Kentucky USDA Rural Housing Mortgage Lender

Joel Lobb Senior Loan Officer (NMLS#57916 text or call my phone:  (502) 905-3708 email me at  kentuckyloan@gmail.com The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, ( www.nmlsconsumeraccess.org ). USDA Mortgage loans only offered in Kentucky. All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

When it comes to qualify for a Kentucky Rural Housing Development Loan backed by USDA,  these are the things to keep in mind so you can know what to expect once you make that step to get pre-approved : The income limits for all household members that currently have an income limitations (maximum family income of a family 1-4 people is roughly $75,000 in Kentucky and 5 or more up to $98,000 roughly), and location (house must be located in an approved area). In Kentucky  the main counties of Jefferson, Fayette are not eligible for USDA financing, while like smaller counties of Warren, Mccracken, Daviess, Hopkins, Boone, Kenton, Campbell  and Bullitt only part of the county is eligible for USDA financing.  Bottom line, the closer you get to a major metropolitan area, your chances decrease of qualifying due to the eligibility maps.  To see if a home is eligible simply click this link  enter in your property address  and it will tell you whet...

When it comes to qualify for a Kentucky Rural Housing Development Loan backed by USDA,  these are the things to keep in mind so you can know what to expect once you make that step to get pre-approved : The income limits for all household members that currently have an income limitations (maximum family income of a family 1-4 people is roughly $75,000 in Kentucky and 5 or more up to $98,000 roughly), and location (house must be located in an approved area). In Kentucky  the main counties of Jefferson, Fayette are not eligible for USDA financing, while like smaller counties of Warren, Mccracken, Daviess, Hopkins, Boone, Kenton, Campbell  and Bullitt only part of the county is eligible for USDA financing.  Bottom line, the closer you get to a major metropolitan area, your chances decrease of qualifying due to the eligibility maps.  To see if a home is eligible simply click this link  enter in your property address  and it will tell you whet...

Money is available for Kentucky USDA Rural Development’s Single Family Housing Guaranteed Loan Program 2017-2016  Fiscal Year 2017 Funds Now Available Fiscal Year (FY) 2017 funding for Rural Development’s Single Family Housing Guaranteed Loan Program is now available.  The funding is authorized by the Continuing Appropriations and Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2017, and Zika Response and Preparedness Act ( P.L. 114-223, H.R. 5325 ). Requests that received Form RD 3555-18E, “Conditional Commitment for Single Family Housing Loan Guarantee” (aka Conditional Commitment), contingent upon the availability of an appropriation, will be obligated in the Agency’s financial system over the next 2-3 business days.  An updated Conditional Commitment will be electronically generated by the Agency to remove the “contingent upon” language.  Lender receipt of the updated Conditional Commitment wi...

Fiscal Year 2017 Conditional Commitment Notice With the start of fiscal year 2017 (FY17) just around the corner, please take a few minutes for a timely review of the Single Family Housing Guaranteed Loan Program (SFHGLP) conditional commitment process. We hope you find this information helpful.  Issuance of Conditional Commitments:  At the beginning of each fiscal year, funding for the SFHGLP is not available for a short period of time – approximately two weeks.  This will not change in FY 2017, which starts  October 1, 2016 .   During the temporary lapse of funding,   Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance transactions .  The application processing workflow is as follows: Rural Development will continue to accept complete SFHGLP applications for purchase and refinance loan transactions from lenders; Rural Developmen...

On October 1st, the USDA is making drastic cuts to fees The USDA mortgage requires two types of fees: an upfront guarantee fee and a monthly fee. They are both being reduced, allowing more buyers to qualify. Starting on October 1, 2016, the upfront fee will be reduced. Current upfront fee: 2.75% New upfront fee: 1.00% and the monthly fee will also drop. Current annual fee: 0.50% New annual fee: 0.35% The term “guarantee” simply refers to USDA’s loan backing that allows lenders to issue loans according to its guidelines. The current upfront guarantee fee stands at 2.75 percent of the loan amount and is seeing a drastic cut to 1.00 percent , a nd the "annual fee" is currently 0.50 percent also dropping significantly to 0.35% , paid in twelve equal installments and included in each mortgage payment. The changes will be in effect until September 30, 2017. Typically, USDA re-examines financials of previous fee changes then raises, holds, or reduces fees acc...

Kentucky Rural Housing USDA Rural Development Guarantee Upfront and Annual Fees are going down October 2016 for all Kentucky Rural Home loans! On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease. We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%. In real money terms, this is $3,500 Upfront & $58.33 per month on a $200,000 Home Purchase. The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule. The determination will be based on the current processing timeframes in each state. Debt Ratios–29/41% on manual underwrites – max to 45% Debt to Income ratios with GUS Approve/Eligible Finding. ZERO down payment – 100% LTV ok Income Eligibility Limits do apply. Usually to $75k for a famil...

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

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KY USDA AND RURAL HOUSING UPDATED CREDIT REQUIREMENTS FOR 2016. CREDIT SCORE If more than one score is supplied by the same repository, the lesser of the scores will be used. Determining Qualifying Credit Score: Middle of 3 Lower of 2 If only one score is provided, the loan is ineligible  Minimum credit score for: GUS Approval = 640 Credit report must match GUS findings. Must not be older than 120 days on the date of closing for existing properties and new construction. Must contain complete information provided by all three repositories. The credit report  must  show the following three  required  FICO scoring models for the report to be valid with us. Equifax Beacon 5.0 Transunion FICO Risk Score, Classic 04 Experian/Fair Isaac Risk Model V2. Must reflect a minimum of 2 scores per borrower. TRADELINE REQUIREMENT: At least one applicant whose income or assets are used for qualification must have at least 2 historic...