Kentucky USDA Rural Housing Mortgage Lender

USDA offers three specific refinance products to afford existing guaranteed and direct borrowers the opportunity to benefit from a lower interest rate and increase their ability to maintain successful homeownership.  Options available:   Non-Streamlined   Streamlined   Streamlined-Assist The last option is available to existing Rural Development Direct and Guaranteed Loan borrowers.  The SFHGLP offers three specific refinance products to afford existing guaranteed and direct borrowers the opportunity to benefit from a lower interest rate and increase their ability to maintain successful homeownership . • A refinance loan is not an option for non-performing loans. In these cases, loss mitigation options should be explored.  • We will discuss the differences between the Non-Streamlined, Streamlined, and Streamlined-Assist options in the next slides. The most popular and most streamlined refinance option is the streamlined-assist option.  • As you can ...

Kentucky Rural Housing USDA Streamline  Assist Refinance Attention Kentucky USDA Mortgage Holders. USDA Streamline Assist is a refinance of an existing USDA Guaranteed Loan. Check out the table below for details regarding this new loan program from Rural Development. Some of the benefits are: No Appraisal! No Income Documentation Minimum 12 monthly payments made on time  Reduce Mortgage Insurance with new USDA MI Guidelines No cash back Must reduce payment by $50 Must Occupy Home as primary residence and be living in home 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...

Do you have a Kentucky USDA Rural Development loan that you would like to refinance to a lower rate? WHO IS ELIGIBLE: Kentucky Current Section 502 Direct and Guaranteed loan borrowers may be eligible to refinance their existing Kentucky USDA mortgage loans into new Guaranteed loans through the Rural Refinance Pilot program. There are 35 states that are currently eligible for the Refinance Pilot Program and Kentucky is one of them. APPLICANT MUST :  •Be a current Section 502 Direct or Guaranteed loan borrower •Meet the applicable adjusted income eligibility limit Reside in an eligible rural area, or an area that was eligible at the time of original loan closing •Have made timely mortgage payments for the previous 12 months at the time of loan application  TERMS: •The new interest rate fixed and a minimum of 100 basis points (1%) lower than the current interest rate •The new loan term must be 30 years •Borrowers may be added to the new loan. Original borr...