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Tag: Single-family detached home
KY USDA Homes for Sale
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Joel Lobb
Senior Loan Officer
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
An Introduction to Rural Housing Development Guaranteed Rural Housing Program
An Introduction to Rural Housing Development Guaranteed Rural
Kentucky USDA Guaranteed Rural Housing Home Loans
USDA guaranteed loans are designed to make home ownership possible for low- and moderate-income families. Offered through USDA Rural Development, these loans feature:
- No down payment requirement
- Low monthly mortgage insurance premiums
- Flexible credit and qualifying guidelines
Eligibility requirements include (but are not limited to):
- Borrowers must not currently have adequate housing
- Borrowers must occupy the purchased home
- Homes must be in a residential Rural Development eligible area
For more information and to apply for an Kentucky FHA, VA, USDA or other type of Kentucky mortgage, contact one of our and take the next step toward home ownership today!
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Housing Program
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RHD has several online resources to assist you with learning the eligibility rules and the calculations for the guarantee fees.
· Income and property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=…
· USDA Lender Interactive Network Connection (LINC) website for training and job aids: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do
· The Guaranteed Underwriting System (GUS): https://www.eauth.usda.gov/MainPages/index.aspx
· Underwriting and Loan Closing Documentation Matrix: http://www.rurdev.usda.gov/SupportDocuments/PR_UW_Loan_Closing_Matrix_Do…
· Rural Development Administrative Notices (ANs), which are RHD’s updates to their guidelines: http://www.rurdev.usda.gov/rd-an_list.html
The GRH program is similar to a mortgage insurance program. The borrower may purchase a home at 100% LTV based on the appraised value on a 30 year fixed rate loan. The one time, upfront guarantee fee can be added to the loan as well. As a result, the total LTV on GRH loans is often between 100% – 103%. In addition to this upfront fee, the borrower will have monthly insurance premiums that are added to their qualifying housing expenses.
2014 Income Limits for Kentucky USDA’s Single Family Guaranteed Loan Program
100% Financing in Kentucky for Home Loans
The 2014 Income Limits for Kentucky USDA’s Single Family Guaranteed Loan Program were recently published. The good news is that the majority of all areas either increased or stayed the same.
Click Here to view the updated Kentucky Rural Housing USDA Income Limits for 2014 in your area.
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Joel Lobb Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com
Kentucky property eligibility map for USDA and rural development , property eligibility, maps, rhs, usda, rural development, rural housing,
Credit Scores Needed to qualify for a Ky Mortgage
Credit Scores Needed to qualify for a Ky Mortgage.
INCOME ELIGIBILITY FOR KENTUCKY USDA LOANS AND RURAL HOUSING DEVELOPMENT RHS
INCOME ELIGIBILITY
• For the Guaranteed Loan Program, the borrower’s adjusted income may not exceed 115% of the U.S. median income
• An income calculator is available on the Rural Development Web site at
http://eligibility.sc.egov.usda.gov. From the home page, click “Single Family Housing” under “Income Eligibility.”
• The following are included in annual income to qualify for an RHS guaranteed loan:
− Gross amount of wages, salaries, overtime pay, commissions, fees, tips, bonuses and other compensation for personal services of all adult members of the household
− Net income from the operation of a farm, business or profession, interest, dividends and other net income of any kind from real or personal property
− Payments from social security, annuities, insurance policies, pensions, unemployment, workers compensation, alimony and/or child support and other types of periodic receipts.
− All regular pay, special pay and allowances of a member of the armed forces who is the
borrower or spouse whether or not that family member lives in the unit
− All rental income, regardless if using to qualify, must always be considered when calculating total household income for program eligibility as follows:
• The following sources are not included in annual income but will be considered in determining the ability to repay the loan:
− Income from minors
− Food stamp allotment
− Payments from foster care
− Irregular cash gifts
− Lump sum additions, such as capital gains, etc.
− Medical reimbursements
− Educational benefits
− Hazardous duty pay for military person exposed to hostile fire Note: Not every situation can be thoroughly addressed and this sellers guide is not all-encompassing. At
underwriter discretion, additional documentation may be required on any loan.
USDA Guidelines
− Income exempted by Federal Statute (details noted in 1980-D Exhibit F). Adjustments to reduce
annual income include $480.00 for each minor child, full time student or a disabled member of
the family. $400.00 may be deducted from annual income for each family member over 62
years of age. An additional deduction may be calculated for certain expenses when added
together exceed 3% of gross annual income
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
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