I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
KENTUCKY RURAL HOUSING AND USDA LOANS AFFECTED DUE TO GOVERNMENT SHUTDOWN
Please be advised that the Kentucky USDA Offices are closed due to the Government shutdown. This means that existing loans submitted to USDA for review will not be reviewed by USDA until their offices reopen. In addition to the offices being closed, the GUS automated approval system is also unavailable at this time. No new or existing Kentucky USDA loans can be submitted through the GUS system and Platinum cannot finalize any submissions to USDA for review at this time. Therefore, any new USDA loan submissions or conditions submitted will be suspended by Platinum pending GUS availability.
The closing of the USDA offices and unavailability of GUS may impact the ability of USDA loans to close when scheduled.
There
is good news for Kentuckians thinking about purchasing a home. Kentucky HousingCorporation (KHC), the state housing finance agency, is offering the lowest
rates ever in its 40-year history. "It
has never been a better time to purchase a home through KHC," said
Governor Steve Beshear. "With rates this low and down payment and closing
costs assistance, Kentuckians who thought they would not be able to own a home
now have an opportunity. These low rates will not last; buyers should contact a
KHC-approved lender as soon as possible." Purchasing
a home through KHC is easy. Buyers work with a network of KHC-approved lenders
and banking institutions that help the buyer throughout the purchasing process.
There are also over 1,000 real estate agents who have become KHC-certified and
have committed to helping their buyers with affordable home-financing
solutions. A list of lenders and real estate agents is available on KHC's Website. Buyers should ask for a KHC loan. "Kentuckians
can feel comfortable purchasing a home through KHC," said Richard L.
McQuady, chief executive officer of KHC. "KHC home loans start with us and
end with us. When homeowners make a payment or call about their loan, they are
talking to a KHC staff person at our office in Frankfort." Kentucky
Housing is able to offer these low rates through an extension of the New Issue
Bond Program (NIBP), a federal bond purchase program provided by the U.S.
Department of Treasury.
Kentucky Mortgage Loans
These
special financing options are designed to lower your interest rate, down
payment amount and/or closing costs. Here are a few examples:
Federal Housing
Association Louisville Kentucky FHA loans - These loans offer the benefit of a
low, 3.5% down payment.
Veterans Affairs Louisville Kentucky VA Loans - VA loans make 100-percent financing available
to qualified military veterans with at least six months of active duty.
This loan is also available to the unmarried spouses of a deceased veteran
whose death was service related, or spouse of an MIA or POW.
Kentucky Housing
Corporation (KHC) - KHC loans are great for the first-time home
buyer. They are subject to income guidelines.
Kentucky USDA Rural Housing Guaranteed Loans!
Competitive Kentucky USDA Mortgage Rates fixed
- Click here for up-to-date rates.
Low monthly
mortgage insurance
No down payment
and no cash reserve requirements
Finance up to
100% of purchase price, plus closing costs if home appraises for greater
than purchase price
One-time
guarantee fee, can be financed into the loan
Gift / Grant
funds allowed
Seller
concessions allowed
Eligibility criteria:
Home must be
located in an eligible rural area. Eligible
property types include existing and new construction single family
residences, condominiums, Planned Unit Development's (PUD's), and new
manufactured homes built by an approved dealer-contractor.
Household income
must not exceed the adjusted income limit for the area.
Borrower must be
a US citizen, permanent resident, or qualified alien.
To determine
property and income eligibility or visit Rural Development's online eligibility
website at: http://eligibility.sc.egov.usda.gov.
Frequently Asked Questions For Kentucky USDA Qualifying Criteria
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 first time homeowner requirement, and no restrictions on size or design are a few 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. What is the maximum loan amount?
The Loan amount is limited by the market value and repayment ability.
5. What is the maximum Loan to Value?
It can be up to 100% LTV plus the Agency guarantee fee
9 What is the Guarantee Fee?
The upfront guarantee fee is 1 percent of the “Total” loan amount. The Lender also has an annual fee of .35 percent based on principal.
10 What are the qualifying ratios?
PITI Ratio 29 percent, TD Ratio 41 percent
Higher ratios may be approved with compensating factors through the Automated Underwriting System Called GUS.
11 Do we show deferred student loans in the debt ratio?
Deferred student loans must 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, middle credit score of 680 and above no comment required.
For middle credit score of 679 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
the score of 581 & below.
13 What about location?
The dwelling must be located in eligible rural area (See eligibility site)
These government programs are more liberal in terms of qualifying ratios, credit standards and offer higher loan to value limits than Conventional loans. Someone who lacks traditional credit can still obtain FHA or VA financing.
Use of gifts for down payment and/or closing costs
Do you have clients with no down payment? Do you have clients with some cash but they do not wish to exhaust all of it to buy a home? How many times have you pre-qualified an applicant only to realize that the mortgage insurance or higher interest rates keep them out of the price range needed to accommodate their family?
The Rural Development guarantee may be able to help!
Generous income limits
Flexible credit and qualifying ratios can help open up a new market of homebuyers.
Competitive 30 year fixed rates - no monthly mortgage insurance allows you to offer affordable payments to all homebuyers.
No down payment and no cash reserve requirements help you qualify more clients.
No maximum purchase price or mortgage limit.
Become an expert in Guaranteed Rural Housing financing to gain more clients and close more loans in small communities and rural areas.
Rural Development assists thousands of clients annually to become homeowners. This year we want you as our partner!
A competitive fixed rate combined with no mortgage insurance provides long term savings for the customer.
Home buyers are able to retain their savings since there is no down payment requirement and closing costs can be financed up to the appraised value.
Lenders report an overwhelming preference for the Guaranteed Rural Housing loans for the great value it provides to their customers. Choose the best program for your customers!
Look in the telephone directory blue pages under United States Department of Agriculture, and then look for Rural Development or Rural Housing Service.
These government programs are more liberal in terms of qualifying ratios, credit standards and offer higher loan to value limits than Conventional loans. Someone who lacks traditional credit can still obtain FHA or VA financing.