No Down Payment Product for Rural Buyers – USDA Loans

loan, the property must be located in a rural designated area as defined in Rural Development Instruction §1980.312. You may view eligible areas on USDA Rural Development’s web-site at:

http://eligibility.sc.egov.usda.gov

• Property must be a nonfarm, non-income providing tract.

• According to Rural Development Instruction §1980.313 (e) “Generally,

the value of the site must not exceed 30 percent of the total value of the property. When the value of the site is typical for the area, as evidenced by the appraisal, and the site cannot be subdivided into two or more sites, the 30 percent limitation may be exceeded.”

• Inspection requirements on Rural Development properties are as follows:

New Construction – If the Builder is providing a one-year warranty, the

following inspections are required:

•

Framing Inspection

•

Footing Inspection

•

Final Inspection

•

Thermal Certification

If a 10-year Builder Warranty is provided, only a Final Inspection and a

Thermal Certification are required

Existing properties must meet the current requirements of HUD Handbooks 4150.2 and 4905.1, typically verified through an RHS Adequacy Certification (Existing Dwelling Inspection Report), or by the appraiser certifying in the comments section of the appraisal that the property meets HUD Handbooks 4150.2 and 4905.1.

•

Required Repairs/Escrow Agreements

When repairs are required for structural or mechanical deficiencies that exceed the Seller’s contractual obligation, can assist borrowers. allows the ability to finance required improvements based on an “as improved” appraised value, in combination with an escrow hold-back at closing.

Unless the deficiency is a significant item that negatively impacts the safety or livability of the dwelling, loan closing need not be delayed. For those deficiencies that can be corrected post-closing, Chase will require, in addition to our standard closing items:

•

A corrected FNMA 1003 (Uniform Residential Loan Application) with the amount of financed improvements listed under the “Repairs” Section.

•

Estimates/contracts for all repairs financed with loan proceeds.

•

A -approved escrow hold-back agreement signed by buyer and

seller at closing.

•

A collection of one and one-half times of the estimated repair cost

retained at closing to be disbursed by the settlement agent.

•

Final inspection of required repairs will be required.

Rural Development requires all repairs to be completed prior to their issuance of the final Loan Note Guarantee (Rural Development Form 1980- 17). However, external repairs delayed by weather related issues must be completed within 120 days of loan closing as outlined inKentucky Rural Housing USDA Rural Development Instruction §1980.315 – Escrow accounts for exterior development.

Kentucky Rural Housing USDAUNDERWRITING GUIDELINES

For loans closing with funds, it is our policy to have repairs for internal deficiencies completed within 30 days of loan closing. As Rural Development will require a final inspection once the work is completed, please include this expense as part of the escrow holdback.

•

Maximum Interest Rate (GRH Purchase Transactions Only)

The maximum interest rate for the Rural Development Guaranteed Rural Housing Program is defined as the FNMA 90-day actual-actual yield requirements plus 60 basis points, rounded up to the nearest quarter percent.

RURAL HOUSINGKentucky Rural Housing USDA

UNDERWRITING GUIDELINES

•

Assumability

The Guaranteed Rural Housing loan is assumable subject to the following

conditions: Kentucky Rural Housing USDA

•

Subject property and applicant(s) must meet all criteria for the Rural

Development Guaranteed Housing Program.

•

Applicant (buyer) must be credit-approved by •

In accordance with Rural Development (FmHA) Instruction 1980-D,

no release of liability will be granted to the original Borrower(s).

•

A new title policy will be required at closing.

•

Normal application, processing, and transfer fees will apply.

RURAL HOUSINGKentucky Rural Housing USDA

UNDERWRITING GUIDELINES

•

INCOME VERIFICATION/REQUIREMENTS

•

The Guaranteed Rural Housing loan is documented with both Rural Development and FNMA forms. (Rural Development forms are provided in the Forms Section of this manual.)

