Kentucky USDA Rural Housing Mortgage Lender

On October 1st, the USDA is making drastic cuts to fees The USDA mortgage requires two types of fees: an upfront guarantee fee and a monthly fee. They are both being reduced, allowing more buyers to qualify. Starting on October 1, 2016, the upfront fee will be reduced. Current upfront fee: 2.75% New upfront fee: 1.00% and the monthly fee will also drop. Current annual fee: 0.50% New annual fee: 0.35% The term “guarantee” simply refers to USDA’s loan backing that allows lenders to issue loans according to its guidelines. The current upfront guarantee fee stands at 2.75 percent of the loan amount and is seeing a drastic cut to 1.00 percent , a nd the "annual fee" is currently 0.50 percent also dropping significantly to 0.35% , paid in twelve equal installments and included in each mortgage payment. The changes will be in effect until September 30, 2017. Typically, USDA re-examines financials of previous fee changes then raises, holds, or reduces fees acc...

Kentucky Rural Housing USDA Rural Development Guarantee Upfront and Annual Fees are going down October 2016 for all Kentucky Rural Home loans! On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease. We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%. In real money terms, this is $3,500 Upfront & $58.33 per month on a $200,000 Home Purchase. The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule. The determination will be based on the current processing timeframes in each state. Debt Ratios–29/41% on manual underwrites – max to 45% Debt to Income ratios with GUS Approve/Eligible Finding. ZERO down payment – 100% LTV ok Income Eligibility Limits do apply. Usually to $75k for a famil...

Kentucky Rural Housing Loans  has made changes to the program guidelines for guaranteed loans, which will include the changes described below. The 1980-D and all associated publications are replaced by the 7 CFR Part 3555. All effective Administrative Notices must reflect "3555". The new handbook is the HB-1-3555 and can be accessed by clicking the link  here . FLOOD ZONES: Existing properties located in a flood zone are now eligible as long as flood insurance is available through FEMA's NFIP program. New or proposed homes in a flood zone must still meet additional flood zone requirements. Flood coverage must cover the lesser of the total loan amount or maximum allowed by NFIP. Maximum deductible is $1000 or 1% of the face amount of the policy HAZARD INSURANCE: Maximum deductible is $1000 or 1% of the face amount of the policy BUILDINGS/LAND: The subject property cannot contain any land or buildings that will be used principally for income. M...

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