For Kentucky USDA Rural Housing Loans, the income limits have increased by about 5%. For a family of one to four people, USDA Rural Housing Kentucky County income limits are around $82,700 depending on the county. For a family of over five people, income limits are around $109,150.
The USDA Rural Development (RD) home loan program helps individuals achieve home ownership in small towns or rural areas. The program is open to home buyers whose annual income does not exceed the USDA’s income limits.
The best part of the USDA RD Loan? It doesn’t require a down payment! That’s right, this is a true 100% financing home loan.
With the recent increase in income limits, even more families will now be able to qualify for a USDA home loan.
Want to see if you qualify for a Kentucky USDA Home Loan? Apply today for a Rural Housing Loan in Kentucky for 2018!
Kentucky USDA Income Limits as of 06/13/2018
USDA income limits increased TODAY in most counties in Kentucky
This program is awesome and allows for up to 100% financing. In addition, homes that Appraise for more than the purchase price will allow the buyer to roll the closing costs into the loan!
Most Kentucky Area income limits are now $82,700 for households of 1 to 4 and $109,150 for households of 5 or more. Daycare or other child care expenses may allow higher incomes.
A Kentucky USDA Home Loan might not seem like the right fit for you and your real estate needs, but the program actually has fairly high income limits and the “rural” areas are often not as far out of town as you may think. If you feel you might have trouble coming up with a down payment, or simply want to explore all your loan options then here is a Guideline to the Kentucky USDA Home Loan Requirements.
Some Highlights:
- Your household must make no more than 115% of the median income of the county you want to purchase in.
- USDA allows you to have lower credit scores than other programs but you will still need to have a score of 620 but exceptions can be made.
- The USDA Home Loan requires an appraiser to look over the house to make sure it meets the USDA Home Standards
- The house must be in a USDA eligible area, if you want to know if the area you want to purchase in is eligible please leave a comment or contact us here and we will answer any questions you have on eligibility or anything about the US
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#57916 http://www.nmlsconsumeraccess.org/
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