Loan Limit Change – Effective January 31, 2020

Homes financed under the program are generally 2,000 square feet or less.
Area Loan Limits
Single Family Housing Direct

The Direct Home Loan Program assists low- and very-low- income applicants obtain decent, safe, and sanitary housing in eligible rural areas.  Funds can be used to purchase, build, repair, or renovate a home.  Applicants must meet income eligibility for a direct loan.  Please select South Dakota from the map that displays.

Generally, rural areas with a population less than 35,000 are eligible.  Visit the USDA Income and Property Eligibility website for complete details.

Limit Effective 8- 19
Adair $251,862
Allen $251,862
Anderson $251,862
Ballard $251,862
Barren $251,862
Bath $251,862
Bell $251,862
Boone $251,862
Bourbon $251,862
Boyd $251,862
Boyle $251,862
Bracken $251,862
Breathitt $251,862
Breckinridge $251,862
Bullitt $251,862
Butler $251,862
Caldwell $251,862
Calloway $251,862
Campbell $251,862
Carlisle $251,862
Carroll $251,862
Carter $251,862
Casey $251,862
Christian $251,862

Before January 2020, there were strict limits on Kentucky VA loans with the max loan being $484,500.00 President Trump  signed a bill that now allows buyers to borrow amounts above conforming loan limits of $510,400 for 2020 loan limits in Kentucky.

Loan limits are going to be still in place for veterans with multiple active VA loans, or those who may have defaulted previously.

Kentucky VA Loan Limits by County for 2020

• Adair$510,400
• Allen$510,400
• Anderson$510,400
• Ballard$510,400
• Barren$510,400
• Bath$510,400
• Bell$510,400
• Boone$510,400
• Bourbon$510,400
• Boyd$510,400
• Boyle$510,400
• Bracken$510,400
• Breathitt$510,400
• Breckinridge$510,400
• Bullitt$510,400
• Butler$510,400
• Caldwell$510,400
• Calloway$510,400
• Campbell$510,400
• Carlisle$510,400
• Carroll$510,400
• Carter$510,400
• Casey$510,400
• Christian$510,400
• Clark$510,400
• Clay$510,400
• Clinton$510,400
• Crittenden$510,400
• Cumberland$510,400
• Daviess$510,400
• Edmonson$510,400
• Elliott$510,400
• Estill$510,400
• Fayette$510,400
• Fleming$510,400
• Floyd$510,400
• Franklin$510,400
• Fulton$510,400
• Gallatin$510,400

How does Kentucky FHA Mortgage Rates work?

​Kentucky FHA mortgage loans are backed by the Federal Housing Administration under the umbrella of HUD. FHA loans were developed to help borrowers that don’t have a large down payment and a weaker credit profile to buy and refinance their home mortgage loan. 

​Kentucky FHA rates are backed by the government, so they are typically lower than other mortgage rates in the secondary market like Conventional loans and portfolio loans at banks, but fall in line compatible to other backed government loans in the secondary market likeUSDA, VA, mortgage loans. Most people seeking FHA mortgages will get a 30 year, 20 year of 15 year fixed rate loan with the security of the house payment not changing. ​

​Lower Credit Standards and Credit Scores for FHA loans

FHA mortgages will go down to a 500 credit score with at least 10% down…

What are the eligibility requirements for a Kentucky USDA loan?

The Kentucky Rural Housing USDA loan program has certain eligibility requirements .

Must be located in a eligible USDA Rural Housing Area.
The home would be your primary residence, not a rental property
Household income requirements beginning around $86,850 for a family of four and up to $115,400 for a family of five or more
Clear Cavirs Numbers.
No minimum credit score requirement but most lenders that offer USDA loans will want a 620 credit score or higher

What are USDA loan fees in Kentucky for 2020?

There are two fees on a USDA loan. An upfront fee, called the Guarantee fee and the monthly annual fee.

The upfront guarantee fee for fiscal year 2020 is 1 percent of the loan amount. This fee can often be rolled into the mortgage, instead of paying it out of pocket. The annual…