Private Mortgage Insurance (PMI) Kentucky Mortgage and PMI




Kentucky Mortgage and PMI Breaking down PMI




PMI can be a nominal price to pay for being able to secure a home loan with today's mortgage rates.
What is PMI?

For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage.

It is not the same thing as homeowner's insurance. It's a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%. While PMI is an initial added cost, it enables you to buy now and begin building equity versus waiting five to 10 years to build enough savings for a 20% down payment.

While the amount you pay for PMI can vary, you can expect to pay approximately between $30 and $70 per month for every $100,000 borrowed.


*Assuming an insurance rate of 0.51%; this cost can be cancelled from your payment once you reach 20% equity in your home for conventional loans, but not FHA loans

**Does not include property tax and homeowner’s insurance payments
PMI isn't forever

Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your monthly payment. If you're current on your mortgage payments, PMI will automatically terminate on the date when your principal balance is scheduled to reach 78% of the original appraised value of your home. If you choose to use PMI, be sure to talk with your lender about these specific details of your policy.

Talk with your lender about what down payment makes the most sense for your financial situation. Remember, you have options!
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Private Mortgage Insurance (PMI) Kentucky Mortgag...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Private Mortgage Insurance (PMI) Kentucky Mortgag...: Kentucky Mortgage and PMI Breaking down PMI PMI can be a nominal price to pay for being able to secure a home loan with today's mortgage...

Kentucky Eligible Area Maps for Kentucky USDA Rural Development Housing Programs

 

Potential Changes to Kentucky Eligible Area Maps for
Kentucky USDA Rural Development Housing Programs

The U.S. Department of Agriculture Rural Development is conducting a review of all areas under its jurisdiction to identify areas that no longer qualify as rural for housing programs. The last rural area reviews were performed in 2017–2018 using 2015 American Community Survey (ACS) data. Rural area designations are reviewed every five years. This review will use the 2020 United States decennial census data.

Based on the 2020 U.S. census data and rural area guidance located in Handbook HB–1–3550, Chapter 5, the rural eligibility designation is under review for the following areas in Kentucky:

Currently eligible communities under review:
  1. Scott County – Georgetown
  2. Boone County – Burlington
  3. Kenton County – Independence
  4. Campbell County – Alexandria
  5. Bourbon County – Paris
  6. Woodford County – Versailles
  7. Jessamine County – Nicholasville
  8. Shelby County – Shelbyville
  9. Bullitt County – Mt. Washington
  10. Hardin County – Elizabethtown
Ineligible communities under review (expansion of ineligible areas):
  1. Madison County – Richmond
  2. Christian County – Fort Campbell
 Ineligible communities under review (reconsideration of eligibility):
  1. McCracken County – Paducah
  2. Boyd County – Ashland
The public shall have 90 days from the date of this public notice to submit comments regarding the potential loss of eligibility for Rural Development housing programs. Comments should be sent to RD.SFH.SO.KY@usda.gov. For details, or questions about specific changes, please contact the Kentucky Rural Development Housing Program staff at 859-224-7353.
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USDA Homes for Sale in Kentucky

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