Tag: Government shutdown

Shutdown Stalling Rural Mortgages

Rural Housing Loans Affected By Government Shutdown in Kentucky

 

  • The USDA backs about 120,000 mortgages a year, or about 3.5 percent of purchase mortgage originations nationally.
  • Almost half of USDA mortgages were in southern states from 2012 to 2017.[1]

Borrowers who rely on mortgages from the U.S. Department of Agriculture (USDA) have been in a holding pattern that runs alongside the federal government shutdown. These loans from the USDA’s Farm Service Agency and the Rural Housing Service are made mostly in rural areas and often to low- and middle-income borrowers.

The USDA backs about 120,000 mortgages a year, or about 3.5 percent of all mortgage purchase originations,[2] according to data from the Home Mortgage Disclosure Act. The USDA offices that administer these loans have been closed since late December, rendering a major source of funding inaccessible.

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Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?

SPRINGFIELD, Mo. With the government shutdown, people looking to buy houses may be affected by certain types of loans.

Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?

https://www.ozarksfirst.com/news/government-shutdown-affects-usda-loans/1689011086

Government Shutdown of USDA Loans in Kentucky for 2019
Government Shutdown Affects USDA Loans

 

Source: Government Shutdown Affects USDA Loans

 

https://www.nbc4i.com/news/local-news/federal-usda-home-loans-on-hold-during-government-shutdown/1692968028

 

Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?

 

 
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/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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#57916http://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.

Can you get a USDA Rural Housing loan with the Government Shutdown in 2019?

Can you get a USDA Rural Housing loan with the Government Shutdown in 2019?

Government Shutdown of USDA Loans in Kentucky for 2019

USDA Rural Housing Loans in Kentucky Cannot Be Closed Currently!

The U.S. Department of Agriculture will not issue new Kentucky  USDA Direct Loans or Kentucky Guaranteed Loans 502. This is due to the ongoing shutdown by the Federal Government.

Kentucky FHA, VA, Fannie Mae, and KHC loans are being closed currently as of this writing.

Current Scheduled closings of  Kentucky Direct Rural Housing Loans are being canceled and unless your guarantee was previously issued for a Guaranteed Loan, those may or may not be closed, depending on the lender.

Check with your USDA lender immediately if you’re getting a USDA loan or had planned to use the program to buy a home; you might have to put off your purchase until the shutdown is resolved.

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb
Mortgage L
oan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

 

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.

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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