What to look for while shopping​ for a Kentucky Mortgage Rate.​

 ​Kentucky ​ Mortgage advice – What to look for while shopping​ for a Kentucky Mortgage Rate.​

1. Kentucky Mortgage Rates change daily

It used to be that rates changed once a week or so. In fact when I started in this business I used to receive a set of rates as a printed sheet that would usually be updated once every 2 weeks. Things have changed, especially since the latest financial crisis and during the current recovery. My biggest piece of advice if you are comparing rates is to get each broker, lender and bank to quote you their best rate on the same day.

2. Make sure the lock days being quoted are the same from each lender

Some sneaky mortgage brokers and banks will quote you the rate for a mortgage with an unrealistically short lock date. Banks usually give better rates if you are looking to act on the mortgage quickly because they can be more sure what they are committing to. On purchase transactions a 30 day lock is probably the shortest period you should have quoted and on a refinance 45 days is preferable. Give me a call at the number below if you’d like me to explain this better.

3. Compare apples to apples

Most people know that when you compare one rate to another you need to know what the APR and not the headline rate is. The difference between the headline rate and the APR is that the APR rolls into your rate most of the additional fees that come with the mortgage. The APR will be equal to or higher than the headline rate and a more realistic indicator of what you are actually paying for your mortgage. However, not all brokers disclose the same fees as one another so sometimes APR isn’t the perfect apples to apples comparison either. Make sure before you go ahead with a particular individual you completely understand all the rates you will be charged.

I’m hoping this information is helpful. I believe that the best service I can do for my customers is to be 100% transparent about the process and educate as much as possible about what they are getting into. If you would like to work with me just say the word. I would love to help you find a great product or perhaps just educate you a little more.

Give me a call me at the number below or go to our website  get a custom rate quote.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119


Kentucky USDA Rural Housing Mortgage Lender: Louisville Kentucky Mortgage Lender for FHA, VA, ...

Kentucky USDA Rural Housing Mortgage Lender: Louisville Kentucky Mortgage Lender for FHA, VA, ...: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: What credit score do mortgage lenders use?...

USDA Extends Eviction and Foreclosure Moratorium, and Offers Guidance on Mortgage Forbearance Deadline


The purpose of this notice is to announce an extension of the moratorium on foreclosure and to extend the date by which a lender may approve a borrower’s request for an initial COVID-19 mortgage payment forbearance.

Extension on Foreclosures and Evictions through July 31, 2021

The U.S. Department of Agriculture (USDA) Rural Development is extending its moratorium on foreclosures through July 31, 2021 for Single Family Housing Guaranteed Loan Program (SFHGLP) borrowers. The moratorium does not apply in cases where the lender has documented the property to be vacant or abandoned. After the moratorium ends, no new foreclosure filings should occur until homeowners are reviewed for new options to reduce their payments and stay in their homes.  USDA will release new COVID-19 SFHGLP loss mitigation guidance prior to the July 31, 2021 expiration date.

Extending COVID-19 New Forbearance Starts to September 30, 2021

USDA borrowers that have not taken advantage of forbearance to date may request a mortgage payment forbearance prior to September 30, 2021. Lenders are expected to grant payment forbearance based on a borrower’s attestation (verbal or written) to financial hardship caused by the COVID-19 emergency. The initial forbearance period may be up to 180 days and the borrower may request an extension of up to an additional 180 days.

Borrowers who received an initial COVID-19 forbearance before June 30, 2020, may be granted up to two additional three-month payment forbearances.  The borrower must request each extension individually.  

The term of the initial forbearance and any extension may be shortened at the borrower’s request.

Fees, penalties, or interest (beyond the amounts calculated as if the borrower had made all contractual payments in a timely fashion) should not accrue during the forbearance.

Upon completion of the forbearance the lender should communicate with the borrower and determine if they are able to resume making their pre-COVID 19 payments or if a payment reduction is warranted.   When a payment reduction is warranted, the lender must evaluate the borrower for USDA COVID-19 loss mitigation options that are outlined in Chapter 18 of the Handbook-1-3555.

Questions regarding program policy and this guidance may be directed to the National Office Division at sfhglpServicing@usda.gov or (202) 720-1452.

