USDA Loans in Kentucky 

USDA Income Limits 2020 Help More Buy With No Down Payment USDA income limits 2020 increase allows more home buyers purchase a home with no down payment. Effective May 2020 through April 30, 2021, USDA guaranteed housing base income limits are as follows: $90,300 for 1 – 4 person households and a whopping $119,200 for 5 or more person households. Guys, that is not low income! So, we are talking about a majority of American households meeting this income limit. Therefore, first time buyers or repeat buyers have the ability to use an amazing product to purchase a home without down payment.

New Income limits for most counties (*) in Kentucky are $90,300 for a household family of four and household families of five or more  can make up to  $119,200.

With the new changes for 2020 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $90,300 for a family of four and up to $119,200 for a family of five or more. The metro area surrounding counties of Jefferson County includes Oldham, Bullitt, Spencer are included in these higher income limits for USDA loans.
Remember,  the entire  Jefferson County and Fayette County  Kentucky counties are not eligible for USDA loans. Along with parts of the following counties Daviess (Owensboro), Mccracken (Paducah), Madison County, (Richmond), Clark County (Winchester), Warren (Bowling Green), Hardin (Fort Knox and Radcliff), Bullitt(Hillview, Maryville, Zoneton, Fairdale, Brooks), Franklin, (Frankfort), Henderson (Henderson City Limits), Christian County (Hopkinsville, Fort Campbell), Boyd County (Ashland city limits) and the most Northern Parts of Boone, Kenton, Campbell Counties of Northern Kentucky (Covington, Florence, Richwood, Hebron, Ludlow, Fort Thomas, Bellevue, Ryle, Beechwood, )
The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $99,250 for a household of four or less and up to $131,000 for a family of five or more.
USDA Eligible Areas in Northern Kentucky
Burlington
Hebron
Independence
Walton
Alexandria
Highland Heights
Cold Springs
Grant County
Owen County
Pendleton County
USDA Income Limits
Boone, Kenton & Campbell Counties (N. KY)

$99,250  (family size 1-4)
$131,000 (family size 5 or more)
Grant, Owen & Pendleton Counties (N. KY)

$90,300 (family size 1-4)
$119,250 (family size 5 or more)



Most are familiar with USDA Rural Housing Loan Program  being a great no money down program available and it is not just for Kentucky first time buyers.

 

 

 

 

 

 

What is KY USDA Rural Development Guarantee in Kentucky?

Kentucky USDA Rural Development Guarantee USDA loans offer 100% financing options on home purchases in rural areas.  Properties though can be located within city limits and in subdivisions depending on population density of that area.
The RDG loan program is primarily used to help low to moderate income individuals or households to purchase homes and the applicants need to be within 115% of the median income for the area. Most Kentucky Counties are 90,300  for a household family incomes of four or less, and up to $119,200 for a family of five or more in the household income
Some highlights of the are:
  • 100% financing on purchases and 100%  Zero Money Down
  • Low 30 year fixed rates on all loans. They don’t offer any other terms or offer cash-out refinancing.
  • A small Rural Housing monthly guarantee fee or sometimes called annual fee of .35% of the loan amount divide by 12 months to get total monthly mi payment.
  • Upfront Rural Housing funding fee of 1% of the loan amount and is financed into new loan
  • Minimum credit scores of 581, but helpful to have 640 and get an automated underwriting approval thru Rural Housing’s underwriting engine – GUS–GUS stands for the Guaranteed Underwriting System to pre-approval all Kentucky USDA loans.
  • No rental verification needed with GUS approval if Approved Eligible Findings.
  • Flexible trade line requirements with GUS approval with only 1 trade line needed on credit for 12 months
  • No foreclosures in the last 36 months, but need explanation if < 36 months
  • Bankruptcy discharged at least 36 months
For a Kentucky USDA Rural Housing  property and income eligibility searchplease click HERE.

