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
Pages
- 4 Things Required for a KY Mortgage Loan Approval
- Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2024
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky
- Home
- Accessibility Statement
- Legal / Privacy Policy / Accessibility Statements
Showing posts with label rhs loans kentucky. Show all posts
Showing posts with label rhs loans kentucky. Show all posts
Mortgage Programs available to Louisville Kentucky Home buyers. USDA, FH...
Labels:
Debt to Income Ratio,
Down Payment,
Fannie Mae,
FHA,
How much can I afford?,
KHC,
rhs loans kentucky,
USDA,
VA
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 Housing Loan Information
Kentucky USDA and Rural Housing Loan Information
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)
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
14 What about refinancing?
Limited to existing USDA Rural Development guaranteed or direct loans.
15 Can loans include acreage?
Possibly. The acreage must not contain any income producing facilities and the value of acreage may not exceed 30% of the total property value.
17 What about an in-ground swimming pool?
In-ground pools permitted if the value is NOT financed; Appraiser must document
value.
18 What are the required inspections?
Property must meet HUD Handbook 4905.1 & 4150.2. A FHA roster appraiser
can verify adequacy/working order of electrical, plumbing, heating, water & waste
disposal on existing dwellings.
19 Will the 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 them.
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.
24 Are alternate documents verifying income allowed?
Yes. Paycheck stubs, payroll earnings statements and W-2 tax forms for previous
2 tax years, and telephone verification of employment.
17 What about an in-ground swimming pool?
In-ground pools permitted if the value is NOT financed; Appraiser must document
value.
18 What are the required inspections?
Property must meet HUD Handbook 4905.1 & 4150.2. A FHA roster appraiser
can verify adequacy/working order of electrical, plumbing, heating, water & waste
disposal on existing dwellings.
19 Will the 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 them.
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.
24 Are alternate documents verifying income allowed?
Yes. Paycheck stubs, payroll earnings statements and W-2 tax forms for previous
2 tax years, and telephone verification of employment.
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.
October 2012 Kentucky USDA and Rural Housing Loans Changes for Property Eligibility Locations in Kentucky.
October 2012 Kentucky USDA and Rural Housing Loans Changes for Property Eligibility Locations in Kentucky.
October 1, 2012 over 900 communities across the USA will lose their eligibility for 100% USDA Rural Housing loans including cities in Kentucky that where once eligible. If you know of buyers looking in these communities they need to act now. They should probably be under contract by end of August to be safe. There is no indication this expiration will be delayed. See the cities below that will be no longer eligible come 10/1/2012 for a Rural Housing USDA Loan in Kentucky
No Longer Eligible for Kentucky RHS USDA Loans come 10/1/2012 below:
Table 1. Metropolitan Kentucky USDA Eligible Areas Potentially Impacted by Population Change
KY Burlington 8.84 15,926 10,779
KY Elizabethtown 25.36 28,531 22,542
KY Georgetown 15.84 29,098 18,080
KY Independence 17.44 24,757 14,982
KY Nicholasville 13.01 28,015 19,680
KY Shelbyville 8.06 14,045 10,085
KY Shepherdsville 9.67 11,222 8,334
To see an eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky Please clink the following link below:
http://kentuckyusdaloan.com/
Fill out my form!
October 1, 2012 over 900 communities across the USA will lose their eligibility for 100% USDA Rural Housing loans including cities in Kentucky that where once eligible. If you know of buyers looking in these communities they need to act now. They should probably be under contract by end of August to be safe. There is no indication this expiration will be delayed. See the cities below that will be no longer eligible come 10/1/2012 for a Rural Housing USDA Loan in Kentucky
No Longer Eligible for Kentucky RHS USDA Loans come 10/1/2012 below:
Bardstown, KY, Nelson County
Burlington, KY, Boone County
Elizabethtown, KY, Hardin County
Georgetown, KY, Scott County
Independence, KY, Kenton County
Nicholasville , KY, Jessamine County
Shelbyville, KY , Shelby County
Shepherdsville. KY , Bullitt County
Bardstown KY1Table 1. Metropolitan Kentucky USDA Eligible Areas Potentially Impacted by Population Change
KY Burlington 8.84 15,926 10,779
KY Elizabethtown 25.36 28,531 22,542
KY Georgetown 15.84 29,098 18,080
KY Independence 17.44 24,757 14,982
KY Nicholasville 13.01 28,015 19,680
KY Shelbyville 8.06 14,045 10,085
KY Shepherdsville 9.67 11,222 8,334
To see an eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky Please clink the following link below:
http://kentuckyusdaloan.com/
Kentucky USDA Rural Development No Money Down USDA Loan Program
For Kentucky homebuyers the no money down USDA Loan Program offers affordablemortgage financing for moderate income households purchasing a house in a designated USDA Rural area as determined by the Rural Housing Service (RHS). Income and property location guidelines for the USDA Loan Program require that the:
Household must have a moderate income not to exceed USDA Program county limits based on a household size of one to four or five and more family members. | |
The house must be located in a designated RHS USDA Rural approved area. Homebuyers should not assume that the term “rural” means the USDA Home Loan program is only available in farming communities.Many areas approved by the RHS for the USDA Loan Program are residential areas, near major cities, with a complete absence of any local farms. |
By purchasing a home located in a USDA Rural area, USDA Loans allow qualified homebuyers the ability to buy a house with:
No Money Down – 100% USDA Loan Financing – No Monthly Mortgage Insurance – Flexible Credit Approval – Secure 30 Year Fixed Rate Mortgage – Unlimited Seller Closing Cost Help Allowed.