What credit score do mortgage lenders use?

The best-known credit scores are going to fall under either the FICO or VantageScore brands. There are multiple generations of each score brand, as every few years, the score developers create newer versions. So, for example, there’s a VantageScore 1.0, 2.0, 3.0, and 4.0.

In most lending environments outside of mortgages, it’s hard to know which specific credit score a lender will use to evaluate your application. And, even if you knew your lender used a FICO Score or a VantageScore credit score, you still would not know which generation of the score it is using.

For example, you may apply for an auto loan with one lender that checks your FICO Auto Score 8 based on your Experian credit report. Yet, if you apply for financing with a different auto lender, it may opt to check your VantageScore 3.0 score based on TransUnion data.

The only way to know for sure is to ask the lender which credit report and which credit score version it plans to check, but that isn’t a guarantee that they’ll tell you.

The mortgage industry is different. Because of the aforementioned FHFA mandate, mortgage lenders must use the following versions of FICO’s scoring models:

FICO Model

FICO 9Newest version. Not widely used.
FICO 8Most common. Used for Auto and Bankcard lending.
FICO 5Used by mortgage lenders. Built on data from Equifax.
FICO 4Used by mortgage lenders. Built on data from TransUnion.
FICO 2Used by mortgage lenders. Built on data from Experian.

  • Experian: FICO Score 2, sometimes referred to as FICO V2 or FICO-II
  • TransUnion: FICO Score 4, sometimes referred to as FICO Classic 04
  • Equifax: FICO Score 5, sometimes referred to as BEACON 5.0

Why Do Mortgage Lenders Use Older FICO Scores?

The reason mortgage lenders use older FICO Scores is because they don’t have a choice. They are essentially forced to use them.

Unlike every other industry, mortgage lenders don’t have the flexibility to choose the scoring model brand or generation they want to use. Mortgage lenders must follow the direction of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as it pertains to scoring models.

Fannie Mae and Freddie Mac

The GSEs play an important role in mortgage lending. These publicly traded companies buy mortgages from banks, bundle them together, and sell them to investors. This frees up funds so that banks can offer new mortgages to additional homebuyers.

For a bank to sell a mortgage to Fannie Mae or Freddie Mac, the loan has to meet certain guidelines. Some of these guidelines require borrowers to have a minimum credit score under specific FICO Score generations.

If a lender uses a different scoring model other than what the GSEs approve when it underwrites a mortgage, it probably won’t be able to sell that mortgage after it issues the loan. This limits the lender’s ability to write new loans because it will have less money available to lend to future borrowers

Link to article below


FHA now allowing 0.5% on Student Loans instead of 1% for Kentucky FHA Loans

 Kentucky FHA Student Loans Changes for 2021. Easier to Qualify Now. 

FHA now allowing 0.5% on Student Loans instead of 1%

On Friday, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt.

The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

This announcement enhances FHA’s ability to serve one of its core demographics—first-time homebuyers.

For all outstanding student loans, regardless of payment status, the payment must be calculated as follows:

  • If the payment on the credit report is greater than $0, use
    • the payment reporting on credit, or
    • the actual documented payment
  • If the payment on the credit report is $0, use
    • 0.5% of the outstanding loan balance
  • If documented that the loan has been forgiven, canceled, or discharged in full, the payment can be excluded.

Lenders may implement the changes immediately but must implement the changes for FHA Case Numbers assigned on or after August 16, 2021.

Four of the most common mortgages for Kentucky Homebuyers

 If you’ve been considering buying a new home in Kentucky , you’ve probably thought about financing!
One of the first things you should do is connect with a Kentucky mortgage lender to find out what loans you're able to qualify for.
To feel a little more prepared for that conversation, let's talk about four of the most common Kentucky mortgages for Kentucky Homebuyers

1. Kentucky FHA Loans

Great for first-time homebuyers
Low down payment and closing costs
Easier to qualify for
Credit requirement: 580+ score with 3.5% down payment or 500 score with 10% down
Down payment: 3.5% minimum on most loans. Credit overlays with most lenders now want a 620 credit score nowadays.

