I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
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- 4 Things Required for a KY Mortgage Loan Approval
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2024
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score For Mortgage Loan Approval
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky Mortgage Loan
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Kentucky USDA RHS Rural Housing Mortgage Loans for 2020
Kentucky USDA RHS Rural Housing Mortgage Loans for 2020
Kentucky USDA Rural Program Guidelines
Borrower Eligibility
U.S. citizens
Permanent resident aliens
First time homebuyers allowed
Maximum 2 borrowers allowed
Non-occupant co-borrowers NOT allowed
Commitment Fee
USDA Rural Developmet charges a 1% Commitment Fee
Commitment Fee can be financed into the loan
Example:
Purchase price – $100,000
Loan amount – $101,040
Commitment Fee – $1,000
Maximum financed loan amount = $101,040 ($100,000 [purchase price]/.98)
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
Downpayment Requirement
No down payment is required
If borrower has adequate assets (i.e. 20% of the property purchase price) to obtain conventional financing the borrower may be ineligible for the USDA Rural Development Loan
Eligible Properties
Must be in an eligible Kentucky USDA Rural Development Location
Owner-occupied properties
Existing attached & detached single family residences
New construction with permanent financing only
PUD’s (i.e. Townhomes)
Condo-units. HUD, VA, FNMA or FHLMC approved project
Ineligible Properties
Co-ops
Mixed-use
Condotels
Manufactured homes
Log cabin homes
Single Family Homes where the Land value exceeds 30% of the appraised value AND can be sub divided.
Maximum Income Amount
County specific. Reference the USDA website for adjusted household income limits
Maximum Loan-To-Value
Maximum loan-to-value is 101%
Maximum Mortgage Amount
None
Minimum Credit Score
Middle Credit Score – 581 for each applicant for GUS automated underwriting approval
Monthly Mortgage Insurance Premium (MIP) Requirements
.35 basis points USDA Loan require a monthly mortgage insurance premium. For example on a $100,000.00 it would be $ a month 29.16
Multiple Property Ownership
Kentucky USDA Rural Development often won’t allow applicants to own other properties
Exceptions include when the other property owned is:
Not owned in the local commuting area as the new property; or
Not structurally sound and/or functionally adequate
Manufactured home not on permanent foundation
This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
Occupancy Type
Owner occupied only
Qualifying Ratios
29/41% debt-to-income (DTI) – Target
Higher dti allowed on Gus Approvals or With compensating factors such as:
680 or higher credit score
No or low “payment shock” – less than a 100% increase in proposed mortgage payment Vs. current rental housing expenses
Fiscally sound use of credit
Ability to accumulate savings
Stable employment history with 2 or more in current position or continuous employment history with no job gaps
Cash reserves available for use after settlement
Career advancement as indicated by job training or additional education in the applicants profession
Trailing spouse income – as a result of a job transfer, the house is being purchased, prior to the secondary wage-earner obtaining employment. If the secondary wage-earner has an established history of employment and has a reasonable chance to obtain new employment in the area
Low total debt
Seller Contribution
Unlimited Contribution towards closing costs, prepaids, discount points, buydown fees, and upfront Commitment Fee
Transaction Types
Purchase
Rate/Term Refinance on existing USDA loan
Labels:
2020 USDA Kentucky Guidelines,
502 USDA,
Kentucky Rural Development Loans,
Oldham County,
rhs loans kentucky
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.