Can you get a USDA Rural Housing loan with the Government Shutdown in 2019?


Government Shutdown USDA Loans KY

 

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Image result for usda loans mortgage benefits and advantages

USDA INCOME LIMITS FOR 2019 KENTUCKY RURAL HOUSING LOANS

 

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Zero-Down Options Mortgage Loans in Kentucky

While Kentucky FHA and conventional, PMI-backed loans are appealing options for cash-strapped buyers, some borrowers may be eligible for mortgages with no down payment at all. The Veterans Affairs, or VA, loan program is one such option, although you have to be a veteran or active member of the military to take advantage (spouses of a service member who died or was disabled while on duty also qualify).

There’s no minimum credit score required to obtain a VA loan, and you don’t have to pay mortgage insurance on the loans, which are backed by the Department of Veterans Affairs. Instead, borrowers pay a one-time funding fee. You’d pay 2.15 percent of the mortgage amount if your loan covers 100% of the sale, although the fee is lower when you make a down payment.

Like VA loans, those offered by the United States Department of Agriculture also forgo the down payment requirement. Because the program is billed as a way to help families in rural areas, it’s easy to dismiss these loans out of hand. But the reality is, a lot of suburbs fall within the geographical boundaries established by the USDA. In fact, well over 90 percent of the land in the U.S. is eligible (you can do an easy address search here to find out).

As if the zero-down policy wasn’t enough, USDA mortgages also offer attractive interest rates and lower insurance premiums than FHA and conventional loans. You don’t need particularly high credit score to qualify, either – a FICO north of 580 is typically all you need.

But here’s the rub: You do have to meet the program’s goal of serving “low- to moderate-income households.” In practical terms, that means your family can’t bring in more than 115% of the median income in your region. For those who fall within those somewhat narrow guidelines, it’s a tough one to beat.

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

Kentucky USDA Mortgage Lender for Rural Housing Loans

USDA Rural Housing Loans in Kentucky Cannot Be Closed Currently!

The U.S. Department of Agriculture will not issue new Kentucky  USDA Direct Loans or Kentucky Guaranteed Loans 502.

Current Scheduled closings of  Kentucky Direct Rural Housing Loans are being canceled and unless your guarantee was previously issued for a Guaranteed Loan, those may or may not be closed, depending on the lender.

Check with your USDA lender immediately if you’re getting a USDA loan or had planned to use the program to buy a home; you might have to put off your purchase until the shutdown is resolved.

2019 income limits for kentucky USDA Guidelines for Credit and Income Limits2019 income limits for kentucky USDA Guidelines for Credit and Income Limits

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIuUSDA Rural Housing Lender for Kentucky

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:     …

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Kentucky Home Buyers. Purchase a Home No Money Down.



I can answer your questions and usually get you pre-approved the same day. 

Call or Text me at 502-905-3708 with your mortgage questions.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

Text/call:      502-905-3708

 

fax:            502-327-9119

Kentucky Manufactured Home Loans for Doublewide Mobile Homes for FHA, VA, USDA, KHC and Fannie Mae


 

Manufactured Homes Email Header-01.png
Kentucky Manufactured Home Loans for Doublewide Mobile Homes
Now Available 


Mortgage is excited to announce a wide variety of Kentucky Manufactured Housing finance options for your borrowers ranging across for Kentucky  FHA, VA, USDA, Fannie Mae and Freddie Mac loans. 

Government (USDA / VA / FHA KHC) Conventional (Fannie / Freddie) KHC

  • Minimum FICO 620
  • 30 year fixed rate
  • Double-wide or wider manufactured homes
  • Zero Down Payment
  • Minimum FICO 660
  • 30yr fixed rate
  • Double-wide or wider manufactured homes
  • 0 down payment required

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

 

 

Kentucky USDA Loans | Rural Housing Loans Kentucky


Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.

2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY


2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY.

via 2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY.

via 2010 Census Data Implementation – Eligible Rural Area Change for Kentucky USDA and Rural Housing Mortgage Loans RHS KY.

