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Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky USDA Rural Housing Mortgage Lender: Kentu...
Kentucky USDA Rural Development Loans for 2023 Upfront Mortgage Insurance and Annual Fee Changes for Conditional Commitments
KENTUCKY USDA RURAL HOUSING CONDITIONAL COMMITMENT FOR 2023
With the start of Fiscal Year 2023 (FY) soon approaching, please take a few minutes to review the Single-Family Housing Guaranteed Loan Program (SFHGLP) Conditional Commitment process. We hope you find this information helpful.
FY 2023 will begin October 1, 2022 and ends at the close of business September 30, 2023.
Fee Structures:
An upfront guarantee fee of 1.00 percent and an annual fee of .35 percent will apply to both purchase and refinance transactions for Kentucky USDA Rural Development Loans for 2023
Issuance of :
At the beginning of each fiscal year, funding for the guaranteed loan program is not available for a short period of time – approximately two weeks. USDA anticipates this brief lapse in funding to continue for FY 2023. During the temporary lapse in funding, Rural Development - Rural Housing Service (RHS) will issue Conditional Commitments (Form RD 3555-18/18E) “subject to the availability of commitment authority” for purchase and refinance transactions. The issued Conditional Commitment will include the following:
"Funds are not presently available for this Conditional Commitment. The Rural Development-Rural Housing Service (RHS) obligation under this Conditional Commitment is contingent upon the availability of an appropriation from which payment for contract purposes can be made. No legal liability on the part of RHS for any payment on this Conditional Commitment may arise until funds are made available to RHS for this Conditional Commitment and until the Lender receives notice of such availability, to be confirmed in writing by RHS. More specifically, this Conditional Commitment is subject to RHS receiving sufficient funds (in the Program Funds Control System for the Single Family Housing Guaranteed Loan Program for the Type of Assistance and State of application submission) to fund this and all prior eligible outstanding applications in their entirety in the time and date order received. When such funds become available, RHS will notify the lender, and the guarantee process will continue subject to all applicable Agency regulations and conditions set forth in this Conditional Commitment. RHS will not reserve loan funds for applications in process during this timeframe. Lenders may close the loan as scheduled. The lender will assume all risk of loss for the loan until RHS obligates funds and the Loan Note Guarantee is subsequently issued. When the lender requests the Loan Note Guarantee, the lender must certify to the Agency, using the process provided in this commitment, that there have been no adverse changes to the borrower's financial condition since the date the Conditional Commitment was issued by the Agency. The lender will submit the appropriate guarantee fee at the time they request the Loan Note Guarantee. The loan will be subject to an annual fee of 0.35 percent over the average scheduled unpaid principal balance of the loan. The Agency will not be able to issue the Loan Note Guarantee until these conditions are met and funding is obligated."
The application processing workflow is as follows:
Rural Development will continue to accept complete guaranteed loan applications for purchase and refinance loan transactions from approved lenders;
Rural Development will process, approve, and issue Conditional Commitments for those applications that are eligible “subject to the availability of commitment authority”;
Lenders may close loans as scheduled;
When funds become available, Rural Development will utilize the Electronic Customer File (ECF) system to advance the file to “Obligate Application” for Conditional Commitments that were issued for loans subject to the availability of commitment authority;
Once loans are obligated, Rural Development may process lender’s Loan Note Guarantee requests when the loan closing is verified, and all conditions of the Conditional Commitment are satisfied;
Lenders assume all loss default risk for the loan until Rural Development is able to obligate the loan and issue the Loan Note Guarantee.
Thank you for your participation in the USDA Single Family Housing Guaranteed Program. We look forward to serving you in FY 2023!
Questions regarding this announcement may be directed to sfhgld.program@usda.gov or (833) 314-0168.
Thank you for your support of the Single-Family Housing Guaranteed Loan Program!
Kentucky USDA Rural Housing Mortgage Lender: Kentucky USDA Mortgage Loan Requirements
Looking for 100% Financing, No Money Down Home Loan in KY? Kentucky Rural Housing Development Loans
Looking for 100% Financing, No Money Down Home Loan in KY?
Kentucky Rural Housing Development Loans offer:
Effective 10/1/2016 the Up Front Guarantee Fee is reduced to 1.0%*
No down payment required
Up to 6% Seller Concessions
No minimum credit score but most lenders will want a 620 or higher, or 640 to be safe
GUS Accept Eligible (lenders run this for you)
No Bankruptcies or foreclosure in last 3 years
Max household income limits vary
Home must be in an eligible USDA Area. See links below for income and property
For list of eligible properties: Kentucky USDA Property Eligibility Map?
For income eligibility limits: Kentucky RHS USDA Income Eligibility?
Kentucky Single Family Housing Guaranteed Loan Program
I have originated over 200 Kentucky and USDA Loans over my entire 20 year career. Put my experience to work for you today,. Free Mortgage Pre-Approvals for every County of Kentucky |
24 Questions and Answers
1 What is the guarantee?
USDA Rural Development provides the full faith and assurance of the U.S Government
that any financial loss resulting from servicing the loan will be reimbursed in full up to
an amount not exceeding 90% of the original loan amount. All loss up to an amount not
exceeding 35% of the original loan is fully reimbursed. Losses exceeding 35% are 85%
reimbursed.
2 What is the advantage to the customer?
100 percent financing, fixed interest rate, no MIP/PMI, and no restrictions on size or
design are just a few of the advantages.
3 What are the eligibility requirements?
Have adequate and dependable income (up to 115 percent of adjusted area median
income), have acceptable credit, do not own a dwelling in the local commuting area, US
Citizen or permanent resident, have the ability to personally occupy the home on a
permanent basis, and do not have funds for a 20% down payment loan plus closing and
moving expenses.
4 Can a Broker originate Guaranteed loans? Yes, however only Approved lenders may underwrite & submit loans.
5 How long does it take to get an answer?
Our goal is a 2 to 5 day turnaround. Time will be longer in some offices due to the large
number of guarantee requests received.
6 What is the maximum fixed Interest Rate and term?
Fannie Mae 90 day delivery rate plus 60 basis points rounded up to nearest quarter of
one percent Or no more than the Lender's published VA rate for first mortgage loans
with no discount points. The term is 30 years.
7 What is the maximum loan amount?
8 What is the maximum Loan to Value?
9 What is the Guarantee Fee?
10 What are the qualifying ratios?
Higher ratios may be approved with compensating factors.
11 Do we show deferred student loans in the debt ratio?
Deferred student loans should be included in the debt ratio calculations for Guaranteed
Loans regardless of the deferment period.
12 What is the minimum credit score?
Under certain criteria, credit score 640 and above no comment required.
For credit score 639 and below document circumstances were temporary in nature
beyond the applicants control and have been removed. In most cases, loans will not be
guaranteed for applicants who have a middle credit score of 580 & below.
13 What about location? The dwelling must be located in eligible rural area (See eligibility site)
14 What about refinancing?
15 Can loans include acreage?
Possibly. The acreage must not contain any income producing facilities
16 Can Manufactured Homes be financed?
17 What about an in-ground swimming pool?
18 What are the required inspections?
Property must meet HUD Handbook 4905.1 & 4150.2 or similar standard. A FHA
roster appraiser can verify adequacy/working order of electrical, plumbing, heating,
water & waste disposal on existing dwellings.
19 Will USDA Rural Development issue a letter asking the Approved Lender to make
a loan?
their standards and Agency standards before submitting.
20 Is homebuyer education required?
21 Are seller concessions allowed?
22 Who approves the Appraiser?
23 Can necessary repairs be included in loan?
24 Are alternate verifying income documents allowed?
Yes. Paycheck stubs, payroll earnings statements and W-2 tax forms for previous 2 tax
years, and telephone verification of employment.
► Guaranteed Underwriting System (GUS) Accept Underwriting Recommendation
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Form RD 1980-21, “Request for Single Family Housing Loan Guarantee.”
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Evidence of qualified alien, as applicable.
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FEMA Form 81-93, “Standard Flood Hazard Determination Form.”
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Uniform Residential Appraisal Report (URAR) with Market Condition Addendum (MC 1004).
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Kentucky USDA and Rural Development Eligible Areas in Kentucky
Breaking News!! USDA Announcement.
All current eligible areas of Kentucky for Rural Development loans will remain the same until March 27, 2013 unless directed otherwise.
SFH Origination News
Single Family Housing Guaranteed Loan Program
September 26, 2012
Implementation of 2010 Census Data
No changes to rural designated areas based on the 2010 Census Data will occur until March 27, 2013 unless directed otherwise.
For additional information on this subject, attached is the Administrative Notice, AN 4679 with additional information. Below is an exert directly from the AN
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USDA RD Approved Map Locations 2013
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