Louisville Kentucky mortgage rates

Due to Volatility in the current mortgage market, mortgage rates are currently not being posted.


Please call for a mortgage rate quote. 

 
 
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 
Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 

 
 
 
 
                                                               

                                                     

Rural Housing announced today that the Kentucky eligible property map will NOT be changing

Kentucky USDA and Rural Development Eligible Areas in Kentucky

January 2014 USDA RURAL HOUSING UPDATE 

eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky
eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky

The new 2014 Farm Bill has now passed the House and the Senate in Congress. This is a big deal for home buyers in the Louisville, Kentucky area and surrounding areas in Central Kentucky. This bill grandfathered the existing communities in that qualify for Rural Housing USDA Loans 100% financing until 2020.

This means a qualified buyer can purchase a home in Shepherdsville, Mt Washington, Shelbyville, Elizabethtown, Bardstown, Nicholasville, Georgetown, Kentucky cities  with Zero Down until at least 2020. Great news Indeed!


Call or email below to qualify for free for your next USDA Home loan in Kentucky.

2014 Kentucky USDA Rural Housing eligible areas
2014 Kentucky USDA Rural Housing eligible areas

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

October 1, 2012 over 900 communities across the USA will lose their eligibility for 100% USDA Rural Housing loans including cities in Kentucky that where once eligible. If you know of buyers looking in these communities they need to act now. They should probably be under contract by end of August to be safe. There is no indication this expiration will be delayed. See the cities below that will be no longer eligible come 10/1/2012 for a Rural Housing USDA Loan in Kentucky 

No Longer Eligible for Kentucky RHS USDA Loans come 10/1/2012 below:

 Bardstown,  KY, Nelson County  

 Burlington, KY,   Boone County 

  Elizabethtown, KY,   Hardin County 

 Georgetown, KY,  Scott County

  Independence, KY,   Kenton  County 

 Nicholasville , KY, Jessamine County

 Shelbyville, KY , Shelby County

 Shepherdsville. KY , Bullitt County 

 Bardstown KY1

Table 1. Metropolitan Kentucky USDA Eligible Areas Potentially Impacted by Population Change

KY Burlington 8.84 15,926 10,779
KY Elizabethtown 25.36 28,531 22,542
KY Georgetown 15.84 29,098 18,080
KY Independence 17.44 24,757 14,982
KY Nicholasville 13.01 28,015 19,680
KY Shelbyville 8.06 14,045 10,085
KY Shepherdsville 9.67 11,222 8,334

To see an eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky  Please clink the following link below:

https://kentuckyusdaloan.com/

Breaking News!! USDA Announcement.

All current eligible areas of Kentucky for Rural Development loans will remain the same until March 27, 2013 unless directed otherwise.

SFH Origination News

From the National Office in Washington DCSingle Family Housing Guaranteed Loan Program

September 26, 2012

Implementation of 2010 Census Data

No changes to rural designated areas based on the 2010 Census Data will occur until March 27, 2013 unless directed otherwise.

For additional information on this subject, attached is the Administrative Notice, AN 4679 with additional information. Below is an exert directly from the AN

   SFH Origination News
     
 
Single Family Housing Guaranteed Loan Program

USDA RD Approved Map Locations 2013

Rural Housing announced today that the Kentucky eligible property map will NOT be changing until March 2013.  Many were reporting the map change that determines what homes would be eligible was going to happen in October 2012, this is not the case.   Please bookmark the blog to stay informed of the latest USDA mortgage program changes
For the USDA approved map, please click here
Call us today at 502-905-3708 or visit Free Kentucky Rural Development and USDA Loan Approvals to learn more about 100% Rural Housing loans and application requirements

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USDA Direct Loan Borrowers Subsidy Recapture

USDA Direct Loan Borrowers Subsidy Recapture.

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage] Kentucky USDA Refinance Funds Have Been Exhausted for Fiscal Year 2012

 Kentucky USDA Refinance Funds Have Been Exhausted for Fiscal Year 2012!
August 21, 2012
USDA Mortgage Purchase and Refinance Funding Update for Kentucky Homeowners and Buyers 
This announcement is to inform you of the current commitment authorities available for the Single Family Housing Guaranteed Loan Program (SFHGLP) loans.
Due to a change in Fiscal Year (FY) 2013 fee structure which goes into effect October 1, 2012, Lenders are urged to check with States to determine application processing time frames before underwriting applications.
 USDA Mortgage Refinance Funds:
FY (fiscal year) 2012 USDA Mortgage refinance funds have been exhausted.
We expect to run out of refinance commitment authority no later than Monday, August 20, 2012.  When USDA Mortgage refinance commitment authority is exhausted, refinance loan requests for which a conditional commitment (Form RD 1980-18) has not been issued will be returned to the lender and require underwriting under the fiscal year 2013 fee structure.  The FY 2013 fee structure will require a one-time upfront guarantee fee of 2 percent and an annual fee of 0.40 percent.  At this time, the Agency will not issue conditional commitments “subject to” receipt of FY 2013 funding or commitment authority.
USDA Mortgage Purchase Funds:
Lenders are urged to be cognizant of the differing backlogs and processing time frames from state to state.  If it is determined unrealistic that the State will be able to review the USDA loan guarantee application and issue a conditional commitment before September 30, 2012, lenders are urged to underwrite the USDA Mortgage application at the FY 2013 fee structure.  The FY 2013 guarantee fee structure will require purchase and refinance loans to carry a one-time upfront guarantee fee of 2 percent and an annual fee of 0.40 percent.
In addition, if the state where the property is located is experiencing longer processing time frames, lenders should advise the applicant accordingly when discussing interest rate locks and potential loan closing dates.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
Key Financial Mortgage Co. (NMLS #1800)
107 South Hurstbourne Parkway
Louisville, KY 40222

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Posted By Blogger to Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage at 8/28/2012

Kentucky Rural Housing Loans and USDA Guaranteed Loan Underwriting Issues

Kentucky Rural Housing Loans and USDA Guaranteed Loan Issues

Seller Concessions:
Seller concessions cannot be used to pay down buyer’s debt.

Deferred Student Loans and Debt Ratio Calculations:
Deferred student loans should be included in the debt ratio calculations regardless of the
deferment period. If the credit report does not indicate a monthly repayment amount, Lender may use the monthly payment amount provided by the loan servicer, or 1% of the loan balance reflected on the RMCR.

Risk Layering:
Refers to the existence of multiple levels of risk in an application such as marginal credit, high repayment ratios, extensive use of other credit, payment shock, etc. Lenders should be very cautious when evaluating applications with multiple risk levels.

Payment Shock:
Measured by dividing the new PITI by previous housing expenses minus 1. In cases where payment shock is 100% or higher, no additional risk layering should be allowed unless strong compensating factors are present.
Example:
New PITI = $1,500
Current Rent = $650
$1500 ÷ $650 = 2.30 ‐ 1= 1.30 or 130%
The payment shock in this example is above 100% and therefore is a risk factor.

Credit Waivers:
The lender approves a credit waiver and supplies all back up documentation used in the decision making process. Lender must document that the instances of unacceptable credit must have been temporary in nature and beyond the applicant’s control or the result of a justifiable dispute relative to defective goods or services. A lender need not require collection accounts to be paid in full if there are mitigating circumstances as described in RD Instruction 1980.345 (d)(3). Credit scores of 640 and above may eliminate the need for lender documentation of credit waivers.

Interest Rate Buydowns:
Temporary interest rate buydowns are permitted with prior RD approval. Underwriting
requirements for temporary interest rate buydowns include:
 The mortgage loan must be underwritten at the note rate.
 Buydown funds may come from the seller, lender, or third party.
 Buydown funds may not come from the borrower.
 The initial interest rate is temporarily reduced no more than 2% below the note rate
and increased by no more than 1% annually for no more than 2 years.

Single Family Housing USDA Loans Contact info for Kentucky Rural Housing Loans

Rural Development Instructions (1980-D) and Administrative Notices (ANs)
http://www.rurdev.usda.gov/regs

USDA Electronic Data Interchange (EDI) Implementation Guide
https://usdalinc.sc.egov.usda.gov/ediguide2.pdf

USDA REO Properties for Sale
http://www.homesales.gov

USDA Income and Property Eligibility
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Rural Development Servicing News and More
http://www.rdlist.sc.egov.usda.gov

USDA LINC Training and Resource Library
https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do

Low and no money down home loans – wave3.com-Louisville News, Weather & Sports

Low and no money down home loans – wave3.com-Louisville News, Weather & Sports.

via Low and no money down home loans – wave3.com-Louisville News, Weather & Sports.

Mortgage Rates Kentucky

Mortgage Rates Kentucky.

via Mortgage Rates Kentucky.

Mortgage Rates Kentucky

Mortgage Rates Kentucky.

via Mortgage Rates Kentucky.