Kentucky USDA Mortgage Lender for Rural Housing Loans
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
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New Income limits for most counties (*) in Kentucky are $90,300 for a household family of four and household families of five or more can make up to $119,200.
Kentucky USDA loans are mortgages made by lenders and guaranteed by the U.S. Department of Agriculture. They are available to moderate- and low-income borrowers to build, rehabilitate, improve or relocate a primary residence in eligible rural and suburban areas. The income limit is 115 percent of the median income in your area. You can check the income limits for your area here.
It can be closed with zero down. USDA loans do have a monthly insurance requirement, but the upfront fee is significantly lower than on the VA loan and the mortgage premiums are lower than on the FHA loan.
The problem is that the number of buyers who qualify for a USDA loan is much smaller. Unlike on other loans where more income is better, a USDA loan has strict income maximums.
USDA loan borrowers pay an upfront fee of 1 percent of the loan amount, and this fee can be added to the loan balance. Borrowers also pay a mortgage insurance premium of 0.35 percent of the loan balance per year in 12 equal installments. This fee is based on the current balance and added to the monthly payment.
USDA loans are available with up to 100 percent financing (zero down).
There is no minimum credit score for a USDA loan, but you are automatically ineligible if you are presently delinquent on a nontax federal debt.
Automated approval is available if you have two tradelines reported on your credit history and acredit score of 640 or higher.
If you do not have sufficient credit data, the underwriter can assess your creditworthiness other ways, such as by examining your history with rent payments. Applicants with a credit score lower than 640 will undergo additional underwriting steps.
They are no loan limits for Kentucky USDA loans backed-up the guarantee loan program. The Direct USDA loan program does have loan limits.
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Kentucky USDA Rural Development Guarantee USDA loans offer 100% financing options on home purchases in rural areas of Kentucky. Properties though can be located within city limits and in subdivisions depending on the population density of that particular County of Kentucky. Jefferson and Fayette Counties, the two largest counties of Kentucky are not eligible for Rural Development Loans.
Some highlights of the KY Rural Housing loan program are:
For a USDA eligible areas in Kentucky, see the property and income eligibility search, please click HERE.
Put my experience of originating KY USDA loans to work for you. I have successfully originated over 200 Rural Housing Mortgage Loans in Kentucky. I offer free pre-approvals and will help you from start to finish and I usually attend all my closings in Kentucky.
Get Qualified for a Kentucky USDA Loan Now!
Text/call: 502-905-370
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 view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
A property must be located in an eligible area in order to use a USDA loan to purchase a home. Contrary to belief, Rural Development loans are not only for farms or very rural homes.
Actually, a property with an operating and income producing farm is not eligible for these loans!
Remember, Jefferson County Kentucky, Fayette County Kentucky are not eligible for USDA loans.
,Below is the website where you can check and make sure
Some More Facts about a Kentucky USDA loan:
It’s a two step approval process. The chosen USDA lender must first underwrite the file and get it approved based on the income, assets, and credit report submitted. Then, the lenders must submit to USDA for a “conditional commitment”. This conditional commitment is the final loan approval paperwork you are looking for.
Even though the lender may have approved the file, it still must go to USDA office in Lexington for an assignment to SFH underwriter for the final approval process. They typically are checking the appraisal and income at this stage. There have been instances where the lender would approve the file but USDA would not due to appraisal issues or income and job history.
This is very rare instances, so keep that in mind when it comes to final loan approval.
This two-step approval process usually adds 4-6 days to the final loan approval process, so keep that in mind when you are writing up your contract because it takes a little longer to close these loans vs FHA, VA, and Fannie Mae loans.
Well Test Treatments: Properties with a well as the primary drinking source will require a well water test. There are local labs to perform this test and the water must pass.
Septic Test: Sometimes they will require the septic tank to be inspected if called for in the appraisal report or home inspection.
Older Homes: As a general rule, USDA does not like homes older than 100 years old. They will sometimes require a home inspection in addition to the mandatory appraisal on older homes.
USDA Loan After a Short Sale: A short sale is not the end of the world. So it is very possible to obtain a USDA loan if 3 years have passed after the short sale. But a buyer would need re-established good rent and other credit history.
Bankruptcy and Foreclosure: If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy. Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.
