UNACCEPTABLE INCOME Income of less than 12 months in duration. Education benefits (including payments from the VA for this purpose). Per Diem income. Car allowance or mileage reimbursement (unless claimed on the borrower’s tax returns) Military hazardous duty pay. Any source of income that cannot be verified. Foreign employers. Any unstable sources of income (e.g. … Continue reading VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog
Kentucky’s Top Programs for No Money Down Mortgages
First Step To Improve Your Credit Scores
Here are some useful tips on where you should focus your efforts when it comes to improving your credit scores: If you are “past due” on any account, get caught up. A past due balance reported to your credit can significantly lower your credit scores. Pay down your credit card balances. Credit card balances can … Continue reading First Step To Improve Your Credit Scores
Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program
502 Guaranteed LoanAppraisalsGuaranteed Section 502 LoansHomes for Sale (Foreclosures owned by USDA/RHS KYHomes for Sale in Kentucky by USDAkentucky first time home buyerProperty EligilibityProperty/Appraisal Requirements for USDA LoanRural Development loanseptic testUSDAwell test
eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky
- Site size The site size must be typical for the area. (Some acreage is fine as long as it is normal and the appraisal has comparable sales with similar acreage)
- Income-Producing Buildings. The property must not include buildings designed and to be used principally for income-producing purposes. For example barns, silos, greenhouses, or livestock facilities used primarily for income producing agricultural, farming or commercial enterprise are ineligible. However, barn, silos, livestock facilities or greenhouses no longer in use for a commercial operation, used for storage, and outbuildings such as storage sheds are permitted if they are not used…
View original post 284 more words
Kentucky USDA Rural Development Fee Reduction
Guarantee Fee and the Annual Fee for RHS loans
Kentucky USDA Rural Development Fee Reduction USDA has just announced that they are planning to lower both the Guarantee Fee and the Annual Fee for RHS loans in Fiscal Year 2017. Effective for loans receiving commitments from RHS on or after October 1, 2016, the following fee changes will be in effect
— |
502 Direct USDA Loan in Kentucky:
Direct Loan USDADIRECT LOANSINCOME ELIGIBILITYIncome Limitskentucky first time home buyerrural developmentRural Development loanSubsidy RecaptureUSDA /Rural Housing Loan Offices in KyUSDA RURAL DEVELOPMENT DIRECT HOUSING LOANSUSDA/RHS Income limits by Ky CountiesZero Down Home Loans
There are two types of Kentucky USDA Rural Housing Home loans available to rural Kentucky Home buyers through Rural Development:
Direct homeownership loans and guaranteed home ownership loans.
Let’s first look at the 502 Direct USDA Loan in Kentucky
502 Direct USDA Loan in Kentucky:
With a Kentucky Direct Loan 502, the applicant applies directly to the USDA office serving their location in Kentucky. There are about 13 different locations . They lend the money direct from USDA , 100 percent financing, for the low rate currently at 3 percent on a 33 year term.
For a direct home loan, the purchase, construction, repair and rehabilitation of a single family home in rural areas must be used for the applicant’s permanent residence. “For manufactured housing, only new construction can be funded,” he explained.
Credit scores of 640 or greater are typically acceptable with a minimum number of trade lines (2 usually for…
View original post 348 more words
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 