Kentucky Rural Housing and USDA Property Eligibility County List Map for Eligible Properties

Kentucky USDA Rural Housing Property Eligibility  County List Map for Eligible Properties 

USDA Property Eligibility Text Description County List for Kentucky

Kentucky USDA Property Eligibility enter address below: 👇👇👇👇 Kentucky Rural Housing USDA Loans A full list of income limits by county and household size are available on the Rural Development website at www.rd.usda.gov/ne under the Guarantee Loan Program and Direct Loan programs.  USDA Property Eligibility Text Description County List for Kentucky Select your county from the list below (Non-hyperlinked counties are all eligible).

USDA Property Eligibility Text Description County List for Kentucky Select your county from the list below (Non-hyperlinked counties are all eligible).   1. Adair   2. Allen   3. Anderson   4. Ballard   5. Barren   6. Bath   7. Bell   8. Boone   9. Bourbon   10. Boyd   11. Boyle   12. Bracken   13. Breathitt   14. Breckinridge   15. Bullitt   16. Butler   17. Caldwell   18. Calloway   19. Campbell   20. Carlisle   21. Carroll   22. Carter   23. Casey   24. Christian   25. Clark   26. Clay   27. Clinton   28. Crittenden   29. Cumberland   30. Daviess   31. Edmonson   32. Elliott   33. Estill   34. Fayette (county is completely ineligible)   35. Fleming   36. Floyd   37. Franklin   38. Fulton   39. Gallatin   40. Garrard   41. Grant   42. Graves   43. Grayson   44. Green   45. Greenup   46. Hancock   47. Hardin   48. Harlan   49. Harrison   50. Hart   51. Henderson   52. Henry   53. Hickman   54. Hopkins   55. Jackson   56. Jefferson (county is completely ineligible)   57. Jessamine   58. Johnson   59. Kenton   60. Knott   61. Knox   62. Larue   63. Laurel   64. Lawrence   65. Lee   66. Leslie   67. Letcher   68. Lewis   69. Lincoln   70. Livingston   71. Logan   72. Lyon   73. McCracken   74. McCreary   75. McLean   76. Madison   77. Magoffin   78. Marion   79. Marshall   80. Martin   81. Mason   82. Meade   83. Menifee   84. Mercer   85. Metcalfe   86. Monroe   87. Montgomery   88. Morgan   89. Muhlenberg   90. Nelson   91. Nicholas   92. Ohio   93. Oldham   94. Owen   95. Owsley   96. Pendleton   97. Perry   98. Pike   99. Powell   100. Pulaski   101. Robertson   102. Rockcastle   103. Rowan   104. Russell   105. Scott   106. Shelby   107. Simpson   108. Spencer   109. Taylor   110. Todd   111. Trigg   112. Trimble   113. Union   114. Warren   115. Washington   116. Wayne   117. Webster   118. Whitley   119. Wolfe   120. Woodford

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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Kentucky USDA Rural Housing Mortgage Lender: USDA has announced an upfront guarantee fee of 1%

Kentucky USDA Rural Housing Mortgage Lender: USDA has announced an upfront guarantee fee of 1% ...: USDA Fiscal Year 2021 Conditional Commitment Notice Fiscal Year 2021 will begin 10/01/2020.    USDA has announced an upfront guarantee ...

What do I need to get approved for a Rural Housing Loan in Kentucky?

What do I need to get approved for a Rural Housing Loan in Kentucky?

You really need to look at the four following items below:

Credit Score: They typically want a 640 credit score with no bankruptcies or foreclosures in the last 3 years. KY USDA Loans are initially ran thru GUS (Guarantee Underwriting System), an underwriting approval engine online that Kentucky USDA Mortgage lenders use to tell us how much you are qualified for based on the income, assets, property, and credit provided. Most lenders will want an Approved Eligible. If your score is below 640, you will automatically get a refer eligible which most lenders will not do.

Homeownership: You cannot currently own another home with a USDA loan but there are waivers granted if you can show the current living arrangements are not suitable and safe for your family.

