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Tag: 502 usda mortgage loan
New Kentucky USDA Rural Housing Income Guidelines for 2017
RHS Income Kentucky Guideline Updates
USDA has published new income limits for Kentucky USDA Rural Housing borrowers, effective immediately. Those new limits can be found HERE.
Maximum age for an RHS appraisal has been extended from 120 days to 150 days.
- Accessory Dwelling units are now addressed in RHS guidelines. They may be allowed based on the appraiser’s evaluation that they represent the highest and best use of the property and are not a separate single family dwelling unit.
- Additional clarification on site requirements was added to help in the underwriter’s determination as to when outbuildings and/or excess land should be considered income-producing.
It’s free to get pre-approved for the loan with us and we will supply you a copy of your credit report for free along with a pre-approval letter stating how much you qualify for.
It takes about 30-40 days to close the loan
USDA Loan 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
4. Last two months bank statements for all accounts
I don’t need originals, copies are fine. You can fax, email the requested documents or meet me face-to-face if you wish.
Let me know your questions.
Thanks and look forward to helping you–
Joel Lobb (NMLS#57916)
Senior Loan Officer
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
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
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
