Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Zero Down Kentucky Mortgages

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Zero Down Kentucky Mortgages: ZERO DOWN HOME LOANS IN KENTUCKY There are a few programs that feature zero down payment in Kentucky For Home buyers : USDA and ...





There are a few programs that feature zero down payment in Kentucky For Home buyers: USDA and VA. USDA is typically for rural areas, and VA is for military veterans. Lastly Kentucky Housing with the Down Payment Assistance Program of $6,000  and the $5000 Welcome Home Grant




Kentucky Rural Development Lender Guidelines for 2020


Kentucky USDA Rural Housing Loans – Up to 100% Financing Home Loans

USDA Loans in Kentucky




What is KY USDA Rural Development Guarantee in Kentucky?


Kentucky USDA Rural Development Guarantee USDA loans offer 100% financing options on home purchases in rural areas. Properties though can be located within city limits and in subdivisions depending on population density of that area.


The RDG loan program is primarily used to help low to moderate income individuals or households to purchase homes and the applicants need to be within 115% of the median income for the area.

Most Kentucky Counties are around $90,300 for a household family incomes of four or less, and up to $119,200 for a family of five or more in the household income










Some highlights of the are:

100% financing on purchases and 100% Zero Money Down
Low 30 year fixed rates on all loans. They don't offer any other terms or offer cash-out refinancing.
A small Rural Housing monthly guarantee fee or sometimes called annual fee of .35% of the loan amount divide by 12 months to get total monthly mi payment. 
 
Upfront Rural Housing funding fee of 1% of the loan amount and is financed into new loan
Minimum credit scores of 581, but helpful to have 640 and get an automated underwriting approval thru Rural Housing’s underwriting engine – GUS--GUS stands for the Guaranteed Underwriting System to pre-approval all Kentucky USDA loans. 
 
No rental verification needed with GUS approval if Approved Eligible Findings.
Flexible trade line requirements with GUS approval with only 1 trade line needed on credit for 12 months
No foreclosures in the last 36 months, but need explanation if < 36 months
Bankruptcy discharged at least 36 months

For a Kentucky USDA Rural Housing property and income eligibility search, please click HERE.
Issues to avoid or be aware of with Rural Housing property search:

Avoid homes in flood zones – RD is very restrictive for homes in flood zones
Avoid homes with cisterns – they are extremely difficult to get financed
Be aware that homes with wells and septic systems needed extra tests for contamination
Avoid homes with any income producing activities such as working farms, detached buildings with offices or car lifts for auto repairs, or anything else related to income producing activities.





Kentucky USDA Rural Housing Mortgage Lender: Kentucky Rural Housing USDA Maximum Income by Coun...

Kentucky USDA Rural Housing Mortgage Lender: Kentucky Rural Housing USDA Maximum Income by Coun...: 2020 Kentucky USDA Loan Income Limits for Kentucky Counties  Kentucky USDA loan income limits vary by location and household size wi...





The base USDA income limits are for most Kentucky counties below: 





New Income limits for most counties (*) in Kentucky are $90,300 for a household family of four and household families of five or more  can make up to  $119,200.

With the new changes for 2020 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $90,300 for a family of four and up to $119,200 for a family of five or more. The metro area surrounding counties of Jefferson County includes Oldham, Bullitt, Spencer are included in these higher income limits for USDA loans.
Remember,  the entire  Jefferson County and Fayette County  Kentucky counties are not eligible for USDA loans. Along with parts of the following counties Daviess (Owensboro), Mccracken (Paducah), Madison County, (Richmond), Clark County (Winchester), Warren (Bowling Green), Hardin (Fort Knox and Radcliff), Bullitt(Hillview, Maryville, Zoneton, Fairdale, Brooks), Franklin, (Frankfort), Henderson (Henderson City Limits), Christian County (Hopkinsville, Fort Campbell), Boyd County (Ashland city limits) and the most Northern Parts of Boone, Kenton, Campbell Counties of Northern Kentucky (Covington, Florence, Richwood, Hebron, Ludlow, Fort Thomas, Bellevue, Ryle, Beechwood, ) 

The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $99,250 for a household of four or less and up to $131,000 for a family of five or more.
USDA Eligible Areas in Northern Kentucky
Burlington
Hebron
Independence
Walton
Alexandria
Highland Heights
Cold Springs
Grant County
Owen County
Pendleton County
USDA Income Limits
Boone, Kenton & Campbell Counties (N. KY)

$99,250  (family size 1-4)
$131,000 (family size 5 or more)
Grant, Owen & Pendleton Counties (N. KY)

$90,300 (family size 1-4)
$119,250 (family size 5 or more)




Most are familiar with USDA Rural Housing Loan Program  being a great no money down program available and it is not just for Kentucky first time buyers.

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Score Requirement on Kentucky FHA Loans for people...

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Score Requirement on Kentucky FHA Loans for people...: Lowers Minimum Credit Score Requirement on Kentucky FHA Loans Kentucky FHA Home loan programs for people with bad credit FHA loans are...







Score Requirement on Kentucky FHA Loans for people with bad credit

Lowers Minimum Credit Score Requirement on Kentucky FHA Loans

Kentucky FHA Home loan programs for people with bad credit


FHA loans are designed to make housing more affordable with lower down payment requirements than conventional loans on purchases and less home equity requirements on refinances.  Less stringent qualification guidelines and the security of a government-insured loan makes FHA a popular choice for consumers.



Kentucky FHA Loans with 580 Credit scores and – Low Down Payment – 3.5% which can be gifted from relatives or borrowed off one's retirement account. If your scores is between 500-579, 10% down needed for home loan and subject to underwriting approval.

Louisville Kentucky VA Home Loan Mortgage Lender: How to get a Kentucky VA Home Loan?

Louisville Kentucky VA Home Loan Mortgage Lender: How to get a Kentucky VA Home Loan?: Kentucky VA loans are administered through the United States Department of Veterans Affairs but are not actually loans offered by the VA. ...