A Kentucky Mortgage Loan Officer that has closed over 600 home loans specializing in Kentucky First Time Homebuyer Loans to include the following FHA, VA, USDA, Rural Housing, Down Payment Assistance Loan from Kentucky Housing Corp or KHC and the Fannie Mae Home Path HUD $100 Down Mortgage Program in Kentucky. Call/Text 502-905-3708 with your mortgage questions or email email@example.com I try to respond to all requests within minutes during regular business hours. NMLS# 57916 Equal Housing Lender
CHANGE TO KENTUCKY ANNUAL USDA GUARANTEE FEE STRUCTURE and
CHANGE IN ELIGIBILITY MAPS
As announced inRD 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
The new fee structure is applicable to all Kentucky Conditional Commitments issued by Rural Development on or afterOctober 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 inRD AN No. 4748, and barring any Congressional actions, implementation of the provisions of a revised rural area definition become effective onOctober 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 AFTEROCTOBER 1, 2014.
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:
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.
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