USDA Rural Development Kentucky Notice of changes to eligible area maps for USDA Rural Development housing programs

 


USDA Rural Development Kentucky

Notice of changes to eligible area maps for USDA Rural Development housing programs

USDA Rural Development has completed its 2020 decennial United States census review for all areas under its jurisdiction to identify areas that no longer qualify as rural for Kentucky USDA Rural Housing programs. 

Based on the review of the areas within the state of Kentucky, using 2020 US census data, and rural area guidance located in Handbook HB-1-3550, Chapter 5, the rural eligibility designation has changed for the following areas:

Areas whose rural eligibility designations are changing from ineligible to eligible (these areas now qualify as rural for USDA Housing Programs):

  • The area/towns currently outside the city of Ashland, KY (Catlettsburg, West Fairview, Fairview, Westwood, Russell).
  • The areas/towns currently outside the city of Paducah, KY (Hendron and Farley).
  • The cities of Ashland, KY and Paducah, KY will remain ineligible.

Areas whose rural eligibility designation is changing from eligible to ineligible (these areas no longer qualify as rural for USDA Housing Programs):

  • Georgetown, KY – The city of Georgetown, KY, will no longer be eligible due to the population exceeding 35,000.

Changes become effective October 1, 2023.

Kentucky USDA Rural Housing Map for Georgetown Kentucky and Scott County Kentucky



The updated rural area map can now be viewed on our eligibility websiteUsers will need to click on the program, for example: “Single Family Housing Direct,” and then click on “Proposed Eligibility Areas” from the menu options.

Kentucky First Time Home Buyer Programs

Kentucky First Time Home Buyer Programs

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Temporary buydown of interest rate for Kentucky Mortgage Loans

2-1 buydown Kentucky Mortgage Loans for FHA, VA, USDA, and Fannie Mae. 


Temporary buydown of interest rate for Kentucky Mortgage Loans


We are excited to announce our new Temporary Buydown Programs:

Lower Rates & Payments = More Purchase Referrals for you!

We’re here to help strengthen your professional relationships and increase your purchase business with our new

temporary buydown programs. Connect with your builder and real estate agent partners to see how this incentive

could give your borrowers access to temporary lower rates, monthly payments and increases their motivation to

buy. They could also potentially save thousands of dollars in the first few years of their loan!

See the rate benefits below and the attached Buydown Calculator for your use.

 

 2% lower interest rate in the first year

 1% lower interest rate in the second year

1-0 Temporary Buydown

 1% lower interest rate in the first year


A few important things to keep in mind:

 Our buydown program is for the following fixed rate purchase loan types: Conventional, FHA, VA

and USDA. It’s funded by an escrow account carrying a credit balance, which can only be

contributed to by the seller or builder seller, and it is subject to maximum seller contribution.

 The borrowers must also qualify at the Note Rate, not the Buydown Rate.

2-1 and 1-0 buydowns for USDA RD loans. 


Temporary buydown of interest rate for Kentucky Mortgage Loans


 

What are Buydowns for Kentucky USDA RD Loans?

The Kentucky Rural Housing USDA Buydown Program provides simple financing options that lowers the interest rate on a mortgage for either 1 year (1-0) or 2 years (2-1), before it rises to the regular permanent rate.

 

Specifics

  • 2-1, and 1-0 temporary interest rate buydowns are allowed on 30 year fixed-rate mortgages for principal residences, purchase only. Not permitted on refinance transactions.
  • The seller or agent may provide funds for the temporary interest rate buydown, subject to standard interested party contribution limits.
  • Lender paid buydowns are not offered.
  • The borrower is qualified at the note rate fully amortized (not the buydown rate)
  • Minimum credit score for loans with buydown is 620
    2-1 and 1-0 buydowns for USDA RD loans.      What are Buydowns for USDA RD Loans?  The USDA Buydown Program at Kind Lending provides simple financing options that lowers the interest rate on a mortgage for either 1 year (1-0) or 2 years (2-1), before it rises to the regular permanent rate.    Specifics  2-1, and 1-0 temporary interest rate buydowns are allowed on 30 year fixed-rate mortgages for principal residences, purchase only. Not permitted on refinance transactions. The seller or agent may provide funds for the temporary interest rate buydown, subject to standard interested party contribution limits. Lender paid buydowns are not offered. The borrower is qualified at the note rate fully amortized (not the buydown rate) Minimum credit score for loans with buydown is 640

    Have Questions or Need Expert Advice? Text, email, or call me below:





    Joel Lobb
    Mortgage Loan Officer

    Individual NMLS ID #57916


    American Mortgage Solutions, Inc.
    10602 Timberwood Circle
    Louisville, KY 40223
    Company NMLS ID #1364



    Text/call: 502-905-3708
    fax: 502-327-9119
    email:
     kentuckyloan@gmail.com

    http://www.mylouisvillekentuckymortgage.com/

    The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approvalnor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
    NMLS ID# 57916, (www.nmlsconsumeraccess.org).

