Kentucky USDA Rural Housing Mortgage Lender

The program requires a minimum of three years from the date of a bankruptcy, foreclosure, or short sale prior to the borrower being eligible for a USDA Loan. For a Chapter 7 bankruptcy, the borrower must allow three years from the discharge date prior to submitting a new loan request. For a Chapter 13 bankruptcy the waiting period is 12 months after the completion of the court ordered repayment plan. If the bankruptcy included a property, whether a primary residence or investment property, the earliest a new loan can be obtained is based on USDA Loan short sale and foreclosure guidelines. When the borrower experienced either a short sale, foreclosure, or surrenders the property through the bankruptcy process, there will be a three year waiting period between the date of property transfer from the borrower to a new entity, and the date the new loan application can be processed. The most conservative stance by a USDA Loan Underwriter for defining the date of the negative occurrence is th...

USDA RURAL HOUSING MORTGAGE GUIDELINES USDA allows an LTV of 100%.  Therefore, the borrower would only need to bring closing cost to the table.  You can also have 6% Seller concession.  On CONV its only 3%.  Your USDA Guarantee fee can be financed into the loan. Closing Cost can be a gift from a relative Finance 100% of Appraised Value – when home appraises for more than Purchase Price the closing costs and prepaids can be financed into the loan (up to the appraised value) CAIVRS-All must reviewed and acceptable.  Individuals who have been suspended or debarred from participation in Federal programs or they have delinquent federal debt are not eligible for a USDA Guarantee Loan. Guarantee Fee USDA requires the borrower to pay an upfront Guarantee Fee and an annual fee. • The USDA Guarantee Fee is 1% • The Annual Fee is .35% • The maximum LTV/CLTV for transactions is 100% of the appraised value if the Guarantee Fee is not financed The USD...

New Credit Report Changes Coming Soon for Kentucky Rural Housing Mortgage USDA  Loans and Fico Scores for 2017 In an effort to make credit reports more accurate, all three credit reporting agencies of Equifax, Experian, and TransUnion will no longer provide information regarding civil judgments and tax liens on reports as of  July 1, 2017 .  The impact to credit scores is anticipated to be minimal.  There are no changes to the current reporting of foreclosure and bankruptcy data.  There will be no updates to HB-1-3555 and the following will continue to apply for Single Family Housing Guaranteed Loans: Lenders must secure a marketable first lien as required in 7 CFR Part 3555, 3555.204 and HB-1-3555 Chapter 16.  USDA’s current policy regarding judgments and tax liens in 3555.151(i)(5) and HB-1-3555 Chapter 10:  10.10 and Attachment 10-B will apply.  If a lender identifies a judgment or tax lien for a GUS “A...