Tag: usda kentucky

Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.


Updated HB-1-3555, Chapter 11, Ratio Analysis

The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce revisions to technical HB-1-3555, Chapter 11, Ratio Analysis. An advance copy of the proposed changes was made available on July 20, 2021.  These changes became effective upon the recent issuance of a Procedure Notice (PN).  Below are the highlighted revisions:

Chapter 11- Ratio Analysis

11.2 B. The Total Debt Ratio:

  • Student Loans: Removed the phrase “the greater of” from Non-Fixed payment loans and added guidance regarding “when the payment is above zero” and “when the payment is zero”.
  • Revolving accounts: “with no outstanding balance” are not required to be closed.
  • Mortgages: Rental Property – Eliminated language regarding omission of mortgage debt.  Guidance for entry of rental income in GUS is provided in the GUS Lender User Guide under Section 4.1.4.1.1, Retained Investment Properties.
  • Added: Debt management plans:
    • Include the monthly payment amount due from the counseling plan.
    • Refer to Chapter 10 for guidance on credit exception and documentation requirements.

11.3 DEBT RATIO WAIVERS AND COMPENSATING FACTORS

A. Purchase Transactions: Debt Ratio Waivers

  • GUS Refer, Refer with Caution, and manually underwritten loans without GUS assistance:
    • Added: “The lender must document eligible compensating factors to support a debt ratio waiver.”
    • Added: “all” of the following conditions are met to the first paragraph.
  • Debt Ratio Waiver Request and Agency Approval:
    • Added: “The issuance of the Conditional Commitment for a Loan Note Guarantee represents Agency approval of the ratio waiver.”

B. Refinance Transactions: Debt Ratio Waivers

  • Added a bullet:  GUS files that receive a GUS recommendation of Refer, Refer with Caution, or are not supported by GUS, require debt ratio waivers, and supporting documentation must be submitted to the Agency.
  • Added: “The issuance of the Conditional Commitment for a Loan Note Guarantee represents Agency approval of the ratio waiver”. 

11.7 OBLIGATIONS NOT INCLUDED IN DEBT-TO-INCOME RATIOS

  • Added: “unless a payment plan is in place” to the second bullet concerning Federal, state, and local taxes.

Joel Lobb
Mortgage Loan OfficerIndividual 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/

Kentucky USDA Rural Housing Guidelines for Home Insurance Deductibles and POA’S for 2017


USDA REVISIONS TO HB-1-3555
 
THE REASONS BELOW ARE THE ONLY ACCEPTABLE TIMES A POWER OF ATTORNEY WILL BE ALLOWED. BORROWER UNAVAILABILITY OR FOR CONVENIENCE WILL NO LONGER BE AN ACCEPTABLE REASON TO USE A POWER OF ATTORNEY ON KENTUCKY USDA LOANS FOR THE 502 GUARANTEE LOAN PROGRAM
 
Use of a Power of Attorney (POA):
A Power of Attorney (POA) may only be used when the Mortgagee verifies and documents that all of the following requirements have been satisfied:
  • For military personnel, a POA may only be used for one of the applications (initial or final), but not both:
    • when the service member is on overseas duty or on an unaccompanied tour;
    • when the Mortgagee is unable to obtain the absent Borrower’s signature on the application by mail or via fax;

And

    • where the attorney-in-fact has specific authority to encumber the Property and to obligate the Borrower. Acceptable evidence includes a durable POA specifically designed to survive incapacity and avoid the need for court proceedings.
  • For incapacitated Borrowers, a POA may only be used where:
    • a Borrower is incapacitated and unable to sign the mortgage application;
    •  the incapacitated individual will occupy the Property to be insured;

And

    • the attorney-in-fact has specific authority to encumber the Property and to obligate the Borrower. Acceptable evidence includes a durable POA specifically designed to survive incapacity and avoid the need for court proceedings.
Hazard Insurance Maximum Deductible:
On Kentucky USDA Rural Housing Loans effective now, they have clarified that the maximum deductible may not exceed the greater of $1,000 or 1% of the face amount of the policy similar to the policy for flood insurance deductibles.
 MRB Special Funding Program 


KHC has $5 million available at 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today, Wednesday, March 8, 2017, with new reservations. This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000) in a county not receiving HHF DAP funds*.
  • 640 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households who meet one of the following criteria:
    • At least one of the home buyers is age 62 or older.
    • At least one member of the household is disabled and receiving disability income.
    • A single-or two parent household with at least one dependent child under the age of 18 living in the household.


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
 

Labels: , , ,

List of Kentucky USDA Single Family Housing For Sale
Rows: 
5
10
25
50
100
All
Filter: 

Kentucky USDA Rural Housing Foreclosure Sale for 2017


92e6b340d7ddfc1129f96e36194cf580

 

**
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

usda1

Kentucky USDA Rural Development Guarantee Fee Increasing on October 2014


 

 

Kentucky Rural Housing USDA Loans will increase the annual guarantee fee from 0.4% to 0.5% of the unpaid principal balance for loans obligated on or after October 1, 2014. The upfront fee will remain at 2.0%.

— 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 

.