2. Kentucky VA Loans

For service members, veterans, and select military spouses
No mortgage insurance and low closing costs
Government guarantee
Credit requirement: 620+, even though VA does not have a minimum score most VA lenders will want a 620 credit score or higher.
Down payment: 0% down

3. Kentucky USDA Loans

Great for low-to-medium income households
Has certain income and area requirements
Lower PMI than FHA Loans
Credit requirement: 640+ usually required, but on paper, USDA has no minimum credit score most lenders will want a 640 score to get an automated GUS approval.
Down payment: 0% down

4. Kentucky Conventional Loans

Great for buyers with good credit, a steady income, and low debt to income ratio (<45% dti
More flexibility and fixed rate
Diverse options for a down payment
Credit requirement: 620+, but most approvals require a 720 credit score or higher and pmi is based on your credit score and down payment, unlike Govt mortgage insurance programs like FHA, VA, USDA everybody pays the same regardless of credit score or down payment.
Down payment: 5% down or 3% on their affordable home loan options through Home Possible or Home Affordable Program.

Kentucky USDA Loans,  Kentucky Conventional Loans,  Kentucky VA Loans, Kentucky FHA Loans

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119

Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA MORTGAGE LOANS

Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA MORTGAGE LOANS:

 KENTUCKY USDA MORTGAGE LOANS KENTUCKY USDA Loans are issued by qualified lenders and are guaranteed by the United States Departme...

KENTUCKY USDA Loans are issued by qualified lenders and are guaranteed by the United States Department of Agriculture. These are not farm loans! They are intended to encourage home ownership in rural areas as defined by the USDA in Kentucky.

Here’s a quick overview of KENTUCKY MORTGAGE USDA loans:
  • No down payment - a true 100% LTV Loan
  • Minimum credit score of NONE . Just investors will create overlays and institute a higher minimum credit score-Be aware of this!~!!
  • The following slides will highlight a few key credit requirements.
  • • Credit requirements may vary for loans underwritten with the assistance of the GUS compared
  • to those that are manually underwritten.
  • • Lenders and investors may impose overlays. A common overlay is credit score requirements.
  • Rural Development does not have a minimum published credit score, but many lenders do.
  • • It is the lender’s responsibility to determine the creditworthiness of their applicant. In some
  • cases of adverse credit, the lender’s underwriter can grant credit exceptions.
  • • There are a few instances of adverse credit that a lender cannot waive which include delinquent
  • non‐tax Federal debt, delinquent child support, previous USDA losses, and a CAIVRS claim
  • indicating the applicant is delinquent on federal debt.

  • Borrowers that do not have a credit score may be eligible with additional requirements.
  • Kentucky USDA Rural Housing has a Household income limits apply.
  • The base USDA income limits are for most Kentucky counties below:

    Kentucky USDA Mortgage Limits for Households with 1-4 members have different limits as households with 5-8. Similarly, applicants living in high-cost counties will have a higher income limit than those living in counties with a more average cost of living.

    New Income limits for most counties (*) in Kentucky are $91,900 for a  4 unit household and household families of five or more + can make up to  $121,300.

    The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Bracken, Gallatin, and Pendleton are $99,250 for a household of four or less and up to $130,000 for a family of five or more.

    Remember,  Jefferson County Kentucky, Fayette County Kentucky are not eligible for USDA loans.

  • Generally easier to qualify for than a Conventional mortgage and much cheaper mortgage insurance than FHA loans in Kentucky!
  • Property must be located in an eligible rural area as designated by map below 
  • No maximum loan amount unlike FHA and Conventional loans.
  • Eligible Property Types:
    • 1 unit properties only and must meet HUD FHA minimum standards
    • HUD Approved Condos
    • New Manufactured Homes (*There is currently a pilot program in KENTUCKY only that allows for existing homes built after Jan. 2006)

Credit Accounts and Adverse Credit

• Authorized user accounts do not require a monthly payment be included in the debt ratio.
However, lenders may include a payment at their discretion.
Chapter 7 Bankruptcy
• A Chapter 7 bankruptcy that is discharged or dismissed more than 36 months at the time of loan
application is not considered adverse credit.
• If the bankruptcy is less than 36 months, a credit exception is required if the GUS underwriting
recommendation is a “Refer” or “Refer with Caution” or the file is a manually underwritten file.
• If the bankruptcy included a mortgage, the lender must include any debt that the applicant may still be liable for such as real estate taxes and home owners insurance.