The Kentucky Guaranteed Rural Housing (GRH) Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that is designated as rural by Rural Development. The benefits of the Kentucky Guaranteed Rural Housing (GRH) Loan Program include: •No Down Payment Required. Borrowers can finance up to 100% of the appraised value of the home. •No monthly mortgage insurance payments. •Competitive 30 year fixed interest rates. •Flexible credit guidelines. •No maximum purchase price limit. To verify eligibility for a GRH Loan, property eligibility and income eligibility must be obtained. Access our website for the USDA property and income eligiblity links (USDA Links). In addition, you will find AFR GRH Loan Program Guidelines, a GRH - Guarantee Fee Calculator and GRH overview presentation by Rural Development. Thank you for your continued interest . Please let me know if I can assist you.
Related articles
- Kentucky USDA Rural Development Mortgage Loan(kentuckyusdaloan.wordpress.com)
- Kentucky USDA Rural Housing Home Loans (kentuckyusdaloan.wordpress.com)
- Credit Scores and the Kentucky USDA Rural Development Loan Program(kentuckyfirsttimehomebuyer.com)
- Kentucky Rural Housing USDA Guidelines 2011 (via Kentucky First Time Home Buyer Mortgage Loan) (louisvillemortgageguide.com)
- Kentucky Rural Housing USDA Guidelines 2011 (kentuckyfirsttimehomebuyer.com)
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.
Kentucky USDA RHS Rural Housing Mortgage Loans for 2020
Kentucky USDA RHS Rural Housing Mortgage Loans for 2020
Kentucky USDA Rural Program Guidelines
Borrower Eligibility
U.S. citizens
Permanent resident aliens
First time homebuyers allowed
Maximum 2 borrowers allowed
Non-occupant co-borrowers NOT allowed
Commitment Fee
USDA Rural Developmet charges a 1% Commitment Fee
Commitment Fee can be financed into the loan
Example:
Purchase price – $100,000
Loan amount – $101,040
Commitment Fee – $1,000
Maximum financed loan amount = $101,040 ($100,000 [purchase price]/.98)
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
Downpayment Requirement
No down payment is required
If borrower has adequate assets (i.e. 20% of the property purchase price) to obtain conventional financing the borrower may be ineligible for the USDA Rural Development Loan
Eligible Properties
Must be in an eligible Kentucky USDA Rural Development Location
Owner-occupied properties
Existing attached & detached single family residences
New construction with permanent financing only
PUD’s (i.e. Townhomes)
Condo-units. HUD, VA, FNMA or FHLMC approved project
Ineligible Properties
Co-ops
Mixed-use
Condotels
Manufactured homes
Log cabin homes
Single Family Homes where the Land value exceeds 30% of the appraised value AND can be sub divided.
Maximum Income Amount
County specific. Reference the USDA website for adjusted household income limits
Maximum Loan-To-Value
Maximum loan-to-value is 101%
Maximum Mortgage Amount
None
Minimum Credit Score
Middle Credit Score – 581 for each applicant for GUS automated underwriting approval
Monthly Mortgage Insurance Premium (MIP) Requirements
.35 basis points USDA Loan require a monthly mortgage insurance premium. For example on a $100,000.00 it would be $ a month 29.16
Multiple Property Ownership
Kentucky USDA Rural Development often won’t allow applicants to own other properties
Exceptions include when the other property owned is:
Not owned in the local commuting area as the new property; or
Not structurally sound and/or functionally adequate
Manufactured home not on permanent foundation
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
Occupancy Type
Owner occupied only
Qualifying Ratios
29/41% debt-to-income (DTI) – Target
Higher dti allowed on Gus Approvals or With compensating factors such as:
680 or higher credit score
No or low “payment shock” – less than a 100% increase in proposed mortgage payment Vs. current rental housing expenses
Fiscally sound use of credit
Ability to accumulate savings
Stable employment history with 2 or more in current position or continuous employment history with no job gaps
Cash reserves available for use after settlement
Career advancement as indicated by job training or additional education in the applicants profession
Trailing spouse income – as a result of a job transfer, the house is being purchased, prior to the secondary wage-earner obtaining employment. If the secondary wage-earner has an established history of employment and has a reasonable chance to obtain new employment in the area
Low total debt
Seller Contribution
Unlimited Contribution towards closing costs, prepaids, discount points, buydown fees, and upfront Commitment Fee
Transaction Types
Purchase
Rate/Term Refinance on existing USDA loan
Labels:
2020 USDA Kentucky Guidelines,
502 USDA,
Kentucky Rural Development Loans,
Oldham County,
rhs loans kentucky
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.
Subscribe to:
Posts (Atom)