Tag: Government shutdown

Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House

Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House.

via Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House.

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Property Trax: Federal shutdown threatening local mortgages, rental assistance : Wsj USDA Rural Development’s Single Family Housing Guaranteed Loan Program

Property Trax: Federal shutdown threatening local mortgages, rental assistance : Wsj.

via Property Trax: Federal shutdown threatening local mortgages, rental assistance : Wsj.

The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural home buyers achieve their dream of home ownership!

Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.

Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:

*100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.

*Guarantee Fee applies: may be rolled into the loan amount.

*Flexible credit guidelines. Non-traditional credit histories may be accepted.

*Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.

*Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.

*No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.

*Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.

*Eligible closing costs and lender fees may be included in the loan or paid by the applicant.

*Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.

*Eligible repairs and improvements may be included in the loan.

*Applicants apply with an approved lender of their choice.

*Not limited to first time home buyers.

 

 

Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky

Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky.

via Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky.

Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky

 

Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky

This morning at 12:00am the Federal Government was shut down.

 

 The following is what we know, so far, about what the impact will be to our loan production efforts. 

 

FHA- While the FHA offices are open with a reduced staff, the automated systems are 

currently up and running. We should be able to obtain case numbers and perform other 

functions that require the FHA Connection website. 

 

VA- VA has notified lenders that they will be operating at full staff and as usual to serve 

our Veterans.

 

USDA– USDA offices are closed during the shutdown. No conditional commitments can 

be obtained and Crescent cannot close loans without an executed conditional 

commitment from USDA. Also note that GUS is not available during the shutdown and 

we will be unable to make corrections in the automated system.

 

IRS – The IRS offices are also closed. We will submit 4506T requests to our vendor as 

normal to be delivered to the IRS when as they reopen. 

 

 

Your business is very important to us and we will work to provide you with updated 

information when it becomes available. 

Joel Lobb (NMLS#57916)
Senior  Loan Officer

502-905-3708 cell

502-813-2795 fax

kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

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