•

All sources of income must be verified using FNMA Form 1005 – “Verification of Employment“. Rural Development, as outlined in Rural Development Instruction §1980.351, will typically review the past 24 months to determine both Income Eligibility, as well as compliance with Monthly Housing (29%) and Total Debt (41%) Ratios. Usually, Chase requires verified primary sources of income for a 24-month period to confirm loan approval.

•

Alternate documentation is permitted in place of FNMA Form 1005. Alternate documentation must include: two years W-2’s, 30 days paystubs with year-to-date information, and a Processor’s Certification of Employment.

•

The following should serve as a guideline for handling income-related issues:

•

Full Time – For borrowers whose income is derived from full-time

employment, two (2) years of full employment history must be verified

on FNMA Form 1005 (Verification of Employment).

•

Borrowers are not required to have 24 months continuous

employment with their current employer.

•

Where there has been a change in employers in the last 24 months, the borrower must explain any gap in employment that extends beyond one (1) month.

•

Two (2) years of tax returns will only be required for:

•

Self-employed borrowers

•

Commissioned borrowers

•

Borrowers employed by a relative or closely-held family

business.

RURAL HOUSING Kentucky Rural Housing USDA

UNDERWRITING GUIDELINES

•

Borrowers who are not commissioned, but need to

validate their expenses.

•

Part-Time – Part-time or second job income with duration of 24 months

may be used.

•

Overtime and Bonus Income – Overtime and bonus income can be

used to qualify the applicant if the employer verifies that the applicant has received it during the last 24 months and indicates that the overtime or bonus income will in all probability continue. The lender must develop an average of the last 24 months overtime and bonus income to determine the amount of income that can be considered in evaluating the borrower’s qualifications.

•

Self-Employed Income – Two (2) previous years 1040′s are required.

They must be signed and certified by the applicant. Additionally, a year-to-date Profit & Loss Statement with Balance Sheet, prepared and signed, must be submitted. If the applicant has 25 percent or more ownership interest in any business entity, the applicant must also provide the most recent two (2) years’ business tax returns (Corporate, Sub-S Corporate, or Partnership) along with a current Profit and Loss Statement with a Balance Sheet prepared and signed by an accountant.

•

Alimony, Child Support, and Separate Maintenance – Chase

requires documentation that child support, alimony, or separate maintenance will continue for three (3) years after the date of the mortgage application or it will not be considered as income. The borrower must also provide evidence that the funds have been received for the last 12 months. Acceptable evidence includes deposit slips, canceled checks, court records, or tax returns.

•

Retirement Income – Retirement income, i.e., pensions, annuities,

401K distribution, etc., may be verified by letters from the organizations providing the income, copies of the retirement award letters (with photocopies of canceled checks attached), tax returns, or IRS W-2 forms. This evidence must confirm a continuation of this income for a minimum of three (3) years.

RURAL HOUSING Kentucky Rural Housing USDA

UNDERWRITING GUIDELINES

•

Social Security Income – Acceptable verification includes a

photocopy of the Social Security Administration’s award letter or copies

of the borrower’s last 2 bank statements to confirm the

regular deposit of the payments. Benefits that have defined expiration dates must have a remaining term of at least three (3) years to be considered as income.

•

Disability Income – Disability income will be considered acceptable

income provided it can be documented by furnishing a recent copy of respective letter of benefits or allotment setting forth the terms of the income. The benefits must be on-going for a minimum of three (3) years.

•

Unemployment And Public Assistance Benefits – Unemployment

And Public Assistance benefits will be considered as income if they are properly documented by letters or exhibits by the paying agency. The amount, frequency and duration of payments must be stated in the verifying documents. If an individual receives unemployment benefits as a regular part of his/her income, Chase requires copies of tax returns for the past two (2) years to establish a history of receipt. This income must be documented as on-going for a minimum of three (3) years.

