Tuesday, March 24, 2015

What do I need to get approved for a Rural Housing Loan in Kentucky:

What do I need to get approved for a Rural Housing Loan in Kentucky:


You really need to look at the four following items:

Credit Score: They typically want a 640 credit score with no bankruptcies or foreclosures in the last 3 years

Homeownership: You cannot currently own another home

Income: You cannot make more than $75k approximately for a household family of four, and up to $98k for  a household family of five in most Kentucky counties.

Location: Kentucky has 120 counties, and USDA is not allowed in the following KY Counties: Jefferson, Fayette (whole county)  and parts of  McCracken, Boone, Kenton, Campbell, Bullitt, Daviess, Warren, Franklin and Christian counties. The best thing to do on the location is tell me an address and I can look it up for you.

I have a website that is really good for USDA loans, located at http://kentuckyruralhousingusdaloan.blogspot.com/p/usda-rural-housing-loan-program.html  that may assist and educate you about the program.

 In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free. 

 Loan Checklist
The following is a list of documents that may be required to process your  mortgage loan:
  • One full month’s worth of pay stubs
  • Last 2 years W-2′s
  •  Last 2 years tax returns 
  • Last two months bank statements for all accounts

I don't need originals, copies are fine. You can fax, email, or drop off at my office below . 

Let me know your questions. 

Thanks and look forward to helping you




Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

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

 Company ID #1364 | MB73346