Kentucky USDA Increased Income Limits for 2020

Kentucky USDA Loan Requirements Updated Income Limits for 2019

 

Effective July 22, 2019, income limits for all Kentucky Rural Housing USDA Rural Development Loans and their  Counties have increased.

After a four year pilot that was tested in 16 States, USDA published a final rule making changes to allow for a two-tier income structure. Rather than buyer(s) meeting the income limit based on household members, income limits are divided into 2 groups: 1-4 and 5+ household members. Each Kentucky county has an income limit for families with 4 or fewer people, and each has a limit for households with 5 or more people.

Reminder on how to exceed Kentucky USDA Income Limits using the following exceptions:
• $480 for each child under 18
• Documented child care expense
• Full-time college students 18 or older
• Disability expense incurred
• Medical expense for elderly or disabled

The Guaranteed Underwriting System (GUS) and the Income Eligibility calculator on USDA Eligibility website have been updated to use the new income limits for every Kentucky County this is eligible for USDA loans in Kentucky

New Income limits for most counties (*) in Kentucky are $86,850 for a household family of four and household families of five or more  can make up to  $114,650.

The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $93,500 for a household of four or less and up to $123,400 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)

$93,500 (family size 1-4)
$123,400 (family size 5 or more)

Grant, Owen & Pendleton Counties (N. KY)

$86,850 (family size 1-4)
$114,650 (family size 5 or more)

With the new changes for 2020 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $87,600 for a family of four and up to $115,650 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, ) see  map below

,Below is the website where you can check and make sure

http://kentuckyruralhousingusdaloan.blogspot.com/p/usda-rural-housing-loan-program.html

 

click here free USDA quote, pre-approval and property eligiblity report

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

click here for directions to our office

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

 

start an online application pre-appproval click here

 

Kentucky Ineligible Rural Housing Areas October 2012

Kentucky Towns, villages, cities, places, etc. that will become ineligible on Oct. 1, 2012 due to an increase in the population (based on the 2010 census data), will no longer be eligible due to the eXpiration of the special consideration eXception (“Grandfather Clause“), or no longer meet the definition of Rural because the county is now part of a Metropolitan Statistical Area (MSA) and was not part of an MSA in 2000.
KY Bardstown, city                                 Nelson County 11,700 X X
KY Burlington, city                                 Boone County  15,926 X X
KY Elizabethtown, city                          Hardin  County 28,531 X X
KY Georgetown city                               Scott County  29,098 X X
KY Independence city                           Kenton County 24,757 X X
KY Nicholasville city                              Jessamine County 28,015 X X
KY Shelbyville, city                                Shelby County 14,045 X X
KY Shepherdsville city                           Bullitt County Ky11,222 X