Kentucky USDA Rural Housing Mortgage Lender

 Kentucky Rural Housing  USDA Borrower with No Credit Score Question: My USDA client has no credit score and filed Chapter 13 in 2019. Would USDA accept this? Answer: USDA allows no-score Borrowers, so this file would be a manual underwrite. You will need to build a non-traditional credit and also meet all of the manual underwriting requirements. Minimum Credit Scores for a Kentucky USDA Home Loan Approval Technically, there is no minimum credit score required to obtain a USDA home loan. However, lenders often impose overlays over USDA guidelines to ensure the borrowers are creditworthy. Generally, you’ll need a credit score of 640 or higher to get approved for a USDA loan, though it’s possible to go lower with an exception or a manual underwrite. When doing a manual underwrite, you should have compensating factors (such as long-term employment, assets, decent income, positive rental history etc.) to allow for the lower credit score. Your mortgage rate...

USDA will allow for a  refinance of your USDA Loan to a non-USDA Loan at anytime in the future, without any penalty for doing so.  However, there are circumstances in which a USDA to USDA Refinance may be beneficial. By refinancing's an existing USDA Loan, homeowners will be able to take advantage of the following USDA Refinance benefits: USDA Refinance available even if the house is worth less than the current mortgage No appraisal report requirement when completing a USDA Refinance of an existing USDA Guaranteed Loan No cash-to-close option for qualified USDA Refinance loan borrowers Can still obtain a USDA Refinance even if the house is no longer in a designated USDA Loan eligible area USDA Refinance Loans allows homeowners with a USDA Guaranteed or USDA Direct Loan to refinance to obtain a lower interest provided the following guidelines are met: Household income cannot exceed current USDA Loan eligibility requirements On-time mortgage payment history within the last 12 mo...

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 USDA Rural Housing Streamline Refinance 1.  Lower your interest rate, mortgage insurance premium, and total payment FAST.  The USDA will allow you to refinance if your savings is greater than $50.00 per month. 2.  Finance up to 100% of your home’s value.  The Kentucky USDA Mortgage Loan will allow you to refinance even if you closed at a much higher rate a month ago, there is no seasoning requirement. 3.  NO APPRAISAL!  That’s right, no meeting for appointments and hoping the value comes in, you already have a Kentucky Rural Housing USDA loan , and therefore you qualify to improve your loan .* (*Only direct borrowers that received subsidy) 4.  No Net tangible benefit required! *  (*Only the Streamlined Assist – then at least a $50 net reduction to principal, interest, real estate taxes and homeowners insurance (PITI) payments compared to current PITI) 5.  No home inspections or calculation of debt ratios...

Purchase & Rate/Term Refi Maximum loan amount cannot exceed 100% of the appraised value. Maximum loan amount including financed guaranteed fee cannot exceed 101% of the appraised value. Streamline Refi Maximum loan amount cannot exceed the unpaid principal balance of the existing loan plus the guarantee fee. Accrued interest, closing costs, and fees cannot be financed. The original appraisal may be used to determine the appraised value for the streamline transaction. Joel Lobb  (NMLS#57916) Senior  Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364  |  MB73346 Text/call 502-905-3708  kentuckyloan@gmail.com Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requir...