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.

*Counties (Christian, Hardin, Jefferson and Kenton) that have received Hardest Hit Funds (HHF) Down payment Assistance (DAP) funds are ineligible for MRB Special Funding.

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

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.

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

KENTUCKY RURAL HOUSING CHANGES TO ANNUAL USDA GUARANTEE FEE STRUCTURE

ANNUAL GUARANTEE FEE

THROUGH 9/30/2014

EFFECTIVE 10/1/14

Purchase Transactions

.40%

.50%

Refinance Transactions

.40%

.50%

The new fee structure is applicable to all Conditional Commitments issued by Kentucky Rural Development Loans on or after October 1, 2014.

Loan guarantee requests submitted to Rural Development (RD) on which a conditional commitment has not been issued by September 30, 2014, will be subject to the 2014 annual guarantee fee structure.

There is no exception to the new annual guarantee fee structure regardless of the date the file was submitted/received by RD . Inc. If the Conditional Commitment has not been issued before October 1, 2014, the file will need to be revised to reflect the correct fees and this will require re-disclosure, re-underwriting and resubmission to RD.

The Guarantee Fee change will take effect 10/1/2014.

—

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

kentuckyloan@gmail.com

Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com/

CONFIDENTI

RHS increase in Annual Fee for Kentuky Rural Development Loans October 1, 2014

RHS Increase in Annual Fee for Rural Housing Mortgage Loans in Kentucky

On Wednesday, October 1, 2014, the annual fee for both purchase and refinance loans will increase from .4 percent to .5 percent. The Guaranteed Underwriting System (GUS) has been updated to allow lenders to select and underwrite at either the .4 percent or .5 percent annual fee structure. Lenders should communicate with Rural Development (RD) offices to understand current processing time-frames.

GUS “Final Submissions” with an annual fee of .4 percent, that areissued a conditional commitment by RD prior to the close of business on Tuesday, September 30, 2014, will not be affected by the annual fee change. Those submissions that are not issued a conditional commitment by RD prior to the close of business on Tuesday, September 30, will be affected by the annual fee change.

Lenders must underwrite the loan using an annual fee of .5 percent and resubmit the application to RD in GUS.

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

kentuckyloan@gmail.com

Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com/

How do you qualify for a USDA Mortgage if you are self-employed?

USDA Home Loans for the Self-Employed

Kentucky USDA Rural Housing Mortgage Loans

Looking for a home loan when you are self-employed can be a bit challenging but a USDA loan may be a great option. Many banks and lenders shy away from this type of loan due to the complex nature and experience that it requires. These scenarios can be complicated but with proper analysis and documentation the outcome can be successful. This short video will explain how to qualify for a USDA home loan if you are self-employed.

via How do you qualify for a USDA Mortgage if you are self-employed?.

Who are considered self-employed when applying for a USDA loan?

• 1099 Contractors are considered self-employed
• W2 Employees who are 100% commissioned
• Converting from a self-employed to a W2 employee can be acceptable

What are the USDA guidelines for the self-employed?

Minimum guidelines require that a self-employed borrower must have 2 years of self-employment history. Common documents that will be needed for verification purposes include articles of incorporation when applicable and at least 2 years of both business and personal tax returns. Also, keep in mind your tax returns should include all pages and schedules. If you filed an extension, make sure to have the signed extension available for underwriting.

Tax return documentation includes but not limited to:

• Business tax returns for corporations
• Schedule C for sole proprietors
• Partnership details if applicable
• Signed extensions when necessary
• Year to Date Profit & Loss Statement
• Year to Date Balance Sheet

What are the USDA home loan income limits for the self-employed?

As with all USDA home loans, income limits will apply and qualifying income for a USDA home loan for the self-employed is based on your adjusted income. The adjusted income is calculated after expenses are deducted. Your qualifying income is not based on gross commissions or your total sales. When following USDA guidelines for self-employment, alternative income documentation such as bank statements showing deposits are not acceptable. Read more about the USDA eligibility requirements for the self-employed.

We realize that qualifying when you are self-employed may seem overwhelming, but we offer the unique experience and expertise to help with each step of the process.