•

Dividends/Interest Income – Dividends and interest may be used as

income provided the assets that are generating the dividend/interest income will not be used for the down payment or closing costs on the proposed loan. The applicant must provide tax returns for the previous two (2) years along with verification of current assets via bank statements, verification of deposits, etc. This income will be averaged over two (2) years or calculated at current market interest rates, whichever is less.

Kentucky Rural Housing USDA

3 Things The Lender Looks At When You Apply For A Kentucky USDA Rural Development Home Loan (kentuckyfirsttimehomebuyer.com)
Paje urges public to support rural development initiatives (tuklasinnatin.wordpress.com)
No Down Payment Product for Rural Buyers – USDA Loans (keciabland.wordpress.com)
$14 Billion in No Money Down Guaranteed Loans for Rural Homebuyers (theraleighmortgageguy.com)
Sustainable Land Use and Rural Development in Mountain Areas at Hohenheim University in Stuttgart (chimalaya.org)

Categories: First Time home Buyer PRgoams, Home Buying And Down Payment Assistance Programs In Kentucky, Kentucky Rural Housing USDA Guidelines 2011, Kentucky USDA Loan Adjusted Maximum Income Limits by County, Kentucky USDA Loans, Kentucky USDA/Rural Housing Areas, rhs loans kentucky, Rural Housing Loans No Money Down Program Tags: Federal Housing Administration, Government, Kentucky Rural Housing USDA Guidelines 2011, kentucky usda lenders, KHC’s (Kentucky Housing ) First Mortgage Government, Loan, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage loan, United States Department of Housing and Urban Development, Zero down home loans

Items needed for A Mortgage Loan Approval in Kentucky 2011

May 30, 2011 Louisville Kentucky Mortgage 1 comment

Louisville, Ky Mortgage Lenders: For a Quick Easy Loan Approval:Have These Items Ready…:

Employment

____ Name and address of employers for the past two years

____ Copy of pay stubs for the previous 30 days

____ Copy of last two years w-2 forms
(if commissioned or paid by 1099, copy of last two years complete tax returns)

Self-employed

____ Copy of last two years tax returns (personal and corporate);
year to date P&L and Balance Sheet through the most recent quarter

Liabilities

____ Name and account numbers for all revolving and installment accounts

____ Name and account number for all mortgage loans for the previous two years

____ Name and address for landlords for the previous two years

Assets

____ Name, address, and account number for all bank accounts

____ Name, address, and account numbers for all brokerage accounts

____ Copies of statements covering last 3 months on asset accounts

____ Copy of most recent statement for 401K, Savings Plan, etc.

Miscellaneous

____ Copy of driver’s license and social security card

____ Copy of fully executed divorce decree if applicable

____ Copy of signed earnest money contract

____ Copy of lease agreements on rental properties

____ Veterans! Copy of DD 214 and Eligibility Cert. if you have it

____ Check for the cost of your credit report and appraisal

4 Things Needed to Get Approved for a Mortgage Loan In Kentucky

January 5, 2011 Louisville Kentucky Mortgage 8 comments

I wish it were that easy. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage in Kentucky. Each category has so many what ifs and sub plots that each box can read as it’s own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you’re pretty much dead in the water:

Income

You need income. You need to be able to afford the home. Without it, forget it! But what is acceptable income? Basically, it all depends on the type of loan that a borrower applies for. Jumbo, V.A., USDA, FHA, Conventional, Super Jumbo? Let’s just say that there are two ratios:

First Ratio – The first ratio, top ratio or housing ratio. Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.
Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 43% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.

What qualifies as income? Basically, it’s income that has at least a proven, two year history of being received and pretty high assurances that the income is likely to continue for at least three years. What’s not acceptable?????? Cash income, short term income and income that’s not likely to continue.