No, you do not have to be a first time home buyer. The USDA Loan program has no restrictions that prevent previous homeowners from using the program.
There isn’t a limit to the amount a homeowner can borrow
Closing costs vary from lender to lender and state to state. The charges from the USDA are a Guarantee fee of 1% of the loan amount. Additionally, there is a monthly mortgage insurance factor of .35% of the principal balance.
Yes! The USDA home loan has the ability to finance closing costs up to the appraised value or to get a 6% seller contribution to closing costs from sellers on the contract.
USDA requires that the borrower demonstrates a reasonable ability and willingness to repay the mortgage loan. USDA lenders will view your credit history, income, and assets to verify your ability to repay the mortgage.
The USDA has no minimum score required; however, most lenders require a minimum credit score of 640 or sometimes 620 to obtain financing. Exceptions can be made and you should talk to a loan specialist about this.
Many lenders do require a 640 minimum Fico score to be eligible for a USDA home loan, however, exceptions can be made. It is important to note that the derogatory credit is temporary in nature, beyond the applicant’s control, and the circumstances that caused the adverse credit are no longer a factor.
You must have established employment to be eligible for a USDA Loan. Almost all lenders will require a minimum of two years of steady employment or schooling prior to your current employment if less than 2 years. If you are self-employed, you are eligible but will be required to provide two years of federal tax returns to verify your income.
USDA mortgages do have a guarantee fee and monthly PMI. The rate for the mortgage insurance is .35% of the outstanding principal balance and the current guarantee fee is 1% of loan amount. For example, if you borrowed a full $150,000 from your lender, the guarantee fee would be $1,500, which you can finance into your mortgage. The monthly PMI would be about 44.00 dollars a month on a 151,500 loan amount. (which includes the guarantee fee of 1%)
Yes, the USDA Loan Program requires the bankruptcy to be discharged for at least 3 years for a CH 7 and at least 12 months of on time payments on a CH 13. You can be in a CH 13 currently as long as 12 months of on-time payments have been made and verified.
VA Loans: 2 years after foreclosure
USDA Loans: 3 years after foreclosure (Exceptions are possible!)
FHA Loans: 3 years after foreclosure
Conventional Loans (Fannie Mae and Freddie Mac): 7 years after foreclosure
No, the USDA Rural Housing Program is for primary residences only. Furthermore, any property that is income producing (farms, multi-family, over 30 acres, etc.) cannot qualify for the 502 Guaranteed Rural Home Loan.
Yes, you can use a USDA loan to finance a condo; however, there are requirements that will need to be met.
Modular and manufactured homes can be considered a USDA eligible property, but additional appraisal requirements will apply. Most lenders do not offer Section 502 USDA loans on manufactured homes; however, they do finance modular homes. The difference between a modular and manufactured is how and where the home is constructed. A manufactured home is already fully built and put on a foundation and modular homes are built in pieces, and then taken to the site to be constructed.
USDA loans have a 2 prong process. The loan is first approved by the lender and then sent to the local USDA field office to be insured. Depending on the turn-times at the local USDA office, closing can be as fast as 20 days or up to 60 days.