Issues to avoid or be aware of with Rural Housing property search:

  • Avoid homes in flood zones – RD is very restrictive for homes in flood zones
  • Avoid homes with cisterns – they are extremely difficult to get financed
  • Be aware that homes with wells and septic systems needed extra tests for contamination
  • Avoid homes with any income producing activities such as working farms, detached buildings with offices or car lifts for auto repairs, or anything else related to income producing activities.

Manufactured Home Guidelines for Kentucky USDA Rural Housing Loans

MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS
No Money Down for Manufactured Home Rural Buyers in Kentucky Using the USDA Rural Housing loan Program
New Manufactured Home Conventional Product
Announced at KHC’s Lender Luncheon last week, effective with reservations as of March 12, 2018, KHC will now allow manufactured homes with its conventional products, which is an exclusive for HFAs. This product has the same 660 credit score and ratios 40/50 as our conventional products, and can be used with new and existing properties.
Additionally, KHC will allow 95/105 percent CLTV. National Mortgage Insurance and Mortgage Guaranty Insurance Corporation have approved of this product, other mortgage insurance companies are currently reviewing it, but the loan can be used with our preferred risk (without mortgage insurance) product as well. KHC’s program guides have been updated to reflect this change. 
When reserving the conventional program for a manufactured home, choose either Preferred MH or Preferred Risk MH with or without DAP in KHC’s loan reservation system.
Getting qualified for a home loan is easier than you may think! Talk to one of our local specialists today about which program is right for you!
Kentucky USDA guidelines to add manufactured housing as an eligible property type for USDA loans. See requirement details below.
Loans may be guaranteed for manufactured homes if all USDA, HUD and the below requirements are met:
  • The unit must be property installed on a permanent foundation according to HUD standards and the manufacturer’s requirements for installation on a permanent foundation.
  • A certification of property foundation is required.
  • A new construction manufactured home is not allowed.
  • The unit and site are already financed with an Agency direct single family or guaranteed loan.
  • The unit and site are being sold by Rural Development as REO property.
  • The unit and site are being sold from the lender’s inventory and the loan for which the unit and site served as security was a loan guaranteed by Rural Development.
  • The unit was installed on its initial installation site on a permanent foundation complying with the manufacturer’s and HUD’s installation standards.
  • A loan will not be guaranteed for the purchase of an existing manufactured home that has been moved from another site.
Property Requirements:
  • The land must be fee simple.
  • The Manufactured Home must be a one-unit dwelling legally classified as real property.
  • The towing hitch, wheels, and axles must be removed.
  • The Manufactured Home must have at least 400 square footage, room dimension to be acceptable to purchasers in the subject market area.
  • The Manufactured Home must have been built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976 as well as additional requirements that appear in HUD regulation at 24 C.F.R Part 3280 evidenced by:
    • HUD Data Plates/Compliance Certificate
    • HUD Certification Label
  • The appraisal form 1004c must indicate evidence of the HUD Data Plate/Compliance Cert and the HUD Certification Label.
  • The Manufactured Home must be attached to a permanent foundation system.
  • Engineers Certificate for foundation system is required.
  • The Manufactured Home must be permanently connected to all necessary utilities.
  • The property must not be located in a flood zone.
Title Requirements:
  • Endorsement ALTA 7,7.1 or 7.2 is required.
  • Confirm property is legally classified as real property. Any certificate of title to the manufactured home must be surrendered to the appropriate state government authority.
  • Owner of the Manufactured Home must also own the land on which the home is situated
  • A mortgage/deed of trust must:
    • Be recorded in the land records
    • Must identify the encumbered property as including both the home and the land
    • Must also include the VIN, Serial numbers from the HUD Data Plate of the manufactured home along with the description of the land.
Appraisal Requirement:
  • Appraisal must be completed using the Manufactured Home Appraisal Report Form 1004C.
  • Appraiser must use a minimum of three comparable sales of similar manufactured home.
  • A detailed and supported cost approach to value is required on all Manufactured Home appraisals.
  • The following are ineligible:
    • If the site or manufacture home is substantially non-conforming with the neighborhood, it is ineligible.
    • Creating comparable sales by combining vacant land sales with the contract purchase price of the home is prohibited.