Assets

For the most part this is fairly simple. Do you have enough assets to put the money forth to qualify for the downpayment that the particular program asks for. USDA says that there can be no money down. FHA, for now, has a 3.5% downpayment. Some loans require 20% down. These assets need to be validated through bank accounts and sometimes gifts. Can you borrower the down payment? Sometimes. Generally if you’re borrowing a secured loan against a secured asset you can use that. But rarely can cash be used as an asset. TALK TO YOUR LOAN OFFICER FIRST when discussing what’s acceptable?

Credit

Whewwwwwwwwwwwwwwwwwwwwwwwwwwww. This can be the bane to every borrower, every loan officer and every lender……and yes, to every realtor. How many times has a borrower said my credit’s good, only to find out that it’s not nearly as good as a borrower thinks or nearly as good as the borrower needs. Big stuff for sure. 620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you’re in a world of hurt. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 700 is when you really start to get in the “as a lender we love you” credit score. 720 is even better. Watch your credit!!!!! Check out my post:

Appraisal

In many ways this is the easiest box. Why????? Generally, there’s nothing you can do to affect this. Bottom line here is…..”is the value of the house at least the value of what you’re paying for it?” If not, then not good things start to happen. Generally you’ll find less issues with values on purchase transactions, because, in theory, the realtor has done an accurate job of valuing the house prior to taking the listing. The big issue comes in refinancing. In purchase transactions, the value is determined as the

Lower of the value or the contract price!!!

That means that if you buy a $1,000,000 home for $100,000, the value is established at $100,000. Conversely, if you buy a $200,000 home and the value comes in at $180,000 during the appraisal, then the value is established at $180,000. Big issues….Talk to your loan officer.

For each one of these boxes, there are over 1,000 things that can effect if a borrower has reached the threshold to complete that box. Soooooooooooo…..talk to a great loan officer. There are so many loan officers that don’t know what they’re doing. But, conversely, there’s a lot of great ones as well. Your loan is so important! Get a great lender so that you know, for sure, that the loan you want, can be closed on!

Call us today for a free preappoval and compare our rates and service to any one in Kentucky

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Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

November 12, 2010 Louisville Kentucky Mortgage Leave a comment

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

Kentucky Mortgage USDA Loan Requirements

What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:

Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
Your credit history (this is important, but USDA’s credit standards are flexible). A FICO score of 620 or above is required for all loans
Your overall pattern rather than to individual problems you may have had.

To be eligible for an Kentucky USDA Mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at below Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentuck USDA Loan application

What are the USDA Down Payment Requirements?
USDA Mortgages have no down payment requirement. Other loan programs don’t allow this.

What types of property are eligible?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

What is the maximum amount that I can borrow?
The maximum amount for an Kentucky USDA Mortgage Loans are determined by:

Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.

What kinds of loans does USDA offer?

Fixed rate loans - All Rural Housing and USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.

What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.

Kentucky USDA Loans

What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison,

What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Homeo Loans available in Kentucky for single family households:

USDA Guaranteed Rural Housing Loans
USDA Guaranteed Kentucky USDA Mortgage are the most common type of USDA loanin Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans approval . You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Kentucky USDA Mortgage Loans | Rural Housing Ky Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Kentucky USDA Mortgageamount is 102% of the appraised value of the home (100% plus the 2% USDA Kentucky USDA Mortgage RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?
USDA Kentucky USDA Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?
While USDA mortgage guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
Additional offers from other lenders.

