The Kentucky Mortgage USDA Loan Repair Escrow program is intended to help Kentucky borrowers utilizing the Rural USDA Housing Loan Programs to save money by rolling in the cost of the purchase plus the repairs in the same loan , but cannot exceed 10% of the final loan amount . To qualify for this program, borrowers must meet the standard income, locations, size and additional factors set forth by USDA. The funds for the repairs can be used for both exterior and interior repairs. Examples of Eligible Repairs Replace HVAC Repair and paint rotted facia boards Repair holes in kitchen floor Install safety eyes on garage door Install a stove and dishwasher that are drop in Install hot water heater Repair escrows, post issuance of the Loan Note Guarantee, are acceptable provided the home is habitable, as determined by the lender. All items of new construction or repairs must be 100 percent (100%) complete in accordance with plans and specificatio...