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

kentuckyloan@gmail.com

Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com

Rural Housing Mortgage Loans in Kentucky

What Are USDA Loans? (louisvillekentuckymortgagerates.com)
Kentucky USDA Rural Development Mortgage (kentuckyusdaloan.com)
Kentucky VA Loan Guidelines (trulia.com)
New lower minimum credit score requirements for our Kentucky Conforming Government and USDA programs (trulia.com)
Compensating Factors to Overturn a Mortgage Denial on a Kentucky Fha and Usda Mortgage Loan: (mylouisvillekentuckymortgage.com)

Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines

: 502-905-3708-Free Same Day Loan Approvals–

Kentucky Mortgage USDA Loan Requirements

What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:

Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 640 or above is required for all loans
Your overall pattern rather than to individual problems you may have had.

To be eligible for an Kentucky USDA Mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 640 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at below Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentuck USDA Loan application

What are the USDA Down Payment Requirements?
USDA Mortgages have no down payment requirement. Other loan programs don’t allow this.

What types of property are eligible?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

What is the maximum amount that I can borrow?
The maximum amount for an Kentucky USDA Mortgage Loans are determined by:

Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.

What kinds of loans does USDA offer?

Fixed rate loans – All Rural Housing and USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.

What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.

Kentucky USDA Loans

What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison,

What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Homeo Loans available in Kentucky for single family households:

USDA Guaranteed Rural Housing Loans
USDA Guaranteed Kentucky USDA Mortgage are the most common type of USDA loanin Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans approval . You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Kentucky USDA Mortgageamount is 102% of the appraised value of the home (100% plus the 2% USDA Kentucky USDA Mortgage RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?
USDA Kentucky USDA Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?
While USDA mortgage guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
Additional offers from other lenders.

