Tag: Down payment

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

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KY USDA Homes for Sale

KY USDA Homes for Sale

Address Bed/Bath Price  
274 SHELBY HURST RD 3/2 $28,000.00
WILLIAMSBURG, KY 40769   Real Estate Owned
 
2217 Brent Ann Drive 0/0 $10,000.00
Flatwoods, KY 41139   Real Estate Owned
 
390 Boggs Rd 3/1 $41,000.00
Oliver Hill, KY 41164   Real Estate Owned
 
111 Sun Valley Drive 3/1 $26,000.00
Edmonton, KY 42129   Real Estate Owned
 
168 Cedarbrook Ct 3/1 $58,000.00
Cynthiana, KY 41031   Real Estate Owned
 
14699 Hwy 460 W 3/1 $63,000.00
Ezel, KY 41425   Real Estate Owned
 
712 Falls Lane 2/1 $43,000.00
Grayson, KY 41143   Real Estate Owned
 
30 WELLS CT 3/1 $35,000.00
MONTICELLO, KY 42633   Real Estate Owned
 
127 Lewis Lane 3/1 $27,000.00
Grayson, KY 41143   Real Estate Owned
 
111 Pelfrey Rd 4/2 $108,000.00
Morehead, KY 40351   Real Estate Owned
 
14773 Highway 460 3/1 $56,000.00
Ezel, KY 41425   Real Estate Owned
 
217 W Lynn Street 3/2 $98,000.00
Georgetown, KY 40324   Real Estate Owned
 
6300 Bull Fork Rd 3/2 $118,000.00
Morehead, KY 40351   Real Estate Owned
 
205 Evergreen Drive 3/1 $84,000.00
Irvine, KY 40336   Real Estate Owned
 
526 Bailey Rd 3/1 $35,000.00
Annville, KY 40402   Real Estate Owned
 
207 McArthur Street 3/1 $42,000.00
Russelville, KY 42276   Real Estate Owned
 
12 S Jackson Street 3/1 $40,000.00
Sturgis, KY 42549   Real Estate Owned
 
1785 Hwy 882 3/1 $50,900.00
Ezel, KY 41425   Real Estate Owned
 
7342 State Rt 5 3/1 $26,000.00
Ashland, KY 41102   Real Estate Owned
 
6125 Springbrook 3/2 $100,000.00
Paducah, KY 42001   Real Estate Owned
 
29 Sylvan Drive 3/1 $108,000.00
Independence, KY 41051   Real Estate Owned
 
229 Paul Nora 3/2 $85,000.00
Campbellsburg, KY 40011   Real Estate Owned
 
2 Smith 3/1 $36,180.00 – GovtBid
Monticello, KY 42633   Foreclosure Sale
 
108 Morgan Lane 3/2 $49,580.00 – GovtBid
Hopkinsville, KY 42240   Foreclosure Sale
 
2610 SR 564 3/2 $25,125.00 – GovtBid
Mayfield, KY 42066   Foreclosure Sale
 
167 Crestview Dr 3/1 $16,750.00 – GovtBid
Mayfield, KY 42066   Foreclosure Sale
 
6465 Cherry Lane 3/1 $41,540.00 – GovtBid
Utica, KY, KY 42376   Foreclosure Sale
 
3580 State Route 125 3/2 $26,800.00 – GovtBid
Hickman, KY 42050   Foreclosure Sale
 
1015 Walnut Creek Dr 3/2 $84,090.00 – GovtBid
Barstown, KY 40004   Foreclosure Sale
 
410 Hillside Drive 3/1 $23,450.00 – GovtBid
Mayfield, KY 42066   Foreclosure Sale
 
124 Brookview Dr 3/1 $36,850.00 – GovtBid
Nicholasville, KY 40356   Foreclosure Sale
 
120 Alder Drive 3/2 $89,185.00 – GovtBid
Bardstown, KY 40004   Foreclosure Sale
 
107 Cedar Street 3/1 $13,400.00 – GovtBid
Fulton, KY 42041   Foreclosure Sale
 
271 Mildred Rd. 3/2 $39,530.00 – GovtBid
McKee, KY 40447   Foreclosure Sale
 
70 Little Cabin Creek Rd. 3/2 $55,370.00 – GovtBid
Vanceburg, KY 41179   Foreclosure Sale
 
225 Forest Hill Road 3/1 $53,985.00 – GovtBid
Greenville, KY 42345   Foreclosure Sale
 
1215 Shepard Way 3/2 $68,900.00 – GovtBid
Shelbyville, KY 40065   Foreclosure Sale
 
103 Rose Lane 3/2 $45,560.00 – GovtBid
Nicholasville, KY 40356   Foreclosure Sale

 
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

RHS increase in Annual Fee for Kentuky Rural Development Loans October 1, 2014

RHS Increase in Annual Fee for Rural Housing Mortgage Loans in Kentucky
RHS Increase in Annual Fee
Kentucky USDA Mortgage Lenders must underwrite the loan using an annual fee of .5 percent and resubmit the application to RD in GUS after October 1, 2014

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.

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 Rural Home Loans : 100% Financing

