Kentucky USDA Rural Housing Mortgage Lender

  SFH Direct Loan and Grant Programs Monday, September 27 USDA Updates Guidance for Direct Loan Borrowers Impacted by COVID-19 PURPOSE The purpose of this notice is to announce the removal of the September 30, 2021 deadline for COVID-19 impacted Direct Loan borrowers to request mortgage payment assistance.  Direct Loan Borrowers may request assistance until the end of the National Emergency is declared Mortgage (Payment) Forbearance Guidance: Borrowers who experience financial hardship due, directly or indirectly, to the COVID-19 emergency may request and be granted an initial forbearance until the end of the National Emergency is declared. The initial forbearance period may be up to 180 days and the borrower may request an extension of up to an additional 180 days. Borrowers who received an initial CARES Act forbearance may be granted up to two additional three-month payment forbearances.  The borrower must request each extension individually. Borrowers who received a CO...

COVID-19 Pandemic for Kentucky USDA Mortgage Loans Extension of Temporary Exceptions: The temporary exceptions originally issued on March 27, 2020,  pertaining to appraisals, repair inspections, and income verifications for the Single Family  Housing Guaranteed Loan Program (SFHGLP) due to the COVID-19 pandemic have been extended until  February 28, 2021 and apply to the requirements in the program handbook HB-1-3555 for new loans,  described below. Residential Appraisal Reports – Existing Dwelling For purchase and non-streamlined refinance transactions, when an appraiser is unable to complete an  interior inspection of an existing dwelling due to concerns associated with the COVID-19 pandemic,  an “Exterior-Only Inspection Residential Appraisal Report”, (FHLMC 2055/FNMA 2055) will be  accepted. In such cases, appraisers are not required to certify that the property meets HUD HB  4000.1 standards. The appraisal must be completed in accordance with...

  Moratorium and relief options extended through February 28, 2021 Foreclosure and Eviction Moratorium Extension: The U.S. Department of Agriculture (USDA) Rural Development is extending its foreclosure and eviction moratorium for all Single Family Housing  direct  and  guaranteed  home loans through February 28, 2021, to help rural homeowners affected by the COVID-19 pandemic. The moratorium prohibits: The initiation of foreclosures or completion of foreclosures already in process, excluding on vacant and abandoned properties. Evictions of homeowners from properties bought with a USDA direct or guaranteed home loan. Loan servicers seeking to assist USDA guaranteed loan borrowers may also pursue any of the relief options referenced in  Chapter 18 of the Technical Assistance Handbook-1-3555 . Loan Forbearance: USDA direct home loan borrowers who have been impacted by the pandemic may request payment forbearance for up to one year. The initial forbearance per...