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA

Kentucky USDA Loan Adjusted Maximum Income Limits by County\\\\\\\\\

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

County Name		1-4 Person Households (Guaranteed Loans)	5-8 Person Households (Guaranteed Loans)
NON-METRO	ADAIR	$73,600	$97,150
NON-METRO	ALLEN	$73,600	$97,150
FRANKFORT, KY (MICRO)	ANDERSON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	BALLARD	$73,600	$97,150
GLASGOW, KY (MICRO)	BARREN	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	BATH	$73,600	$97,150
MIDDLESBOROUGH, KY (MICRO)	BELL	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BOONE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	BOURBON	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	BOYD	$73,600	$97,150
DANVILLE, KY (MICRO)	BOYLE	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BRACKEN	$73,600	$97,150
NON-METRO	BREATHITT	$73,600	$97,150
NON-METRO	BRECKINRIDGE	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	BULLITT	$73,600	$97,150
NON-METRO	BUTLER	$73,600	$97,150
NON-METRO	CALDWELL	$73,600	$97,150
MURRAY, KY (MICRO)	CALLOWAY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	CAMPBELL	$73,600	$97,150
NON-METRO	CARLISLE	$73,600	$97,150
NON-METRO	CARROLL	$73,600	$97,150
NON-METRO	CARTER	$73,600	$97,150
NON-METRO	CASEY	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	CHRISTIAN	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	CLARK	$73,600	$97,150
NON-METRO	CLAY	$73,600	$97,150
NON-METRO	CLINTON	$73,600	$97,150
NON-METRO	CRITTENDEN	$73,600	$97,150
NON-METRO	CUMBERLAND	$73,600	$97,150
OWENSBORO, KY (MSA)	DAVIESS	$73,600	$97,150
BOWLING GREEN, KY (MSA)	EDMONSON	$73,600	$97,150
NON-METRO	ELLIOTT	$73,600	$97,150
NON-METRO	ESTILL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	FAYETTE	$73,600	$97,150
NON-METRO	FLEMING	$73,600	$97,150
NON-METRO	FLOYD	$73,600	$97,150
FRANKFORT, KY (MICRO)	FRANKLIN	$73,600	$97,150
UNION CITY, TN-KY (MICRO)	FULTON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GALLATIN	$73,600	$97,150
NON-METRO	GARRARD	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GRANT	$73,600	$97,150
MAYFIELD, KY (MICRO)	GRAVES	$73,600	$97,150
NON-METRO	GRAYSON	$73,600	$97,150
NON-METRO	GREEN	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	GREENUP	$73,600	$97,150
OWENSBORO, KY (MSA)	HANCOCK	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	HARDIN	$73,600	$97,150
NON-METRO	HARLAN	$73,600	$97,150
NON-METRO	HARRISON	$73,600	$97,150
NON-METRO	HART	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	HENDERSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	HENRY	$73,600	$97,150
NON-METRO	HICKMAN	$73,600	$97,150
MADISONVILLE, KY (MICRO)	HOPKINS	$73,600	$97,150
NON-METRO	JACKSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	JEFFERSON	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	JESSAMINE	$73,600	$97,150
NON-METRO	JOHNSON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	KENTON	$73,600	$97,150
NON-METRO	KNOTT	$73,600	$97,150
NON-METRO	KNOX	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	LARUE	$73,600	$97,150
LONDON, KY (MICRO)	LAUREL	$73,600	$97,150
NON-METRO	LAWRENCE	$73,600	$97,150
NON-METRO	LEE	$73,600	$97,150
NON-METRO	LESLIE	$73,600	$97,150
NON-METRO	LETCHER	$73,600	$97,150
MAYSVILLE, KY (MICRO)	LEWIS	$73,600	$97,150
DANVILLE, KY (MICRO)	LINCOLN	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	LIVINGSTON	$73,600	$97,150
NON-METRO	LOGAN	$73,600	$97,150
NON-METRO	LYON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	MADISON	$73,600	$97,150
NON-METRO	MAGOFFIN	$73,600	$97,150
NON-METRO	MARION	$73,600	$97,150
NON-METRO	MARSHALL	$73,600	$97,150
NON-METRO	MARTIN	$73,600	$97,150
MAYSVILLE, KY (MICRO)	MASON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	MCCRACKEN	$73,600	$97,150
NON-METRO	MCCREARY	$73,600	$97,150
OWENSBORO, KY (MSA)	MCLEAN	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	MEADE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MENIFEE	$73,600	$97,150
NON-METRO	MERCER	$73,600	$97,150
GLASGOW, KY (MICRO)	METCALFE	$73,600	$97,150
NON-METRO	MONROE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MONTGOMERY	$73,600	$97,150
NON-METRO	MORGAN	$73,600	$97,150
CENTRAL CITY, KY (MICRO)	MUHLENBERG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	NELSON	$73,600	$97,150
NON-METRO	NICHOLAS	$73,600	$97,150
NON-METRO	OHIO	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	OLDHAM	$73,600	$97,150
NON-METRO	OWEN	$73,600	$97,150
NON-METRO	OWSLEY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	PENDLETON	$73,600	$97,150
NON-METRO	PERRY	$73,600	$97,150
NON-METRO	PIKE	$73,600	$97,150
NON-METRO	POWELL	$73,600	$97,150
SOMERSET, KY (MICRO)	PULASKI	$73,600	$97,150
NON-METRO	ROBERTSON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	ROCKCASTLE	$73,600	$97,150
NON-METRO	ROWAN	$73,600	$97,150
NON-METRO	RUSSELL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	SCOTT	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SHELBY	$73,600	$97,150
NON-METRO	SIMPSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SPENCER	$73,600	$97,150
CAMPBELLSVILLE, KY (MICRO)	TAYLOR	$73,600	$97,150
NON-METRO	TODD	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	TRIGG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	TRIMBLE	$73,600	$97,150
NON-METRO	UNION	$73,600	$97,150
BOWLING GREEN, KY (MSA)	WARREN	$73,600	$97,150
NON-METRO	WASHINGTON	$73,600	$97,150
NON-METRO	WAYNE	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	WEBSTER	$73,600	$97,150
CORBIN, KY (MICRO)	WHITLEY	$73,600	$97,150
NON-METRO	WOLFE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	WOODFORD	$73,600	$97,150

Why choose a USDA Mortgage?

