I am a Kentucky based USDA Mortgage Lender that has originated over 300 KY Rural Housing Mortgage Loans in Kentucky-CALL OR TEXT 502-905-3708 FOR USDA MORTGAGE LOAN
100% financing · No down payment · Fixed 30-year rate
0%
Down payment required
100%
Financing available
620+
Typical credit score
Key benefits — click to expand
No down payment
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Borrowers without savings — or who wish to keep their savings — can qualify. Closing costs may also be financed if the appraised value exceeds the purchase price.
Low mortgage insurance
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USDA has the lowest upfront and monthly mortgage insurance of any 100% loan program — keeping your monthly payment as low as possible on a 30-year fixed rate.
Flexible credit guidelines
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No minimum credit score is set by USDA, though lenders typically require 620–640. Borrowers with a 640+ score enjoy streamlined processing with no credit explanation letters needed.
Generous income limits
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Income limits are based on 115% of the U.S. median. Deductions apply for dependents, child-care expenses, and elderly households — making it easier for Kentucky families to qualify.
Not just first-time buyers
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Any qualified buyer may use a USDA loan — not only first-time homebuyers. Sellers are also permitted to pay the buyer’s closing costs, further reducing out-of-pocket expenses.
Rural areas across Kentucky
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Eligible areas include open country and towns with a population of 10,000 or less. Many Kentucky communities outside major metros qualify — check eligibility at the USDA website.
Debt-to-income ratio guidelines
Housing (PITI)
≤ 29%
Total debt
≤ 41%
Buyers with satisfactory credit may qualify with higher ratios in high-cost areas.
Joel Lobb · Mortgage Loan Officer · NMLS #57916 · Company NMLS #1738461
Equal Housing Lender · Kentucky mortgage loans only
This page is not endorsed by USDA, FHA, VA, or any government agency.
KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE
ANNUAL GUARANTEE FEE
THROUGH 9/30/2014
EFFECTIVE 10/1/14
Purchase Transactions
.40%
.50%
Refinance Transactions
.40%
.50%
The new fee structure is applicable to all Conditional Commitments issued by Kentucky Rural Development Loans on or after October 1, 2014.
Loan guarantee requests submitted to Rural Development (RD) on which a conditional commitment has not been issued by September 30, 2014, will be subject to the 2014 annual guarantee fee structure.
There is no exception to the new annual guarantee fee structure regardless of the date the file was submitted/received by RD . Inc. If the Conditional Commitment has not been issued before October 1, 2014, the file will need to be revised to reflect the correct fees and this will require re-disclosure, re-underwriting and resubmission to RD.
The Guarantee Fee change will take effect 10/1/2014.
KENTUCKY RURAL HOUSING INCOME ELIGIBILITY CALCULATION WORKSHEET
Kentucky USDA Rural Development Guaranteed Housing Loan
KENTUCKY INCOME ELIGIBILITY CALCULATION WORKSHEET 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)
X12
Annual income
from source
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
Total Gross Household Income $______________ X12 $______________
Total Monthly Total Annual
Deductions from Annual Income: (Per § 1980.348) (Use when gross income is above income limit):
(1) Number of Minors living in household: ___X $480.00 (Under age 18) $_____________
(2) Number of Disabled/Handicapped Adults:___ X $480.00 (18 or over& NOT borrowers) $_____________
(3) Number of full time adult students: ____ X $480.00 (18 or over& NOT borrowers) $_____________
(4) Elderly Family: (borrower or co-borrower over 62) One time deduction of $400.00 $_____________
(5) Annual Child Care Expense $_____________
(6) Medical expenses (Elderly family only. Un-reimbursed >3% gross annual income) $_____________
TOTAL Annual Deductions (Sum of Line 1 thru Line 6) $_____________
Adjusted Gross Annual Household Income (Gross income less deductions) $____________
ADJUSTED COUNTY HOUSEHOLD INCOME LIMIT per Rural Development $____________
Kentucky USDA and Rural Housing Income limits are available at:
Deductions From
Annual Income Deduct For: Do Not Deduct For:__________________________________
$480 for each (A) Minors (under 18 years of age) Applicant/Borrower, Spouse, Foster Children, or member of the Children of Non-family members.
family residing in the household. (B) Adults (18 years of age or older) Applicant/Borrower, Spouse or Non-family members.
(C) Adults (18 years of age or older) Applicant/Borrower, Spouse or Non-family members.
who are full-time students.
______________________________________________________________________________________________________
$400 for elderly (D) Head, Spouse or Sole Member who family. is a senior citizen, disabled or handicapped and is the applicant/
borrower.
(E) Two or more unrelated senior Family, if one or more of those living in the house-
citizens, disabled or handicapped hold is not a senior citizen, disabled or handicapped.
persons living together, at least one
is the applicant/borrower.
(F) Survivors of deceased FmHA senior Survivors after remarriage of the deceased borrowers citizen, disabled or handicapped spouse. borrower who occupied the dwelling
at the time of the borrower’s death.
______________________________________________________________________________________________________
Care of minors 12 years (G) Anticipated expenses to be paid for (a) Amount paid in excess of amount received from of age or foster children care of member of the family to be such employment. or children of non-family gainfully employed. (b) Payments made to dependents of the applicant/ members. borrower.
(H) Anticipated expenses paid for care of
minor(s) to enable a member of the Payments made to dependents of the applicant/
family to further his/her education. borrower.
______________________________________________________________________________________________________
Aggregate medical (I) Planned general medical and dental Accumulated bills in excess of planned payments for expenses of the house- expenses of an elderly family for the ensuing 12 months. hold in excess of 3% of ensuing 12 months which are not gross annual income. covered by insurance (eg., medicines, medical insurance premiums, costs of nursing care, payment of accumulated medical bills, and cost of full-time nursing or institutional care which cannot be provided in the home).
(J) Reasonable attendant care and auxiliary Cost already deducted for same user member of apparatus and equipment expenses to elderly family. enable any handicapped/disabled
member of a household (not just an elderly family) to be employed.
_________________________________________________
Kentucky USDA Mortgage Lender for Rural Housing Loans 