Showing posts with label usda loans rural housing loans. Show all posts
Showing posts with label usda loans rural housing loans. Show all posts

Kentucky USDA, FHA, VA, and Refinance Guidelines for 2013

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Kentucky USDA, FHA, VA, and Refinance Guidelines for 2013


FHA and VA


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
  • Loans may be assumable
  • Possible leniency in credit score and debt ratio
  • No prepayment penalty

Here are the cities in Kentucky that will no longer be eligible for RHS or USDA Rural Development mortgage loans:


More Info on Kentucky RHS - Support Rural Definition Amendment for Kentucky  USDA Programs - Please read carefully and ACT NOW!!!

USDA Rural Housing Loans - No Down Payments, Lower Payments than FHA Loans. Income and location restrictions apply. Contact Ed Collins at Kentucky Federal Savings & Loan at 859-525-6655.


On July 31, 2012 Congress passed a 6-month Continuing Resolution (CR) to fund the government through March 31, 2013, avoiding a messy fight over the FY13 Appropriatios bills.  At this time, the Continuing Resolution (CR) is our best opportunity to enact a solution to USDA's "rural" definition issue before the October 1, 2012 deadline for RHS.
PLEASE CALL OR EMAIL YOUR REPRESENTATIVES TODAY AND EVERY DAY and ask them to sign on to Rep. Fortenberry's letter to Appropriations Chairman Hal Rogers, urging the Committee to address the "rural" definition issue in the Continuing Resolution (CR).
The CR is our best opportunity to address these issues before the October 1st deadline.  If the House does not enact a solution to the "rural" definition issue, USDA will move forward with the below changes on October 1st.  The Senate already has a provision in their appropriations bill.  Now, we need the House to act. When you call or email your Representative make sure they know that without this CR, the October 1st changes will serve a massive blow to affordable housing in rural communities.
Please, don't think that someone else will make the calls or send the emails.  It is up to YOU! Also contact all the Realtors and Builders that you know because it affects them too!  Ask them to call their Representatives as well. 

Here are the cities in Kentucky that will no longer be eligible for RHS mortgage loans:

Bardstown, city 

Burlington, city

Elizabethtown, city

Gerogetown, city

Independence, city

Nicholasville, city

Shelbyville, city

Shepherdsville, city





IMPPORTANT - READ CAREFULLY!
Representative Hal Rogers is the Chairman of the Agriculture Appropriations Committee.  The Farm Bill is currently in the House of Representatives Agriculture Appropriations Committee for review.  Hal Rogers is in favor of the changes we are requesting.  Even if he is not your Representative contact him anyway so that he can provide more fuel to the committee as to the importance of this bill - he's on our side. CLICK HERE TO CONTACT HAL ROGERS.


Click here if you would like tips on how to communicate with your legislato





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