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Kentucky USDA Loans: No Money Down Options


Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

100% Financing Zero Down Payment Financing Kentucky Mortgages and Home loans

Buy a Home with No Down-Payment or Refinance Your Mortgage to 100% Just a few years ago, most mortgage companies offered no money down home loans, but today only there are only a handful of experienced lenders offering the USDA and VA home loans. Don’t miss out on affordable mortgage rates for no equity mortgages. Now is the time to discuss no money down home buying or no equity refinancing while rates are low and the programs still exist.

 

100% Financing Zero Down Payment Financing Kentucky Mortgages and Home loans

 

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Joel Lobb
Mortgage Broker – FHA, VA, USDA, KHC, Fannie Mae
EVO Mortgage • Helping Kentucky Homebuyers Since 2001
📞 Call/Text: 502-905-3708
📧 Email: kentuckyloan@gmail.com
🌐 Website: www.mylouisvillekentuckymortgage.com
🏠 Address: 911 Barret Ave, Louisville, KY 40204
NMLS #57916 | Company NMLS #1738461
Free Info & Homebuyer Advice →
Kentucky Mortgage Loan Expert
FHA | VA | USDA | KHC Down Payment Assistance | Fannie Mae
Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval and program requirements.
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 100% Financing Zero Down, 502 Guaranteed Loan, credit reports, credit scores, Credit Waiver, Current USDA and RHS Guidelines, debt ratios, Direct Loan USDA, Foreclosures, Guaranteed Section 502 Loans, GUS Accept Findings USDA, Homes for Sale (Foreclosures owned by USDA/RHS KY, kentucky first time home buyer, rural development, Rural Development loan, USDA RURAL DEVELOPMENT DIRECT HOUSING LOANS

Understanding Credit Scores for Kentucky Loans


No Down Payment Required, Zero NADA! – Kentucky Rural Housing USDA loans

Credit Scores:

USDA does not publish a minimum credit score anywhere in its handbook, HB-1-3555. What actually drives your file is the underwriting recommendation you get back from USDA’s automated system, GUS. A 640 middle score will typically get you a GUS “Accept,” which is the smoothest path. Below 640, the file gets manually underwritten, which is still possible, it just means tighter documentation. Most lenders set a 640 floor as their own overlay, not because USDA requires it.

If GUS returns an refer/eligible, then we can consider doing a manul underwrite on your loan approval. This usually entails a verifiable rent history over the last 12 months with no lates, and the debt to income ratios on a manual underwrite are 29% and 41% respectively. Those ratios can be waived to 32% and 44% when every applicant on the loan has a 680 or higher score and the file has a documented compensating factor.

If GUS returns an ineligible status, then your loan is automatically denied and there is no chance of getting approved when this result shows.

No Down Payment Required, Zero NADA! – Kentucky Rural Housing USDA loans

Collections:

If you have any delinquent back taxes, student loans they would need to be paid or brought current so you don’t have any liens to the government.

Delinquent Government Debt (back taxes, student loans

Medical collections are excluded from the collection review, and so are charge-off accounts. Neither one has to be paid off to close a USDA loan.

Non-medical collections only come into play when the household total is over $2,000. When you are over that threshold, the underwriter either counts a monthly payment equal to 5% of the outstanding balance in your debt ratio, or you document a lower agreed-upon payment, or you pay the accounts off.

Foreclosure:

You have to be 36 months removed from a foreclosure, deed-in-lieu, or short sale to qualify for a Kentucky RHS loan.

Bankruptcy:

  • Chapter 7 bankruptcy requires a 36 month wait from the discharge date.
  • Chapter 13 requires 12 months of on-time payments under the plan plus written permission from the trustee. You do not have to wait for the discharge.
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Rural Housing Requirements For USDA Loans In Kentucky


Kentucky Rural  Housing Loans

 

Kentucky USDA loans are mortgages made by lenders and guaranteed by the U.S. Department of Agriculture. They are available to moderate- and low-income borrowers to build, rehabilitate, improve or relocate a primary residence in eligible rural and suburban areas. The income limit is 115 percent of the median income in your area. You can check the income limits for your area here.

 

It can be closed with zero down. USDA loans do have a monthly insurance requirement, but the upfront fee is significantly lower than on the VA loan and the mortgage premiums are lower than on the FHA loan.

