CHANGE TO KENTUCKY ANNUAL USDA GUARANTEE FEE STRUCTURE OCTOBER 1, 2014


CHANGE TO ANNUAL USDA GUARANTEE FEE STRUCTURE and CHANGE IN ELIGIBILITY MAPS  As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower's escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):
CHANGE TO ANNUAL USDA GUARANTEE FEE STRUCTURE and
CHANGE IN ELIGIBILITY MAPS
As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower’s escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):

CHANGE TO KENTUCKY ANNUAL USDA GUARANTEE FEE STRUCTURE and

CHANGE IN ELIGIBILITY MAPS 

As announced in¬†RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower’s escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time):

ANNUAL GUARANTEE FEE
THROUGH 9/30/2014
EFFECTIVE 10/1/14
Purchase Transactions

.40%

.50%

Refinance Transactions

.40%

.50%

The new fee structure is applicable to all Kentucky Conditional Commitments issued by Rural Development on or after October 1, 2014. Loan guarantee requests submitted to Rural Development (RD) on which a conditional commitment has not been issued bySeptember 30, 2014, will be subject to the 2014 annual guarantee fee structure.

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As announced in RD AN No. 4748, and barring any Congressional actions, implementation of the provisions of a revised rural area definition become effective on October 1, 2014. The future eligibility area maps can be viewed on the USDA Eligibility web site at:http://eligibility.sc.egov.usda.gov. THIS MEANS THAT PROPERTIES THAT ARE ELIGIBLE TODAY, MAY NOT BE ELIGIBLE ON AND AFTER OCTOBER 1, 2014.



 

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119
 Company ID #1364 | MB73346
 

House Down Payments Bullitt County, KY – Discover Your Government – GovGuru.com


House Down Payments Bullitt County, KY – Discover Your Government – GovGuru.com.

Homeowners Have Options for Underwater Mortgages


freegfe (1)Homeowners Have Options for Underwater Mortgages.

2013 Kentucky USDA Rural Housing Underwriting and Credit Score Guidelines


Kentucky USDA credit score and mortgage requirements for 2013

Credit Scores and the Kentucky USDA Rural Development Loan Program

The Kentucky USDA Rural Development Loan Program is by far the most credit score friendly loan program currently available. While USDA is willing to work with scores lower than 640 most lenders won’t. Thus, pragmatically the minimum credit score required by USDA is 640.
For Kentucky homebuyers with a minimum credit score of 640 lenders may streamline the credit approval process normally required as part of the underwriting process. This means that a borrower:
With a lack of credit “depth” will not have to document non-traditional credit items such as utility or insurance payments
A negative past credit history may allow the Underwriter to not request letters of explanation for the cause of the past challenges
Collection accounts can remain open provided the Underwriter believes it unlikely that the account will eventually turn into a judgment
However, USDA is not willing to overlook certain overtly negative credit items even when the credit scores are over 640. For instance borrowers with any of the following adverse past credit should not expect to obtain credit approval using the USDA loan program:
Foreclosure or short sale within the last 3 years
Chapter 7 bankruptcy discharged within the past 3 years
Chapter 13 bankruptcy debt restricting plan completed within the last 12 months
Late mortgage payments within the last 12 months
Applicant or co-applicant delinquent on a federal debt; such as taxes, student loans, or previous agency loan (i.e. VA loan in which the eligibility was forfeited due to a foreclosure)
USDA may be willing to give a borrower an exception to a past bankruptcy or foreclosure prior to the three year period provided the borrower can document the cause of the past negative credit experience as being related to an illness or job loss and unlikely to reoccur.
Once the credit score exceeds 640, USDA allows this score to be considered as justification for allowing the borrowers debt-to-income-ratio to exceed the target ratios of 29% for the housing costs and 41% for the total debt ratio. Frequently USDA will approve loans where the housing ratios are in the high 30% range and total debt ratios are in the high 40% range.
Bottom line the¬†Kentucky USDA Rural Development Loan Program¬†is more flexible in approving a perspective borrower than any other loan program. But like any loan program today, the Loan Officer shouldn’t assume that this level of credit flexibility will result in an automatic positive underwriting decision if the Underwriter doesn’t feel strongly that the borrowers chance of success at homeownership is strong.

USDA RURAL DEVELOPMENT MORTGAGE OVERVIEW

Expanded qualifying ratios
Buyers with satisfactory credit may qualify with higher Debt-to-Income ratios to accommodate high cost housing areas, etc
Seller is allowed to pay Buyer’s Closing Cost (ask USDA Specialist for details)
Reduces out of pocket costs for Buyers
Low minimum credit score (640 minimum credit score required)
Buyers with non-traditional or no credit histories may qualify
Very low monthly PMI
Low monthly mortgage insurance means a lower monthly payment for the Buyers and additional cash each month
Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Kentucky USDA credit score requirements

Kentucky USDA RHS Rural Housing Mortgage Loans for 2013


Kentucky USDA RHS Rural Housing Mortgage Loans for 2013.

via Kentucky USDA RHS Rural Housing Mortgage Loans for 2013.

CALL TO ACTION – New, Important Info on RHS – Read and ACT NOW!


CALL TO ACTION – New, Important Info on RHS – Read and ACT NOW!.

Louisville Ky FHA Mortgage Loans


Louisville Ky FHA Mortgage Loans.

Louisville Ky  Mortgage Loans

Do you have the ability to repay your¬†Louisville Ky mortgage loans?¬†Your banks and lenders are sure to ascertain that. You have to give them enough reasons to agree that you are indeed capable of repaying mortgage loans in Louisville. Start the ‚Äúconfidence building measure‚ÄĚ by reducing your debts. Pay all the credit card balances in order to get qualified for¬†Louisville Ky ¬†mortgage loans.¬†If you have too many debts, try to delay your loan application. A positive certification by your credit bureau would ensure that you obtain mortgage loans in the ¬†Louisville Kentucky area.

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