Fiscal Year (FY) 2022 funding for Rural Development’s Single-Family Housing Guaranteed Loan Program is available


Fiscal Year 2022 SFH Guaranteed Funds Now Available!

Fiscal Year 2022 SFH Guaranteed Funds Now Available!

Fiscal Year (FY) 2022 funding for Rural Development’s Single-Family Housing Guaranteed Loan Program is available. The funding is authorized by H.R. 5305 the “Extending Government Funding and Delivering Emergency Assistance Act” of FY 2022.

Guidance for Loan Submissions

Files in Process: Loan guarantee requests that received Form RD 3555-18/18E, “Conditional Commitment for Single Family Housing Loan Guarantee” contingent upon the availability of an appropriation, will be obligated in the Agency’s financial system over the next 3-4 business days. An updated “Conditional Commitment will be electronically generated by the Agency to remove the “contingent upon” language. Lender receipt of the updated Conditional Commitment will signal the request has been successfully obligated by the Agency.

NOTE: Closing transactions are not eligible for submission to USDA until a loan is successfully obligated.

Loan Closing: Once the loan has closed (including loans that were closed prior to the obligation of funds by the Agency), the lender may submit their request for Loan Note Guarantee along with a closing package. For manually submitted loan closing packages, ensure the lender certification on the Conditional Commitment is signed and dated after the Agency’s obligation date (the issuance date on the updated Conditional Commitment). Lenders using the Agency’s automated Lender Loan Closing (LLC) system will complete the lender certification electronically (i.e. no manual signature/date required).

Thank you for your participation in the USDA Single Family Housing Guaranteed Program. We look forward to serving you and rural American homebuyers.

Kentucky USDA Rural Housing Eligibility Map for 2021

Kentucky USDA Rural Housing Map

How to determine if property is in an eligible USDA area in Kentucky 

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Joel Lobb (NMLS#57916) Senior  Loan Officer   American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364 | MB73346    Text/call 502-905-3708 kentuckyloan@gmail.com
Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
kentuckyloan@gmail.com
http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
Kentucky USDA Eligibility Map | Kentucky Rural Housing USDA Home Loan Qualifications | USDA Rural Development
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Kentucky USDA Rural Housing Changes to Underwriting







Kentucky Rural Housing Underwriting Changes for Debt ratio, Student Loans, Rental Income and Income




USDA has announced the publication of Chapter 11 revisions in the HB 3555 (advanced chapter previously announced in July), which are effective for conditional commitments dated on and after 09/22/2021. Important changes are as follows:

DTI Ratios – Payments for debt management plans must be added to the total debt ratio. If a payment plan exists for federal, state, or local taxes, it must be added to the DTI.
Revolving Debt, 30 Day Accounts – Revolving accounts with no outstanding balance are not required to be closed.

Student loans, Deferred Debt – For Non-Fixed payment loans, when the payment amount is zero, you must use either the current documented payment or .50% of the outstanding loan balance documented on the credit report.

Rental Income – Rental income can only be counted in the repayment income when it has been received for 24 months or more.

Debt Ratio Waiver - Refinance loans with GUS recommendations of Refer or Refer with Caution must have compensating factors to support the request for a debt ratio waiver and must be submitted to USDA.







USDA Updates Guidance for Direct Loan Borrowers Impacted by COVID-19

 

SFH Direct Loan and Grant Programs

Monday, September 27

USDA Updates Guidance for Direct Loan Borrowers Impacted by COVID-19

PURPOSE

The purpose of this notice is to announce the removal of the September 30, 2021 deadline for COVID-19 impacted Direct Loan borrowers to request mortgage payment assistance.  Direct Loan Borrowers may request assistance until the end of the National Emergency is declared

Mortgage (Payment) Forbearance Guidance:

Borrowers who experience financial hardship due, directly or indirectly, to the COVID-19 emergency may request and be granted an initial forbearance until the end of the National Emergency is declared. The initial forbearance period may be up to 180 days and the borrower may request an extension of up to an additional 180 days.

Borrowers who received an initial CARES Act forbearance may be granted up to two additional three-month payment forbearances.  The borrower must request each extension individually.

Borrowers who received a COVID-19 forbearance under this guidance may have the interest waived that accrues on missed payments during the forbearance period. Loans may be reamortized at the conclusion of the forbearance. The term of the initial forbearance and any extension may be shortened at the borrower’s request.

For more information on USDA Rural Development’s actions to support customers directly impacted by COVID-19, visit https://www.rd.usda.gov/coronavirus.

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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Louisville Kentucky First Time Home Buyer Programs...: Kentucky First Time Home Buyer Programs and Resources If you are a potential Louisville Kentucky First Time home buyer first time home ...

Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

 

Updated HB-1-3555, Chapter 11, Ratio Analysis

The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce revisions to technical HB-1-3555, Chapter 11, Ratio Analysis. An advance copy of the proposed changes was made available on July 20, 2021.  These changes became effective upon the recent issuance of a Procedure Notice (PN).  Below are the highlighted revisions:

Chapter 11- Ratio Analysis

11.2 B. The Total Debt Ratio:

  • Student Loans: Removed the phrase “the greater of” from Non-Fixed payment loans and added guidance regarding “when the payment is above zero” and “when the payment is zero”.
  • Revolving accounts: “with no outstanding balance” are not required to be closed.
  • Mortgages: Rental Property - Eliminated language regarding omission of mortgage debt.  Guidance for entry of rental income in GUS is provided in the GUS Lender User Guide under Section 4.1.4.1.1, Retained Investment Properties.
  • Added: Debt management plans:
    • Include the monthly payment amount due from the counseling plan.
    • Refer to Chapter 10 for guidance on credit exception and documentation requirements.

11.3 DEBT RATIO WAIVERS AND COMPENSATING FACTORS

A. Purchase Transactions: Debt Ratio Waivers

  • GUS Refer, Refer with Caution, and manually underwritten loans without GUS assistance:
    • Added: “The lender must document eligible compensating factors to support a debt ratio waiver.”
    • Added: “all” of the following conditions are met to the first paragraph.
  • Debt Ratio Waiver Request and Agency Approval:
    • Added: “The issuance of the Conditional Commitment for a Loan Note Guarantee represents Agency approval of the ratio waiver.”

B. Refinance Transactions: Debt Ratio Waivers

  • Added a bullet:  GUS files that receive a GUS recommendation of Refer, Refer with Caution, or are not supported by GUS, require debt ratio waivers, and supporting documentation must be submitted to the Agency.
  • Added: “The issuance of the Conditional Commitment for a Loan Note Guarantee represents Agency approval of the ratio waiver”. 

11.7 OBLIGATIONS NOT INCLUDED IN DEBT-TO-INCOME RATIOS

  • Added: "unless a payment plan is in place" to the second bullet concerning Federal, state, and local taxes.



Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com