Tag: Bullitt County KY USDA

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

June 13, 2018

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Kentucky USDA Income Limits Increased for most areas for 2018

USDA Loans: Low Rates With No Down Payment

Kentucky USDA Loans are mortgage loans which are backed and guaranteed by the United States Department of Agriculture. These loans are sometimes known as Rural Housing Loans or “Section 502” loans, which are named for it’s place in the USDA Charter.

USDA loans are extremely popular by both first-time homebuyers and even previous homeowners due to their low, competitive interest rates but also there is no need for a down payment.

USDA loans also offer lower monthly mortgage insurance premiums (MIP) than some of it’s popular counterparts, FHA and Conventional loans.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

2018 USDA Loan Income Limits

For the SFGLP, the 2018 income limits were updated on June 13, 2018.  Most counties saw increases. The floor income limit in all counties across the United States went up.

While underwriting requirements for USDA loans will vary based on the credit profile of the borrower, there is one requirement where there is absolutely no leeway and that is with the household income limit for the area you are purchasing in.

USDA has set specific income limits based on the size of the household. Categories are based on household sizes of 1-4 and then household sizes of 5-8.

2018 Income Limits are based on household size:

  • 1-4 member household : $82,700

  • 5-8 member household : $109,150

There are some areas with slightly higher limits.  For example, in Northern Kentucky Counties of Boone, Kenton, Campbell, and Gallantin Counties the income limits for a 1-4 member household is $90,500 while a 5-8 member household is $119,450.  **Income limits vary my county and MSA***

USDA has published a great new PDF document that lists every area in every state.  You can view that document by here.

You can always go to the USDA eligibility website and lookup the income limit for the area you live or are wanting to purchase here.

Get a Free USDA Home Loan Quote

If you’re looking for a low- or no-money-down home loan, then the USDA loan may be the perfect option for you.

You can get a free USDA home loan quote now! There is no obligation to proceed, and we’ll be happy to answer all your questions.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

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KY USDA Up-Front Guarantee Fee Increase Effective October 1st, 2015

2015 Kentucky Rural Housing USDA Changes

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KY USDA Up-Front Guarantee Fee Increase Effective October 1st, 2015

Any Kentucky RHS USDA loan that has not received conditional commitment from state Rural Development Offices in Lexington, KY by end of business on 9/30 will be subject to the 2.75% up-front guarantee fee increase.

Loan Purpose Loans obligated at RD on and after 10/01/2014 Loans obligated at RD on and after10/01/2015
Purchase Up-Front Guarantee Fee 2.0% 2.75%
Refinance Up-Front Guarantee Fee 2.0% 2.75%
First time home buyer loan in Louisville Kentucky
First time home buyer loan in Kentucky
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

 CONFIDENTIALITY NOTICE: This message is covered by the Electronic

Rural Development Kentucky Eligibility Maps Change 2015

 

Rural Development Kentucky Eligibility Maps Change on February 2, 2015
Barring Congressional action that extends current eligible areas, effective February 2, 2015, Rural Development will, with a few exceptions, implement the eligibility maps in accordance with the Agricultural Act of 2014, Pub. L. 113-79 (“Farm Bill”).  The changes will be those already published on the “Future Eligible Areas” maps posted on the

 

Kentucky Rural Housing 2015 Maps for Rural Development Housing Loans Eligibility Website.


In order to be subject to current eligibility maps, a “complete” loan guarantee request (application) must be received by the RHS, prior to February 2, 2015.  A “complete” loan guarantee request received by the RHS on or after February 2, 2015 will be subject to the new rural area designations/maps.

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky USDA Guaranteed Rural Housing Loans

Kentucky USDA Guaranteed Rural Housing LoansDid you know that Kentucky home buyers can still get a mortgage with no money down, even with less than perfect credit? The Kentucky Guaranteed Rural Housing Loan Program offers these options in a wide range of areas, including many suburbs outside the major metro areas of Louisville, Lexington, Bowling Green, Owensboro, Paducah, Hopkinsville, and Northern Kentucky cities of Florence, Covington and Newport.This loan program is offered through the Kentucky Rural Housing Service, an agency of the U.S. Department of Agriculture and designed to assist low and moderate-income residents by providing better access to affordable housing finance options including little or no out-of-pocket costs in eligible areas.

