Kentucky USDA Mortgage Lender for Rural Housing Loans
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 NMLS# 57916 Joel Lobb Loan Originator, American Mortgage Solutions NMLS ID. 1364 Equal Housing Lender
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On Wednesday, October 1, 2014, the annual fee for both purchase and refinance loans will increase from .4 percent to .5 percent. The Guaranteed Underwriting System (GUS) has been updated to allow lenders to select and underwrite at either the .4 percent or .5 percent annual fee structure. Lenders should communicate with Rural Development (RD) offices to understand current processing time-frames.
GUS “Final Submissions” with an annual fee of .4 percent, that areissued a conditional commitment by RD prior to the close of business on Tuesday, September 30, 2014, will not be affected by the annual fee change. Those submissions that are not issued a conditional commitment by RD prior to the close of business on Tuesday, September 30, will be affected by the annual fee change.
Lenders must underwrite the loan using an annual fee of .5 percent and resubmit the application to RD in GUS.
USDA Lending Tip; Eligible Homes Locator Map.
via USDA Lending Tip; Eligible Homes Locator Map.
| Type of Mortgage | Conventional Loan | FHA Loans | Conventional Financed MI | Conventional Lender Paid MI |
| Purchase Price | $300,000 | $300,000 | $300,000 | $300,000 |
| Mortgage Amount W/5% Down | $285,000 | $289,987 | $289,547 | $285,000 |
| Interest Rate W/1.75 points | 5.25% | 4.50% | 5.25% | 5.75% |
| Principal Interest Payment | $1,573.78 | $1,469.90 | $1,626.50 | $1,663.11 |
| Mortgage Insurace Payment | $185.25 | $118.75 | Built into MTG | Built into MTG |
| Total Mortgage Payment-P&I and Mortgage Insurance | $1,759.03 | $1,588.67 | $1,626.50 | $1,663.11 |
| Monthly Saving | Winner against all 3 read below |
The week-old federal government shutdown is a disaster on many levels. For rural America, one major impact is in the area of housing.For the near future, low- and moderate-income homebuyers who have applied for mortgages guaranteed or made directly by the U.S. Department of Agriculture (USDA) Rural Housing Service are out of luck. So are very low-income homeowners seeking repair grants or loans.The financing these homebuyers need cannot close because no USDA rural housing staff are working at the local level. Banks make the guaranteed loans, which are like the mortgages insured by the Veterans Administration or the Federal Housing Administration. But USDA staff have to approve the guarantees and provide the necessary paperwork to the lender before the loan can be issued. With no staff, there can be no approvals.
Kentucky USDA Mortgage Lender for Rural Housing Loans 