Chapter 12 or 13 Bankruptcy

• When there is a Chapter 12 or 13 Bankruptcy plan in progress and the GUS loan receives an “Accept” recommendation, the lender must confirm all payments are included on the Assets and Liabilities application page.

• Neither a GUS downgrade nor a credit exception are required.
• If the loan receives a “Refer” or “Refer with Caution” underwriting recommendation or is a
manually underwritten loan, the lender must retain the bulleted list of items shown on this slide.
• If the plan has been completed for 12 months prior to loan application, nothing further is
required regardless of underwriting recommendation.


• If there are charge‐offs, the lender’s underwriter must determine if the credit risk is acceptable.
• Charge‐offs are not required to be paid; however, if there is a repayment plan in place, the
payment must be included.
• The lender’s underwriter must review all collection accounts and determine if it is an acceptable
credit risk regardless of the GUS underwriting recommendation.
• If the cumulative total of all non‐medical collections exceeds $2000, the lender must:
1. Require payment in full of these accounts prior to closing
2. Use an existing repayment agreement amount OR
3. Include five percent of the outstanding balance.

• All open collections must be listed on the Asset and Liabilities GUS page and noted and marked

• A credit exception is not required for collection accounts regardless of the GUS underwriting

Consumer Credit Counseling Debt Management Plans

• Lenders must include the monthly payment amount in the monthly liabilities and must retain the bulleted list of items shown on this slide.

Delinquent Court Ordered Child Support

• Applicants currently delinquent on court ordered child support are ineligible unless they have an approved repayment agreement and have made 3 timely, consecutive payments.
Delinquent Federal Non‐Tax Debt
• Applicants with delinquent Federal non‐tax debt are ineligible until the debt is paid in full or a
release of liability is documented.

Federal Taxes

• Applicants currently delinquent on federal tax debt are ineligible for a guaranteed loan unless
they have a repayment plan approved by the IRS or pay the total delinquent amount in full prior to closing.
• A minimum of 3 timely, consecutive payments must have been made and the applicant
cannot prepay a lump sum at one time to equal 3 monthly payments.
• An IRS approved extension to file a tax return does not grant the applicant additional time to pay their taxes that are due.
• Applicants must pay their estimated income taxes due by the filing date or they are considered delinquent. 

Deed‐in‐Lieu, Foreclosures, and Short Sales

• Lenders must ensure the Declarations in the GUS are completed accurately.
• A deed‐in‐lieu recorded, foreclosure discharged, or short sale closed 36 months prior to the date of loan application is not adverse credit.
• If the loan receives a GUS “Accept” underwriting recommendation, neither a GUS downgrade nor a credit exception is required.
• A credit exception is required if a deed‐in‐lieu, foreclosure, or short sale occurred within the
past 36 months and the GUS underwriting recommendation is a “Refer” or “Refer with

• A deed‐in‐lieu, foreclosure, or short sale that occurred post divorce or legal separation and the home was awarded to the other party will not count adversely against the applicant if
documentation evidences the debt was current at the time the home was awarded to the other

Previous USDA Loss

• A lender cannot waive adverse credit for an applicant whose previous Rural Development Direct or Guaranteed home loan resulted in a loss to the agency. Only a Rural Development official may grant this exception.
• Rural Development will perform its review after the lender’s underwriter has approved the loan and has processed the final GUS submission.
• The applicant and lender must provide a letter of explanation and supporting documentation as required

Rent/Mortgage Payment History

• An applicant’s current rent or mortgage payment history is a good indicator of the probability of their future mortgage payments.
• A GUS “Accept” file does not require a verification of rent or mortgage.
• A GUS “Refer”, “Refer with Caution”, or manually underwritten loan may require a verification of rent or mortgage. The lender will refer to their GUS Underwriting Findings Report to determine if it is required.
• If a full 12 month verification is not available, the lender may utilize the time period that is
• One rent or mortgage payment that was 30 or more days late in the past 12 months is significant derogatory credit and will require a credit exception from the lender’s underwriter.

