Overview of the Guaranteed Rural Housing for Kentucky Home Buyers
Kentucky Loan Program
100% financing. No down payment required. The GRH fee may be included in the loan
amount in excess of the RMV for up to 102% financing.
Guarantee fee is 2.0 of loan amount.
Single family homes, townhouses and approved condos in eligible rural areas.
Repayment Ratios: PITI = 29% & total debt ratio = 41%. Ratio waivers are available with
Closing costs can be included in the loan (points cannot be included unless applicant is
low income). If sale price is less than appraised value borrower can include closing
costs up to appraisal amount.
No limit on seller contributions.
Not limited to First Time Home Buyers. Typically cannot own another home.
Fixed Interest Rates ‐ Rate may not exceed the FNMA 90 day yield rate plus 60 basis
points rounded up to the next full quarter percentage. See Fannie Mae website:
30 year term fixed rates only. No 15 year or 20 year terms loans
No loan amount limit.
Refinancing Rural Development direct and guaranteed loans is allowed under certain
conditions. Guarantee fee is 1.5% for refinancing.
- Kentucky USDA Mortgage Upfront Guarantee Fee and the monthly mortgage insurance Annual fee (kentuckyusdaloan.com)
- http://kentuckyusdaloan.com/2011/08/04/248/ (louisvillemortgagepro.tumblr.com)
- Closing Costs When Buying or Refinancing a Home for A Louisville Ky Home Mortgage (mylouisvillekentuckymortgage.com)
- Updated Guidelines for HARP 2.0 Refinance of Louisville Kentucky Mortgage Loans (mylouisvillekentuckymortgage.com)
- USDA Home Loans in the NC and SC areas (michaelpond.wordpress.com)
- Kentucky USDA Loans vs Louisville Kentucky FHA Loans. (mylouisvillekentuckymortgage.com)
- SFH Guaranteed Underwriting System Updates for Kentucky Rural Housing and USDA Loans in Kentucky (mylouisvillekentuckymortgage.com)
- Louisville Kentucky VA Refinancing IRRL – Frequently Asked Questions (louisvillekymortgage.net)
- More Details on USDA Changes for the NC Areas that are Rural Development Approved.- From the Michael Pond Team! (michaelpond.wordpress.com)
- VA Loan Frequently Asked Questions – Military VA Loan Information – MilitaryVALoan.com (militaryvaloan.com)