Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

What are the property requirements for a USDA Rural Housing Loan in Kentucky?

Unknown's avatarKentucky USDA Mortgage Lender for Rural Housing Loans

 

USDA-Home-Loan

 

WHAT ARE THE PROPERTY REQUIREMENTS?

 

* The property must be a single family unit or an approved condominium unit.

* Homes must be located in designated rural areas. In Kentucky the following communities are ineligible: Jefferson County Kentucky, Fayette County KY, parts of Bullitt County, all though Shepherdsville and Mount Washington are okay for USDA Loans. Richmond KY, Paducah, KY, Hopkinsville, KY, and Bowling Green, Ky. Parts of Boone, Kenton and Campbell have eligible areas, please check website map below for more details

Rural Area Definition for USDA Housing Programs

The Agricultural Act of 2014 (Farm Bill) makes areas with population up to 35,000 and rural in character eligible for USDA Rural Housing Programs, with certain provisions. Changes to the eligible areas map based on the Farm Bill will be released on May 6, 2014, on the USDA Income and Property Eligibility Site. Select “Single…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest. Have you been waiting to buy a home?

This is truly a once in a lifetime gift and the money is first come first serve. You must have an accepted contract by January 20th to have the best chance at receiving the funds!

Questions and Answers below about the HHF DAP $15,000 Down payment assistance:

I have a buyer wanting to participate in the upcoming HHF DAP program. How do they register or apply? Have to wait until January 20, 2016 to register with KHC for first and DAP

Can we apply for it now or do we have to wait until January 20, 2016? WAIT

Do we register the loan like a regular dap loan? YES-but wont have the option to reserve until January 20, 2016

Lastly, do they have to have a house under contract? YES. Contract and application date can be before the loan reservation.
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Unknown's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

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SHARE IF YOU KNOW A LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest.
Have you been waiting to buy a home? NOW is the time!
Kentucky Housing Corporation has a program coming out January 20th. Here are the basics:
*ZERO percent interest rate
*A non-repayable second mortgage up to $15,000 (KHC will give you up to $15k to cover your down payment and closing costs and if you stay in the home 5 years, you don’t have to pay it back!)

JEFFERSON COUNTY KENTUCKY PROPERTIES QUALIFY 

KHC has put $7 million in this fund but that’s only about 500 homes and when it’s gone, it’s GONE. You have to get started NOW!

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New and Existing Properties Located in Christian, Hardin, Jefferson, or Kenton Counties New and Existing Properties Eligible Borrowers First-time Home Buyers (No ownership interest in the last 3 years)

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

$15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

Zero percent interest rate.
A non-repayable second mortgage up to $15,000.
Forgiven after five years.
Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
Applicants must meet secondary market income and buying limits..
• Borrower must be a first-time home buyer (no ownership interest in the last three years).
• Pre-purchase home buyer education required.

Minimum 640 credit score.
Maximum ratios of 40/45

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Source: $15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

2016 KY USDA Rural Housing Income Limits for Kentucky Counties for the Guaranteed RHS Loan

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky USDA Mortgage Lender for Rural Housing Loans

County NameFamily Size 1 -4Family Size 5 – 8
Adair$75,650$99,850
Allen$75,650$99,850
Anderson$78,900$104,150
Ballard$75,650$99,850
Barren$75,650$99,850
Bath$75,650$99,850
Bell$75,650$99,850
Boone$82,000$108,250
Bourbon$78,400$103,500
Boyd$75,650$99,850
Boyle$75,650$99,850
Bracken$82,000$108,250
Breathitt$75,650$99,850
Breckinridge$75,650$99,850
Bullitt$75,650$99,850
Butler$75,650$99,850
Caldwell$75,650$99,850
Calloway$75,650$99,850
Campbell$82,000$108,250
Carlisle$75,650$99,850
Carroll$75,650$99,850
Carter$75,650$99,850
Casey$75,650$99,850
Christian$75,650$99,850
Clark$78,400$103,500
Clay$75,650$99,850
Clinton$75,650$99,850
Crittenden$75,650$99,850
Cumberland$75,650$99,850
Daviess$75,650$99,850
Edmonson$75,650$99,850
Elliott$75,650$99,850
Estill$75,650$99,850
Fayette$78,400$103,500
Fleming$75,650$99,850
Floyd$75,650$99,850
Franklin$76,850$101,450
Fulton$75,650$99,850
Gallatin$82,000$108,250
Garrard$75,650$99,850
Grant$75,650$99,850
Graves$75,650$99,850
Grayson$75,650$99,850
Green$75,650$99,850
Greenup$75,650$99,850
Hancock$75,650$99,850
Hardin

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans debt to income ratios, Employment Gaps, FHA Back to Work Program Ky, FHA Co-signors, FHA Guidelines, first time buyer, first time buyer kentucky, income, job changes fha, job time, Kentucky FHA Important Links, Kentucky Housing, KY FHA LOANS, Loan Limits for FHA, louisville ky fha seller contributions, Self Employed

Kentucky FHA Mortgage Guidelines Changes for 2015

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Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015?

• Job Changes –

FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability.

And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she:
–is employed in the current job for six months or longer, and
–can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce.

• Employment Gaps –

For borrowers with gaps – FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must:
–explain any gaps in employment that span one or more months, and
–indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.

When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record
–qualifications for the position
–previous training and education, and
–the employers confirmation of continued employment

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Joel Lobb
Senior Loan Officer
(NMLS#57916)

 

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/