Kentucky USDA Rural Housing Mortgage Lender: Can you do a USDA Loan or Rural Housing Loan on a ...

Kentucky USDA Rural Housing Mortgage Lender: Can you do a USDA Loan or Rural Housing Loan on a ...: MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS Purchase of an eligible new unit, transportation and...

Manufactured Home Requirements for Kentucky FHA, VA, USDA and Conventional Mortgage Loans

 

KENTUCKY MORTGAGE OPTIONS FOR MANUFACTURED HOMES

 

 Kentucky Mobile home Manufactured Homes including: Kentucky Conventional, Kentucky FHA, Kentucky VA and Kentucky USDA home loan programs.  

Kentucky Conventional Loans

• Up to 95 LTV on purchases
• 97 LTV Rate and Term REFI options for with an existing Fannie Mae loan through MH Advantage (see product snapshot for more info)
• Purchase and rate and term options available for single wide, double wide and larger
• Cash-out options available for double-wide and larger
• Second home options available for double-wide and larger
• Down to 580 FICO

Kentucky FHA Loans

• Up to 96.5 LTV on purchases and 97.75 LTV on Rate and Term REFIs
• Cash-out REFI options up to 80 LTV
• Purchase, cash-out and Rate and Term REFI options available for single wide, double wide and larger
• Down to 550 FICO
• Manual underwrite options available
• Manufactured homes are now available on FHA 203(k) products!

Kentucky VA Loans

• Up to 100 LTV on purchases and Rate and Term REFIs
• Up to 105 LTV for streamlined IRRRLs
• Cash-out REFI options up to 90 LTV
• Cash-out REFI options up to 80 LTV
• Down to 550 FICO
• Manual underwrite options available

Kentucky USDA Loans

• Up to 100 LTV on purchases and Rate and Term REFIs
• Purchase and Rate and Term REFI options available for single wide, double wide and larger
• Down to 580 FICO
• Manual underwrite options available

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708
fax: 502-327-9119
email: 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 view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

Kentucky VA Mortgage Lender Qualifying Criteria

 Information about Kentucky VA Loan Mortgage

Most Kentucky VA loans come with the added benefits of zero down payments, lower interest rates and no requirements for mortgage insurance. 

The VA sets these Kentucky mortgage conditions and guarantees a portion of the loan amount which is in lieu of a down payment from the Veteran. Financing for the property purchase is still provided by a lender in Kentucky that does VA loans

Kentucky VA Borrowers will still need to be approved by a qualified lender under Kentucky VA loan conditions in order to secure this type of mortgage.

Kentucky specific requirements for A VA Mortgage loans.

While these loans generally follow the same processing steps nationwide, the VA does set specific requirements for some areas. Standards around energy efficiency, insect inspections and environmental hazards can all vary from state to state and borrowers are obligated to meet these standards for an approved loan.

Frequently asked questions for Kentucky VA Mortgage Loans:

What do I need to apply for a Kentucky VA Loan?

The Veteran or Active Duty soldier must get a Certificate of Eligibility to prove they can participate in the VA home loan program . This does not guarantee loan approval, but does allow the borrower to participate in the VA home loan program in Kentucky. See link below on how to obtain your COE from VA

https://www.va.gov/housing-assistance/home-loans/how-to-request-coe/

How is the interest determined on a Kentucky VA Mortgage Loan:

Mortgage rates change daily so whenever you go to apply for your VA loan, you can lock in your rate for a certain time period. This time period usually starts at 15 days and goes up to 90 day or some up to 180 days, but keep in mind, the longer you take out your loan lock, the higher the rate and costs of the VA loan. 

Your credit score, loan amount, property state and lender you choose will set the mortgage rate for you. It pays to shop around for the best rate. 

Mortgage terms are usually set on 30 year and 15 year terms. The shorter the term, the lower the rate on your loan. 

