Tag: ky mortgage

Kentucky USDA Rural Housing Development Eligible Properties and Income Limits for 2017

usda-rural-housing-wisconsin-2

Search for Kentucky USDA Eligible Properties 

A property must be located in an eligible area in order to use a USDA loan to purchase a home.  Contrary to belief, Rural Development loans are not only for farms or very rural homes.  

Actually, a property with an operating and income producing farm is not eligible for these loans!

92e6b340d7ddfc1129f96e36194cf580

Kentucky USDA Rural Max Income Limits:

  • The total household income must be within the county limits for household size.  Typically a family household of 4 can make up to around $75,650  and a family of five or more  can make up to $99,850 for a household- Some KY counties allow for higher like Shelby County, and the Northern Kentucky Counties of Boone, Kenton, Campbell allow $82,000 (household income of four) up to $108,250 (household income of five or more)

Check Your Kentucky County for USDA Rural Housing Income Limits

 

Some More Facts about a Kentucky USDA loan:


It’s a two step approval process.  The chosen USDA lender must first underwrite the file and get it approved based on the income, assets, and credit report submitted. Then, the lenders must submit to USDA for a “conditional commitment”.  This conditional commitment is the final loan approval paperwork you are looking for. 


Even though the lender may have approved the file, it still must go to USDA office in Lexington for an assignment to SFH underwriter for the final approval process. They typically are checking the appraisal and income at this stage. There have been instances where the lender would approve the file but USDA would not due to appraisal issues or income and job history. 
This is very rare instances, so keep that in mind when it comes to final loan approval. 

This two-step approval process usually adds 4-6 days to the final loan approval process, so keep that in mind when you are writing up your contract because it takes a little longer to close these loans vs FHA, VA, and Fannie Mae loans.

Well Test Treatments:  Properties with a well as the primary drinking source will require a well water test.  There are local labs to perform this test and the water must pass.

Septic Test: Sometimes they will require the septic tank to be inspected if called for in the appraisal report or home inspection. 

Older Homes: As a general rule, USDA does not like homes older than 100 years old. They will sometimes require a home inspection in addition to the mandatory appraisal on older homes.

USDA Loan After a Short Sale:  A short sale is not the end of the world.  So it is very possible to obtain a USDA loan if 3 years have passed after the short sale.  But a buyer would need re-established good rent and other credit history.

Bankruptcy and Foreclosure:  If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy.  Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.

Put my experience of originating KY USDA loans to work for you. I have successfully originated over 200 Rural Housing Mortgage Loans in Kentucky. I offer free pre-approvals and will help you from start to finish and I usually attend all my closings in Kentucky. 

Get Qualified for a Kentucky USDA Loan Now!

Text or call 502-905-3708
Text or call 502-905-3708

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Posted by joel lobb at 2:35:00 PM

Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest

Labels: bankruptcy, debt ratio, first time buyer kentucky usda, foreclosure, GUS approval, Kentucky Rural Housing and USDA Loans, Kentucky USDA Rural Development For 2017 Guide, rd, rhs

Advertisements

USDA Single Family Housing Homes for Sale in Kentucky Currently

usda1

Kentucky USDA Rural Housing Eligibility Map for 2018


Type in your address below and hit go here to see if the home is in an eligible USDA Rural Housing Area for a Kentucky Property

















 

Kentucky USDA Guidelines for 2018

 

 

 

 

 

 

 

 



The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people
 

Rural Housing Funds for Kentucky USDA Loans Now Available for 2017 and 2016 Mortgage Loans

updates
RHS Funding Now Available for Kentucky Rural Housing Mortgage Loans for 2017
Funding has now been authorized for RHS loans. Over the next two to three business days, USDA will be obligating all conditional commitments in their system. An updated Conditional Commitment will be issued for each loan removing the “contingent upon” language. Once Century has received this updated commitment, the loan will be eligible to close.

In order to get you pre-approved for your max loan amount, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free!

 

 Mortgage Pre-Approval Checklist:

  1. One full month’s or 30 days worth of pay stubs
  2. Last 2 years W-2′s
  3. Last 2 years tax returns
    4.  Last two months bank statements for all accounts including 401 k or retirement account  if you have one


_______________________________________________

 


if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.



The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

 

http://www.mylouisvillekentuckymortgage.com

 

 

 

Kentucky USDA Foreclosed Homes List 2016 for Sale by Rural Development Rural Housing