Contact us for an overview of the property eligibility boundaries specific to your area, or look up the eligibility of a specific address here: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

Want to learn more about KENTUCKY USDA loans? Let us know, we are here to help!

Kentucky USDA Mortgage Lender for Rural Housing Loans

Kentucky USDA Rural Development Single Family Housing Guaranteed Loan Program

Fill out my form!

Kentucky USDA Rural Development Single Family Housing
Guaranteed Loan Program


 100 percent financing available with no down payment required. Eligible repairs and 
closing costs may be included in the loan up to the appraised value of the property. 
 Upfront guarantee fee may be included in the loan amount above the appraised value. 
 Existing or new construction homes including all Planned Unit Development’s (PUD’s) are 
 Condominiums may be eligible. 
 30 year loan terms with fixed interest rates. 
 No pre-payment penalties. 
 Satisfactory credit and qualifying ratios apply. Nontraditional credit histories may be 


The following information is not all inclusive. For complete information refer to RD 
Instruction 1980-D, supplemented by applicable Administrative Notices (AN) available 
online at http://www.rurdev.usda.gov/RegulationsAndGuidance.html.  http://www.rurdev.usda.gov/RegulationsAndGuidance.html.
The applicant must: 
 Be a U.S. Citizen, legally admitted as a permanent resident, or be a qualified alien. 
 Have the legal capacity to incur the loan obligation. 
 Be unable to secure credit with rate and terms reasonable to the applicant without a 
guarantee from the Single Family Housing Guaranteed Loan Program (SFHGLP).
 Not own a home within the local commuting area at the time of loan closing. Applicants that 
do own a home that is structurally unsound or functionally inadequate, or is located outside 
of the local commuting area may still be eligible for guaranteed loan consideration.
 Occupy the home purchased in an eligible rural area as their permanent primary residence. 
 Have stable and dependable income to ensure repayment ability. Households may not 
exceed the moderate income limit established for the applicable rural area. 
 Have an acceptable credit history that demonstrates the willingness and ability to meet 
financial obligations as they become due. If applicants exhibit unacceptable credit per RD 
Instruction 1980-D, section 1980.345(d) the approved lender may still consider the 
applicant if documented evidence of strong compensating factors as outlined in section 
1980.345(d)(3) exists. 


 Annual income includes the total gross income of the applicant, co-applicant, and any other 
adult (age 18 and up) household members. 
 Adjustments to annual income may be deducted for program eligibility determination. 
Deductions may be made for dependants, eligible annual childcare expenses, disability 
expenses, and annual medical expenses for elderly families. Please discuss eligible 
deductions with your SFHGLP contact. 
 Income limits are published for each county as an Exhibit to RD Instruction 1980-D and are 
available online at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do


 Repayment ability is determined by calculating the following ratios: 
- PITI (Principal, Interest, Real Estate Taxes, and Homeowner Insurance): The total PITI 
payment divided by the repayment income must be 29 percent or less. 
- Total Debt (TD): The PITI payment plus all other monthly debt obligation payments 
divided by the repayment income must be 41 percent or less.
 Repayment ratios that exceed 29 and/or 41 percentmay be approved by Rural 
Development when a ratio waiver request is provided by the approved lender. The ratio 
waiver must document and provide evidence of strong compensating factors to support the 
request. USDA Rural Development Single Family Housing Guaranteed Loan Division October 2012
1400 Independence Ave., S.W. Washington D.C. 20250-0784
Examples of strong compensating factors include but are not limited to: 
- Current rent/housing payment is equal to or less than the proposed PITI. 
- Applicant has a history of devoting a similar percentage of income to housing expense 
similar to the PITI over the previous 12 months. 
- Strong credit score and repayment history. 
- Reserves are available post loan closing, which evidence the applicant’s ability to 
accumulate savings. 


The property must be located in an eligible rural area as defined in 7 CFR 3550.10 as:
1. Open country which is not part of or associated with an urban area. 
2. Any town, village, city or place, including the immediate adjacent densely settled area, 
which is not part of or associated with an urban area and which: 
a. Has a population not in excess of 10,000 if it is rural in character, or 
b. Has a population in excess of 10,000 but not in excess of 20,000, is not contained within 
a Standard Metropolitan Statistical Area, and has a serious lack of mortgage credit for
very low, low and moderate income households as determined by the Secretary of 
Agriculture and the Secretary of HUD.
Property eligibility is available online and through GUS. 