Income: Typically, you cannot make more than $86k approximately for a household family of four, and up to $115k for  a household family of five in most Kentucky counties. Some Kentucky Counties are more but not much.

Location: Kentucky has 120 counties, and USDA is not allowed in the following KY Counties: Jefferson, Fayette (whole county)  and parts of  McCracken, Boone, Kenton, Campbell, Bullitt, Daviess, Warren, Franklin and Christian counties. The best thing to do on the location is tell me an address and I can look it up for you.

I have a website that is really good for USDA loans, located at http://kentuckyruralhousingusdaloan.blogspot.com/p/usda-rural-housing-loan-program.html  that may assist and educate you about the program.

Buy a Home Again After Foreclosure Short Sale or Bankruptcy FHA Conventi...

Kentucky USDA credit score and mortgage requirements

 Credit Scores and the Kentucky USDA Rural Development Loan Program 

The Kentucky USDA Rural Development Loan Program is by far the most credit score friendly loan program currently available. While USDA is willing to work with scores lower than 640 most lenders won't. Thus, pragmatically the minimum credit score required by USDA is 581.

For Kentucky homebuyers with a minimum credit score of 640 lenders may streamline the credit approval process normally required as part of the underwriting process. This means that a borrower:

	With a lack of credit "depth" will not have to document non-traditional credit items such as utility or insurance payments
	A negative past credit history may allow the Underwriter to not request letters of explanation for the cause of the past challenges
	Collection accounts can remain open provided the Underwriter believes it unlikely that the account will eventually turn into a judgment

However, USDA is not willing to overlook certain overtly negative credit items even when the credit scores are over 640. For instance borrowers with any of the following adverse past credit should not expect to obtain credit approval using the USDA loan program:

	Foreclosure or short sale within the last 3 years
	Chapter 7 bankruptcy discharged within the past 3 years
	Chapter 13 bankruptcy debt restricting plan completed within the last 12 months
	Late mortgage payments within the last 12 months
	Applicant or co-applicant delinquent on a federal debt; such as taxes, student loans, or previous agency loan (i.e. VA loan in which the eligibility was forfeited due to a foreclosure)

USDA may be willing to give a borrower an exception to a past bankruptcy or foreclosure prior to the three year period provided the borrower can document the cause of the past negative credit experience as being related to an illness or job loss and unlikely to reoccur.

Once the credit score exceeds 640, USDA allows this score to be considered as justification for allowing the borrowers debt-to-income-ratio to exceed the target ratios of 29% for the housing costs and 41% for the total debt ratio. Frequently USDA will approve loans where the housing ratios are in the high 30% range and total debt ratios are in the high 40% range.

Bottom line the Kentucky USDA Rural Development Loan Program is more flexible in approving a perspective borrower than any other loan program. But like any loan program today, the Loan Officer shouldn't assume that this level of credit flexibility will result in an automatic positive underwriting decision if the Underwriter doesn't feel strongly that the borrowers chance of success at homeownership is strong.

What are the Kentucky USDA Mortgage Loan Requirements?

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). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA 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.

CHANGE TO ANNUAL USDA GUARANTEE FEE STRUCTURE and CHANGE IN ELIGIBILITY MAPS As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower’s escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):

Can I get an USDA Mortgage Loan after bankruptcy?

Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentucky USDA loan application.

What are the USDA Down Payment Requirements?

USDA Mortgages have no down payment requirement. Other loan programs don’t allow this.

What types of property are eligible?

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.

What is the maximum amount that I can borrow?

The maximum amount for an Kentucky USDA Mortgage Loans are determined by:

Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. 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 Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.

What kinds of loans does USDA offer?

Fixed rate loans – All USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.

What is Considered a Rural Area by the USDA?

Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.

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, ENG Lending’s 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 Loanin 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 ENG Lending. 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 102% of the appraised value of the home (100% plus the 2% 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.

if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.

 

 

 

 

 

 

 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

 

Text or call phone: (502) 905-3708

 

email me at kentuckyloan@gmail.com

 

 

 

http://www.mylouisvillekentuckymortgage.com/

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

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