The loans require no down payment.
There are no prepayment penalties for USDA Kentucky USDA Mortgage Rural Home Loans
A USDA Kentucky USDA Mortgage Rural Housing has no monthly mortgage insurance.
A USDA Kentucky USDA Mortgage Rural Housing is available all rural areas of the country, provided a market exists for the property and the home meets HUD’s minimum property standards.
A USDA Kentucky USDA Mortgage Rural Housing Loan can be used to purchase a new or existing one family home in rural areas.
USDA RD LOANS are offered at terms of 30 years with a fixed interest rate.

USDA Loan FAQ’s

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

What is the Maximum LTV for a USDA Loan?
The maximum USDA rural loan LTV can be up to 100% LTV plus the Agency guarantee fee.

Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs for a Kentucky USDA Mortgage

What is a USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA 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. Any loss amount exceeding the 35% is 85% reimbursed. This leaves the lender only 15% exposed on the loss amount above the 35% of original loan. In the majority of cases, the total loss does not exceed 35% of the original loan and the lenders are fully reimbursed. This guarantee provides lenders an expanded level of protection against losses. The quality of this guarantee allows lenders to easily sell the loans on the secondary market.

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

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The Kentucky Guaranteed Rural Housing (GRH) Loan Program (kentuckyusdaloan.com)
KHC Mortgage Interest Rates (kentuckyfirsttimehomebuyer.com)
Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines (kentuckyusdaloan.com)
Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines (kentuckyusdaloan.com)
Section 502 USDA Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky Mortgages (kentuckyusdaloan.com)
Kentucky USDA Rural Development Mortgage (kentuckyusdaloan.com)
Louisville Ky FHA Mortgage Loans (kentuckyfirsttimehomebuyer.com)
What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage (louisvillekymortgage.net)
Obama: Kentucky FHA Premiums Lowered for Refis (louisvillekymortgage.net)
Kentucky Rural Housing USDA Guidelines 2011 (kentuckyusdaloan.com)
Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA (louisvillekymortgage.net)
Louisville Kentucky mortgage rates (kentuckyvaloan.com)
Louisville Kentucky Mortgage Programs 2011 (louisvillemortgageguide.com)
2012 USDA Rural housing loan program Refinance for Kentucky (kentuckyusdaloan.com)
Louisville Kentucky mortgage rates (kentuckyusdaloan.com)

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.

I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally, as opposed to banks that will offer you their one set of loan products. I work for you not the bank. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank’s program due to credit, income, or other underwriting issues.

You will not get lost in the shuffle like most borrowers do at the mega banks; you’re just not a number at our company, you are a person and we will treat you like one throughout the entire process.

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

Customer Testimonials

We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.

Angela Forsythe

“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016

Monica Leinhardt

“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definetly recommmend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin

“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010

Tim Beck

“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010

Nancy Nalley

“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012

Jon Clark

“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011

RICHARD VOLZ , Residential Sales , Remax Foursquare Realty

“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010

Stacie Drake

“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”

Melody Glasscock March 2014

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn’t expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.

Cee Bellisle August 2017

Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.

Anderson Johnson April, 2018

We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!

Patty Kingston July 2018

PRIVACY POLICY
“Site” refers to this Internet web site ) and its related services. “You” or “User” refers to a registered user of this Site. “American Mortgage Solutions.” or “We” refers to American Mortgage Solutions..
This Site contains links to other sites.
American Mortgage Solutions. is not responsible for the privacy practices of the content of any other Web sites to which We link or to which We are linked. We encourage You to read the posted privacy statement whenever interacting with any web site.
The Work Space.
This area of the Site is for the benefit of Users. The private and shared Work Space areas of the Site help to facilitate communication and the exchange and sharing of information. The information contained in private work spaces shared between Users and American Mortgage Solutions. is not used for any purposes other than to facilitate communication and the exchange of information between the parties involved.

Information We Gather.

Registration.
If You register to use or provide services using American Mortgage Solutions., we may collect and store information that specifically identifies You or your account (“Personally Identifiable Information”). The required information may include your User ID, password, first name, last name, business name, address, city, state, zip/postal code, phone, fax, email and web site address. We may, in the future, include other optional requests for information from You, to help us to tailor the Site for You and deliver personalized information to You.

