Tuesday, November 26, 2013

Kentucky Rural Development 30 Year Fixed Rate Mortgage Guidelines

Kentucky Rural Development Rural Development 30 Year Fixed Rate Mortgage Guidelines

– Kentucky Fixed Rate Mortgage

  Max payment shock of 25% with strong compensating factors.

  0x30 on housing expense for past 12 mos. 12 mos cancelled checks or VOR by management company.

 3 sources of credit required with 12 mo, current, history. No delinquencies in the past 12 mos. No open
 collections or judgments allowed(exceptions may be granted based on strength of loan file).

  2 mos reserves. **Max ratios 29/41 on all loans <680; 680 WITH one of RD required compensating factors such as: no payment shock, 3 months reserves and stable job history, refer to AN 4710.

  USDA Guarantee Fee required: Purchase And Refinance Transaction= UpFront 2.00% of loan amount;Annual 0.40%. Subject to change by USDA at any time

.  Maximum LTV/CLTV is based on 102% of the appraised value plus Guarantee Fee

  Full documentation is required.

 Owner Occupied ONLY. No Second Home or Investment properties allowed.

  Subject to RD income limits and property eligibility

. Refer to http://eligibility.sc.egov.usda.gov

  Refer to AN4699, Documentation Matrix, for complete underwriting details.

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