What You Need to Know about the USDA Changes
USDA is not accepting new Single Family Housing Guaranteed loan applications from November 21, 2014, through December 1, 2014.
Section 502 Guaranteed Loan Program Rural Refinance Pilot Guidelines for Kentucky:
Brief Pilot Description: The Rural Refinance Pilot is available to eligible borrowers who qualify to refinance their current USDA mortgage loans. Under the Rural Refinance Pilot program, a lender does not need to submit a new credit report, new appraisal, any HUD Handbook minimum property determinations, or any additional property inspections. Eligible “Hardest Hit” States: The following states may participate in the Rural Refinance Pilot: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, and Tennessee. Additional States are not eligible at this time.
Eligible Borrowers: Current Section 502 Direct or Guaranteed Loan borrowers must:
1. Meet current income eligibility requirements;
2. Reside in an eligible rural area or an area that was eligible at the time of the original…
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