KENTUCKY USDA RURAL HOUSING GUIDELINES FOR
· The Discharge date and GUS findings both play an important role in determining the viability and future repayment of the new loan. As such, Chapter 7 bankruptcy seasoning is evaluated by GUS.
· Loans where the borrower is currently in a Chapter 13 bankruptcy or had a Chapter 13 bankruptcy which was discharged within the previous 3 years require a manual downgrade and must be underwritten manually.
· A borrower who is currently in a Chapter 13 bankruptcy may be eligible for RD financing provided all of the following conditions are met in addition to standard manual underwriting requirements:
• At least 12 months of payments have been made satisfactorily
• The Trustee or bankruptcy judge’s approval to enter into the mortgage transaction is documented
• Bankruptcy payments are included in the borrower’s debt ratio
Foreclosure / Short Sale
· The foreclosure date and GUS findings both play an important role in determining the viability and future repayment of the new loan. As such, foreclosure seasoning is evaluated by GUS.
· A foreclosure does not automatically disqualify a borrower from RD financing. In all instances, the “date of foreclosure” is considered the date of the foreclosure deed.
- KENTUCKY USDA RURAL HOUSING LOAN PROGRAM GUIDELINES
- Kentucky USDA and Rural Housing Credit Scores Guidelines
- KENTUCKY USDA RURAL DEVELOPMENT AND RURAL HOUSING ELIGIBILITY MAP FOR KENTUCKY COUNTIES FOR 2018
- Kentucky RHS USDA Guaranteed Loan Income Worksheet
- KY USDA Pilot Refinance for Rural Development RHS
- Self-Employed Mortgage Qualifying
- Eligible Properties for KY USDA Rural Development loans
- Kentucky Offices Kentucky Rural Development Offices
- Privacy, Legal and Licensing Information
Wednesday, June 18, 2014
Kentucky Rural Housing and USDA Loan Requirements on Chapter 7 and Chapter 13 Bankruptcies and Foreclosures Short Sales.