Kentucky USDA Rural Housing Streamline Refinance Guidelines

KENTUCKY USDA MORTGAGE STREAMLINE REFIANCE

Kentucky USDA Rural Housing Mortgage Lender: Top 5 Reasons To Apply For A Kentucky  USDA Rural Housing Streamline Refinance
Rate/Term Refinance
(with

Allows financing of
unpaid principal and
eligible costs subject
to available equity
Streamlined Refinance
(without

Allows financing of
unpaid principal
balance and upfront
guarantee fee along
with accrued interest

Debt ratios are
calculated
Streamlined
Assist
Refinance (no appraisal
effective 6/2/2016)

Allows financing of
unpaid principal
balance and eligible
costs

Debt ratios not
calculated

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.)

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364
click here for directions to our office
Text/call:      502-905-3708fax:            502-327-9119
email:
          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

USDA Streamline Product: Streamline Assist for all USDA Kentucky Homeowners of current USDA mortgages for refinances


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!

 PROGRAM HIGHLIGHTS
  • 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
    date
  • 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
New Product - New chalkboard with outlined text - on wood

 

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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