USDA loans in Kentucky has announced updates

 Effective October 1, 2023, USDA loans in Kentucky has announced updates regarding the following topics.

• Fiscal Year 2024 Conditional Commitment USDA announced a delay of approximately two weeks in allocation of funding; however, we will continue to close, fund, and purchase of Kentucky USDA loans, even those with conditional commitments issued as “subject to the availability of commitment authority.”

• Changes to eligibility of certain rural areas o USDA announced new ineligible area maps will be updated on the Guarantee Underwriting System (GUS) and USDA Income and Property Eligibility site on October 1, 2023.

Fiscal Year 2024 Conditional Commitment

During the period of lapse in funding:

• USDA will issue conditional commitments “subject to the availability of commitment authority” for purchase and refinance transactions, beginning October 1, 2023.

•  We will close, fund, and purchase USDA loans when the conditional commitment is issued as “subject to the availability of commitment authority,” as this is primarily a procedural delay with USDA and not a funding issue with the USDA-RD program.

The upfront guarantee fee of 1.00% and the annual fee of 0.35% will remain unchanged for both Purchase and Refinance transactions for the fiscal year 2024.

Changes to Eligibility of Certain Rural Areas

GUS will be updated with the new area maps on October 1, 2023 (current maps will be moved to the Previous Eligibility Areas tab). GUS underwriting recommendations will display an “Ineligible” property determination for a property that is no longer located in an eligible rural area.

GUS provides an “Ineligible” property recommendation because the property is located in an area being changed from rural to non-rural,

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574

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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).

Kentucky USDA Rural Housing Mortgage Lender: Kentucky Rural Housing USDA Maximum Income by Coun...

Kentucky USDA Rural Housing Mortgage Lender: Kentucky Rural Housing USDA Maximum Income by Coun...: 2023 Kentucky USDA Loan Income Limits for Kentucky Counties  Kentucky USDA loan income limits vary by location and household size wit...

New Kentucky USDA Rural Housing  Income limits for most counties in 2023 (*) in Kentucky are $110,600 for a household family of four and household families of five or more  can make up to $146,050 with the new changes for 

2023 Kentucky USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $110,600 for a family of four and up to $146,050 for a family of five or more. The metro area surrounding counties of Jefferson County includes Oldham, Bullitt, Spencer are included in these higher income limits for USDA loans.

Remember,  the entire  Jefferson County and Fayette County  Kentucky counties are not eligible for USDA loans. Along with parts of the following counties Daviess (Owensboro), Mccracken (Paducah), Madison County, (Richmond), Clark County (Winchester), Warren (Bowling Green), Hardin (Fort Knox and Radcliff), Bullitt(Hillview, Maryville, Zoneton, Fairdale, Brooks), Franklin, (Frankfort), Henderson (Henderson City Limits), Christian County (Hopkinsville, Fort Campbell), Boyd County (Ashland city limits) and the most Northern Parts of Boone, Kenton, Campbell Counties of Northern Kentucky (Covington, Florence, Richwood, Hebron, Ludlow, Fort Thomas, Bellevue, Ryle, Beechwood, ) 

The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Bracken, Gallatin, and Pendleton are $116,300 for a household of four or less and up to $153,500 for a family of five or more.