I am a Kentucky based USDA Mortgage Lender that has originated over 200 KY Rural Housing Mortgage Loans in Kentucky, Put my expert advice to use. Kentucky Rural Development RHS loans give KY Rural Homebuyers a zero down mortgage loan with a low 30 year fixed rate loan. A Local Kentucky Rural Housing Mortgage Lender offering same day free approvals and credit report. This website is not affiliated with USDA or any other government agency. NMLS#57916 Equal Housing Lender Text or call today 502-905-3708 with your mortgage questions about USDA Rural Housing Loans in Kentucky. Free Pre-Approvals on most applications within the same day. Kentuckyloan@gmail.com
Streamline Refinance • A new appraisal is not required (unless the loan being refinanced is a Direct Loan and subsidy recapture is required). • The new loan amount may not exceed the original loan amount of loan being refinanced. • The new loan is limited to: • The principal balance of the loan being refinanced • The upfront guarantee fee (if financed) • Accrued interest (current interest) • Reasonable and customary fee for reconveyance • Subsidy recapture due for Direct Loan borrowers may not be included in the new loan amount • A borrower may be removed from the loan as long as at least one original borrower remains on the new loan. • All other rate/term refinance requirements, including debt ratio calculation and limits apply. (Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline Refinance. See the HB 1 3555 for all three types of refinance transactions allowed.)
Streamlined Assist Refinance (cont.) • The new loan amount is limited to: • The unpaid principal balance of the loan being refinanced • The upfront guarantee fee (if financed) • Accrued interest (current interest) • Eligible loan closing costs (not to exceed 2% of total loan amount) • Permissible bona fide discount points (not to exceed 2% of total loan amount). • Funds to establish an escrow account for real estate taxes and insurance. • Subsidy recapture due for Direct Loan borrowers may not be included in new loan amount; however, the cost of any appraisal obtained for recapture purposes is an eligible closing cost and may be included. Note: The 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 tax and insurance escrow account). Subordinate financing, such as home equity lines of credit and down payment assistance “silent” seconds, cannot be included in the new loan amount. Unpaid fees, past due interest and late fees/penalties due the servicer, cannot be included in the new loan amount. (Except as outlined above, all Rate/Term Refinance requirements also apply to Streamline Assist Refinance.)
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
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
* 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
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.