Kentucky USDA Rural Development Mortgage | Kentucky First Time Home Buyer Mortgage Loan
Kentucky USDA Rural DevelopmentMortgage Overview
| Features | Benefits |
|---|---|
| Down Payment is not required | Borrowers without savings, or who wish to retain their savings qualify |
| 100% financing | More Americans become homeowners |
| No reserves are required | Buyers do not need to provide bank statements |
| Expanded qualifying ratios | Buyers with satisfactory credit may qualify with higher Debt-to-Income ratios to accommodate high cost housing areas, etc |
| Seller is allowed to pay Buyer’s Closing Cost (ask Kentucky USDA Specialist for details) | Reduces out of pocket costs for Buyers |
| Low minimum credit score (640 minimum credit score required) | Buyers with non-traditional or no credit histories may qualify |
| Streamlined processing with 640 credit score | No explanations on credit with 640+ score |
| Very low monthly PMI | According to a recent Administrative Notice (AN4557) sent out by USDA, starting October 1, 2011 the upfront guarantee fee will be reduced from 3.5% of the loan amount to 2% with the… |
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Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 
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