Kentucky FHA Mortgage Lender

For commitments issues on or after October 1, 2016:

USDA charges the lender, who can pass the charge to the borrower, a one-time up-front cost, which is known as a Guarantee Fee. The Guarantee Fee can be financed in addition to the maximum base loan amount. The Guarantee Fee is calculated as follows as of October 1, 2016:
PURCHASE TRANSACTION CALCULATION:

1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.
CALCULATION FOR REFINANCE TRANSACTIONS:

1.00% of the TOTAL loan amount for commitments issued on or after 10/1/16.
Calculation: Base loan amount divided by .99 = Total loan amount (round down to nearest dollar). Total loan is then multiplied by 1.00% to get the amount of the guarantee fee.
A Guarantee Fee & Annual Fee (monthly) Calculator can be found on the USDA training resource website.
ANNUAL FEE:
All loan transactions will include an annual fee of .35%

REPAYMENT RATIOS REFINANCE

FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
USDA – GUS Approved
USDA – Manual Underwrite – Must meet USDA guideline maximum debt ratios of 29 & 41%–No Exceptions Allowed.

TERM OF NEW LOAN

FOR BOTH GUARANTEED LOAN TO GUARANTEED LOAN AND DIRECT LOAN TO GUARANTEED LOAN:
TERM OF THE NEW LOAN WILL BE A 30 YEAR FULLY AMORTIZED FIXED RATE MORTGAGE ONLY.

INTEREST RATE

Interest rate of the new loan must be a fixed rate.
The interest rate must be lower than the existing loan to be refinanced.
Funded buy down accounts are not permitted.
HOUSEHOLD INCOME

Total adjusted income for the household cannot exceed the moderate level for the area as established in HB-1-3555.

LOAN SECURITY

Loan security must include the same property as the original loan.
The security property must be owned and occupied by the applicants as their principal residence.
RURAL / NONRURAL AREAS

SFHGLP refinance loans are permissible for properties in areas that have been determined to be non-rural since the existing loan was made.

PROPERTY VALUATION

The value of the new mortgage loan request must be supported by a new appraisal. The loan amount cannot exceed the present market value plus the one-time 2 percent guarantee fee. The new loan amount can include closing costs or lender fees if supported by market value.
INSPECTIONS

The lender must confirm the property meets or continues to meet the current requirements of HUD Handbook 4150.2 and 4905.1.
No further inspections or repairs required by Rural Development.
Lender may require inspections or repairs. Expenses related to inspections or repairs may not be financed.
NET TANGIBLE BENEFIT

Every refinance

Kentucky Housing Corporation’s (KHC) master commissioner sales or Foreclosure Sales

Looking for 100% Financing?

Effective 10/1/2016 the Up Front Guarantee Fee is reduced to 1.0%*
No down payment required
Up to 6% Seller Concessions
Minimum 620 FICO
Aggressive Interest Rates/ Pricing for 30 year fixed rate
For list of eligible properties: USDA Property Eligibility
For income eligibility limits: USDA Income Eligibility
*Note – the up front guarantee fee may be financed into the loan

$10,000 DOWN PAYMENT ASSISTANCE GRANT FOR LOUISVILLE KENTUCKY HOME BUYERS BEGINNING SEPTEMBER 1ST 2016

2016 Kentucky VA Mortgage Changes, credit score, debt ratio, fico score, Fort Knox VA loans, Funding Fee Chart, Guide to Kentucky VA Loans, Kentucky VA Homes for Sale, Kentucky VA Mortgage Calculator, kentucky va mortgage refinance guidelines, refinance, refinance cashout, VA Funding Fee, VA Guidelines, VA mortgage refinancing