Kentucky USDA Rural Housing Mortgage Lender

The important differences between the Kentucky Section 502 guaranteed and Kentucky direct USDA and RHS loan programs are as follows: The Kentucky RHS or USDA  lender for Section 502 guaranteed loans is a private savings and loan institution, bank, or mortgage company which also handles all the loan servicing. The lender for the direct program is the Rural Housing Service; Rural Development handles the servicing. Income levels for Section 502 guaranteed borrowers are capped at 115 percent of the area median income. Income levels for the direct program must be no more than 80 percent of the AMI.  Payment assistance subsidy is not available through the guaranteed program . Payment assistance, which can reduce the interest paid on the mortgage to as low as 1 percent, is available for borrowers in the direct program and is based on the borrower’s income as a percent of AMI. Borrower protections differ between the programs.  Applicants for guaranteed lo...

Kentucky USDA Rural Development Housing Loan has updated boundaries for eligible areas in Kentucky below: The following Kentucky cities in Kentucky have expanded or annexed additional areas and these areas will become ineligible effective Feb. 2, 2015 for the Kentucky Single Family Housing Direct and Guaranteed Programs: • Hopkinsville in Christian County, Kentucky (additional areas annexed and expanded) • Bowling Green in Warren County, Kentucky (additional areas annexed and expanded) • Richmond in Madison County, Kentucky (additional areas annexed and expanded) • Florence in Boone County, Kentucky (additional areas annexed and expanded) • Henderson in Henderson County, Kentucky (additional areas annexed and expanded) • Owensboro in Daviess County, Kentucky (additional areas annexed and expanded) • Winchester in Clark County, Kentucky (additional areas annexed and expanded) --  Joel Lobb Senior  Loan Officer (NMLS#57916)  ph...

KENTUCKY RURAL HOUSING USDA RURAL DEVELOPMENT AMENDED FUTURE ELIGIBILITY MAPS - DETERMINING PROPERTY ELIGIBILITY Further Continuing Appropriations Act, 2015 (Act), which provides fiscal year 2015 full-year appropriations through  September 30, 2015 , for all agencies except the Department of Homeland Security. With the signing of this Act, Rural Development will implement the eligibility maps in accordance with the Agricultural Act of 2014, Pub. L. 113-79 ("Farm Bill") on  February 2, 2015  with the following exceptions: Because of the continuing re-examination of the "rural in character" policy, RD will continue its current policy regarding "rural in character" for the purposes of determining eligible rural areas. The Act further provides that applicants in communities that have a current rural area waiver under section 541 of the Housing Act of 1949 (42 U.S.C. 1490q) shall be treated as living in a rural area for purposes of section 502 gua...

Kentucky Rural Housing USDA Loan Guidelines on Foreclosure, Bankruptcy short-sale below Kentucky Rural Housing Loans require 3 years completion date after the sheriff sale of home.  A Deed in Lieu foreclosure also requires 3 years from completion of sale. Short Sales require  3 years from completion date of short sale date. A Chapter 7 or 13 bankruptcy requires  3 years from discharge or dismissal date -- Joel Lobb Senior  Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223  phone: (502) 905-3708  Fax:     (502) 327-9119 kentuckyloan@gmail.com  Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/

Credit Profile: Minimum risk score of 640 for each borrower for full documentaion. Minimum risk score of 640 for each borrower for streamline transactions. The borrower must have two credit scores to be eligible. However, GUS may accept borrowers with only one score. Any loan that does not receive an Accept recommendation from GUS must be accompanied by a credit waiver from USDA. Supporting documentation may be required by USDA unless the loan receives an Accept recommendation from GUS Manually underwritten loans and GUS loans that receive a “Refer” underwriting recommendation approved for borrower(s) with eligible FICO scores of 640 and above do not require submission of supporting documentation to Rural Development. If the underwriter deems the adverse credit acceptable then the underwriter should document their decision on the Uniform Underwriting Transmittal Summary (Fannie Mae Form 1008/Freddie Mac Form 1077) in the "Underwriter Comments" section. Adverse cred...

Short Sale and Kentucky USDA Rural Housing Mortgage Requirements for a Home Loan Short Sale Applicant must present documentation of their full release from the creditor involved. If the creditor is Rural Development, the applicant must contact the Central Servicing Center for evidence of full release. There is not a specified waiting time but the applicant must meet the normal credit, capacity and collateral requirements. The credit report must indicate a zero balance from the creditor. Chapter 13 A satisfactory performance history for one year of the pay-out period and MUST be discharged. The minimum of two (2) credit scores on RHS loans Minimum score is 640 – Loans without a score are not eligible.  The following are indication of unacceptable credit history and must be carefully investigated: More than one payment being more than 30 days late in the last 12 months  A foreclosure or Chapter 7 bankruptcy in the past 36 months (not allowed). ...

Kentucky USDA Rural Housing Eligibility Map Kentucky USDA Rural Housing Map Click on map below and then Type in your address below and hit go here to see if the home is in an eligible USDA Rural Housing Area for a Kentucky Property 👇 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 If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708. 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 requirements, and final credit approval. Approvals are subject to underwritin...