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| Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 01/06/2017 |
| State | Days Old | Counties |
| KY | 365 | ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD |
| Address | Bed/Bath | Price | |
| 171 Fairview Ave. | 3/1 | $38,190.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 519 Hickory Hill Dr. | 3/1 | $63,885.00 – GovtBid | |
| Nicholasville, KY 40356 | Foreclosure Sale | ||
| 417 Creekview Dr | 3/1 | $26,800.00 – GovtBid | |
| Paris, KY 40361 | Foreclosure Sale | ||
| 65 Bon Jan Lane | 3/1 | $51,590.00 – GovtBid | |
| Highland Heights, KY 41076 | Foreclosure Sale | ||
| 1254 Baker Branch Rd | 2/1 | $60,195.00 – GovtBid | |
| Tutor Key, KY 41263 | Foreclosure Sale | ||
| 510 Harrison Hollow Rd | 3/1 | $16,750.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale |
 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 |
| USDA Single Family Housing is kentuckyloan@gmail.com as of 10/06/2016 |
| State | Days Old | Counties |
| KY | 365 | ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD |
| Address | Bed/Bath | Price | |
| 206 Maysville Road | 1/1 | $26,800.00 – GovtBid | |
| Scottsville, KY 42164 | Foreclosure Sale | ||
| 23 Hale St. | 3/1 | $26,800.00 – GovtBid | |
| Stanton, KY 40380 | Foreclosure Sale | ||
| 164 Hart Road | 3/1 | $31,490.00 – GovtBid | |
| Corbin, KY 40701 | Foreclosure Sale | ||
| 500 White Oak Rd | 3/2 | $17,000.00 – GovtBid | |
| Irvine, KY 40336 | Foreclosure Sale | ||
| 148 Falls Lane | 3/1 | $33,500.00 – GovtBid | |
| Clearfield, KY 40313 | Foreclosure Sale | ||
| 104 Brooks Road | 3/2 | $86,050.00 – GovtBid | |
| Richmond, KY 40475 | Foreclosure Sale | ||
| 1023 Byrtle Grove Rd | 3/1 | $63,085.00 – GovtBid | |
| Leitchfield, KY 42754 | Foreclosure Sale | ||
| 201 Brooks Rd | 3/1 | $30,150.00 – GovtBid | |
| Richmond, KY 40475 | Foreclosure Sale | ||
| 3465 Old Gallatin Rd | 3/2 | $42,950.00 – GovtBid | |
| Scottsville, KY 42164 | Foreclosure Sale | ||
| 1203 S 6th St | 4/2 | $12,500.00 – GovtBid | |
| Mayfield, KY 42066 | Foreclosure Sale | ||
| 604 Wells Avenue | 3/2 | $16,750.00 – GovtBid | |
| Fulton, KY 42041 | Foreclosure Sale | ||
| 15077 N. State Highway 7 | 3/1 | $24,120.00 – GovtBid | |
| Grayson, KY 41143 | Foreclosure Sale | ||
| 1905 Stacy Lane Rd | 3/1 | $16,750.00 – GovtBid | |
| Irvine, KY 40336 | Foreclosure Sale | ||
| 24 Golden Gates Drive | 4/2 | $47,570.00 – GovtBid | |
| Wingo, KY 42088 | Foreclosure Sale | ||
| 406 Indian Hills Circle | 3/1 | $34,170.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 91 Roxanne St | 3/1 | $18,760.00 – GovtBid | |
| Clearfield, KY 403139771 | Foreclosure Sale | ||
| 177 Crawford Rd | 3/1 | $30,820.00 – GovtBid | |
| Clearfield, KY 403139648 | Foreclosure Sale | ||
| 2201 Brent Drive | 3/1 | $8,500.00 – GovtBid | |
| Madisonville , KY 42431 | Foreclosure Sale | ||
| 1225 Tim Tam Way | 3/2 | $64,695.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 381 Dunroven Dr. | 4/1.5 | $40,200.00 – GovtBid | |
| Versailles, KY 40383 | Foreclosure Sale | ||
| 377 Damron Br. | 3/1 | $26,130.00 – GovtBid | |
| Grayson, KY 41143 | Foreclosure Sale | ||
| 1304 Winchester Ave | 5/2 | $57,620.00 – GovtBid | |
| Middlesboro, KY 40965 | Foreclosure Sale |
In order to get you pre-approved for your max loan amount, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free!
Mortgage Pre-Approval Checklist:
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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.
http://www.mylouisvillekentuckymortgage.com
Kentucky Towns, villages, cities, places, etc. that will become ineligible on Oct. 1, 2012 due to an increase in the population (based on the 2010 census data), will no longer be eligible due to the eXpiration of the special consideration eXception (“Grandfather Clause“), or no longer meet the definition of Rural because the county is now part of a Metropolitan Statistical Area (MSA) and was not part of an MSA in 2000.
KY Bardstown, city Nelson County 11,700 X X
KY Burlington, city Boone County 15,926 X X
KY Elizabethtown, city Hardin County 28,531 X X
KY Georgetown city Scott County 29,098 X X
KY Independence city Kenton County 24,757 X X
KY Nicholasville city Jessamine County 28,015 X X
KY Shelbyville, city Shelby County 14,045 X X
KY Shepherdsville city Bullitt County Ky11,222 X
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Posted By Blogger to Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage at 8/28/2012
