Wednesday, September 14, 2016

Kentucky USDA Rural Housing News for Kentucky Home Buyers. See below:





http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
Joel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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). USDA Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Tuesday, September 6, 2016

Kentucky Rural Housing USDA Streamline Assist Refinance




Kentucky Rural Housing USDA Streamline Assist Refinance
Attention Kentucky USDA Mortgage Holders. USDA Streamline Assist is a refinance of an existing USDA Guaranteed Loan. Check out the table below for details regarding this new loan program from Rural Development. Some of the benefits are:

No Appraisal!
No Income Documentation
Minimum 12 monthly payments made on time 
Reduce Mortgage Insurance with new USDA MI Guidelines
No cash back
Must reduce payment by $50
Must Occupy Home as primary residence and be living in home

Joel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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). USDA Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.


Friday, August 26, 2016

100 percent Financing Kentucky USDA Rural Development Loans

Kentucky Rural Housing Loans for 2016

USDA home loans in Kentucky are also known as the Rural Development Loan or RHS Loans. It is one of the best options for homebuyers that are currently looking for a home outside the urban areas of Lexington, Louisville, Bowling Green and Northern Kentucky that requires No Money Down. 
Another major advantage of this home loan is it’s fixed interest rate.  The fixed interest rate insulate buyers from interest rate fluctuations. You’ll have the same monthly loan repayment throughout the life of your loan.
100 percent Financing Kentucky USDA Rural Development Loans will allow you to roll up some of your closing cost into your monthly mortgage. While it is impossible to avoid closing costs of the home purchase, it is possible to have the seller pay for some of these cost and or arranged for them to be added to your total loan with minimal impact on your monthly payments.

Eligibility for Kentucky USDA Loans

When applying for eligibility for 100% USDA loans, There are six factors taken into account:
  • Loan income restrictions Most household income limits are set between $75k for a family of four, and up to $98k for a family of five or more see map >>>>>http://www.rd.usda.gov/files/RD-GRHLimitMap.pdf
  • Credit score  You have three credit scores, they throw and the high and low score and take the middle score of each of the three main credit bureaus, experian, equifax, and transunion.Most lenders will want a 640 middle credit score due to the fact that GUS (Guaranteed Underwriting System) will not give you an automated approval upfront if the middle score is below the 640 threshold. You may get a refer eligible on the initial pre-approval but a lot of lenders will not honor a refer eligible USDA file. 
  • Property Ownership (Do you own other Property) In most cases, USDA will not allow you to use their program to purchase another home if you already have a home in your name. In some extreme cases, they will waive this if certain exceptions are met. You can call or email me for more details on this matter. The USDA loans are only available for single family primary residences. No rental homes or working farms are allowed on the USDA Home Loan Program
  • Residential Location (USDA Eligibility:  to checkk click here ) Is the property located in a Eligible area. See link above for eligibility boundaries for counties in Kentucky
  • Debt to Income Ratios: If your credit score is above 640, GUS will typically limit your backend ratio to 45% of your total gross income. The front end ratio, or the housing ratio, usually is centered around 30% to 35% range, with compensating factors such as assets or money in bank to cover your new house payment, disposable income, high credit scores, and no rent payment shock. Rent payment shock is where your new house payment is much larger than your current rent payment. This only comes into play on lower credit scores.
  • Assets  I have noticed that with 3 or 4 months reserves you can typically get a loan approved with lower credit scores with payment shock on the new loan. Additionally, if you have access to 20% down payment in your checking or savings account, they will make you use your own money. If the money is in a 401k or other tax deferred savings accounts this will not factor in and you can use the USDA loan program.
  • I can explain this more in detail if you want to call or email me. 




-- 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)

 phone: (502) 905-3708
 Fax:     (502) 327-9119








On October 1st, the USDA is making drastic cuts to fees for Kentucky Home Buyers Using the Rural Housing Guaranteed Program




On October 1st, the USDA is making drastic cuts to fees

The USDA mortgage requires two types of fees: an upfront guarantee fee and a monthly fee. They are both being reduced, allowing more buyers to qualify.