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Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 10/24/2017
State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD
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Address Bed/Bath Price
117 Dove Drive 3/1 $34,840.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
301 Eastview Circle 2/1 $51,135.00 – GovtBid
Shelbyville, KY 40065 Foreclosure Sale
1006 Twelve Oaks Dr 3/2 $67,000.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
117 Western Ave 3/2 $26,800.00 – GovtBid
Cynthiana, KY 41031 Foreclosure Sale
427 Earl St. 3/1.5 $30,150.00 – GovtBid
Danville, KY 40422 Foreclosure Sale
200 Verde Dr. 3/2 $36,850.00 – GovtBid
Padacah, KY 42003 Foreclosure Sale
136 Fuller Way 3/1 $28,810.00 – GovtBid
Mount Sterling, KY 40353 Foreclosure Sale
139 Pearl Street 2/1.5 $30,820.00 – GovtBid
London, KY 40741 Foreclosure Sale
609 Ridgeview Drive 3/2 $46,230.00 – GovtBid
London, KY 40741 Foreclosure Sale
261 Bridlewood Ave 3/2 $114,330.00 – GovtBid
Shelbyville, KY 400657222 Foreclosure Sale
265 Meadowbrook Rd. 2/1 $13,400.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
50 Crabtree Rd 3/2 $43,515.00 – GovtBid
Strunk, KY 42649 Foreclosure Sale
412 Chestnut St. 3/1 $12,060.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
508 Hickory Hill Drive 3/1 $13,400.00 – GovtBid
Monticello, KY 42633 Foreclosure Sale
105 Woodland Place 3/1.5 $18,090.00 – GovtBid
Mt Vernon, KY 40456 Foreclosure Sale
502 N. Main St. 2/1.5 $25,795.00 – GovtBid
Brownsville, KY 42210 Foreclosure Sale
66 Craycraft Rd 2/1 $47,280.00 – GovtBid
Tollesboro, KY 41189 Foreclosure Sale
328 E. Legend Dr 3/2 $40,200.00 – GovtBid
Mount Sterling, KY 40353 Foreclosure Sale
90 Brewer Subdivision 3/1 $21,440.00 – GovtBid
Campton, KY 41301 Foreclosure Sale
RR 746 Box 5230 3/1.5 $16,750.00 – GovtBid
Campton, KY 41301 Foreclosure Sale
234 Gardner Lane 3/1 $25,460.00 – GovtBid
Mt Sterling, KY 40353 Foreclosure Sale
221 Man O War Dr 3/2 $103,525.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
111 Beechmount Drive 3/1 $54,885.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
5915 Woodcreek Crossing W 3/2 $46,900.00 – GovtBid
Crestwood, KY 400148229 Foreclosure Sale
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Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


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

http://www.nmlsconsumeraccess.org/
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#57916 http://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.
 

$10,000 Down Payment Assistance Grant for 2019 Kentucky Home buyers HHF DAP Christian County Kentucky

Hopkinville Lettering.png Image result for $10,000 HHF DAP

$10,000 HHF DAP

Kentucky Housing Corporation (KHC) recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential homebuyers. We offer several loan programs to help you achieve your dream of buying a home. Your KHC-approved lender can help you apply for the program that meets your needs.
The Hardest Hit Fund Down payment Assistance Program (HHF DAP) is available to Christian County only, starting November 15, 2018; first-come, first-served, based on qualifying guidelines.
  • Zero percent interest rate for first-time homebuyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian County.
  • No other counties are eligible.
  • New construction properties are not allowed.
  • Property has to have been previously occupied.
  • Applicants must meet Secondary Market Income and Purchase Price Limit.
  • Borrower must be a first-time homebuyer (no ownership interest in the last three years).
  • Pre-purchase homebuyer counseling is required.
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KHC invests in affordable housing solutions by offering programs and services designed to develop, preserve, and sustain affordable housing throughout the state. Since 1972, KHC has made homeownership possible for more than 94,000 Kentucky families. Let us help you make your move to homeownership in Christian County.

 

 

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FHA Loans in Pennsylvania - Boulevard Mortgage Company

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