Kentucky USDA Rural Housing Mortgage Lender

USDA Fiscal Year 2021 Conditional Commitment Notice Fiscal Year 2021 will begin 10/01/2020.    USDA has announced an upfront guarantee fee of 1% accompanied by an annual fee of 0.35% , which remains the same, for both purchase and refinance transactions in FY 2021 (no fee change from FY2020).  During the beginning of each fiscal year, funding for the Single Family Housing Guaranteed Loan Program (SFHGLP) may not be available for a short period of time (historically about two weeks).  Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance transactions”.   As we have in the past, FWL will continue closing and funding USDA loans if there is a lapse in funding during the fiscal changeover. Conditional Commitments will be accepted from RD with "subject to commitment authority" language in them, which means USDA loans continue closing and funding. (Business as usual.) Refer to Fi...

Kentucky USDA Guarantee Fee and Annual MI All USDA loans current charge 1.0% for the Guarantee Fee on ALL loans regardless of purchase or refinance. The Annual MI or Monthly Factor is .35 basis points For example on a $100,000 Kentucky USDA Property with no money down financing the following USDA Guarantee fees and annual mi would be as follows: $100,000.00 loan amount x .01% = $1,000 Guarantee Fee. The total loan amount would be $101,000 with the guarantee fee being financed into the loan over 30 years. The annual monthly mortgage insurance premium would be calculated as follows: $100,000 x ..35 = $350 a year or $29.00 a month. This annual mi fee to USDA is for life of loan now.

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...

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...