Kentucky Rural Development Home Mortgage Loans Guidelines for 2018 Updated
Terms/Product Fixed: 30 Yr. only Underwriting All loans are run through GUS (Guaranteed Underwriting System). Must be located in an eligible location http://eligibility.sc.egov.usda.gov/eligibility/ Accept/Eligible and Manual underwriting allowed on an exception basis. Technically a manual underwrite is considered an exception. USDA files cannot have multiple exceptions when a file has to receive a manual underwrite. All USDA files will need 2 months bank statements regardless if funds are needed or not needed for closing. Credit Score 600 - Lower of 2 or Middle of 3 repositories. (580-599 exception only) 640 and below credit scores require a manual underwrite. (GUS will not approve 640 and below) Down Payment No minimum down payment required- but asset verification is still required Seller Assist Maximum 6% of sales price DAP Assistance Borrowers who choose to make a down payment may use a Governm...