Kentucky USDA Rural Housing Mortgage Lender

ZERO MONEY DOWN KENTUCKY  MORTGAGE LOANS - USDA ELIGIBLE 100% FINANCING FOR SELECT AREAS OF KENTUCKY - FIND OUT IF YOU QUALIFY How much income do you need to qualify for on Kentucky USDA Mortgage Loan. They look at two ratios on qualifying your for a mortgage loan going USDA, the front end ratio and the back-end ratio, also called the total debt to income ratio. When looking at your qualifying repayment income, they will use your base gross income, not your net income. The first ratio is called the piti ratio, which stands for principal, interest, taxes, mortgage insurance and home insurance, namely your new house payment. See example below of what goes into your front-end ratio or piti ratio: A. PITI: 29% The Ratios • Principal • Interest • Real estate taxes • Homeowners insurance • Annual fee • Additional assessments, HOA fees, e The second ratio is called the total debt to income ratio, or sometimes called the back-end ratio. This consist of your n...

Terms/Product   Fixed: 30 Yr. only Underwriting    All loans are run through GUS (Guaranteed Underwriting System). Must be located in an eligible location http://eligibility.sc.egov.usda.gov/eligibility/ Accept/Eligible and  Manual underwriting allowed on an exception basis. Technically a manual underwrite is considered an exception.  USDA files cannot have multiple exceptions when a file has to receive a manual underwrite.  All USDA files will need 2 months bank statements regardless if funds are needed or not needed for closing. Credit Score   600 - Lower of 2 or Middle of 3 repositories. (580-599 exception only)  640 and below credit scores require a manual underwrite. (GUS will not approve 640 and below) Down Payment  No minimum down payment required- but asset verification is still required Seller Assist  Maximum 6% of sales price DAP Assistance  Borrowers who choose to make a down payment may use a Governm...