Kentucky USDA Rural Housing Mortgage Lender

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...

Kentucky Rural Housing and USDA Student Loans  Guidelines Changes for 2016 Recent updates to the 3555 Handbook intended to simplify guidance for the delivery of the guaranteed loan program have caused some misperception in regards to total debt ratio calculations, specifically in the subject of student loans.  The Agency is working on revisions to Chapter 11: Ratio Analysis; however, we want to further clarify the subject at this time. Total debt includes monthly housing expenses plus any other credit obligations incurred by the applicant.  Student loan payments must be included in the calculation of the total debt-to-income ratio and captured under liabilities on the application.  Student loan payments should be treated as described below: Fixed payment loans :  A fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the r...

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...