USDA Single Family Housing is kentuckyloan@gmail.com as of 10/06/2016
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
Address Bed/Bath Price
206 Maysville Road 1/1 $26,800.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
23 Hale St. 3/1 $26,800.00 – GovtBid
Stanton, KY 40380 Foreclosure Sale
164 Hart Road 3/1 $31,490.00 – GovtBid
Corbin, KY 40701 Foreclosure Sale
500 White Oak Rd 3/2 $17,000.00 – GovtBid
Irvine, KY 40336 Foreclosure Sale
148 Falls Lane 3/1 $33,500.00 – GovtBid
Clearfield, KY 40313 Foreclosure Sale
104 Brooks Road 3/2 $86,050.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
1023 Byrtle Grove Rd 3/1 $63,085.00 – GovtBid
Leitchfield, KY 42754 Foreclosure Sale
201 Brooks Rd 3/1 $30,150.00 – GovtBid
Richmond, KY 40475 Foreclosure Sale
3465 Old Gallatin Rd 3/2 $42,950.00 – GovtBid
Scottsville, KY 42164 Foreclosure Sale
1203 S 6th St 4/2 $12,500.00 – GovtBid
Mayfield, KY 42066 Foreclosure Sale
604 Wells Avenue 3/2 $16,750.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
15077 N. State Highway 7 3/1 $24,120.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale
1905 Stacy Lane Rd 3/1 $16,750.00 – GovtBid
Irvine, KY 40336 Foreclosure Sale
24 Golden Gates Drive 4/2 $47,570.00 – GovtBid
Wingo, KY 42088 Foreclosure Sale
406 Indian Hills Circle 3/1 $34,170.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
91 Roxanne St 3/1 $18,760.00 – GovtBid
Clearfield, KY 403139771 Foreclosure Sale
177 Crawford Rd 3/1 $30,820.00 – GovtBid
Clearfield, KY 403139648 Foreclosure Sale
2201 Brent Drive 3/1 $8,500.00 – GovtBid
Madisonville , KY 42431 Foreclosure Sale
1225 Tim Tam Way 3/2 $64,695.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
381 Dunroven Dr. 4/1.5 $40,200.00 – GovtBid
Versailles, KY 40383 Foreclosure Sale
377 Damron Br. 3/1 $26,130.00 – GovtBid
Grayson, KY 41143 Foreclosure Sale
1304 Winchester Ave 5/2 $57,620.00 – GovtBid
Middlesboro, KY 40965 Foreclosure Sale

 

 

In order to get you pre-approved for your max loan amount, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free!

 

 Mortgage Pre-Approval Checklist:

  1. One full month’s or 30 days worth of pay stubs
  2. Last 2 years W-2′s
  3. Last 2 years tax returns
    4.  Last two months bank statements for all accounts including 401 k or retirement account  if you have one


_______________________________________________

 


if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.



The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

 

http://www.mylouisvillekentuckymortgage.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Can you refinance a Kentucky Rural USDA Housing Loan?

You can refinance your existing USDA Rural Housing Loan. See details below:

 

 

unnamed-51
Can you refinance a Rural Housing Loan? The short answer is yes. See below for qualifying criteria

 

images (1)

KENTUCKY  USDA LOAN GUARANTEED RURAL HOUSING REFINANCE FEATURES

  • Loan must be secured by the same property as the original loan. The original loan must be Guaranteed Rural Housing (GRH) or USDA Section 502 Direct only. The Program may not be used to refinance FHA, VA, or other government or conventional mortgages.
  • Term of the new loan will be 30 years.
  • Interest rate of the new loan cannot exceed the interest rate of the loan being refinanced. However, the interest rate of the new loan does not have to meet the interest rate requirements established in RD Instruction 1980-D, §1980.320 Interest rate.
  • Property must be owned and occupied by the borrowers as their principal residence.
  • The guarantee fee is 1.00% of the total principal obligation of the new loan.
  • The 1.00% guarantee fee may be always financed into any GRH refinancing transaction. As usual, borrowers may finance other closing costs and fees up to 100% of the current appraised value. However, it is possible for the loan-to-value (LTV) of the new loan to reach 101% if the 1% guarantee fee is financed. Loans may exceed 100% LTV only to the extent that the excess represents a financed guarantee fee of no more than 1.00%.
  • Total household income cannot exceed the moderate level for the area as established in RD Instruction 1980-D, Exhibit C.
  • GRH refinance loans are permitted for properties in areas that have been determined to be non-rural since the existing loan was made.
  • Applicants are not eligible to receive “cash out” from the refinancing transaction. However, applicants may receive reimbursement from loan proceeds at settlement for their personal funds advanced for eligible loan purposes that are part of the refinance transaction, such as an appraisal fee or credit report fee. At loan closing, a nominal amount of “cash out” to the applicants (beyond reimbursement of these “prepaid” items) may occasionally result due to final escrow and interest calculations. This amount, if any, must be applied to a principal reduction of the new loan.
  • Subordinate financing such as home equity seconds and down payment assistance “silent” seconds cannot be included in the new loan amount. Any existing secondary financing must be subordinate to the new first lien.
  • Maximum loan amount cannot exceed the balance of the loan being refinanced, plus the guarantee fee, and reasonable and customary closing costs, including funds necessary to establish a new escrow account.
  • Unpaid fees, such as late fees due the current servicer, are not eligible to be included in the new loan amount.
  • eligible areas on USDA Rural Development’s web-site at:
  • http://eligibility.sc.egov.usda.govhttp://eligibility.sc.egov.usda.gov

 


For commitments issues on or after October 1, 2016:

USDA charges the lender, who can pass the charge to the borrower, a one-time up-front cost, which is known as a Guarantee Fee. The Guarantee Fee can be financed in addition to the maximum base loan amount. The Guarantee Fee is calculated as follows as of October 1, 2016:
PURCHASE TRANSACTION CALCULATION:

  • 1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
  • Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
  • A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.

