October 2012 Kentucky USDA and Rural Housing Loans Changes for Property Eligibility Locations in Kentucky.

October 2012 Kentucky USDA and Rural Housing  Loans Changes for Property Eligibility Locations in Kentucky. 

October 1, 2012 over 900 communities across the USA will lose their eligibility for 100% USDA Rural Housing loans including cities in Kentucky that where once eligible. If you know of buyers looking in these communities they need to act now. They should probably be under contract by end of August to be safe. There is no indication this expiration will be delayed. See the cities below that will be no longer eligible come 10/1/2012 for a Rural Housing USDA Loan in Kentucky 

No Longer Eligible for Kentucky RHS USDA Loans come 10/1/2012 below:

 Bardstown,  KY, Nelson County  

 Burlington, KY,   Boone County 

  Elizabethtown, KY,   Hardin County 

 Georgetown, KY,  Scott County

  Independence, KY,   Kenton  County 

 Nicholasville , KY, Jessamine County

 Shelbyville, KY , Shelby County

 Shepherdsville. KY , Bullitt County 

 Bardstown KY1

Table 1. Metropolitan Kentucky USDA Eligible Areas Potentially Impacted by Population Change

KY Burlington 8.84 15,926 10,779
KY Elizabethtown 25.36 28,531 22,542
KY Georgetown 15.84 29,098 18,080
KY Independence 17.44 24,757 14,982
KY Nicholasville 13.01 28,015 19,680
KY Shelbyville 8.06 14,045 10,085
KY Shepherdsville 9.67 11,222 8,334

To see an eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky  Please clink the following link below:


Kentucky USDA Rural Development No Money Down USDA Loan Program

For Kentucky homebuyers the no money down USDA Loan Program offers affordablemortgage financing for moderate income households purchasing a house in a designated USDA Rural area as determined by the Rural Housing Service (RHS). Income and property location guidelines for the USDA Loan Program require that the:
Household must have a moderate income not to exceed USDA Program county limits based on a household size of one to four or five and more family members.
The house must be located in a designated RHS USDA Rural approved area. Homebuyers should not assume that the term “rural” means the USDA Home Loan program is only available in farming communities.Many areas approved by the RHS for the USDA Loan Program are residential areas, near major cities, with a complete absence of any local farms.
By purchasing a home located in a USDA Rural area, USDA Loans allow qualified homebuyers the ability to buy a house with:

No Money Down – 100% USDA Loan Financing – No Monthly Mortgage Insurance – Flexible Credit Approval – Secure 30 Year Fixed Rate Mortgage – Unlimited Seller Closing Cost Help Allowed.

The Kentucky Guaranteed Rural Housing (GRH) Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that is designated as rural by Rural Development.
The benefits of the Kentucky Guaranteed Rural Housing (GRH) Loan Program include:

•No Down Payment Required. Borrowers can finance up to 100% of the appraised value of the home.
•No monthly mortgage insurance payments.   
•Competitive 30 year fixed interest rates. 
•Flexible credit guidelines. 
•No maximum purchase price limit. 
To verify eligibility for a GRH Loan, property eligibility and income eligibility must be obtained.  Access our website for the USDA property and income eligiblity links (USDA Links). In addition, you will find AFR GRH Loan Program Guidelines, a GRH - Guarantee Fee Calculator and GRH overview presentation by Rural Development.

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