Rural Development Kentucky Eligibility Maps Change 2015


Rural Development Kentucky Eligibility Maps Change 2015.

 

 

2016 Kentucky Home Buyers Mortgage Guide After Foreclosures and Short Sales For FHA, VA, Fannie Mae, USDA, RHS


2016 Kentucky  mortgage waiting period for foreclosures and short sales for specific situations

Homebuyers are Ready to Buy After Foreclosures and Short Sales

Kentucky Conventional Loans

  • Foreclosures: 7 years from the foreclosure completion date (some applicants may qualify for a conventional loan only 3 years after with extenuating conditions including wage earner death, illness or job loss)
  • Short Sale/Deed in Lieu-Short Sale:
    • 7 year with less than 10% down of primary residence
    • 4 years with 10% down on the purchase of a primary residence
    • 4 years with 20% down on the purchase of a primary, secondary or investment property purchase
    • 2 years with extenuating circumstances, only with 20% down

Kentucky FHA Loans

  • Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
  • Short Sale: 3 years from the title transfer date

 

Kentucky VA Loans

  • Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
  • Short Sale: 2 years from previous sale closed date and new owner transfer date

 

Kentucky USDA Loans

** If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the KY USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy.  Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.

 

:    3 years from foreclosure completion date or sheriff sale of home

:    3 years from short-sale closing date

 

Homebuyers are Ready to Buy After Foreclosures and Short Sales

Kentucky USDA/ KENTUCKY RURAL HOUSING LOAN 2011


Kentucky USDA Rural Housing mortgage loans in Ky.

Why use USDA financing for your next home purchase?

There are very few ways to purchase a home these days without a typical 3.5% down payment that is required for an FHA loan.  Many home buyers are surprised to find that a USDA Home Loan offers a lower payment than an FHA loan, even with NO DOWN PAYMENT!  “How can this be?” you ask.  The reason is because a USDA home loan requires NO MORTGAGE INSURANCE.

FHA Loan vs. USDA Loan Comparison

FHA USDA
$150,000 purchase price $150,000 purchase price
4.75% 30 year fixed rate 4.75% fixed rate
1.00% up front mortgage insurance (financed) 3.5% Guarantee Fee (financed)
****new FHA mortgage insurance requirements effective 10/4/10
$871.19 P&I monthly payment
with monthly mortgage insurance (not including taxes and insurance)
$809.86 P&I monthly payment (not including taxes and insurance
$5250.00 required down payment $0 down payment

A USDA loan saved this client $46.74 per month and they made NO DOWN PAYMENT!

Kentucky USDA/ KENTUCKY RURAL HOUSING LOAN Other benefits

  • Low up front closing costs
  • In some cases closing costs can be financed
  • Minor credit problems OK
  • No maximum loan amounts
  • Fixed Rates Only

we strive to find anyway possible to approve your loan, however there are some cases where a USDA Loan is not an option; a previous bankruptcy must be discharged 3 years, you must occupy the home being purchased as your primary residence, the home may not be used for income producing purposes (farm, rental, etc.), streets and roads must be paved or have an all-weather surface and the home may not be located in a flood zone.   There may be other factors in preventing your loan application from being approved, however these are the most common.  If you have a question on determining your eligibility, don’t hesitate to contact us.  Never assume you don’t qualify without speaking to a loan officer first!

Kentucky USDA/ KENTUCKY RURAL HOUSING LOAN 2011

APPLY BELOW/FREE PREQUALIFICATION AND GUARANTEE CALL BACK WITHIN 1 HOUR OF RECEIPT

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