Tag: usda loans

Rural Housing Funds for Kentucky USDA Loans Now Available for 2017 and 2016 Mortgage Loans

updates
RHS Funding Now Available for Kentucky Rural Housing Mortgage Loans for 2017
Funding has now been authorized for RHS loans. Over the next two to three business days, USDA will be obligating all conditional commitments in their system. An updated Conditional Commitment will be issued for each loan removing the “contingent upon” language. Once Century has received this updated commitment, the loan will be eligible to close.

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:

  1. One full month’s or 30 days worth of pay stubs
  2. Last 2 years W-2′s
  3. Last 2 years tax returns
    4.  Last two months bank statements for all accounts including 401 k or retirement account  if you have one


_______________________________________________

 


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

 

http://www.mylouisvillekentuckymortgage.com

 

 

 

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Rural Development Kentucky Eligibility Maps Change 2015

 

Rural Development Kentucky Eligibility Maps Change on February 2, 2015
Barring Congressional action that extends current eligible areas, effective February 2, 2015, Rural Development will, with a few exceptions, implement the eligibility maps in accordance with the Agricultural Act of 2014, Pub. L. 113-79 (“Farm Bill”).  The changes will be those already published on the “Future Eligible Areas” maps posted on the

 

Kentucky Rural Housing 2015 Maps for Rural Development Housing Loans Eligibility Website.


In order to be subject to current eligibility maps, a “complete” loan guarantee request (application) must be received by the RHS, prior to February 2, 2015.  A “complete” loan guarantee request received by the RHS on or after February 2, 2015 will be subject to the new rural area designations/maps.

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky Rural Housing Update

Kentucky Rural Housing USDA Important Announcement

Kentucky USDA Rural Development Housing Zero Down
USDA Home Loans : 100% Financing Kentucky USDA Rural Development Housing Zero Down
Kentucky USDA Mortgage Loans
Kentucky Single Family Housing Guaranteed Loan Program

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We have been advised by Kentucky Rural Housing USDA that they WILL ACCEPT NO LOAN APPLICATIONS FROM THE CLOSE OF BUSINESS ON NOVEMBER 21, 2014 THROUGH THE START OF BUSINESS DECEMBER 1 2014.

Many  USDA offices currently have a significant backlog of cases to review and they will be unable to process  applications under two regulations simultaneously. For these reasons the agency determined that this was the most appropriate way to address the upcoming changes and reduce the backlog.
Another recent announcement from USDA identified that they have seen a large increase in applications  with missing information. This slows the file review process considerably. USDA has advised lenders that all incomplete files will be returned to the lender.

StartYourApp_button

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENTI

Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky

Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky.

via Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky.

2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY

– Eligible Rural  Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist
On March 26, 2013, the President signed “H.R.933 – Consolidated and Further
Continuing Appropriations Act, 2013” which provided funding through September 30,
2013. The Bill also extended the eligible rural areas that were in effect as of September
30, 2012 until September 30, 2013 for Kentucky Rural Housing Service (RHS) housing programs.
Barring any Congressional action, implementation of the 2010 Census Data is on
schedule for October 1, 2013, which will modify the eligible rural areas for the Kentucky USDA Rural Development loan  RHS
housing programs.

 

The future eligibility maps can be viewed on the Kentucky USDA Eligibility
web site at: http://eligibility.sc.egov.usda.gov. Due to these changes, some of the areas
that were previously eligible for Kentucky USDA financing will no longer qualify for the
program.

 
This change will significantly affect the processing and underwriting of USDA loans.
The national USDA office has advised that a complete loan guarantee request received by
the USDA office on or before September 30, 2013, will not be subject to the new rural
area designations that will take place on October 1, 2013. Applications received by close
of business on September 30, 2013 and processed on, or after, October 1, 2013, due to
state loan processing times will be subject to the newly designated rural areas if the
application is incomplete.

502 905 3708
We t will make every effort to get your Rural Development loan packages
submitted to the appropriate USDA office prior to the deadline. However, we urge you
to review the new data to determine what the impact is in your area. For those areas that
will not be eligible after October 1, you must get the complete loan packages in to
early so that the conditions can be cleared and the loans submitted to USDA
prior to the deadline

 

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Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011

Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011.

via Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011.

Ky Rural Housing and USDA Loans Guidelines

Ky Rural Housing and USDA Loans Guidelines

USDA/Rural Housing 0 Down

Kentucky Single Family Housing Guaranteed Loan Program

Kentucky Single Family Housing Guaranteed Loan Program 
– 25 Frequently Asked Questions