Kentucky USDA Rural  Home Loans : 100% Financing

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

The program’s full name is the Kentucky USDA Rural Development Guaranteed Housing Loan program. Most people call them “USDA loans” or “Rural Housing Loans.” Kentucky USDA loans are insured by the U.S. Department of Agriculture and the program’s most popular feature is its option for “no money down” financing. Via the USDA, you can finance 100% of a home’s purchase price.

It is a common misconception that these loans are only for farm types of properties. In fact, income producing farms are not eligible for the program. 118 of Kentucky’s 120 counties contain areas that are eligible for program (The whole area of Jefferson & Fayette Counties currently are ineligible).  Parts of Bullitt County, McCracken, Christian, Boone, Kenton, Campbell Counties are ineligible.

 

The property cannot be located within the city limits of a municipality with a population level determined by the U.S Census with a limit set by the USDA.

A Kentucky USDA loans are similar to other loan types including loans via Fannie Mae and Freddie Mac. Kentucky USDA loans differ in their down payment requirements (none required) and its simpler loan approval standards. Kentucky Rural loans can be used by first-time buyers and repeat home buyers alike. Homeowner counseling is not required to use the Kentucky USDA program. Mortgage insurance premiums are also often more attractive than many alternative financing types.

Since October 1, 2012, USDA mortgage insurance rates have been :
•For purchases, 2.00% of loan amount upfront fee paid at closing
•For refinances, 2.00% of loan amount upfront fee paid at closing
•For all loans, 0.40% annual fee, based on the remaining principal balance

As a real-life example, then, a homebuyer with a $100,000 loan size in Kentucky would be asked make a $2,000 upfront mortgage insurance premium payment at closing, plus $33.33 in mortgage insurance monthly.

The upfront mortgage insurance is not required to be paid as cash and the amount is often added to your loan balance even above the purchase price and appraised value of the home. USDA is one of the only loan types that allows you to also finance in other closing costs and prepaid items above the purchase price up the appraised value if it is greater than the purchase price of the home.

Also similar to the FHA, the USDA requires mortgage insurance premiums to be paid until the loan is paid-in-full, or until the home is sold. USDA mortgage insurance rates are lower than those for a comparable FHA mortgages.assess a 1.75% upfront mortgage insurance premium and charge as much as 1.55% in MIP annually.

 
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

ualifying.

 

 

Mortgage News

For home buyers today, there are two mortgage programs which offer 100% financing. The first is the VA loan from the Department of Veterans Affairs. It’s available to most active military personnel and veterans nationwide.

The other program is the U.S. Department of Agriculture’s Rural Development Single Family Housing Loan Guarantee Program.

Sometimes called a “Rural Housing Loan” or a “Section 502” loan, today’s USDA financing isn’t just for farms. Because of the way the USDA defines “rural”, there are plenty of exurban and suburban neighborhoods nationwide in which USDA loans can be used.

Home buyers who buy a home in a qualified USDA area, and who meet USDA income eligibility requirements, can take advantage of the USDA’s low interest rate, no downpayment mortgage program..

What Are The Benefits Of A USDA Home Loan?

USDA mortgages are structured just like conventional ones via Fannie Mae and Freddie Mac. Where they…

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USDA Lending Tip; Eligible Homes Locator Map

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

 

 

Shut-down Slams Door on USDA Mortgages

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.

via Shut-down Slams Door on USDA Mortgages.

via Shut-down Slams Door on USDA Mortgages.

How to Close on Time – Assets Bank Statement Basics for A Kentucky Mortgage Loan Approval for USDA, KHC, FHA, VA, Fannie Mae and Rural Housing Mortgage Loans!

How to Close on Time – Assets.

via How to Close on Time – Assets.

 by Louisville Kentucky Mortgage

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

10 Tips for a Top Credit Score

10 Tips for a Top Credit Score.

via 10 Tips for a Top Credit Score.

Raise Credit Scores By Becoming An Authorized User

Raise Credit Scores By Becoming An Authorized User.

via Raise Credit Scores By Becoming An Authorized User.

I specialize in Kentucky FHA, VA, USDA, KHC, Jumbo and Fannie Mae mortgage loans in Ky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with down payment assistance. Free credit/pre-approvals in 1 hour Call me today at 502-905-3708 or email kentuckyloan@gmail.com I compare Kentucky Mortgage Rates daily for your best interest(NMLS# 57916)

USDA Loan Eligible Rural Areas in Kentucky Counties including the cities of Bardstown, Ky, Elizabethtown, Shepherdsville, Shelbyville, Frankfort, Burlington, Nicholasville, and Independence Northern Kentucky Have Changed effective October 1, 2013 will no longer be eligible for USDA and Rural Housing Guaranteed Loans or Direct loans!

Kentucky USDA Loans | Rural Housing Loans Kentucky.

502-905-3708 or kentuckyloan@gmail.com
Kentucky USDA and Rural Housing Mortgage Guidelines How to get approved for a Kentucky RHS Rural Development USDA Mortgage Loan

USDA Loan Eligible Rural Areas in Kentucky  Counties including the cities of Bardstown, Ky, Elizabethtown, Shepherdsville, Shelbyville, Frankfort, Burlington, Nicholasville,  and Independence  Northern Kentucky  Have Changed effective October 1, 2013 will no longer be eligible for USDA and Rural Housing Guaranteed Loans or Direct loans!

KY Bardstown, city Nelson 11,700 X X

KY Burlington, city Boone 15,926 X X

KY Elizabethtown, city Hardin 28,531 X X

KY Georgetown city Scott 29,098 X X

KY Independence city Kenton 24,757 X X

KY Nicholasville city Jessamine 28,015 X X

KY Shelbyville, city Shelby 14,045 X X

KY Shepherdsville city Bullitt 11,222 X X

 
502-905-3708 or email kentuckyloan@gmail.com
Kentucky USDA Rural Housing Map for Eligible Properties in Kentucky for the Rural Development Guarantee home loan
Home buyers in Kentucky  planning to use the  USDA Rural home loan program with zero down payment financing upcoming boundary changes that will cause many current USDA eligible rural areas to no longer qualify beginning October 1, 2013.

.Kentucky  population explosion over the last 10 years in the above cities  requires the USDA to update their eligible boundary map to reflect the not so recent 2010 Census data. 

  Details of the changes can been read in USDA AN 4711.

Kentucky USDA and Rural housing Guidelines Changes for Nicholasville, Ky, Etown, Ky, Shepherdsville, KY,  Shelbyville, KY,  Frankfort Kentucky,  Bullitt County KY USDA,  Shelby County USDA,  Bardstown Kentucky USDA and Rural housing

Beat the Oct. 1, 2013 Deadline for Kentucky USDA Loan Approval

To qualify for financing under the current 2010 USDA eligibility map, you need to have your complete loan application submitted before September 30, 2013 and obligated before December 31, 2013.

You Can Still Refinance a USDA Loan

Current home owners who have a Kentucky  USDA loan will be able to refinance their Kentucky USDA loan under the Kentucky USDA Streamline Refinance Pilot program even if they are no longer in an eligible area, but you still need to meet the county income guidelines.

 

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