Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011.
via Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011.
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 NMLS# 57916 Joel Lobb Loan Originator, American Mortgage Solutions NMLS ID. 1364 Equal Housing Lender
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!