CALCULATION FOR REFINANCE TRANSACTIONS:

  • 1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
  • Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
  • A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.

ANNUAL FEE:
All loan transactions will include an annual fee of .35%

 

 

 
REPAYMENT RATIOS REFINANCE FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
USDA – GUS Approved
USDA – Manual Underwrite – Must meet USDA guideline maximum debt ratios of 29 & 41%–No Exceptions Allowed.
TERM OF NEW LOAN FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
TERM OF THE NEW LOAN WILL BE A 30 YEAR FULLY AMORTIZED FIXED RATE MORTGAGE ONLY.
INTEREST RATE
  • Interest rate of the new loan must be a fixed rate.
  • The interest rate must be lower than the existing loan to be refinanced.
  • Funded buy down accounts are not permitted.
HOUSEHOLD INCOME Total adjusted income for the household cannot exceed the moderate level for the area as established in HB-1-3555.
LOAN SECURITY
  • Loan security must include the same property as the original loan.
  • The security property must be owned and occupied by the applicants as their principal residence.
RURAL / NONRURAL AREAS SFHGLP refinance loans are permissible for properties in areas that have been determined to be non-rural since the existing loan was made.
PROPERTY VALUATION
  • The value of the new mortgage loan request must be supported by a new appraisal. The loan amount cannot exceed the present market value plus the one-time 2 percent guarantee fee. The new loan amount can include closing costs or lender fees if supported by market value.
INSPECTIONS
  • The lender must confirm the property meets or continues to meet the current requirements of HUD Handbook 4150.2 and 4905.1.
  • No further inspections or repairs required by Rural Development.
  • Lender may require inspections or repairs. Expenses related to inspections or repairs may not be financed.
NET TANGIBLE BENEFIT Every refinance
52798-academy-mortgage-apply-now

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

Income Requirements for A Kentucky Rural Housing Loan Approval.

KENTUCKY USDA-MORTGAGE-LOAN-CALCULATOR-FREE-USDALoansDirect

Income Eligibility:

Income from all occupants of the household must be included as qualifying income regardless of whether or not they are obligated on the note. Income eligibility can be determined from the following USDA web site. Final eligibility must still be determined by USDA

When a borrower has a rental property it must also be included in the eligibility calculation.

  • Positive net rental income is included in the eligibility income for the household
  • Negative net rental income is counted as zero for eligibility income

Qualifying Income:

The underwriter is responsible for calculating income and approving the loan. Applicants with commission only position’s, or varying amounts of overtime and bonus income may not exhibit enough stable monthly income to qualify. Typically, income of less than 24 months duration should not be included in qualifying income.

  • Salaried Borrowers
    • Pay-stubs covering most recent 30 day period, W-2’s for the previous two years and telephone verification of employment performed by Freedom Mortgage (paystub must show at least 30 days of year-to-date earnings).
    • If overtime, commission, or bonus income is used for qualifying purposes the file must be documented with a two year history of receipt and be expected to continue.
    • Standard VOE, sent directly to the employer, along with the borrower’s most recent paystub.
  • Self-Employed Borrowers
    • Copies of the borrower’s signed individual Federal tax returns that were filed with the IRS for the most recent two years. As an alternative, the Freedom may obtain IRS-issued transcripts of the borrower’s tax returns, as long as the transcripts include the information from all of the applicable schedules. The tax return documentation should be complete and include all appropriate schedules.
    • The self-employed applicant also should submit current documentation of the business’s income and expenses, including any applicable Federal tax returns that were filed with the IRS for the most recent two years as well as year-to-date profit and loss and balance statements.
  • Rental Income
    • Rental income may only be counted for repayment income if the lease has been in place for at least two years. For leases older than two years, count positive net rental income in repayment income and negative net rental income as debt. If rental income is not received for a full two year period then the full PITIA must be used in the debt to income calculation.
    • Rental income calculation – reduce monthly gross income by a 25% vacancy rate, and then the monthly PITI, HOA dues, etc. are subtracted. If positive then include in income if negative include in DTI.

All other income sources refer to USDA guidelines for all income guidelines and documentation requirements

Assets:

  • Assets are not required; however, any assets disclosed must be supported with appropriate documentation
  • Satisfactory explanation and documentation should be provided for large deposits or increases in liquid assets
  • Cash on hand is not acceptable
  • Bank accounts require Verification of Deposit with average 2 month balance, or 2 consecutive months statements dated within 45 days of loan application
  • Earnest money deposit may be considered an asset if deposit is not already reflected in liquid assets
  • Asset amount of retirement accounts is 60% of the vested account balance
  • Gifts must be documented through gift donor letter and establish that gift does not have to be repaid
  • For sale proceeds of real property, provide HUD-1 or equivalent closing statement to indicate the actual amount of cash proceeds realized by the borrower
  • Stocks and bonds must be documented by a statement provide by stockbroker or financial institution managing the portfolio
  • Households with net family assets of greater than $5,000 require that the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate be considered when calculating income.

 

 

%d bloggers like this: