Showing posts with label USDA RURAL HOUSING. Show all posts
Showing posts with label USDA RURAL HOUSING. Show all posts

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

From the National Office in Washington DC


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





   SFH Origination News


Single Family Housing Guaranteed Loan Program






USDA RD Approved Map Locations 2013


Rural Housing announced today that the Kentucky eligible property map will NOT be changing until March 2013.  Many were reporting the map change that determines what homes would be eligible was going to happen in October 2012, this is not the case.   Please bookmark the blog to stay informed of the latest USDA mortgage program changes  
For the USDA approved map, please click here
Call us today at 502-905-3708 or visit Free Kentucky Rural Development and USDA Loan Approvals to learn more about 100% Rural Housing loans and application requirements



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Kentucky Rural Development Loans

Kentucky Rural Development
Guaranteed Housing
Home Financing Options for Kentucky Home Buyers Lenders
Think Guaranteed First!























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! 



  • Loan up to appraised value plus the guarantee fee.
  • Low monthly mortgage insurance (MI) .35% monthly on 30 years and universal for all credit scores. 
  • Maximum loan amount is the appraised value plus a one time guarantee fee.
  • No cash contribution or cash reserves required from applicant.
  • Unrestricted gifts.
  • Non-traditional credit acceptable.
  • Streamlined credit documentation available - based upon credit.
  • No minimum credit score.
  • Repayment ratios are 29/41.  Ratio waivers are allowed with documented compensating factors.
  • Not limited to first-time home buyers.
  • Competitive market based fixed interest rates with 30 year term.
  • Available secondary markets: wholesale lenders as well as Fannie Mae, Freddie Mac, and Ginnie Mae.
  • Qualifies for Community Reinvestment Act (CRA)
  • Agency approved lenders underwrite the loan.
  • Any lender, or broker, may originate loans through an Agency approved lender.
  • Agency guarantee commitments are issued within 1-2 business days of receipt of the complete package - based on volume of loan requests.
  • Rural Development provides lender support for questions, training, and outreach assistance.
  • 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!
  • Occupy the property as your primary residence.  
  • Be able and willing to occupy the property. 
  • Be a U.S. citizen, a U.S. non-citizen national or a qualified alien
  • Demonstrate an ability and willingness to meet obligations and debts as they become due.
  • Have a credit history that indicates a willingness to meet obligations as they become due.
  • Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.  
  • Purchase a residential property that is within a Rural Development eligible area. 

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  • Lenders have less risk with the Rural Development guaranteed loans than with conventional loans covered by private mortgage insurance. 

Kentucky USDA Loans

Kentucky USDA Loans


What are USDA Home Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you're unsure about your credit rating, or have concerns about a down payment when you're doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.



What Types of Loans does USDA offer in Kentucky?

Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:



USDA Guaranteed Rural Housing Loans

USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.



USDA Direct Rural Housing Loans

USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.



What factors determine if I am eligible for a USDA Loan in Kentucky?

To be eligible for A USDA Rural Loan in Kentucky, 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. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.



What is the maximum amount that I can borrow?

The maximum amount for an USDA home loan is determined by:





Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.



Maximum financing: The maximum USDA Rural Development Loan amount is 103.5% of the appraised value of the home (100% plus the 3.5% USDA RD Loan guarantee fee).



How much money will I need for the down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).



What property types are allowed for USDA Rural Loan Mortgages?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.










Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
((502) 905-3708 | 7 Fax: (502) 327-9119|
 Company ID #1364 MB73346
http://mylouisvillekentuckymortgage.com 




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