I am a Kentucky Mortgage Loan Officer that has successfully originated over 200 Rural Housing Mortgage Loans in Kentucky, Put my expert advice to use. 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
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The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
In order for a condo to be eligible for an RHS loan, it must appear on the FHA, VA, or FNMA approval list. Please see the Condos Guideline for more information.
Income Producing Properties and Outbuildings
Minimal income production from property is allowable within reason (e.g. gardening) as long as the property remains predominantly residential in nature
Outbuildings are permitted as long as they are no longer in commercial use. Interior photographs of all outbuildings will be required to determine usage
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentucky USDA loan application.
Effective May 1, 2013, Agency concurrence of a debt ratio may be granted if all of
the following conditions are met:
1. The PITI is between 29 and 32 percent or the TD ratio is between 41and 44
2. The credit score of all applicant(s) is 680 or greater; and
3. At least one of the acceptable compensating factors listed below is identified and
supporting documentation is provided to the Agency.
Acceptable Compensating Factors and Supporting Documentation:
The proposed PITI (proposed housing expenses) is equal to or less than the
applicant’s current verified housing expense for the 12 month period preceding loan
application. Verification of housing expenses may be documented on a Verification
of Rent (VOR) or credit report. The VOR or credit report must include the actual
payment amount due and report no late payments or delinquency for the previous 12
months. Rent or mortgage payment histories from a family member will not be
Accumulated savings of liquid assets or cash reserves available post loan closing are
equal to or greater than 3 months of PITI payments. A Verification of Deposit or two
consecutive bank statements, dated within 45 days of loan application, that document
the average balance held by the applicant is required. Cash on hand is not eligible for
consideration as a compensating factor.
The applicant(s) (all employed applicants) has been continuously employed with their
current primary employer for a minimum of 2-years. A “Request for Verification of
Employment” (VOE) (Form RD 1910-5, equivalent HUD/FHA/VA or Fannie Mae
form, or other equivalent), or VOEs prepared by an employment verification service
(The Work Number, etc.) must be provided. This compensating factor is not
applicable for self-employed applicants.
Debt ratio waivers must be requested and documented by the approved lender, otherwise
the loan file will be denied. The Agency will review the debt ratio waiver request when
all of the following conditions are met:
1) The lender requests Agency concurrence with the debt ratio waiver by submitting
a signed underwriting analysis that captures one or more of the above
compensating factors. Lenders may utilize Fannie Mae 1008 / Freddie Mac 1077,
“Uniform Underwriting and Transmittal Summary,” or similar form;
2) The PITI is between 29 and 32 percent or the TD ratio is between 41 and 44
3) The underwriting credit score is 680 or greater for all applicants; and
4) The lender provides evidence of the compensating factor(s).
The Agency will notify the lender of concurrence with the debt ratio waiver request by
issuance of Form RD 1980-18, “Conditional Commitment for Single Family Housing Loan Guarantee.” The Agency must check the ratio waiver box in the Guaranteed Loan
System for manually underwritten loans or on the USDA Administration page in GUS for
“Refer” or “Refer with Caution” underwriting recommendation files. All supporting
documentation of the compensating factors must be imaged as an essential document in
the Rural Development Imaging Repository.
There will be no exceptions to the defined ratio thresholds and minimum credit score
requirements. Only the compensating factors listed in this AN with supporting
documentation will be considered for Agency concurrence with a debt ratio waiver.
This AN does not apply to any GUS loan file that receives an “Accept” underwriting
Higher dti allowed on Gus Approvals or With compensating factors such as:
680 or higher credit score
No or low “payment shock” – less than a 100% increase in proposed mortgage payment Vs. current rental housing expenses
Fiscally sound use of credit
Ability to accumulate savings
Stable employment history with 2 or more in current position or continuous employment history with no job gaps
Cash reserves available for use after settlement
Career advancement as indicated by job training or additional education in the applicants profession
Trailing spouse income – as a result of a job transfer, the house is being purchased, prior to the secondary wage-earner obtaining employment. If the secondary wage-earner has an established history of employment and has a reasonable chance to obtain new employment in the area
Low total debt
Unlimited Contribution towards closing costs, prepaids, discount points, buydown fees, and upfront Commitment Fee
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 email@example.com I compare Kentucky Mortgage Rates daily for your best interest(NMLS# 57916)