The problem is that the number of buyers who qualify for a USDA loan is much smaller. Unlike on other loans where more income is better, a USDA loan has strict income maximums.

Fees for Kentucky USDA Loans

USDA loan borrowers pay an upfront fee of 1 percent of the loan amount, and this fee can be added to the loan balance. Borrowers also pay a mortgage insurance premium of 0.35 percent of the loan balance per year in 12 equal installments. This fee is based on the current balance and added to the monthly payment.

 

Down Payment Requirements for Kentucky USDA Loans

 

USDA loans are available with up to 100 percent financing (zero down).

 

Credit Score Required for Kentucky Rural Housing Loans

 

There is no minimum credit score for a USDA loan, but you are automatically ineligible if you are presently delinquent on a nontax federal debt.

Automated approval is available if you have two tradelines reported on your credit history and acredit score of 640 or higher.

If you do not have sufficient credit data, the underwriter can assess your creditworthiness other ways, such as by examining your history with rent payments. Applicants with a credit score lower than 640 will undergo additional underwriting steps.

 

Loan Limits for Kentucky USDA Loans

 

They are no loan limits for Kentucky USDA loans backed-up the guarantee loan program. The Direct USDA loan program does have loan limits.

Why Would a Seller Agree to a Seller Credit? Seller Benefits: ~ Seller credits help a home sell faster in buyer markets. Price Reductions are costlier to a seller than credits. ~ Innovative “Good Will” to support a new homeowner adjusting to homeownership. When the housing market turns into a buyer’s market, selling a home can be quite competitive. The seller is no longer expecting to receive 100% or more of their asking price and instead expects to take less than their asking price to sell their property. Therefore, they may offer a credit to attract more people to buy their home. After all, the seller is only concerned about selling their home at a reasonable price and selling it as quickly as possible. Seller credits and concessions are a very popular tactic to give the perception that buying their home is better. Seller credits work because many first-time buyers struggle to come up with the down payment and closing costs, and seller credits ease that burden. Buyer Benefits: ~ Allows the buyer to ease into homeownership by paying below fixed-rate payments. ~ Does not increase the loan amount. The loan amount amortizes as a standard fixed-rate loan. ~ Safe way to take advantage of a lower payment in a rising rate environment. A Seller Credit Can: = Offset closing costs = Permanentlv Reduce an interest rate = Temporarily Reduce an interest rate In all three scenarios, this helps your buyers. Each buyer has different needs, so it is up to you to help them In all three scenarios, this helps your buyers. Each buyer has different needs, so it is up to you to help them figure out how to best apply a seller credit.



 
Joel Lobb (NMLS#57916)
Mortgage Loan Officer

EVO Mortgage
911 Barret Ave, Louisville, KY 40204
NMLS #57916 | Company NMLS #1738461
http://www.nmlsconsumeraccess.org
Equal Housing Lender


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


If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
 
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.
 
 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 100% Financing Zero Down, Current USDA and RHS Guidelines, Homes for Sale (Foreclosures owned by USDA/RHS KY, USDA/RHS Income limits by Ky Counties

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE


KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

image004

ANNUAL GUARANTEE FEE
THROUGH 9/30/2014
EFFECTIVE 10/1/14
Purchase Transactions

.40%

.50%
Refinance Transactions

.40%

.50%

The new fee structure is applicable to all Conditional Commitments issued by Kentucky Rural Development Loans on or after October 1, 2014.

Loan guarantee requests submitted to Rural Development (RD) on which a conditional commitment has not been issued by September 30, 2014, will be subject to the 2014 annual guarantee fee structure.

There is no exception to the new annual guarantee fee structure regardless of the date the file was submitted/received by RD . Inc. If the Conditional Commitment has not been issued before October 1, 2014, the file will need to be revised to reflect the correct fees and this will require re-disclosure, re-underwriting and resubmission to RD.

The Guarantee Fee change will take effect 10/1/2014.

—

Joel Lobb
Mortgage Loan Officer
(NMLS#57916)
EVO Mortgage
911 Barret Ave, Louisville, KY 40204

Text or call: 502-905-3708
Company NMLS #1738461
Equal Housing Lender

CONFIDENTI

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Credit Bad, credit reports, credit scores, Credit Waiver, fico scores

What is a Good Credit Score to qualify for a Kentucky Mortgage Loan for USDA, RHS, VA, FHA, and Fannie Mae


What is a Good Credit Score.

via What is a Good Credit Score.

What is a Good Credit Score to qualify for a Kentucky Mortgage Loan for USDA, RHS, VA, FHA, and Fannie Mae

 

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What is a Good Credit Score?

An established credit history and credit score often stands between potential home or car buyers and their dream. But What is a good credit score? What exactly is a credit score? What makes a credit score “good?” How to improve your credit score? If you’re new to building credit there are a few things you need to know in order to keep your credit looking stellar.
What is a credit score?
Your credit score is a numerical representation of your credit report. This three-digit number is like a badge that predicts risk, credit responsibility and determines your interest rates if you borrow money from lenders much like your CLUE Report. While you will be able to get a copy of your credit report you may not find this numerical key listed. Think of your credit score like the cliff notes version of your credit report. There are a few different measures of credit scores between divisions. Based on their own systems different scorers might view certain numbers in many ways.

what is a good credit score

what is a good credit score
Deciphering your three-digit credit score is quite easy if you know the levels. The range usually runs from 300-850. Good to excellent credit is considered anything from 700 to 850. If your credit score falls in this range you’re going great! Fair credit runs from 625-699, poor runs from 550-624, and anything below 550 is bad. Some finance experts would classify anything over 720 a good credit rating. Experts will disagree depending on their preferred credit rating systems, and in most cases the criteria you use to determine whether or not your credit score is good will not be far off.
What Does a Good Credit Score Mean?
Having a good credit score is great, but if you don’t know how to use it you could be missing out on some crucial credit building. Credit scores are used in varying ways by lenders and banks. One thing your credit score implies is how likely you are to pay back debt. Basically it announces how reliable you are as a borrower. People with good credit scores are more likely to pay back funds that they borrow while those with lower scores aren’t so reliable. Lenders like reliable borrowers, and good credit points them out.
But a credit score does much more than predict whether or not you’ll pay a loan back. When it comes to buying a house or car, there is an interest charge. Higher credit scores usually have a lower interest rate than those with bad to fair credit. Lenders not only base whether or not they’ll approve a loan by your credit score, but also how much interest to charge. If your credit is in good standing your interest rate won’t be as high as someone with bad credit. Your credit score saves you money with lower interest rates.
How is a Credit Score Calculated?
In order to build and maintain good credit you must first know how your score is determined. Once you know what goes into a credit score you can begin building your credit or nursing your score towards higher digits. Credit scores are based on your financial history only, and laws prevent your score being affected by things like race, gender, age and where you live. What is included are items such as your payment history, your current credit debts, age of your credit history, new credit items added to your accounts and types of credit used.
These five basic areas are where the bulk of your credit score is formed. All criteria have varying degrees of involvement in your score. For example:
  • Payment history (35%) – How many on-time payments you’ve made, missed, defaulted and past due items
  • Current amount owed (30%) – How much you currently owe – if you owe a large amount this could negatively affect your score
  • Age of credit history (15%) – The average length of your credit accounts and time since last activity
  • New credit (10%) – The number of new credit items on your accounts
  • Types of credit (10%) – The kinds of credit accounts are you currently maintain
How to Improve Your Credit Score?
Many people avoid credit based on all the negatives they’ve heard against it, but neglecting your credit score hurts your chances of being able to make major purchases in the future. The best way to build credit is to use credit, and forming the following good credit habits early will pull your low score to higher ground.
  • Pay bills on time – This is the easiest and best way to boost your credit score. Since the bulk of your credit score comes from your payment history, paying bills on time will pull you up quickly. Not only will that help, but a recent and consistent history of paying bills on time overshadow a period long in the past where you may have missed payments.
  • Budget – Setting up a budget and staying within its parameters will keep you from overspending and using credit for frivolous things. Although using credit builds credit not being able to pay it off hurts more in the future.
  • Use all your credit cards regularly – If you have a few credit cards try to use them from time to time in order to show that you use all of your accounts. Remember that the last usage of an account is 15% of your score.
If you want to start repairing a bad credit history or start building yours, find out what your credit score is. I use Credit Karma to check mine, you can check out my review of Credit Karma or if want just apply here –www.creditkarma.com.
Making your way to a good credit score and keeping your score high won’t be a financial nightmare when you know how to build it and what it means financially.


—Posted By Blogger to Louisville Ky Mortgage Lender FHA/VA

Joel Lobb (NMLS#57916)
Senior  Loan Officer