Kentucky Rural Housing USDA Credit and Income Guidelines for 2018

• No Down Payment required, 100% financing available
• 30 year fixed rate only no other terms allowed.
• Not limited to First Time Home buyers! Also available for the move up home buyer.
• More affordable than FHA when compared to mortgage insurance
• Seller concession fees at 6%
• No Bankruptcies last 3 years or foreclosures last 3 years
• Typical max income household income limits are centered on how many people are going to live in the home and which county you are going to buy a home in. Most Counties in Kentucky are maxed at $80k for a household of four or less, and up to $103k for a household of five or more.
• Debt to income ratios are usually centered around 45% on the backend ratio, meaning the new house payment plus the monthly bills…

Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.

• Ordered through a third party source. Interested/vested parties may not initiate the appraisal. I.E> buyers, sellers, realtors, loan officer, family members
• Property must meet HUD’s minimum property standards. i.e.: permanent heat source, utilities must be on and in working order at time of inspection
• Flips < 90 days – not allowed Per HUD -If current owner owned less than 90 days FHA will not insure. Sometimes a second appraisal will be required by FHA investor if sold within the last 6 months for a large profit. Receipts of work done may be needed to substantiate  increase in value of home in short-time period.
• Transferred appraisal – ok
• Appraisal valid 120 days – 30 day extension possible*
• Property eligibility – No location restrictions.
• New Construction Available

FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:

via First Time Home Buyer Louisville Kentucky Mortgage Programs