Kentucky USDA Loan Adjusted Maximum Income Limits by County\\\\\\\\\

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans
Updated 05/01/2009

County Name		1-4 Person Households (Guaranteed Loans)	5-8 Person Households (Guaranteed Loans)
NON-METRO	ADAIR	$73,600	$97,150
NON-METRO	ALLEN	$73,600	$97,150
FRANKFORT, KY (MICRO)	ANDERSON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	BALLARD	$73,600	$97,150
GLASGOW, KY (MICRO)	BARREN	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	BATH	$73,600	$97,150
MIDDLESBOROUGH, KY (MICRO)	BELL	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BOONE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	BOURBON	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	BOYD	$73,600	$97,150
DANVILLE, KY (MICRO)	BOYLE	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	BRACKEN	$73,600	$97,150
NON-METRO	BREATHITT	$73,600	$97,150
NON-METRO	BRECKINRIDGE	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	BULLITT	$73,600	$97,150
NON-METRO	BUTLER	$73,600	$97,150
NON-METRO	CALDWELL	$73,600	$97,150
MURRAY, KY (MICRO)	CALLOWAY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	CAMPBELL	$73,600	$97,150
NON-METRO	CARLISLE	$73,600	$97,150
NON-METRO	CARROLL	$73,600	$97,150
NON-METRO	CARTER	$73,600	$97,150
NON-METRO	CASEY	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	CHRISTIAN	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	CLARK	$73,600	$97,150
NON-METRO	CLAY	$73,600	$97,150
NON-METRO	CLINTON	$73,600	$97,150
NON-METRO	CRITTENDEN	$73,600	$97,150
NON-METRO	CUMBERLAND	$73,600	$97,150
OWENSBORO, KY (MSA)	DAVIESS	$73,600	$97,150
BOWLING GREEN, KY (MSA)	EDMONSON	$73,600	$97,150
NON-METRO	ELLIOTT	$73,600	$97,150
NON-METRO	ESTILL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	FAYETTE	$73,600	$97,150
NON-METRO	FLEMING	$73,600	$97,150
NON-METRO	FLOYD	$73,600	$97,150
FRANKFORT, KY (MICRO)	FRANKLIN	$73,600	$97,150
UNION CITY, TN-KY (MICRO)	FULTON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GALLATIN	$73,600	$97,150
NON-METRO	GARRARD	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	GRANT	$73,600	$97,150
MAYFIELD, KY (MICRO)	GRAVES	$73,600	$97,150
NON-METRO	GRAYSON	$73,600	$97,150
NON-METRO	GREEN	$73,600	$97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)	GREENUP	$73,600	$97,150
OWENSBORO, KY (MSA)	HANCOCK	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	HARDIN	$73,600	$97,150
NON-METRO	HARLAN	$73,600	$97,150
NON-METRO	HARRISON	$73,600	$97,150
NON-METRO	HART	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	HENDERSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	HENRY	$73,600	$97,150
NON-METRO	HICKMAN	$73,600	$97,150
MADISONVILLE, KY (MICRO)	HOPKINS	$73,600	$97,150
NON-METRO	JACKSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	JEFFERSON	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	JESSAMINE	$73,600	$97,150
NON-METRO	JOHNSON	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	KENTON	$73,600	$97,150
NON-METRO	KNOTT	$73,600	$97,150
NON-METRO	KNOX	$73,600	$97,150
ELIZABETHTOWN, KY (MSA)	LARUE	$73,600	$97,150
LONDON, KY (MICRO)	LAUREL	$73,600	$97,150
NON-METRO	LAWRENCE	$73,600	$97,150
NON-METRO	LEE	$73,600	$97,150
NON-METRO	LESLIE	$73,600	$97,150
NON-METRO	LETCHER	$73,600	$97,150
MAYSVILLE, KY (MICRO)	LEWIS	$73,600	$97,150
DANVILLE, KY (MICRO)	LINCOLN	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	LIVINGSTON	$73,600	$97,150
NON-METRO	LOGAN	$73,600	$97,150
NON-METRO	LYON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	MADISON	$73,600	$97,150
NON-METRO	MAGOFFIN	$73,600	$97,150
NON-METRO	MARION	$73,600	$97,150
NON-METRO	MARSHALL	$73,600	$97,150
NON-METRO	MARTIN	$73,600	$97,150
MAYSVILLE, KY (MICRO)	MASON	$73,600	$97,150
PADUCAH, KY-IL (MICRO)	MCCRACKEN	$73,600	$97,150
NON-METRO	MCCREARY	$73,600	$97,150
OWENSBORO, KY (MSA)	MCLEAN	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	MEADE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MENIFEE	$73,600	$97,150
NON-METRO	MERCER	$73,600	$97,150
GLASGOW, KY (MICRO)	METCALFE	$73,600	$97,150
NON-METRO	MONROE	$73,600	$97,150
MOUNT STERLING, KY (MICRO)	MONTGOMERY	$73,600	$97,150
NON-METRO	MORGAN	$73,600	$97,150
CENTRAL CITY, KY (MICRO)	MUHLENBERG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	NELSON	$73,600	$97,150
NON-METRO	NICHOLAS	$73,600	$97,150
NON-METRO	OHIO	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	OLDHAM	$73,600	$97,150
NON-METRO	OWEN	$73,600	$97,150
NON-METRO	OWSLEY	$73,600	$97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)	PENDLETON	$73,600	$97,150
NON-METRO	PERRY	$73,600	$97,150
NON-METRO	PIKE	$73,600	$97,150
NON-METRO	POWELL	$73,600	$97,150
SOMERSET, KY (MICRO)	PULASKI	$73,600	$97,150
NON-METRO	ROBERTSON	$73,600	$97,150
RICHMOND-BEREA, KY (MICRO)	ROCKCASTLE	$73,600	$97,150
NON-METRO	ROWAN	$73,600	$97,150
NON-METRO	RUSSELL	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	SCOTT	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SHELBY	$73,600	$97,150
NON-METRO	SIMPSON	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	SPENCER	$73,600	$97,150
CAMPBELLSVILLE, KY (MICRO)	TAYLOR	$73,600	$97,150
NON-METRO	TODD	$73,600	$97,150
CLARKSVILLE, TN-KY (MSA)	TRIGG	$73,600	$97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)	TRIMBLE	$73,600	$97,150
NON-METRO	UNION	$73,600	$97,150
BOWLING GREEN, KY (MSA)	WARREN	$73,600	$97,150
NON-METRO	WASHINGTON	$73,600	$97,150
NON-METRO	WAYNE	$73,600	$97,150
EVANSVILLE, IN-KY (MSA)	WEBSTER	$73,600	$97,150
CORBIN, KY (MICRO)	WHITLEY	$73,600	$97,150
NON-METRO	WOLFE	$73,600	$97,150
LEXINGTON-FAYETTE, KY (MSA)	WOODFORD	$73,600	$97,150

