Tag: home loan

CHANGE TO KENTUCKY ANNUAL USDA GUARANTEE FEE STRUCTURE OCTOBER 1, 2014

CHANGE TO KENTUCKY ANNUAL USDA GUARANTEE FEE STRUCTURE OCTOBER 1, 2014. via CHANGE TO KENTUCKY ANNUAL USDA GUARANTEE FEE STRUCTURE OCTOBER 1, 2014.    

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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An Introduction to Rural Housing Development Guaranteed Rural Housing Program

  An Introduction to Rural Housing Development  Guaranteed Rural Kentucky USDA Guaranteed Rural Housing Home Loans USDA guaranteed loans are designed to make home ownership possible for low- and moderate-income families. Offered through USDA Rural Development, these loans feature: No down payment requirement Low monthly mortgage insurance premiums Flexible credit and qualifying guidelines Eligibility requirements include (but … Continue reading An Introduction to Rural Housing Development Guaranteed Rural Housing Program

Credit Scores Needed to qualify for a Ky Mortgage

  Credit Scores Needed to qualify for a Ky Mortgage.                     via Credit Scores Needed to qualify for a Ky Mortgage.

Kentucky USDA Rural Development Guaranteed Housing Loan Income Worksheet for 2014

KENTUCKY RURAL HOUSING INCOME ELIGIBILITY CALCULATION WORKSHEET Kentucky USDA Rural Development Guaranteed Housing Loan             Borrower/s ____________________________________________________________ Date of Calculation__________ Total # household members = _________ State:_________________________ County:______________________________ List all non-exempt household income: (Per §1980.347) Name of household member receiving the income Source of income Monthly income from source (Actual or Average) … Continue reading Kentucky USDA Rural Development Guaranteed Housing Loan Income Worksheet for 2014

Kentucky USDA RHS Rural Housing Mortgage Loans for 2013

Kentucky USDA RHS Rural Housing Mortgage Loans for 2013 Kentucky USDA Rural Program Guidelines Borrower Eligibility U.S. citizens Permanent resident aliens First time homebuyers allowed Maximum 2 borrowers allowed Non-occupant co-borrowers NOT allowed Commitment Fee USDA Rural Developmet charges a 2% Commitment Fee Commitment Fee can be financed into the loan Example: Purchase price - $100,000 … Continue reading Kentucky USDA RHS Rural Housing Mortgage Loans for 2013

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. Related Articles Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House (kentuckyfirsttimehomebuyer.com) … Continue reading Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House

What You Need To Know About A Mortgage… BEFORE You Get One!!!

What You Need To Know About A Mortgage... BEFORE You Get One!!!.via What You Need To Know About A Mortgage... BEFORE You Get One!!!.Related ArticlesFirst Time Home Buyer Louisville Kentucky Mortgage Programs (louisvillekymortgage.net)FHA expands mortgage backing to the once bankrupt (trulia.com)Mortgage Rule Changes: A year later (kentuckyfirsttimehomebuyer.com)Ever hear of a Reverse Mortgage ? (dylanjamespost.wordpress.com)Mortgage Rates … Continue reading What You Need To Know About A Mortgage… BEFORE You Get One!!!

Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage

Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage. via Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage. Related Articles Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: FHA Fees to Increase on Monday for Kentucky FHA Lo... (louisvillekentuckyvamortgage.blogspot.com) Louisville … Continue reading Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage

How do you qualify for a USDA Mortgage if you are self-employed?

USDA Home Loans for the Self-Employed               Looking for a home loan when you are self-employed can be a bit challenging but a USDA loan may be a great option. Many banks and lenders shy away from this type of loan due to the complex nature and experience that … Continue reading How do you qualify for a USDA Mortgage if you are self-employed?