Online Surveys and Contests.
American Mortgage Solutions. may conduct online user surveys to collect information about our Users preferences. These surveys are optional and if You choose to respond, your responses will be kept anonymous. Similarly, we offer contests to qualifying Users in which we ask for contact and demographic information such as name, email address and mailing address.

Automatically Gathered Information.
American Mortgage Solutions. automatically collects your browser type and browser software version to tailor the presentation of the services to your platform and to maintain a record of your activity on the Site. American Mortgage Solutions. may also use cookies to enable users to specify unique preferences and to track user trends and patterns. Users always have the option of disabling cookies via their browser preferences. If You disable cookies on your browser, please note that some parts of our Site may not function as effectively or may be considerably slower. As an automatic process, our web server software records a log file of IP addresses that access the Site. We also collect IP address information but do not ordinarily link IP addresses to Users Personally Identifiable Information. However, We can and will use IP addresses to identify a User when We, in our sole discretion, determine that it is necessary to enforce compliance with our Terms and Conditions of Use or to protect our service, Site, customers or others.

Your Public Profile.
As part of registration, You may be required to provide contact information such as name, address, city, state, zip, phone, fax and email address, some of which can be displayed to other users of our service in an effort to simplify communication between members.

How We Use Information.

Registration Information.
We use Personally Identifiable Information for our own internal purposes including contacting You via email to inform You about updates to our services and providing You with other information that we deem necessary. We reserve the right to disclose your information as required by law. We do not rent or sell our Users Personally Identifiable Information to third parties.

Advertising.
At this time we do not display banner advertising on our site, but we may send You email communications including information that we think may be of interest to You. You may opt out of receiving these promotional email communications, either when You register to become a Member, or at any time thereafter by contacting us.

Demographic Information, Surveys and Contests.
The demographic information that American Mortgage Solutions. collects in the registration process and through online surveys may be used to help us improve our services to meet the needs and preferences of our Users. This may include targeting advertising to You about our services. Information we gather through a contest may also be disclosed to third parties as necessary for prize fulfillment and other aspects of any contest or similar offering.

Comments Submitted by Users.
American Mortgage Solutions. constantly seeks to improve the quality of the services We provide and the User experience on the Site. We value your input and encourage You to help us expand and make improvements to the Site by providing Us with any thoughts or comments You might have regarding our services or the operation of the Site. You can submit any comments by contacting us. If You provide this information, we will only use it to acknowledge or respond to your comments. In certain circumstances, we may ask for your permission to post your comments in marketing or promotional materials.

Security.
We will use commercially reasonable methods to keep Personally Identifiable Information securely in our files and systems. Please note that with current technology, we cannot guarantee the security of your data as it travels over the Internet.

How We Respond To Browser Do Not Track Requests
American Mortgage Solutions. and other parties not affiliated with us may collect Personally Identifiable Information about your online activities over time and across different websites when you use our website or the services offered on our website. Industry standards regarding how to handle “Do Not Track” requests from web browsers are still evolving and there is currently no set of industry standards for handling such requests. As such we may not separately respond to or take any action with respect to a “do not track” configuration set in your internet browser. At this time, we do not have any protocol in place that allows you to opt-out of internet tracking. If you have any questions regarding our internet tracking methods please contact us.
Terminating Your Membership.
We save your Personally Identifiable Information until your membership with us is terminated. To terminate your membership, contact us. If You terminate your membership, your Personally Identifiable Information cannot be recovered. You may continue to receive email communications for a short period of time until we have updated all of our databases. After termination of your membership, your Personally Identifiable Information may remain on our archived database and records for a reasonable time as residual information. We will not use this residual information. Notwithstanding the above, we will maintain information on Users who have been removed for violating our Membership Agreement.

Correcting/Updating Your Information.
To correct and/or update your information, please contact us.

Contacting Us.
If You have any questions about this Privacy Agreement or the practices of this Site, you may contact us at:
American Mortgage Solutions.
Customer Service
10602 Timberwood Circle, Suite 3
Louisville, Kentucky 40223
502-905-3708

Website Fine Print
The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of his employer.

Joel Lobb or his employer assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916.
Legal Disclaimer

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

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