I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with down payment assistance with KHC. Free Mortgage applications same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS ID 1364
Kentucky First Time Home Buyer Mortgage Loans: HomePath listings in Jefferson County, Kentucky 20...
Kentucky First Time Home Buyer Mortgage Loans: HomePath listings in Jefferson County, Kentucky 20...: HomePath listings in Jefferson County, Kentucky 2017! Let your clients know these properties are available. Some have special incentiv...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky USDA Rural Housing Loans : New Kentucky USDA Rural Housing Income Guidelines ...
Kentucky USDA Rural Housing Loans : New Kentucky USDA Rural Housing Income Guidelines ...: New Kentucky USDA Rural Housing Income Guidelines for 2017 RHS Income Kentucky Guideline Updates USDA has published new i...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
What are the Kentucky USDA Mortgage Loan Requirements?
Kentucky Mortgage USDA Loan Requirements
What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:
•Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
•Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans
•Your overall pattern rather than to individual problems you may have had.
To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentucky USDA loan application.
What are the USDA Down Payment Requirements?
USDA Mortgages have no down payment requirement. Other loan programs don’t allow this.
What types of property are eligible?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
What is the maximum amount that I can borrow?
The maximum amount for an Kentucky USDA Mortgage Loans are determined by:
Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.
What kinds of loans does USDA offer?
Fixed rate loans – All USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.
Kentucky USDA Loans
What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, ENG Lending’s USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.
What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:
USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loanin Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.
USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.
What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Rural Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:
Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).
How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).
What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
Fill out my form!
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky FHA Loan and Repairs- Do you know that appraiser required repairs may be financed into an Kentucky FHA loan?
Do you know that appraiser required repairs may be financed into an KY FHA loan?
Costs of repairs can be added to the sales price before calculating the mortgage amount if:
• The repairs are required by the Appraiser to meet HUD’s MPR;
• The repairs are paid for by the Borrower; and
• The sales contract or addendum identifies the Borrower as the party responsible for payment and
completion of the repairs. Up to the maximum allowable amount. Seller can pay for additional repairs.
The maximum amount of repair costs that may be added to the sales price is the lesser of:
• The amount by which the value of the Property exceeds the sales price;
• The Appraiser’s estimate of repairs; or
• The amount of the contractor’s bid.
See FHA Handbook 4000.1. II.A.2.a https://www.allregs.com/tpl/Main.aspx
Example 1:
$105,000 Value
$100,000 Sales Price
$5,000 Appraiser Required Repairs
$105,000 Max Cost of Acquisition (Value)
X 96.50
$101,325 Base Loan Amount
+ $1,773.19 UFMIP
$103,098 Total Loan Amount
Borrower would pay up to $2,500 in contingency and funds are returned when repairs have been completed
and inspected. (See Escrow Limits below)
Example 2:
$105,000 Value
$100,000 Sales Price
$10,000 Appraiser Required Repairs
$105,000 Max Cost of Acquisition (Value)
X 96.50
$101,325 Base Loan Amount
+ $1,773.19 UFMIP
$103,098 Total Loan Amount
Borrower would pay the $5,000 in repairs that cannot be included into the loan amount. Borrower would also pay up to $5,000 (50% of 10,000 required repairs) in contingency and funds are returned when repairs have been completed and inspected .
The sales price of the property is $100,000 and the appraised value is $105,000. If the appraiser requires repairs in the amount of $10,000, $5,000 can be added to the sales price before calculating the mortgage amount. This is because the value came in at $105,000. The remaining $5,000 required repairs can be paid at closing by buyer or seller.
Escrow Holdbacks: Escrow holdbacks are used to facilitate loan closings for properties that are ready for occupancy but that require minimal completion or repair. The buyer or seller is required to establish a cash escrow to ensure the completion of the required repairs. The proceeds of the cash escrow are held in an escrow account
Limits: Non HUD REO Transactions
• Existing Construction - Repair Items: Minimum amount to complete the escrow will be 150% (1.5
times) of the estimated cost to complete or cure per appraisal plus final inspection fee. Contingency
cannot be added in the costs of acquisition.
FHA HUD REO Purchases
• $10,000 for FHA HUD REO Purchases (not including 10% contingency) , total escrow amount must not exceed $11,000 including the 10% contingency
Documents Required: Minor Repair Items
• Purchase agreement must indicate who is responsible to provide the funds required for repair escrow. If funds are to be provided by the borrower(s), verification of sufficient funds from acceptable sources is required.
• The appraisal page 2 must indicate "subject to the following repairs or alterations on the basis of a
hypothetical condition that the repairs or alterations have been completed."
• The appraiser/appraisal must provide a list of items that are subject to repair and an estimated cost to cure. If the appraiser indicates the cost of such items cannot be estimated, a licensed/certified
contractor bid is required for estimate of repair costs.
Repairs and Improvements: Repairs and improvements, or any portion paid by the borrower that cannot be financed into the mortgage are part of the borrower's total cash requirements
Source of Funds: If escrow funds are being supplied by the buyer/borrower, source of funds must be verified and must meet eligible source of funds guidelines and requirements for the loan program. AUS must be run with the correct escrow holdback amount established and entered so that asset verification requirements are accurate
Fill out my form!
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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