Kentucky USDA
Home Loan Eligibility Requirements
Kentucky USDA Home Loan
eligibility will be determined by your financial history, and the property
you're choosing to buy. First, the property in question must be in a USDA
defined rural area. USDA defined rural areas can change from state to state,
but are typically defined as any property located in a rural area, open
country, or an area with less than 25,000 residents. This means that even if a
property is located on the outskirts of a major city, in some small suburban
community, it may still be defined as USDA eligible. For more information on a
USDA eligible property in your area, please contact mew below.
Secondly, your financial
and credit history will be evaluated. You need to have an above average credit
history with a minimum credit score of 620, and no foreclosures in the past 3
years or bankruptcies in the last 2. You must have steady and reliable income
and be able to prove that you can afford monthly mortgage payments, as well as
any other bills and previous debts you may have incurred. You must be a U.S.
citizen, and be within in the income limitations for that designated area.
Kentucky USDA Home Loan Advantages:
·
No Down payment is
required.
·
Flexible credit
guidelines. (Minimum credit score 620)
·
Bankruptcy ok after 2
years
·
Foreclosure ok after 3 years. If home was in bankruptcy can be sooner than 3 years and home must be out of your name.
·
No maximum purchase
price limit.
·
Closing costs can be
financed in.
·
Competitive fixed
30-year rates.
·
Low monthly mortgage
insurance compared to FHA and Fannie Mae
Can be used to purchase
new and existing homes.
--
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
Company NMLS ID #1364
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/
-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