Is there mortgage insurance on Kentucky VA Mortgage Loans:

They're no monthly mortgage insurance premiums for VA Mortgage loans. However, there is upfront mortgage insurance, in the form of an upfront funding fee that gets added on top of the base loan. See below Funding Fee Schedule 

Review the VA funding fee rate charts on this page to determine the amount you’ll have to pay. Down payment and VA funding fee amounts are expressed as a percentage of total loan amount.

For example: Let’s say you’re using a VA-backed loan for the first time, and you’re buying a $200,000 home and paying a down payment of $10,000 (5% of the $200,000 loan). You’ll pay a VA funding fee of $2,850, or 1.5% of the $190,000 loan amount. The funding fee applies only to the loan amount, not the purchase price of the home.

VA-backed purchase and construction loans

Rates for Veterans, active-duty service members, and National Guard and Reserve members

	If your down payment is…	Your VA funding fee will be…
First use	Less than 5%	2.15%
	5% or more	1.5%
	10% or more	1.25%
After first use	Less than 5%	3.3%
	5% or more	1.5%
	10% or more	1.25%

Note: If you used a VA-backed or VA direct home loan to purchase only a manufactured home in the past, you’ll still pay the first-time funding fee.

VA-backed cash-out refinancing loans

Rates for Veterans, active-duty service members, and National Guard and Reserve members

First use	After first use
2.15%	3.3%

Note: The VA funding fee rates for refinancing loans don’t change based on your down payment amount. If you used a VA-backed or VA direct home loan to purchase only a manufactured home in the past, you’ll still pay the first-time funding fee.

Native American Direct Loan (NADL)

Type of use	VA funding fee
Purchase	1.25%
Refinance	0.5%

Note: The VA funding fee rate for this loan doesn’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.

Other VA home loan types

Loan type	VA funding fee
Interest Rate Reduction Refinancing Loans (IRRRLs)	0.5%
Manufactured home loans (not permanently affixed)	1%
Loan assumptions	0.5%
Vendee loan, for purchasing VA-acquired property	2.25%

Note: The VA funding fee rates for these loans don’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.

Can I avoid a Kentucky Mortgage VA funding fee?

Yes. However, in order to avoid paying a Kentucky VA funding fee, your service history will have to match up with one of these requirements:

You already receive VA disability income.

You're eligible for disability income but receive active-duty or retirement pay.

You have a memorandum that states you're eligible for disability pay, dated before your loan closing.

You're an active duty Purple Heart recipient.

You're the surviving spouse of a veteran who died as a result of their military service.

Who pays for Closing Costs on a Kentucky Mortgage Loan:

Who pays for which closing costs?

The seller must pay these closing costs (sometimes called seller’s concessions):

• Commission for real estate professionals
• Brokerage fee
• Buyer broker fee
• Termite report (unless you’re using a refinancing loan)

You (the buyer) or the seller can negotiate who will pay other closing costs such as these:

• VA funding fee
• Loan origination fee
• Loan discount points or funds for temporary “buydowns”
• Credit report and payment of any credit balances or judgments
• VA appraisal fee
• Hazard insurance and real estate taxes
• State and local taxes
• Title insurance
• Recording fee

Note: We require that a seller can’t pay more than 4% of the total home loan in seller’s concessions. But this rule covers only some closing costs, including the VA funding fee. The rule doesn’t cover loan discount points.

Does Kentucky offer VA loans to surviving spouses?
• Yes. You'll need to meet a few additional requirements:

  
  

  You have not remarried.

  
  

  Your spouse was killed in service or from a service-related disability.

  
  

  Your spouse was missing in action or a prisoner of war for at least 90 days.

  
  

  Your spouse was rated disabled and was eligible for disability compensation at the time of death.

  
  
• What are the types of VA loans that I can get in Kentucky?


Purchase loan
Native American Direct Loan (NADL) program
Interest Rate Reduction Refinance Loan (IRRRL)
Cash-out refinance loan


• What kind of credit score do I need for a VA Mortgage Loan Approval in Kentucky?
• VA on paper has no minimum credit score requirement, however most Private VA lenders will require a minimum  credit score of 620 or higher  with some going down to 580 on an exception basis. We can do loans down to a 580 credit score just fyi 

     What is the most you can borrow on a VA home loan in Kentucky?