    What is a seller paid 2-1 temporary buydown on a Kentucky Mortgage Loan Rate

    Kentucky homebuyers can start off strong with a lower monthly payment through the American Mortgage Solutions 2-1Temporary Buydown, offering a lower bought-down rate at the beginning of their loan. 

    This is a great option for borrowers who have excess seller concessions to use or expect an increase to their income over the next few years.

    2-1 buydown - the effective rate is 2% lower in the first year and 1% lower in the second year. In the third year, the full note rate will apply.

    The borrower must qualify for the full monthly payment (before the buydown rate is applied)

    Seller concessions are deposited as a lumpsum into a buydown account.

    A portion of this sum is released each month to reduce the borrower’s

    monthly payment.

    Check out the example of potential savings through the American Mortgage Solutions 2-1 Temporary Buydown


    What is a seller  paid 2-1 temporary buydown on a Kentucky Mortgage Loan Rate

    Have Questions or Need Expert Advice? Text, email, or call me below:





    Joel Lobb
    Mortgage Loan Officer

    Individual NMLS ID #57916


    American Mortgage Solutions, Inc.
    10602 Timberwood Circle
    Louisville, KY 40223
    Company NMLS ID #1364



    Text/call: 502-905-3708
    fax: 502-327-9119
    email:
     kentuckyloan@gmail.com

    http://www.mylouisvillekentuckymortgage.com/

    The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approvalnor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
    NMLS ID# 57916, (www.nmlsconsumeraccess.org).

    Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: FHA loans in Kentucky After A Bankruptcy

    Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: FHA loans in Kentucky After A Bankruptcy:



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    FHA Mortgage
    Two years after your Chapter 7 bankruptcy discharge you may apply for an FHA loan.
     If you filed Chapter 13 bankruptcy, then you’ll only need to wait until you’ve made twelve months of satisfactory payments, and you’ll need to get the approval of the bankruptcy trustee. But if you want to be given serious consideration, you’ll need to provide a clear explanation for why you filed bankruptcy. For example, maybe you filed Chapter 13 bankruptcy because you had a medical emergency and was unable to pay your medical bills.


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    KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE

    $10,000 available thru KHC for down payment assistance KY



    What is Kentucky Housing?


    Secondary Market Purchase Price Limit -- $481,176

     

    County

    Applicant(s) Income Limit

    County

    Applicant(s) Income Limits

    Anderson

    154,700

    Jefferson

    157,150

    Boone

    181,300

    Jessamine

    163,450

    Bourbon

    163,450

    Kenton

    181,300

    Bracken

    181,300

    Larue

    143,500

    Bullitt

    157,150

    McCracken

    145,950

    Campbell

    181,300

    McLean

    159,600

    Clark

    163,450

    Marshall

    145,425

    Crittenden

    140,700

    Meade

    155,225

    Daviess

    159,600

    Nelson

    149,800

    Edmonson

    139,825

    Oldham

    157,150

    Fayette

    163,450

    Pendleton

    181,300

    Franklin

    149,450

    Scott

    163,450

    Gallatin

    181,300

    Shelby

    173,775

    Hancock

    159,600

    Spencer

    157,150

    Hardin

    143,500

    Warren

    139,825

    Henderson

    152,775

    Washington

    148,225

    Henry

    157,150

    Woodford

    163,450

     Applicant’s Income Limit for all other counties not listed above: $137,550




    Read more below at the links for KHC Detailed Mortgage Information in regards to fully qualifying for a KHC loan.




    KHC (15)

    KHC Down payment Assistance Program Kentucky Housing (20)

    khc dap (6)

    KHC for downpayment assistance (3)

    KHC Loan Programs (8)








    Joel Lobb (NMLS#57916)
    Senior Loan Officer


    American Mortgage Solutions, Inc.

    10602 Timberwood Circle Suite

    Louisville, KY 40223

    Company ID #1364 | MB73346


    Text/call 502-905-3708

    kentuckyloan@gmail.com



    If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


    Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/


    -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.











    KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE