No Down Payment Product for Rural Buyers – USDA Loans.

via No Down Payment Product for Rural Buyers – USDA Loans.

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First Time Home Buyer Louisville Kentucky Mortgage Programs.

via First Time Home Buyer Louisville Kentucky Mortgage Programs.

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Homeownership Opportunities Still Available Through State Housing Agency.

Homeownership Opportunities Still Available Through State Housing Agency

Lowest interest rates ever offered through KHC

There is good news for Kentuckians thinking about purchasing a home. Kentucky Housing Corporation (KHC), the state housing finance agency, is offering the lowest rates ever in its 40-year history.

For a limited time, rates are as low as 3.375 percent, with a 30-year, fixed-rate term. KHC also has a program for down payment and closing costs assistance with a special rate of 3.625 percent.

“It has never been a better time to purchase a home through KHC,” said Governor Steve Beshear. “With rates this low and down payment and closing costs assistance, Kentuckians who thought they would not be able to own a home now have an opportunity. These low rates will not last; buyers should contact a KHC-approved lender as soon as possible.”

Purchasing a home through KHC is easy. Buyers work with a network of KHC-approved lenders and banking institutions that help the buyer throughout the purchasing process. There are also over 1,000 real estate agents who have become KHC-certified and have committed to helping their buyers with affordable home-financing solutions. A list of lenders and real estate agents is available on KHC’s Web site. Buyers should ask for a KHC loan.

“Kentuckians can feel comfortable purchasing a home through KHC,” said Richard L. McQuady, chief executive officer of KHC. “KHC home loans start with us and end with us. When homeowners make a payment or call about their loan, they are talking to a KHC staff person at our office in Frankfort.”

Kentucky Housing is able to offer these low rates through an extension of the New Issue Bond Program (NIBP), a federal bond purchase program provided by the U.S. Department of Treasury.

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist.

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist.

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist.

Kentucky Rural Development Kentucky Guaranteed Housing Zero Down.

Kentucky Rural Development

Kentucky Guaranteed Housing

Kentucky Rural Development Kentucky Guaranteed Housing Zero Down.

Kentucky Rural Development

Kentucky Guaranteed Housing

Credit Scores and the Kentucky USDA Rural Development Loan Program

The USDA Rural Development Loan Program is by far the most credit score friendly loan program currently available. While USDA is willing to work with scores lower than 640 most lenders won’t. Thus, pragmatically the minimum credit score required by USDA is 640.

For homebuyers with a minimum credit score of 640 lenders may streamline the credit approval process normally required as part of the underwriting process. This means that a borrower:

	With a lack of credit “depth” will not have to document non-traditional credit items such as utility or insurance payments
	A negative past credit history may allow the Underwriter to not request letters of explanation for the cause of the past challenges
	Collection accounts can remain open provided the Underwriter believes it unlikely that the account will eventually turn into a judgment

However, USDA is not willing to overlook certain overtly negative credit items even when the credit scores are over 640. For instance borrowers with any of the following adverse past credit should not expect to obtain credit approval using the USDA loan program:

	Foreclosure or short sale within the last 3 years
	Chapter 7 bankruptcy discharged within the past 3 years
	Chapter 13 bankruptcy debt restricting plan completed within the last 12 months
	Late mortgage payments within the last 12 months
	Applicant or co-applicant delinquent on a federal debt; such as taxes, student loans, or previous agency loan (i.e. VA loan in which the eligibility was forfeited due to a foreclosure)

USDA may be willing to give a borrower an exception to a past bankruptcy or foreclosure prior to the three year period provided the borrower can document the cause of the past negative credit experience as being related to an illness or job loss and unlikely to reoccur.

Once the credit score exceeds 660, USDA allows this score to be considered as justification for allowing the borrowers debt-to-income-ratio to exceed the target ratios of 29% for the housing costs and 41% for the total debt ratio. Frequently USDA will approve loans where the housing ratios are in the high 30% range and total debt ratios are in the high 40% range.

Bottom line the Kentucky USDA Rural Development Loan Program is more flexible in approving a perspective borrower than any other loan program. But like any loan program today, the Loan Officer shouldn’t assume that this level of credit flexibility will result in an automatic positive underwriting decision if the Underwriter doesn’t feel strongly that the borrowers chance of success at homeownership is strong.

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502 905 3708 or email kentuckyloan@gmail.com

Kentucky Rural Development

Kentucky Guaranteed Housing

Home Financing Options for Lenders

Think Guaranteed First!

The advantages:

• Loan up to appraised value plus the guarantee fee.
• No monthly mortgage insurance (MI).
• Maximum loan amount is the appraised value plus a one time guarantee fee.
• No cash contribution or cash reserves required from applicant.
• Unrestricted gifts.
• Non-traditional credit acceptable.
• Streamlined credit documentation available – based upon credit.
• No minimum credit score.
• Repayment ratios are 29/41.  Ratio waivers are allowed with documented compensating factors.
• Not limited to first-time home buyers.
• Competitive market based fixed interest rates with 30 year term.
• Available secondary markets: wholesale lenders as well as Fannie Mae, Freddie Mac, and Ginnie Mae.
• Qualifies for Community Reinvestment Act (CRA)
• Agency approved lenders underwrite the loan.
• Any lender, or broker, may originate loans through an Agency approved lender.
• Agency guarantee commitments are issued within 1-2 business days of receipt of the complete package – based on volume of loan requests.
• Rural Development provides lender support for questions, training, and outreach assistance.

Choose Rural Development as the first option

• A competitive fixed rate combined with no mortgage insurance provides long term savings for the customer.
• Home buyers are able to retain their savings since there is no down payment requirement and closing costs can be financed up to the appraised value.
• Lenders report an overwhelming preference for the Guaranteed Rural Housing loans for the great value it provides to their customers.  Choose the best program for your customers!

Applicant eligibility criteria:

• Occupy the property as your primary residence.
• Be able and willing to occupy the property.
• Be a U.S. citizen, a U.S. non-citizen national or a qualified alien.
• Demonstrate an ability and willingness to meet obligations and debts as they become due.
• Have a credit history that indicates a willingness to meet obligations as they become due.
• Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
• Purchase a residential property that is within a Rural Development eligible area.

Checklists and web site links:

• Determine if the property is within the Rural Development eligible area.
• Use the link “Single Family Housing” under “Property Eligibility”.
• Determine if your applicant’s adjusted household income is within the Agency limits,
• Use the link “Single Family Housing” under “Income Eligibility”
• What is adjusted household income?
• Determine income limits by State or particular county
• Loan application package checklist
• Forms list
  • Form RD 1980-21, Request for SFH Conditional Commitment
• Useful web links

What is the Rural Development “guarantee“?

• Lenders have less risk with the Rural Development guaranteed loans than with conventional loans covered by private mortgage insurance.

Thank you for visiting our web site.  We look forward to working with you as partners in providing affordable housing opportunities in rural areas.  Let us know how we can further serve you.

Apply today for Free Below:

Apply below for free–I am a USDA Expert and have done over 129 USDA loans in my lifetime in Kentucky

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County Ineligible Area Contact Person’s Email Address

Boyd and Greenup Ashland Area
Ashland Overview Map
Ashland Map 1
Ashland Map 2
Ashland Map 3
Ashland Map 4
Ashland Map 5

Jimmy Hall 
Phone: 606-784-6447, Ext. 4 
Email:  jimmy.hall@ky.usda.gov

Warren Bowling Green Area
Bowling Green Overview Map
Bowling Green Map 1
Bowling Green Map 2
Bowling Green Map 3
Bowling Green Map 4
Bowling Green Map 5
Bowling Green Map 6

Steve Cosby
Phone:  270-842-1146, Ext. 4
Email:  steve.cosby@ky.usda.gov

Bullitt Bullitt County Area
Bullitt County Overview
Bullitt County Map 1
Bullitt County Map 2
Bullitt County Map 3
Bullitt County Map 4
Bullitt County Map 5
Bullitt County Map 6
Bullitt County Map 7

Scott MacMahon
Phone: 270-769-1555
Email:  scott.mcmahon@ky.usda.gov

 Clark Clark County Area
Clark County Overview Map
Clark County Map 1
Clark County Map 2

Steve Lind
Phone:  859-233-0194, Ext. 4
Email:  steve.lind@ky.usda.gov

Fayette Fayette County Area Overview Steve Lind
Phone:  859-233-0194, Ext. 4
Email:  steve.lind@ky.usda.gov
 

Franklin  Frankfort Area 
Frankfort Overview Map
Frankfort Map 1
Frankfort Map 2
Frankfort Map 3
Frankfort Map 4
Frankfort Map 5

Gene Floyd
Phone: 502-633-3294, Ext. 4
Email: gene.floyd@ky.usda.gov

Christian Ft. Campbell Area
Ft. Campbell Map 1
Ft. Campbell Map 2
Ft. Campbell Map 3

Jerry Cloyd
Phone: 270-821-4430, Ext. 4
Email:  jerry.cloyd@ky.usda.gov

Hardin Hardin County Area

Hardin Overview Map

Hardin Map 1

Hardin Map 2

Hardin Map 3

Hardin Map 4

Hardin Map 5

Hardin Map 6

Hardin Map 7

Hardin Map 8

Hardin Map 9

Scott MacMahon

Phone: 270-769-1555

Email:  scott.mcmahon@ky.usda.gov

Henderson Henderson Area

Henderson Overview Map

Henderson Map 1

Henderson Map 2

Henderson Map 3

Henderson Map 4

Jerry Cloyd

Phone: 270-821-4430, Ext. 4

Email:  jerry.cloyd@ky.usda.gov

Christian  Hopkinsville Area

Hopkinsville Overview

Hopkinsville Map 1

Hopkinsville Map 2

Hopkinsville Map 3

Hopkinsville Map 4

Jerry Cloyd

Phone: 270-821-4430, Ext. 4

Email:  jerry.cloyd@ky.usda.gov

Jefferson Jefferson County Area

Jefferson Overview Map

Gene Floyd

Phone: 502-633-3294, Ext. 4

Email: gene.floyd@ky.usda.gov

Madison Madison County Area

Madison Overview Map

Madison Map 1

Madison Map 2

Madison Map 3

Steve Lind

Phone:  859-233-0194, Ext. 4

Email:  steve.lind@ky.usda.gov

Meade Meade County Area

Meade Overview Map

Scott MacMahon

Phone: 270-769-1555

Email:  scott.mcmahon@ky.usda.gov

Boone, Campbell, and Kenton Northern KY (Boone)  Area

Northern KY (Campbell) Area

Northern KY (Kenton) Area

Northern Kentucky Map 1

Northern Kentucky Map 2

Northern Kentucky Map 3

Northern Kentucky Map 4

Northern Kentucky Map 5

Northern Kentucky Map 6

Ernest Scruggs

Phone: 606-824-7171

Email:  ernest.scruggs@ky.usda.gov

Daviess Owensboro Area

Owensboro Overview Map

Owensboro Map 1

Owensboro Map 2

Owensboro Map 3

Owensboro Map 4

Jerry Cloyd

Phone: 270-821-4430, Ext. 4

Email:  jerry.cloyd@ky.usda.gov

McCracken Paducah Area

Paducah Overview Map

Paducah Map 1

Paducah Map 2

Paducah Map 3

Barbara Gillum

Phone:  270-247-9525, Ext. 4

Email:   barbara.gillum@ky.usda.gov