This will come down to your debt to income ratio. Typically VA mortgage loans have two ratios.
A front-end ratio and an back-end ratio. The front end ratio is the house payment, and the back-end ratio is the new house payment plus the monthly payments listed on your credit report.
They then divide these two ratios by your gross monthly income to get your max dti requirement for a VA Loan.

see link below on how to figure out your debt to income ratio:

    

https://www.mylouisvillekentuckymortgage.com/2010/12/debt-to-income-ratio-what-it-is-and-why.html

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

 

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: FHA CHANGES TO HANDLING OF COLLECTIONS, JUDGEMENTS...

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Private Mortgage Insurance (PMI) Kentucky Mortgage and PMI

Kentucky Mortgage and PMI Breaking down PMI




PMI can be a nominal price to pay for being able to secure a home loan with today's mortgage rates.
What is PMI?

For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage.

It is not the same thing as homeowner's insurance. It's a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%. While PMI is an initial added cost, it enables you to buy now and begin building equity versus waiting five to 10 years to build enough savings for a 20% down payment.

While the amount you pay for PMI can vary, you can expect to pay approximately between $30 and $70 per month for every $100,000 borrowed.


*Assuming an insurance rate of 0.51%; this cost can be cancelled from your payment once you reach 20% equity in your home for conventional loans, but not FHA loans

**Does not include property tax and homeowner’s insurance payments
PMI isn't forever

Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your monthly payment. If you're current on your mortgage payments, PMI will automatically terminate on the date when your principal balance is scheduled to reach 78% of the original appraised value of your home. If you choose to use PMI, be sure to talk with your lender about these specific details of your policy.

Talk with your lender about what down payment makes the most sense for your financial situation. Remember, you have options!

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Private Mortgage Insurance (PMI) Kentucky Mortgag...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Private Mortgage Insurance (PMI) Kentucky Mortgag...: Kentucky Mortgage and PMI Breaking down PMI PMI can be a nominal price to pay for being able to secure a home loan with today's mortgage...

Kentucky Eligible Area Maps for Kentucky USDA Rural Development Housing Programs

 

Potential Changes to Kentucky Eligible Area Maps for Kentucky USDA Rural Development Housing Programs

The U.S. Department of Agriculture Rural Development is conducting a review of all areas under its jurisdiction to identify areas that no longer qualify as rural for housing programs. The last rural area reviews were performed in 2017–2018 using 2015 American Community Survey (ACS) data. Rural area designations are reviewed every five years. This review will use the 2020 United States decennial census data. Based on the 2020 U.S. census data and rural area guidance located in Handbook HB–1–3550, Chapter 5, the rural eligibility designation is under review for the following areas in Kentucky: Currently eligible communities under review: Scott County – Georgetown Boone County – Burlington Kenton County – Independence Campbell County – Alexandria Bourbon County – Paris Woodford County – Versailles Jessamine County – Nicholasville Shelby County – Shelbyville Bullitt County – Mt. Washington Hardin County – Elizabethtown Ineligible communities under review (expansion of ineligible areas): Madison County – Richmond Christian County – Fort Campbell  Ineligible communities under review (reconsideration of eligibility): McCracken County – Paducah Boyd County – Ashland The public shall have 90 days from the date of this public notice to submit comments regarding the potential loss of eligibility for Rural Development housing programs. Comments should be sent to RD.SFH.SO.KY@usda.gov. For details, or questions about specific changes, please contact the Kentucky Rural Development Housing Program staff at 859-224-7353.

Kentucky FHA 203(k) Home loan programs

 Our Standard and Limited Kentucky FHA 203(k) Home loan programs help you deliver financing that fits your borrowers' unique home renovation needs. That starts with understanding which one is the right choice for each borrower.

Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708
fax: 502-327-9119
email: 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 view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).