USDA Guaranteed Rural Housing Loans


Source: USDA Guaranteed Rural Housing Loans

 

 

Kentucky USDA Loans | Rural Housing Loans Kentucky

by Louisville Kentucky Mortgage

Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

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Kentucky USDA Guaranteed Rural Housing Loans are one of the only “no money down” options available to home buyers today. USDA loans aren’t just in the country. Many other areas fall within the Kentucky USDA Rural Housing designated areas, so opportunities may be closer than you think. To view eligible rural areas near you, CLICK HERE to access the USDA lookup tool on their website.
This program is very attractive to low-to-moderate income buyers:
  • Zero percent down
  • CLTV up to 102.04%
  • 6% seller contributions allowed
  • Credit scores as low as 620
  • No reserves required

 

 

Rural Development Kentucky Eligibility Maps Change 2015


Rural Development Kentucky Eligibility Maps Change 2015.

 

 

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,


How long does it take after a Bankruptcy, foreclosure or short-sale to get approved for A Kentucky VA, USDA, Rural Housing, FHA, and Conventional Mortgage loan in 2014?

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,
Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

 

 

Kentucky Mortgage Loan Program Chapter 7 Bankruptcy
Conventional
(Determined by date of application)
  • 4 years from date bankruptcy was completed
  • 2 years from date bankruptcy was completed*
KENTUCKY FHA MORTGAGE
(Determined by date of credit approval)
  • 2 years from completion date
  • Less than 2 years, but no less than 12 months the date bankruptcy was completed*
KENTUCKY VA MORTGAGE
(Determined by date of credit approval)
  • 2 years from date bankruptcy was completed
  • Between 12-23 months from the date bankruptcy was completed*
KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
  • 3 years from date bankruptcy was completed
  • Less than 3 years from date bankruptcy was completed*

 

 

 

 

 

 

 
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

 

Credit Score Requirements for Kentucky Mortgage USDA Zero Down Home Loans


Kentucky USDA Rural Development Housing Zero Down

Refinances can have 0 x 30 mortgage lates in the last six months. Previously 0 x 30 in last 12 month 

Language has been added for minimum of three tradelines (non-traditional credit may be used)

At least one applicant whose income and assets are used for qualification purposes must have 3 trade lines for 12 months (the trade lines can be open/closed/disputed/authorized use). GUS “Accept” recommendations that cannot meet these guidelines must be downgraded to “Refer”. In the case a loan has been downgraded , non-traditional credit is allowed

USDA guidelines for Bankruptcy of 36 months.  Shorter periods may be allowed if documented extenuating circumstances.

Credit reports cannot be more than 120 days old when the loan is closed. This rule now applies to new construction as well.
• If the collection balance is equal to $2,000 or greater, the underwriter must; require payment in full or verify payment arrangement with creditor and include monthly payment in ratios, or utilize 5% of each loan balance in debt ratios.
• If the collection balance is less than $2,000, the underwriter determines if payment in full is required, underwriter must document the decision. Applicants that demonstrate poor repayment of obligations should not be granted underwriting exceptions.
• Medical collections do not have to be paid.
• Federal judgments must be paid no exceptions allowed. Non-federal judgments may remain open IF there is evidence of repayment for 3 months prior to loan application. Prepayment for the 3 months is NOT allowed.
• When determining student loan payments, include the greater of 1% of the outstanding loan balance or the verified fixed payment reflected on the credit report. Monthly payments on credit report less than 1% of loan balance may be used when evidence from loan servicer verifies applicant is on a fixed repayment plan that is not subject to change.
• Long term debts with more than 10 months remaining must be included in the debt ratios. Rule of 6 months or less was removed.
• Mortgage Credit Certificates are allowed. Lender may consider the tax credit as a deduction from the monthly PITI payment.
• Payments for foster children and adults are not eligible for repayment income.

CHANGE TO ANNUAL USDA GUARANTEE FEE STRUCTURE and CHANGE IN ELIGIBILITY MAPS  As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower's escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):

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/