Credit Fico Score for a Kentucky Mortgage FHA VA KHC


Fannie Mae

According to the “Washington Post,” Fannie Mae raised its minimum credit score for conventional loans in 2009 from 580 to 620. Even if you have a 20-percent down payment, you can be rejected if your score is below 620. Fannie Mae will also reject a loan if more than 45 percent of your income goes toward paying debt.




Government-Backed Loans

FHA recently changed its minimum credit score to 580, which qualifies you for lending programs that require only a 3.5 percent down payment.

VA loans are 100-percent financed and set aside for active and retired military, along with their families. There is no minimum credit score to qualify, though a better credit score will get you a better interest rate. Typically to get approved on A VA loan, you will need a 620 mid score with no bankruptcies or foreclosures in last 2 years with clean credit since BK or Foreclosures.

The better your score, the better your interest rate is likely to be. If your score is between 620 and 639—considered a risky score by some creditors—you could pay an interest rate of 5.718 percent on a $300,000, 30-year conventional mortgage. As of mid-August, 2010, If your score is at the high end, 760 to 850, your interest rate could be 4.129 percent on the same loan. A score of 650 may net you a rate of 5.172 percent.



USDA Home Loan Debt Ratio Waivers will be considered when the borrower has amiddle credit score of 660 or higher, and the co-borrower has a credit score of at least 620.  

If borrowers have credit scores of 659 or below, additional compensating factors will need to be documented for the USDA Home Loan Underwriters.

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

Tuesday, June 21, 2011

Fico Score for Kentucky Mortgage

Credit Score needed in 2014 for a Kentucky Mortgage Loan Approval for a USDA, RHS, RD, FHA, VA, Fannie Mae and KHC Loan in Ky
Credit Score needed in 2014 for a Kentucky Mortgage Loan Approval for a USDA, RHS, RD, FHA, VA, Fannie Mae and KHC Loan in Ky
A FICO score rating is a credit rating “number” given to consumers. FICO stands for Fair, Isaac and Company and the FICO score rating was developed in 1989. This is a score that is used by lenders sometimes separate from or in addition to a score provided by the three major Credit Reporting AgenciesExperian, TransUnion and Equifax(although Equifax is affiliated with FICO so they will provide you with a FICO score when requesting a credit report).If you don’t know what your FICO score is, you should find out. The reason why this is important is because lenders will determine the type of loan they will offer you based on your credit history, employment history, other factors, credit reports and the FICO score. The numbers range between 350 and 800. The “average” score is about 725 to 750.How is a FICO Score / Rating Determined?Here’s general guideline of what the FICO score / rating numbers mean:

750 to 850 – Excellent

660 to 749 – Good

620 to 659 – Fair

350 to 619 – Poor

How is the FICO score rating determined? As a general rule, following factors help determine your FICO score:

35%, punctuality of payment in the past (only includes payments later than 30 days past due)

30%, the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)

15%, length of credit history

10%, types of credit used

10%, recent search for credit and/or amount of credit obtained recently

How to Improve Your FICO Score / Rating?

The following tips are recommended by FICO and credit reporting agencies to improve your FICO score and credit rating:

The most obvious tip: Pay your bills on time. Delinquent payments and collections can have a significantly negative impact on your FICO score.

If you have missed payments, get current and stay current.

Pay off debt rather than move it around.

Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them off on time may help in the long term. Opening a “secured” credit card (when your credit card limit is matched with a savings account with the lender/bank for the same amount) can help rebuild your credit.

Keep credit cards but manage them responsibly. In general, having credit cards and installment loans (and makingg timely payments) may help in the long term. Consumers with no credit cards, as an example, can be thought of by lenders as a higher risk than someone who has managed credit cards responsibly.

If you are having trouble paying your creditors, contact them to work out a payment schedule or contact a reputable credit counselor.

Keep credit card and revolving credit balances low.

Apply for and open new credit cards, loans, revolving accounts only as needed.

FICO Score / Rating Resources

The best resource in finding out your current score is the myfico website. For a fee, you can order a report that is compiled from the 3 major credit reporting agencies and will outline your FICO score.

Suze Orman also offers a FICO kit on her website, suzeorman.com, which is also available via the myfico website. Suze’s website also has excellent info about improving your FICO score and your credit.

Clink on this link for Free Credit Report and Application

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky.  For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.