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Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program
502 Guaranteed LoanAppraisalsGuaranteed Section 502 LoansHomes for Sale (Foreclosures owned by USDA/RHS KYHomes for Sale in Kentucky by USDAkentucky first time home buyerProperty EligilibityProperty/Appraisal Requirements for USDA LoanRural Development loanseptic testUSDAwell test
Sites must be modest and developed in accordance with any standards imposed by a State or local government. Therefore, the lender must verify that the following requirements are met at the…
Source: Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program
Kentucky FHA Mortgage Loan Updates For You
Joel Lobb
Senior Loan Officer
(NMLS#57916)American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
Kentucky FHA Mortgage Loan Updates For You
Full commissioned buyer with 1 year on the job pre-approved: FHA will allow for a borrower to only be commissioned sales for 1 year!
FHA’s new student loan guideline: FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan payments effective 6/30/16! This hurts but there is some good news in the announcement.
When does FHA 3 year foreclosure date start? FHA allows for a foreclosure to be 3 years ago. The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.
important information
- DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this…
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Student Loans and their Impact in the Total Debt Ratio for a Kentucky Rural Housing USDA Loan Approval
Kentucky USDA/Rural Development Changes for Student Loans in 2016
Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky
Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky Recent updates to the 3555 Handbook intended to simplify guidance for the delivery of the guarante…
KY USDA Rural Housing Update 2016
Kentuckykentucky rhs loankentucky rural development loanky first time home buyerRefinancingrhsRural housingUnited States Department of AgricultureUSDA Rural Developmentzero down kentucky home loan
Louisville, Kentucky VA Loan Requirements for 2016
Net Tangible Benefit Form
The Net Tangible Benefit Form for FHA Streamline loans has been updated to reflect all potential methods of meeting the current FHA Net Tangible Benefit requirement. The updated form has been uploaded to guidelines and can be found HERE. This version of the form should be used going forwards.
Clarification of FHA Definition of “Family Member”
In all instances where FHA uses the term “Family Member”, it is defined as any of the following:
Child: defined as any son, stepson, daughter, stepdaughter, or foster child
Parent: including step-parents and foster parents
Grandparent: including step-grandparents and foster grandparents
Sibling: defined as any brother, stepbrother, sister, or stepsister
Uncle
Aunt
Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
Spouse or domestic partner
In-Laws: defined as any son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the borrower
Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016
New Income Limits for Jefferson County Kentucky and Louisville Home Buyers lacking a down payment.
The new income limits for Kentucky Housing loans are based on annual borrower income, and vary by county. Here’s how they break down for Central Kentucky and the Louisville area:
- Purchase price up to $294,000 with Secondary Market and max household income is limited to $112,000 with MRB for Jefferson County Kentucky. No homeownership in last 3 years and a minimum credit score of 640. Max debt to income ratios of 40 an 45%
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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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$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
2016 KY USDA Rural Housing Income Limits for Kentucky Counties for the Guaranteed RHS Loan
| County Name | Family Size 1 -4 | Family 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 FHA Mortgage Lender 