Kentucky USDA Rural Housing Mortgage Guidelines

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Kentucky USDA Rural Housing Mortgage Guidelines
Kentucky USDA Rural Housing Mortgage Guidelines
minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan
USDA Resources Rural Development Loan Limits https://www.rd.usda.gov/files/RD SFHAreaLoanLimitMap.pdf Rural Development Lender Program Guide https://www.rd.usda.gov/publications/regulations guidelines/handbooks USDA Training Resources and Library http://www.rd.usda.gov/programs services/lenders/usda linc training resource library Property Eligibility Map, Income Eligibility Calculator, and Income Limits Chart https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

 

USDA Resources
Rural Development Loan Limits
https://www.rd.usda.gov/files/RD SFHAreaLoanLimitMap.pdf
Rural Development Lender Program Guide
https://www.rd.usda.gov/publications/regulations guidelines/handbooks
USDA Training Resources and Library
http://www.rd.usda.gov/programs services/lenders/usda linc training resource library
Property Eligibility Map, Income Eligibility Calculator, and Income Limits Chart
https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

The Mortgage Process Explained in 7 Steps

What’s a debt-to-income ratio, and why you need a low one to buy a home
by Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Curb Appeal

Need a lender? Give me a call for a recommendation 703-963-0142

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Kentucky USDA Mortgage Funds for 2021 Available.


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.

Loan Closing:

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

 

👇👇

https://www.rd.usda.gov/page/sfh-guaranteed-lender

Current Underwriting Turn Times on Rural Housing USDA Loans in Kentucky -  Kentucky USDA Rural Housing Mortgage Lender
current Kentucky USDA Mortgage turn time information on files,

https://www.rd.usda.gov/page/sfh-guaranteed-lender.

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans

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Credit Score Information For Kentucky Home buyers

Credit Scores are important for getting approved for a Mortgage in Kentucky.

Louisville Kentucky Mortgage Loans

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing  Kentucky Mortgage: WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FHA  MORTGAGE HOME LOAN APPROVAL?

getting approved for a Mortgage Loan in Kentucky for 2020 getting approved for a Mortgage Loan in Kentucky for 2020

Credit_Score_Rangescomponents of Fico Score are payment history, amounts owed, credit types, new credit and length of creditunnamed (7)Different Fico Scores For a Kentucky Mortgage Loan Approval

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Manufactured Home Guidelines for Kentucky USDA Rural Housing Loans

USDA loan on a manufactured home on a permanent foundation in Ky.

Kentucky USDA Mortgage Lender for Rural Housing Loans

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…

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Kentucky USDA Rural Housing Streamline Refinance Guidelines

KENTUCKY USDA MORTGAGE STREAMLINE REFIANCE

Kentucky USDA Rural Housing Mortgage Lender: Top 5 Reasons To Apply For A Kentucky  USDA Rural Housing Streamline Refinance
Rate/Term Refinance
(with

Allows financing of
unpaid principal and
eligible costs subject
to available equity
Streamlined Refinance
(without

Allows financing of
unpaid principal
balance and upfront
guarantee fee along
with accrued interest

Debt ratios are
calculated
Streamlined
Assist
Refinance (no appraisal
effective 6/2/2016)

Allows financing of
unpaid principal
balance and eligible
costs

Debt ratios not
calculated

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.)

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364
click here for directions to our office
Text/call:      502-905-3708fax:            502-327-9119
email:
          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

USDA Loans in Kentucky 

USDA SINGE FAMILY HOUSING INCOME LIMITS FOR KENTUCKY IN 2021
1-4 person household and 5 or more household

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
Burlington
Hebron
Independence
Walton
Alexandria
Highland Heights
Cold Springs
Grant County
Owen County
Pendleton County
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
Some highlights of the are:
  • 100% financing on purchases and 100%  Zero Money Down
  • Low 30 year fixed rates on all loans. They don’t offer any other terms or offer cash-out refinancing.
  • A small Rural Housing monthly guarantee fee or sometimes called annual fee of .35% of the loan amount divide by 12 months to get total monthly mi payment.
  • Upfront Rural Housing funding fee of 1% of the loan amount and is financed into new loan
  • Minimum credit scores of 581, but helpful to have 640 and get an automated underwriting approval thru Rural Housing’s underwriting engine – GUS–GUS stands for the Guaranteed Underwriting System to pre-approval all Kentucky USDA loans.
  • No rental verification needed with GUS approval if Approved Eligible Findings.
  • Flexible trade line requirements with GUS approval with only 1 trade line needed on credit for 12 months
  • No foreclosures in the last 36 months, but need explanation if < 36 months
  • Bankruptcy discharged at least 36 months
For a Kentucky USDA Rural Housing  property and income eligibility searchplease click HERE.

Issues to avoid or be aware of with Rural Housing property search:

  • Avoid homes with any income producing activities such as working farms, detached buildings with offices or car lifts for auto repairs, or anything else related to income producing activities.