Kentucky Rural Housing Mortgage Loans Require No Money Down.
via Kentucky Rural Housing Mortgage Loans Require No Money Down.
Tag: zero down kentucky home loan
With USDA Housing Programs, 3.4 Million Rural Homebuyers Own Their Future
With USDA Housing Programs, 3.4 Million Rural Homebuyers Own Their Future.
RHS Guarantee Fee Change
Beginning October 1st, RHS Guarantee fees will be changing as indicated in the following table:
Up-Front Guarantee Fee FY 2012 Through 9/30/2012 FY 2013 Effective 10/01/ 2012
Purchase Transactions (no change)
2%
2% Refinance Transactions 1.5% 2%
Annual Fee FY 2012 Through 9/30/2012 FY 2013 Effective 10/01/2012
Purchase Transactions
.30%
.40% Refinance Transactions .30% .40%
This is effective for all RHS loans which receive conditional commitments on or after October 1st, 2012 regardless of when the loan was submitted.
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
Kentucky USDA Loans | Rural Housing Loans Kentucky
Groups Oppose Rural Development Cuts
Groups Oppose Rural Development Cuts.
Chairman of the House Appropriations Committee, Rep. Hal Rogers (R-KY), have voiced similar concerns about the president’s budget. At a committee hearing earlier this month, Rogers claimed the proposed reductions demonstrate USDA’s “lack of respect for our rural communities and the constituents who have made these programs successful.”
Rogers cited NRHC members Kentucky Highlands Investment Corporation, Frontier Housing and the Federation of Appalachian Housing Enterprises (FAHE) as effective and successful organizations that have used USDA’s Self-Help Housing and Section 502 Direct Loan programs to help low-income, working families become homeowners.
Chairman Rogers voiced concern about how the president’s proposed cuts would affect families who benefit from these programs. For example, Rogers highlighted the story of a woman who had been the victim of extreme domestic abuse who called Kentucky Highlands hoping to find a home for herself and her young daughter. With some financial counseling and guidance from Kentucky Highlands, she was approved for a $66,000 Section 502 Direct Loan. And with the Self-Help Housing program, she was able to build her own home for about $35,000 less than it would have cost to hire a contractor. That means that today, she is living in a home that she can afford that she built with her own hands.
USDA has reported that this program has helped the agency save $1.5 million to date. “Because of this demonstration program, one of my constituents and his family were able to secure a 502 Direct Loan in half the time it normally takes for USDA to process the loans themselves. And because of that loan, he now lives in a new, energy-efficient, green home in Rowan County (Kentucky),” commented Rogers.
Section 502 Direct Homeownership Loans provide fixed-rate mortgages – with up to 38-year terms and subsidized interest rates as low as just one percent – to help low-income rural families gain access to clean, decent and affordable housing.
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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.
Kentucky USDA Mortgage Lender for Rural Housing Loans 