Kentucky Mortgage Lender

I wanted to share an important update regarding the  USDA Single Family Housing Guaranteed Loan Program (SFHGLP)  for Kentucky home buyers.  The USDA has recently proposed revisions to several chapters of their t echnical Handbook 1-3555, which may impact various aspects of the loan process. These proposed changes are currently open for comment until December 8, 2024, with final publication expected soon. Here’s an overview of the proposed revisions: Key Proposed Updates to Kentucky Rural Housing USDA Guidelines: Seller Concessions : Clarifies that funds provided by the seller to pay the buyer’s real estate commission fees are excluded from the 6% seller concession cap. Refinancing Eligibility : The seasoning period for an existing loan to be eligible for refinancing has been updated to  180 days . Payment History Requirement : To qualify for a refinance, the existing loan must not have any delinquencies greater than 30 days within the previous 180-day period. Manuf...

Here are the important points about Kentucky USDA Rural Housing Loans: USDA loan are only available in certain counties of Kentucky. There are two types of USDA loans available: Direct and Guaranteed.  100% financing. No down payment  USDA will go down to a no score and uses and  automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval. Kentucky USDA Rural Housing Income limits based on county and number of people in household. Must be 3 years removed from bankruptcy and foreclosure No purchase price limit Upfront funding fee of 1% of loan amount paid to RD at closing  Annual mi fee of .35% paid each month for life of loan.  Takes on average 30-45 days to close.  30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates. Do not have to be a first time home buyer and can currently own another...

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 au...

Kentucky Mortgage USDA Loan Requirements What are the Kentucky USDA Mortgage Loan Requirements? To decide if you qualify for an USDA Mortgage Loan, we will look at: •Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors. •Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans •Your overall pattern rather than to individual problems you may have had. To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio...

The 2014 Income Limits for the Kentucky USDA Rural Housing  Single Family Guaranteed Loan Program were published on February 12, 2014.  The Ky USDA Rural Housing Guaranteed Underwriting System and the Income Eligibility calculator for Kentucky USDA Home Buyers have been updated with the new income limits.  The new income limit changes will apply to all loans submitted through GUS on and after February 12, 2014. Kentucky USDA Rural Housing 2014 Income limits can be found online at:   http://www.rurdev.usda.gov/SupportDocuments/KY%20GRH.pdf Fill out my form!

 Obtaining new financing after a Short Sale or Foreclosure for a Kentucky USDA, FHA, VA, and Fannie Mae Loan?   Kentucky Mortgage Short Sale: Conventional Loans Require: Minimum 2 years with restrictions up to 7 years 2 to 4 years - 80% maximum LTV 4 to 7 years - 90% maximum LTV 7 years and after allow for maximum standard financing Kentucky FHA and Kentucky VA Loans Require: 3 years, with exceptions possible for less time if borrower's credit and mortgage payments were in good standing prior and up to date of Short Sale   Kentucky Mortgage Foreclosure: Conventional Loans Require: 7 years, with exceptions considered between 3 to 7 years if significant extenuating circumstances exist Kentucky FHA and Kentucky VA Loans Require: FHA: 3 years, with exceptions possible for less time if significant extenuating circumstances exist VA: 3 years, with exceptions possible for less time if significant extenuating circumstances ex...

Kentucky Guaranteed Rural Housing (102% Financing on appraised value)     see the full video below on qualifying for a Kentucky USDA Mortgage loan below: 👇👇👇👇 If you want a personalized answer for your unique situation call, text, or email me or visit my website below: Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916 American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364 click here for directions to our office Text/call:      502-905-3708 fax:            502-327-9119 email:          kentuckyloan@gmail.com https://www.mylouisvillekentuckymortgage.com/ 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 ap...