I now offer the USDA Streamline Product: ‘Streamline Assist’ for all USDA Kentucky Homeowners for refinances Take advantage of our Kentucky Rural Development USDA Streamline Refinance today!
- Min 640 FICO
- No appraisal
- 30 year fixed only
- Rate term only
- No GUS run
- No household income calculation
- Mortgage only credit report
- 2nd mortgage liens must be subordinated, but no max CLTV
- Borrowers may be added but not removed from current loan
- Max loan amount may include P&I balance of existing loan, eligible loan
closing costs, funds necessary to establish tax and insurance escrow account
and upfront guarantee fee
- NTB must be met – $50 reduction in PITI plus annual fee payment
- Seasoning required – 12 months timely payments prior to new application
- Streamlined application:
* No income
* Disclose assets only if needed to close
* No liabilities listed other than mortgage to be refinanced
* REO – list subject property only
RHS USDA Recent News
Good news! Kentucky Mortgage holders of USDA Mortgage loans can get new drastically lower fees starts with commitments starting tomorrow October 1. If you have an USDA eligible Loan up to $417,000 with no money down in most Kentucky Counties.
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
Posted By Blogger to Kentucky First Time Home Buyer Mortgage Loans
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