Why choose a USDA Mortgage?

The loans require no down payment.
There are no prepayment penalties for USDA Kentucky USDA Mortgage Rural Home Loans
A USDA Kentucky USDA Mortgage Rural Housing has no monthly mortgage insurance.
A USDA Kentucky USDA Mortgage Rural Housing is available all rural areas of the country, provided a market exists for the property and the home meets HUD’s minimum property standards.
A USDA Kentucky USDA Mortgage Rural Housing Loan can be used to purchase a new or existing one family home in rural areas.
USDA RD LOANS are offered at terms of 30 years with a fixed interest rate.

USDA Loan FAQ’s

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

What is the Maximum LTV for a USDA Loan?
The maximum USDA rural loan LTV can be up to 100% LTV plus the Agency guarantee fee.

Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs for a Kentucky USDA Mortgage

What is a USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA provides the full faith and assurance of the U.S. government that any financial loss resulting from servicing the loan will be reimbursed in full up to an amount not exceeding 90% of the original loan amount. All loss up to an amount not exceeding 35% of the original loan is fully reimbursed. Any loss amount exceeding the 35% is 85% reimbursed. This leaves the lender only 15% exposed on the loss amount above the 35% of original loan. In the majority of cases, the total loss does not exceed 35% of the original loan and the lenders are fully reimbursed. This guarantee provides lenders an expanded level of protection against losses. The quality of this guarantee allows lenders to easily sell the loans on the secondary market.

Kentucky USDA Mortgage Loans | Rural Housing Ky Loans

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