 100% financing options on home purchases in rural areas. Properties though can be located within city limits and in subdivisions depending on population density of that area.
The RDG loan program is primarily used to help low to moderate income individuals or households to purchase homes and the applicants need to be within 115% of the median income for the area. Most Kentucky Counties are 90,300 for a household family incomes of four or less, and up to $119,200 for a family of five or more in the household income