Kentucky FHA loans have a mortgage insurance premium of 1.75% of the loan balance financed into the loan. Additionally, FHA loans carry a monthly mortgage insurance premium of 1.35% (in other words, you pay an additional $112.50 a month for ever $100,000 financed).
Lastly, FHA loans can be done in any location without the restrictions of being in a rural area like USDA loans have.
In order to qualify for the credit portion of the USDA Rural Development Loan, they generally will want a 640 or higher credit score with no bankruptcies or foreclosures in last 3 years.
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