Tag: United States Department of Agriculture

Income Requirements for A Kentucky Rural Housing Loan Approval.

Income Requirements for A Kentucky Rural Housing Loan Approval..

via Income Requirements for A Kentucky Rural Housing Loan Approval..


No Money Down Home Loan Elizabethtown Ky

 No Money Down Home Loan Elizabethtown Ky.

via  No Money Down Home Loan Elizabethtown Ky.

### No Money Down Home Loan Elizabethtown Ky

100% Financing Zero Down100% Rural Housing loan in Kentuckyrhs loans kentuckyRural Housing/ USD LOANS ZERO DOWNUncategorizedUSDA No money down mortgage Louisville Kentucky Kentucky housing corp 30 year fixed | Tagged 

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae
You should know what you can afford before beginning your search for a home. This enables you to
focus on realistic choices and saves you time and effort.
This section will show you how to calculate the amount you comfortably can spend for a home. What
is the difference between a front-end and a back-end debt-to-income ratio?
Before making a loan, the lender wants to be certain the borrower has the ability to repay. Before
approving your mortgage loan application a lender will look at several factors to gauge the risk
you pose as a borrower. There are two calculations your lender makes when determining your level of

Monthly debt obligations are the primary benchmark used to determine whether the borrower will be able to meet the expenses involved in home ownership. Housing expense is considered one of several components that make up the total debt-to-income ratio benchmark; there is not a separate housing-to-income benchmark unto itself.
Maximum Debt Ratios
Maximum ratios are 31%/43% for manually underwritten loans.

Government Shut Down Effects – What you need to know

Government Shut Down Effects – What you need to know.

via Government Shut Down Effects – What you need to know.


Rural Development’s mission is to serve as a catalyst for economic and community
development activities in rural areas through loans and grants to individuals, businesses,
and communities. The shut-down of RD loan and grant making activities for a prolonged
period of more than two weeks would have an immense adverse impact on the rural
economy. Should RD not be allowed to continue loan and grant making operations for an
extended period, the impact would be substantially more serious.
• No additional loans/grants would be available during the period except for emergency
purposes and to protect the Government’s interest. System generated disbursements
for previously obligated Rental Assistance (RA) funds will continue.
• No new RD rural housing loans or guarantees would be issued, which would result in
a setback in construction start-up, as well as a potentially costly inconvenience to
buyers and sellers depending on a Single Family Housing loan or guaranteed loan 09 18 2013 RD.doc
closing. A more permanent interruption in the program would cause a substantial
reduction in housing available in rural areas relative to population.
• New and expanding businesses would be unable to access loan guarantees to create
new jobs and save existing jobs and with them, the potential taxpayers who would
hold those jobs.
• No loans or assistance for essential community facilities would be made, delaying the
financing of health care, emergency response, and other essential services to rural
communities. Projects already financed that are under construction would be delayed
in having any bridge financing replaced with permanent financing from USDA. A
long-term shut-down would place RD seriously behind in our mission of improving
quality of life and economic opportunity in rural areas with limited income. The
current community facility loan program is one of the very few sources of financing
for essential community facilities in rural areas.
• Travel and training for RD operations would be suspended during the period of shutdown.
• After shut-down operations, RD state and area office employees located in
communities throughout the United States would be furloughed.
• No loans or advances would be made or issued for modernizing rural America’s
electric and telecommunications infrastructure. Borrowers would not be able to
improve service, meet Federal Communication Commission deadlines, or pay off
short-term bridge loans. No advances would be issued to pay invoices on
construction contracts, which could result in defaults on contracts and increase
construction costs. Ultimately, this could lead to RD loan security problems

First Time Home Buyer Louisville Kentucky Mortgage Programs

First Time Home Buyer Louisville Kentucky Mortgage Programs.

via First Time Home Buyer Louisville Kentucky Mortgage Programs.

>What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval

>What Not To Do

What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval

Congratulations! You applied for your loan and maybe you finally found the house of your dreams. You made a bid, had it accepted by the seller, and went through the mortgage application process. It looks like you’ll qualify. The closing is only weeks away, and you are feeling pretty good.

It’s smooth sailing from here, right? Probably. However, more than one buyer has had the wind taken out of his sails at this point in a real estate transaction. If at all possible, steer clear of the following “NO-NOs” until AFTER you have gone to settlement.

