With flexible requirements, USDA loans feature:
100% financing + required guarantee fee = 102% of the appraised value
No minimum score but most lenders want a 620 or above, or 640 sometimes
30 year fixed rates
Closing costs can be added into the loan if home appraises more than purchase price
No max loan limits, only household max income requirements based on location
Property must be in rural housing area
No used mobile homes
Property must not be incoming producing
3 years from Chapter 7 bankruptcy and 1 year In Chapter 13 possible
3 years removed from Foreclosure
Debt to income ratio requirements based on GUS Automated Underwriting Findings
USDA Loan Eligibility
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
Property must be located in a USDA designated rural area
Maximum loan limits vary based on location
Household members can have a total income of up to 115% of the medial income for the area
Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
click here for directions to our office
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
https://www.mylouisvillekentuckymortgage.com/
