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…
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