Kentucky Rural Housing USDA Loans

 

Kentucky Rural Housing USDA Loans

Kentucky USDA Loans are issued by qualified lenders and are guaranteed by the United States Department of Agriculture. These are not farm loans! They are intended to encourage homeownership in rural areas as defined by the USDA.

Kentucky Rural Housing USDA Loan Overview:

• No down payment - a true 100% LTV Loan
• Minimum credit score as low as 620****no minimum credit score required for USDA loans but most lenders will want a 640 or 620 score. 
•  Buyers that do not have a credit score may be eligible with additional requirements.
• Household income limits apply. Avg. limits throughout Kentucky are $91,900 for 1-4 people in the home, $121,300 for 5-8. Incremental increases to limits will apply for families with over 8 people.
• Generally easier to qualify for than a Conventional mortgage!
• Property must be located in an eligible rural area
• No maximum loan amount
• Eligible Property Types:
  • 1 unit properties only
  • HUD Approved Condos
  • New Manufactured Homes (*There is currently a pilot program in Ohio only that allows for existing homes built after Jan. 2006)

The Kentucky USDA loan is a great program for homebuyers. There are many areas where entire counties qualify for this program.

If you are interested in reviewing the eligible areas in your local market, please let us know! You can also lookup the eligibility of a specific address here: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

If you have any questions or want to learn more about USDA loans, we are here to help!