Starting on October 1, 2016, the upfront fee will be reduced.

Current upfront fee: 2.75%
New upfront fee: 1.00%

and the monthly fee will also drop.


Current annual fee: 0.50%
New annual fee: 0.35%

The term “guarantee” simply refers to USDA’s loan backing that allows lenders to issue loans according to its guidelines. The current upfront guarantee fee stands at 2.75 percent of the loan amount and is seeing a drastic cut to 1.00 percent, and the "annual fee" is currently 0.50 percent also dropping significantly to 0.35%, paid in twelve equal installments and included in each mortgage payment.

The changes will be in effect until September 30, 2017. Typically, USDA re-examines financials of previous fee changes then raises, holds, or reduces fees accordingly. If loans in USDA's portfolio perform well, another drop could come in 2017.

But the 2016 reductions alone equal big savings for USDA home buyers.



images (12)

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
Joel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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). USDA Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.



USDA slashing mortgage fees: Borrowers who use the U.S. Department of Agriculture’s Rural Housing Service to get a mortgage could soon pay significantly less for their loan, as the USDA announced that it is about to cut its loan fees for lenders who use the Single Family Housing Loan Guarantee Program. Here are all the details.



According to the announcement, the USDA is set to cut its upfront guarantee fee from 2.75% of the loan-at-close amount to 1%. Additionally, the USDA is cutting its annual fee from reduced from 0.45% of the unpaid principal loan balance to 0.35%.




Tuesday, August 23, 2016

Great News for Kentucky Rural Housing Home Buyers using the USDA Loan Program!





Kentucky Rural Housing USDA Rural Development Guarantee Upfront and Annual Fees are going down October 2016 for all Kentucky Rural Home loans!




On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease.

We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%.

In real money terms, this is $3,500 Upfront & $58.33 per month on a $200,000 Home Purchase.

The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule. The determination will be based on the current processing timeframes in each state.

Debt Ratios–29/41% on manual underwrites – max to 45% Debt to Income ratios with GUS Approve/Eligible Finding.

ZERO down payment – 100% LTV ok

Income Eligibility Limits do apply. Usually to $75k for a family of four and up to $98k for a household family of five or more.

Lender Credit from the interest rate may be used to pay closing costs.

Gifts ok! Usually not needed for USDA loans because 100% Financing offered. Gift funds cannot be used for reserves to get a GUS approval.

Applicants with > 20% of the sales price in assets (exclude retirement accounts) are not eligible for USDA financing.

Clear CAIVRS required – CAIVRS is a Federal Government-wide data base of information regarding individuals where an insurance claim or guarantee loss was paid.

2 tradelines with > 12 months of repayment history – installment or revolving and trade lines may be open, closed or paid in full by applicant.

Student Loan Payments – important recent change to Kentucky Mortgage RHS USDA Loans. The change no longer allows for student loan payments that are IBR (Income Based Repayment), graduated, adjustable, interest only and deferred. USDA now requires a payment equal to 1% of the balance reflected on the applicant’s credit report.

Kentucky Rural Development USDA Changes Coming soon below:

Kentucky USDA Streamlined-Assist refinances – similar to an FHA Kentucky Streamline…details coming soon!

Upfront Fee and the Annual Premiums will be reducing in the Fall of 2016 for a new Kentucky Rural Housing Mortgage Loans!

To be eligible for the KY Rural Housing USDA program, properties must be outside the major metropolitan areas and income requirements be met.

Click here to go to the KY USDA Income & Property Eligibility site >>>> http://www.rd.usda.gov/files/RD-GRHLimitMap.pdf


KY USDA Income Limit Chart (Example – A family of 4 can make no more than $75,650 and a family of 5 can make up to $99,850 for eligible homes outside the Jefferson County Kentucky Metro area)






Joel Lobb
Senior Loan Officer
(NMLS#57916
phone: (502) 905-3708
Fax: (502) 327-9119
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). USDA Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.