  • To see if your market area falls in a designated Rural area, visit:http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
  • Available to low- and moderate-income borrowers whose adjusted income is equal to or less than 115% of the area median income
  • Owner-occupied single family non-farm residences, approved condos and PUDs
  • New construction properties are eligible
  • Home buyers can finance up to 100% of the market appraised value, including all recurring and non-recurring closing costs, in some circumstances Loan amounts as high as $417,000 in the continental U.S. Higher in Alaska and Hawaii.
  • No foreclosures in last 3 years. Can be a previous homeowner
  • No bankruptcies in last 3 years for A chapter 7. Chapter 13 are usually okay with 12 months history.
  • Credit scores as low as 620 No asset or reserve requirements. Gift funds are allowed

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky Rural Housing Update

Kentucky Rural Housing USDA Important Announcement

Kentucky USDA Rural Development Housing Zero Down
USDA Home Loans : 100% Financing Kentucky USDA Rural Development Housing Zero Down
Kentucky USDA Mortgage Loans
Kentucky Single Family Housing Guaranteed Loan Program

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We have been advised by Kentucky Rural Housing USDA that they WILL ACCEPT NO LOAN APPLICATIONS FROM THE CLOSE OF BUSINESS ON NOVEMBER 21, 2014 THROUGH THE START OF BUSINESS DECEMBER 1 2014.

Many  USDA offices currently have a significant backlog of cases to review and they will be unable to process  applications under two regulations simultaneously. For these reasons the agency determined that this was the most appropriate way to address the upcoming changes and reduce the backlog.
Another recent announcement from USDA identified that they have seen a large increase in applications  with missing information. This slows the file review process considerably. USDA has advised lenders that all incomplete files will be returned to the lender.

StartYourApp_button

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENTI

Kentucky USDA and Rural Development Homes for Sales Foreclosures

  KENTUCKY 31 Properties
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  ALLEN  COUNTY
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 689 Richard Jones Rd 3/1  $30,275.00
 Scottsville KY ,KY  42164
 View Property Details  Foreclosure Sale
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  BATH  COUNTY
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 1696 Vanlandingham Rd 3/2  $44,170.00
 Salt Lick KY,KY  40371
 View Property Details  Foreclosure Sale
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  BRECKINRIDGE  COUNTY
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 314 East 6th St. 3/1  $53,485.00
 Hardinsburg, KY ,KY  40143
 View Property Details  Foreclosure Sale
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  BULLITT  COUNTY
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 155 North St 3/1  $42,365.00
 Shepherdsville KY,KY  40165
 View Property Details  Foreclosure Sale
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  CLARK  COUNTY
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 110 Colonial Park Dr 3/1  $46,115.00
 Winchester KY ,KY  40391
 View Property Details  Foreclosure Sale
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  DAVIESS  COUNTY
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 5022 Sturbridge Place 3/2  $41,870.00
 Owensboro KY,KY  42303
 View Property Details  Foreclosure Sale
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  ESTILL  COUNTY
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 205 Evergreen Rd 3/1.5  $70,400.00
 Irvine,KY  40336
 View Property Details  Foreclosure Sale
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  GALLATIN  COUNTY
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 2145 Ky Hwy 16 3/1  $16,080.00
 Glencoe KY ,KY  41046
 View Property Details  Foreclosure Sale
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  GARRARD  COUNTY
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 2067 Pollys Bend 3/2  $12,060.00
 Lancaster,KY  40444
 View Property Details  Foreclosure Sale
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  GRAVES  COUNTY
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 1011 Pine Lane 3/1  $36,080.00
 Mayfield,KY  42066
 View Property Details  Foreclosure Sale
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 1643 Alexander Loop 3/2  $26,800.00
 Mayfield KY ,KY  42066
 View Property Details  Foreclosure Sale
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 1111 South 12th Stree 3/1.5  $16,750.00
 Mayfield KY,KY  42066
 View Property Details  Foreclosure Sale
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  GRAYSON  COUNTY
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 142 Noah Lane 3/2  $48,930.00
 Leitchfield,KY  42754
 View Property Details  Foreclosure Sale
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  HARDIN  COUNTY
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 200 College Street 2/1  $55,210.00
 Elizabethtown,KY  42701
 View Property Details  Foreclosure Sale
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  HOPKINS  COUNTY
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 556 Richmond Dr. 3/1.5  $10,000.00
 Madisonville,KY  42431
 View Property Details  Foreclosure Sale
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 1650 Wells Road 3/2  $21,440.00
 Nortonville,KY  42442
 View Property Details  Foreclosure Sale
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  JESSAMINE  COUNTY
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 604 Edgewood Dr 3/1  $40,495.00
 Nicholasville KY ,KY  40356
 View Property Details  Foreclosure Sale
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  JOHNSON  COUNTY
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 4888 KY RT 1559 3/1  $11,390.00
 Sitka, KY,KY  41255
 View Property Details  Foreclosure Sale
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  KENTON  COUNTY
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 466 Courtney Road 3/1  $34,030.00
 Crittenden,KY  41030
 View Property Details  Foreclosure Sale
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 10474 Calvary Rd. 3/2  $38,860.00
 Independence,KY  41051
 View Property Details  Foreclosure Sale
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  KNOX  COUNTY
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 2718 South Hwy 233 3/2  $13,400.00
 Gray,KY  40734
 View Property Details  Foreclosure Sale
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  LYON  COUNTY
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 414 Osage Court 3/1  $46,265.00
 Kuttawa,KY  42055
 View Property Details  Foreclosure Sale
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  MARSHALL  COUNTY
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 1006 Fox Ridge Court 3/1  $24,980.00
 Benton KY,KY  42025
 View Property Details  Foreclosure Sale
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  MCCRACKEN  COUNTY
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 6125 Springbrook 3/2  $77,480.00
 Paducah,KY  42001
 View Property Details  Foreclosure Sale
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  MONTGOMERY  COUNTY
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 148 Southdale Drive 3/1  $41,355.00
 Mount Sterling,KY  40353
 View Property Details  Foreclosure Sale
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 325 Legend Dr 3/2  $42,430.00
 Mt. Sterling,KY  40353
 View Property Details  Foreclosure Sale
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  MORGAN  COUNTY
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 11 Virginia Lane 3/1  $63,960.00
 West Liberty,KY  41472
 View Property Details  Foreclosure Sale
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  OHIO  COUNTY
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 4204 Midway Rd. 3/1.5  $26,130.00
 Beaver Dam,KY  42320
 View Property Details  Foreclosure Sale
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  TODD  COUNTY
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 222 Winding Oaks 3/2  $54,380.00
 Elkton KY,KY  42220
 View Property Details  Foreclosure Sale
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  TRIGG  COUNTY
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 75 English Dr 3/2  $40,015.00
 Cadiz KY,KY  42211
 View Property Details  Foreclosure Sale
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  WHITLEY  COUNTY
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 1355 New Zion Rd 3/2  $26,800.00
 Williamsburg KY,KY  40769
 View Property Details  Foreclosure Sale
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

  KENTUCKY 5 Properties
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  CARTER  COUNTY
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 610 Holcomb St 2/3  $33,840.00
 Grayson,KY  41143
 View Property Details  Real Estate Owned
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  GREENUP  COUNTY
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 400 7th Ave 3/1  $40,000.00
 Worthington,KY  40351
 View Property Details  Real Estate Owned
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  MEADE  COUNTY
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 140 Wheatley Ave. 3/1  $71,200.00
 Ekron,KY  40117
 View Property Details  Real Estate Owned
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  MORGAN  COUNTY
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 1785 Hwy 882 3/1  $40,720.00
 Ezel,KY  41425
 View Property Details  Real Estate Owned
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 14699 Hwy 460 W 3/1  $50,400.00
 Ezel,KY  41425
 View Property Details  Real Estate Owned

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans effective 10/1/2012:

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans:

More Info on Kentucky RHS – Support Rural Definition Amendment for Kentucky  USDA Programs – Please read carefully and ACT NOW!!!
On July 31, 2012 Congress passed a 6-month Continuing Resolution (CR) to fund the government through March 31, 2013, avoiding a messy fight over the FY13 Appropriatios bills.  At this time, the Continuing Resolution (CR) is our best opportunity to enact a solution to USDA’s “rural” definition issue before the October 1, 2012 deadline for RHS.
PLEASE CALL OR EMAIL YOUR REPRESENTATIVES TODAY AND EVERY DAY and ask them to sign on to Rep. Fortenberry’s letter to Appropriations Chairman Hal Rogers, urging the Committee to address the “rural” definition issue in the Continuing Resolution (CR).
The CR is our best opportunity to address these issues before the October 1st deadline.  If the House does not enact a solution to the “rural” definition issue, USDA will move forward with the below changes on October 1st.  The Senate already has a provision in their appropriations bill.  Now, we need the House to act. When you call or email your Representative make sure they know that without this CR, the October 1st changes will serve a massive blow to affordable housing in rural communities.
Please, don’t think that someone else will make the calls or send the emails.  It is up to YOU! Also contact all the Realtors and Builders that you know because it affects them too!  Ask them to call their Representatives as well. 

Here are the cities in Kentucky that will no longer be eligible for RHS mortgage loans:

Bardstown, city 

Burlington, city

Elizabethtown, city

Gerogetown, city

Independence, city

Nicholasville, city

Shelbyville, city

Shepherdsville, city

IMPPORTANT – READ CAREFULLY!
Representative Hal Rogers is the Chairman of the Agriculture Appropriations Committee.  The Farm Bill is currently in the House of Representatives Agriculture Appropriations Committee for review.  Hal Rogers is in favor of the changes we are requesting.  Even if he is not your Representative contact him anyway so that he can provide more fuel to the committee as to the importance of this bill – he’s on our side. CLICK HERE TO CONTACT HAL ROGERS.
Click here if you would like tips on how to communicate with your legislato

Fill out my form!

Kentucky Rural Housing Loans and USDA Guaranteed Loan Underwriting Issues

Kentucky Rural Housing Loans and USDA Guaranteed Loan Issues

Seller Concessions:
Seller concessions cannot be used to pay down buyer’s debt.

Deferred Student Loans and Debt Ratio Calculations:
Deferred student loans should be included in the debt ratio calculations regardless of the
deferment period. If the credit report does not indicate a monthly repayment amount, Lender may use the monthly payment amount provided by the loan servicer, or 1% of the loan balance reflected on the RMCR.

Risk Layering:
Refers to the existence of multiple levels of risk in an application such as marginal credit, high repayment ratios, extensive use of other credit, payment shock, etc. Lenders should be very cautious when evaluating applications with multiple risk levels.

Payment Shock:
Measured by dividing the new PITI by previous housing expenses minus 1. In cases where payment shock is 100% or higher, no additional risk layering should be allowed unless strong compensating factors are present.
Example:
New PITI = $1,500
Current Rent = $650
$1500 ÷ $650 = 2.30 ‐ 1= 1.30 or 130%
The payment shock in this example is above 100% and therefore is a risk factor.

Credit Waivers:
The lender approves a credit waiver and supplies all back up documentation used in the decision making process. Lender must document that the instances of unacceptable credit must have been temporary in nature and beyond the applicant’s control or the result of a justifiable dispute relative to defective goods or services. A lender need not require collection accounts to be paid in full if there are mitigating circumstances as described in RD Instruction 1980.345 (d)(3). Credit scores of 640 and above may eliminate the need for lender documentation of credit waivers.

Interest Rate Buydowns:
Temporary interest rate buydowns are permitted with prior RD approval. Underwriting
requirements for temporary interest rate buydowns include:
 The mortgage loan must be underwritten at the note rate.
 Buydown funds may come from the seller, lender, or third party.
 Buydown funds may not come from the borrower.
 The initial interest rate is temporarily reduced no more than 2% below the note rate
and increased by no more than 1% annually for no more than 2 years.