I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with 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 ID 1364
Showing posts with label USDA Rural Housing Guidlines. Show all posts
Showing posts with label USDA Rural Housing Guidlines. Show all posts
Kentucky Mortgage: USDA Rural Housing Kentucky Loan Information
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: USDA Rural Housing Kentucky Loan Information: A Kentucky USDA home loan is a zero-dollar-down mortgage option provided by USDA’s Department of Rural Development. This government-...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky Single Family Housing Guaranteed Loan Program
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| 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?
The Loan amount is limited by the market value and repayment ability.
8 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 guarantee fee is 3.5 percent of the “Total” loan amount.
10 What are the qualifying ratios?
PITI Ratio 29 percent, TD Ratio 41 percent.
Higher ratios may be approved with compensating factors.
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?
Limited to existing USDA Rural Development guaranteed or direct loans.
15 Can loans include acreage?
15 Can loans include acreage?
Possibly. The acreage must not contain any income producing facilities
16 Can Manufactured Homes be financed?
Yes, however they must be new and sold by an approved dealer contractor.
17 What about an in-ground swimming pool?
Pools are okay
18 What are the required inspections?
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?
No. This is the Approved Lender‟s loan. They underwrite the loan and decide if it meets
their standards and Agency standards before submitting.
their standards and Agency standards before submitting.
20 Is homebuyer education required?
Homebuyer education is not required, however it is recommended.
21 Are seller concessions allowed?
Yes. Rural Development does not restrict the amount of seller concessions.
22 Who approves the Appraiser?
The appraiser must be licensed by the State to complete appraisals.
23 Can necessary repairs be included in loan?
Yes. An „as improved‟ appraisal will be needed to include cost of repairs.
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.
A complete loan guarantee request received by Kentucky Rural Development Office on or before September 30, 2013, will not be subject to the new rural area designations that will take place on October 1, 2013, barring any Congressional action that extends current eligibility areas.
Applications received by close of business on September 30, 2013 and processed on/after October 1, 2013, due to state loan processing times, will be subject to the newly designated rural areas if the application is incomplete. A complete loan guarantee request represents the following documents.
Transaction Type: Purchase and Standard Non-Streamlined Refinance
► 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 property eligibility map for USDA and rural development , property eligibility, maps, rhs, usda, rural development, rural housing,
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky USDA and Rural Development Eligible Areas in Kentucky
SFH Origination News
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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
Fill out my form!
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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