 Properties must meet HUD Handbooks 4150.2 and 4905.1. An FHA Roster appraiser or 
licensed residential appraiser deemed qualified by the approved lender may certify to this 
 A separate home inspection report prepared by the appraiser or a home inspector deemed 
qualified by the approved lender is an acceptable option to ensure properties meet 
minimum standards. 
 Homes must be structurally sound, functionally adequate and in good repair, or will be 
improved to meet good repair. 
 There are no thermal performance standards for existing homes. 
 Private water systems/wells: The local health authority or state certified laboratory must 
perform a water quality analysis, which must meet state and local standards. 
 Private septic systems: The septic system must be free of observable evidence of failure. An 
FHA Roster appraiser, government health authority, licensed septic professional or 
qualified home inspector may perform the septic system evaluation. 
 Termite: If required by the lender, appraiser, inspector, or State law, a pest inspection must 
be obtained to confirm the property is free of active termite infestation. 
 Repairs: Any repairs necessary for the dwelling to be structurally sound, functionally 
adequate and in good repair must be completed prior to the request of the loan note
guarantee. Exception: Escrow accounts that meet the requirements of RD Instruction 
1980-D, section 1980.315 are allowed for exterior weather delayed repairs. When eligible 
escrow accounts are established per section 1980.360(2)(ii) the loan note guarantee will be 
issued without the repairs complete. 
 Existing homes have been completed for more than 12 months or have been completed for 
less than 12 months but have been previously occupied. USDA Rural Development Single Family Housing Guaranteed Loan Division October 2012


 Evidence the home was built in accordance with certified plans and specifications (e.g., 
International Residential Building Code, CABO, BOCO, etc.) must be obtained through an 
eligible building permit, certificate of occupancy, or certification for a qualified individual or 
organization that reviews plans and specifications. 
 Evidence of construction inspections performed throughout the project in accordance with 
section 1980.341(b)(2) must be retained. Acceptable documentation includes an eligible 
certificate of occupancy or copies of three inspections performed: (1) inspections prior to 
footing and foundation poured, (2) inspections of plumbing, electrical, and mechanicals 
before the shell is enclosed, and (3) a final inspection will meet requirements.
 Evidence of a builder’s warranty. Minimum one year issued by the builder. If the builder 
has offered a 10 year insured builder’s warranty acceptable to the Agency, this may be 
accepted and evidence of construction inspections will be waived. 
 Thermal performance requirements must meet the 2006 IECC code. An eligible building 
permit, certificate of occupancy, final inspection, or 10 year insured builder’s warranty is 
acceptable evidence this requirement has been met. 
 New construction homes have been completed (as evidenced by a certificate of occupancy)
for less than 12 months and have never been occupied. 
 New manufactured homes must be purchased from an approved dealer –contractors (your 
SFHGLP contact can provide a list of those approved in your state). A unit is considered 
new if the purchase agreement is dated within 12 months of the date the unit was 
manufactured. The date of manufacture is available on the factory installed plate on the 


 Loans must be secured by a first lien on real property in an eligible rural area. 
Loan funds may be used to: 
 Purchase an existing or new construction (stick built, modular, or manufactured) home. 
 Purchase or pay off a site as part of a new construction package. 
 Purchase and improve an existing home. Improvements must be complete before a loan 
note guarantee will be issued. Exception: Escrow accounts are allowed for weather delayed 
exterior repairs only.
 Include eligible loan fees, including legal fees, title services, and eligible closing costs. 
 Refinance existing Section 502 Direct and Guaranteed loans. If only the principal balance 
and the guarantee fee will be financed, no new appraisal is required. If the applicant wishes 
to include eligible closing costs into the loan, a new appraisal is required. A new appraisal is 
always required for Section 502 Direct loan refinances. 
 The maximum loan amount is 100 percent of the appraised value plus the upfront 
guarantee fee.


Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell