Tag: Kentucky Rural Housing areas

What is a Kentucky USDA Rural home loan?


via What is a Kentucky USDA Rural home loan?

 

If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.
They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in an rural area.
A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern  Kentucky .
There is a map link below to see the qualifying areas.
There is also a max household income limits with most cutoff starting at $76,000 for a family of four, and up to $98,000 for a family of five or more.
USDA requires 3 years removed from bankruptcy and foreclosure.

There is no max USDA loan limit.

 






I can answer your questions and usually get you pre-approved the same day. 


Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com



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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

Kentucky USDA Rural Development Loans


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USDA Rural Development mortgages for Kentucky Homebuyers

The U.S. Department of Agriculture mortgage program is for Kentucky homebuyers that have no money to put down, have a stable 2 year job history,  no bankruptcies or foreclosures in last 3 years and the new house payment should be close to or not more than 1/3 of your gross monthly income, this is called effective income.

There is also a test for compliance income meaning cannot make more than a certain amount to use the USDA loan program in Kentucky. Most Kentucky counties are limited to $82k for a household of four, and up to $109k household income for a family of five or more.

 

Thy used an automated underwriting system called GUS to pre-approved Kentucky home Buyers. If your score, middle credit score of the three main bureaus of experian, equifax, and transunion is below 640, you will automatically get downgraded to a refer and it will make it more difficult to get approved for the USDA loan.

I would suggest to get your scores up to 640 before submitting your loan application, however a lot of lenders including myself will go down to a 620 score, but be ready to hand over your blood type and other documents. 😂😂

You don’t have to be a Kentucky first time home buyer people with low to moderate incomes who want to buy a home in an eligible area. They typically don’t want you to own another piece of real estate and if you have access to 20% down payment they will not let you use the program.

 

This program is not intended for working farms, so if the property has farm income, i.e. crops, cattle, livestock, or other income this will not work for USDA loan programs.

They will do loans on mobile homes that meet FHA standards and that are brand new. They will not finance a used mobile home.

 

To get a Kentucky USDA loan, you work with a bank or other lender. The loan is backed by the USDA. You must be within certain income requirements — which depend on your area — and agree to use the home solely as a primary residence.

 

Like Kentucky FHA loans , Kentucky Rural Development USDA mortgages have fees. There is an upfront guarantee fee, which can be as much as 1.0percent of the principal loan amount, which is added to your loan. You also will have to pay a mortgage insurance fee which is .35% and this is called the annual fee. This is way cheaper than mortgage insurance premiums of 1.75% and .85% for the same comparison.

I you have questions about qualifying as first time home buyer in Kentucky for a Rural Housing or USDA loan , please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

Text/call:      502-905-3708
email:          kentuckyloan@gmail.com

 
http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu


😍😍😍

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 Mortgage Usda Loan Zero Down Home Loans Still Exist


via Kentucky USDA Rural Development Loans

Kentucky Rural Housing USDA Loans

Kentucky Rural Housing USDA Loans


via Kentucky Rural Housing USDA Loans

 

Here are the important points about Kentucky USDA Rural Housing Loans:
  • USDA loan are only available in certain counties of Kentucky.
  • There are two types of USDA loans available: Direct and Guaranteed.
  • 100% financing. No down payment
  • USDA will go down to 620-640 score range and uses and  automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval.
  • Income limits based on county and number of people in household.
  • Must be 3 years removed from bankruptcy and foreclosure
  • No purchase price limit
  • Upfront funding fee of 1% of loan amount paid to RD at closing
  • Annual mi fee of ..35% paid each month for life of loan.
  • Takes on average 30-45 days to close.
  • 30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates.
  • Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable.
  • Appraisal has to meet FHA minimum standards
  • You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities.
  • There is no set max acreage but the appraisal will dictate approval of property by USDA.
  • You can only use USDA loans to purchase property or refinance an existing USDA loan

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http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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.

Rural Development Kentucky Eligibility Maps Change 2015


Rural Development Kentucky Eligibility Maps Change 2015.

 

 

Kentucky USDA Rural Housing Loan Program eligible maps for 2014 updated.


It is with great joy (and a good bit of relief) to let you know that all areas currently eligible for the Kentucky USDA Rural Housing Program will remain intact through the end of the 2014 Fiscal Year (September 30, 2014).  The is also support in the Senate and the House regarding keeping the eligible areas for RH until 2020.

Now you can rest assured that it’s business as usual through September 30th on Kentucky USDA Rural Housing loans!

Kentucky USDA Rural Housing Census Eligibility Maps  Kentucky USDA Homebuyers will still be allowed to use the USDA  2010 Census data to determine eligible rural areas for Rural Development housing programs until October 1, 2014.

Kentucky Rural Housing USDA Property Eligbility Map for Rural Development Lpans in Kentucky
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As a reminder, all current Kentucky USDA Rural Housing eligible areas have been extended through September 30th, 2014 due to the passing of the Omnibus Spending Bill.
Changes to Kentucky Rural Housing areas can be viewed by selecting the applicable program listed under “Future Eligible Areas” at http://eligibility.sc.egov.usda.gov.

Apply for Kentucky USDA home now for free
Apply for Kentucky USDA home now for free
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
Kentucky USDA Rural Housing Eligibity Map for 2014
Kentucky USDA Rural Housing Eligibity Map for 2014