25 Questions and  Answers

1 What is the guarantee?
USDA Rural Development provides the full faith and assurance of the U.S Government
that any financial loss resulting from servicing the loan will be reimbursed in full up to
an amount not exceeding 90% of the original loan amount. All loss up to an amount not
exceeding 35% of the original loan is fully reimbursed. Losses exceeding 35% are 85%
reimbursed.
2 What is the advantage to the customer?
100 percent financing, fixed interest rate, no MIP/PMI, and no restrictions on size or
design are just a few of the advantages.
3 What are the eligibility requirements?
Have adequate and dependable income (up to 115 percent of adjusted area median
income), have acceptable credit, do not own a dwelling in the local commuting area, US
Citizen or permanent resident, have the ability to personally occupy the home on a
permanent basis, and do not have funds for a 20% down payment loan plus closing and
moving expenses.
4 Can a Broker originate Guaranteed loans? Yes, however only Approved lenders may underwrite & submit loans.
5 How long does it take to get an answer?
Our goal is a 2 to 5 day turnaround. Time will be longer in some offices due to the large
number of guarantee requests received.
6 What is the maximum fixed Interest Rate  and term?
Fannie Mae 90 day delivery rate plus 60 basis points rounded up to nearest quarter of
one percent Or no more than the Lender’s published VA rate for first mortgage loans
with no discount points. The term is 30 years.
7 What is the maximum loan amount? The Loan amount is limited by the market value and repayment ability.
8 What is the maximum Loan to ValueIt can be up to 100% LTV plus the Agency guarantee fee.
9 What is the Guarantee Fee? The guarantee fee is 3.5 percent of the “Total” loan amount.
10 What are the qualifying ratios? PITI Ratio 29 percent, TD Ratio 41 percent.
Higher ratios may be approved with compensating factors.
11 Do we show deferred student loans in the debt ratio?
Deferred student loans should be included in the debt ratio calculations for Guaranteed
Loans regardless of the deferment period.
12 What is the minimum credit score?
Under certain criteria, credit score 640 and above no comment required.
For credit score 639 and below document circumstances were temporary in nature
beyond the applicants control and have been removed. In most cases, loans will not be
guaranteed for applicants who have a middle credit score of 580 & below.
13 What about location? The dwelling must be located in eligible rural area (See eligibility site)
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
14 What about refinancing? Limited to existing USDA Rural Development guaranteed or direct loans.
15 Can loans include acreage?
Possibly. The acreage must not contain any income producing facilities and the value of
acreage may not exceed 30% of the total property value.
16 Can Manufactured Homes be financed? Yes, however they must be new and sold by an approved dealer contractor.
17 What about an in-ground swimming pool? Waivers may be granted (on a case by case basis)
18 What are the required inspections?
Property must meet HUD Handbook 4905.1 & 4150.2 or similar standard. A FHA
roster appraiser can verify adequacy/working order of electrical, plumbing, heating,
water & waste disposal on existing dwellings.
19 Will USDA Rural Development issue a letter asking the Approved Lender to make
a loan? No. This is the Approved Lender‟s loan. They underwrite the loan and decide if it meets
their standards and Agency standards before submitting.
20 Is homebuyer education required? Homebuyer education is not required, however it is recommended.
21 Are seller concessions allowed? Yes. Rural Development does not restrict the amount of seller concessions.
22 Who approves the Appraiser? The appraiser must be licensed by the State to complete appraisals.
23 Can necessary repairs be included in loan? Yes. An „as improved‟ appraisal will be needed to include cost of repairs.
24 Are alternate verifying income documents allowed?
Yes. Paycheck stubs, payroll earnings statements and W-2 tax forms for previous 2 tax
years, and telephone verification of employment.
25 Who buys Guaranteed Housing Loans? JP Morgan , FHLB, Fannie Mae, Ginnie Mae, and other

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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Kentucky USDA and Rural Housing Underwriting Update for November 2012

Kentucky USDA and Rural Housing Underwriting Update for November 2012

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. 

1)  Kentucky USDA loans and rural housing underwriting  is tightening up!  You are going to see us asking for more to make sure we have it to respond to USDA when they ask for it.  We don’t want to be caught shorthanded on these deals and be stuck waiting to get them closed (neither do you!) so to be reactive to the changes with USDA, you will find that we are conditioning for more than we used to.  To help us be on the ball with your USDA loans, be sure to include the following:

1)  30 days most recent paystubs showing a YTD amount

2)  VOE’s if the borrower is NOT employed in the same position for more than 2 years or the borrower has OT, Bonus or commission income.  We will recommend Written VOE’s   for the purpose of showing the borrower is in the same line of work!

3)  Assets – if your 1003 shows bank information and asset information then you must provide the most recent 2 statements to prove this information

4)  Collections & open judgments must show on your liabilities.  Please provide an LOX for all Derogatory credit  this LOX should show that the circumstances were temporary in  nature, beyond the applicant’s control and resolved to the best of their ability

5)  VOR‘s are required for all USDA loans.  USDA has been consistently requesting this information in the past 30 days.  For files above 640, a VOR will suffice.  For files under 640,     we will require 12 months cancelled checks.  If a VOR is not available due to the borrower living with family,  an LOX will be needed

6)  Paystubs for all income in the household regardless if they are on the loan or not. Must be most recent and 30 days worth to help determine actual income

7)  Garnishments or child support shown and if paying it we will require the court order. If receiving it, we need a 12 month history of receipt and court order

8)  W-2’s for the past 2 years for ALL jobs

9)  Tax returns if self employed or unreimbursed expenses are shown

10)  YTD P&L if self employed prepared by tax preparer and signed by borrower.

11)  1980-21 signed by borrowers

12)  Fully executed purchase contract

Remember – we cannot send a file to RD without an appraisal!!!  The appraisal must state that the property meets HUD Handbooks 4150.2 and 4905.1.

2)  Turn times for USDA in several states are extreme.  We understand your frustration with the delays and want to express to you that we are watching diligently for return commitments to push your files to closing.  If you could review your USDA loans with us and insure that all conditions are met….except for the CC…we can expedite these files ASAP when the commitment comes in.  If your file has been with us for over 30 days, please update the paystubs as ours will have expired!!!

Thank you for your attention and please let me know if you need me!

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*