· Do not take on new debt or apply for new credit cards. The temptation is strong. There are so many big purchases people potentially want to make in connection with a move: appliances, window treatments, furniture, etc.. When you add to this the fact that, today, everyone offers easy terms and no money down – well, why not just do it? Answer: because you will change what the industry calls your “back-end ratios” ( the relationship of your income to your debt). It could also lower your credit score.

· Do not be difficult to reach. The loan officer or processor may need to reach you for additional information or documents. Check your voice mails and emails often. Check your junk email file also. Communication is the key to a smooth closing.

· Do not quit your job, change jobs or take a leave of absence. If at all possible, try not to make a career move during the time between your mortgage application and the closing on the home you are purchasing. But, you ask, “What if it is a BETTER job, for MORE money, in a DIFFERENT field?” Still, try and wait until AFTER closing. One of the factors mortgage companies consider is length of present employment; they are partial to stability. At the very least, changing jobs initiates the need for more paperwork, and maybe a delay in closing.

· Do not stop paying your bills. Pay all your bills on time including rent or mortgages.

· Do not pack too soon. Well, go ahead and pack your clothes and pictures. But, do not pack away your bank statements, tax returns, or other important paperwork. Most especially, do not pack away your checkbook! More than one buyer has had closing delayed while a friend or relative hurried over with additional funds because the checkbook was in the moving van.

· Do not lease a new car. This should go under the general heading of “no new debt”. It is highlighted here because, for some strange reason, many buyers do run right out and lease a new car during the intervening time between mortgage application and closing! As with any debt, this will change your “back-end ratios”, and may cause you not to qualify for your mortgage.

· Do not throw away pay stubs, bank statements, or other financial documents.

· Do not spend your money needed for closing.

· In short, do nothing that negatively impacts your ability to qualify for your mortgage loan, or initiates a new round of paperwork.

These suggestions are merely that – suggestions. No one is saying, flat out, that bad things will necessarily follow if you do any of the above. They are offered as cautions. Many buyers seem to view the mortgage application procedure as an static entity, a snap shot of their financial lives at a given moment in time. It is not. It is an on-going process that can take into account everything you do right up until the day of closing.

What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval

Realty Times – Get a HUD Home for $100 Down Get a HUD Home for $100 Down | Kentucky First Time Home Buyer Mortgage Loan

HUD Home for 0 Down Get a HUD Home for 0 Down | Kentucky First Time Home Buyer Mortgage Loan

Realty Times – Get a HUD Home for $100 Down Get a HUD Home for $100 Down | Kentucky First Time Home Buyer Mortgage Loan.

via Realty Times – Get a HUD Home for $100 Down Get a HUD Home for $100 Down | Kentucky First Time Home Buyer Mortgage Loan.

>Kentucky First Time Home Buyer Programs 2011




Kentucky First Time Home Buyer Programs

Getting a property in Kentucky may be one of the smartest decisions you will ever make. Kentucky first time home buyer programs give simple programs for those who are buying a house for the first time.

They help first time home buyers offering programs to assist first time home buyers purchase houses. Using their help you can qualify for low interest rates and reduced tax rates through the first time home buying program. There are US government, state offerings and low down costs loans available to qualified first time buyers and many more options.

Most Kentucky first time home buyer programs include the Federal Housing Administration (FHA) and the Veteran’s Administration (VA) loans.

View the list below of Kentucky first time home buyer programs:

Covington Homebuyer Assistance Program

Fayette County Local Development Corporation First Time Homeowners Assistance Program

Jefferson County Home Ownership Assistance Program

Kentucky FHA Home Loan

Kentucky First Time Home Buyer Loans

Kentucky Rural Home Loan

Kentucky VA Home Loan

Louisville New Construction Home Ownership Program

Multi Counties REACH Inc First Key DownPayment Assistance Program

•Multi Counties- The Center For Women and Families, Inc. Common Wealth Individual Development Account Program”

I offer most of the first time home buyers programs throughout Kentucky. Call me to discuss these programs at 502-905-3708 or email us at kentuckyloan@gmail.com

Click on link to for your free prequalification–5 minutes pre approvals






No Down Payment Required

30 year fixed rate

100% LTV plus the guarantee fee, if financed

Finance Closing Costs, if market value is sufficient

Expanded Ratios of 29/41%

No Mortgage Insurance

No cash contribution required from borrower

Unrestricted gifts

No Maximum Loan Amount – loan amount based on repayment ability of applicant

No Reserve Requirement

High earnings potential

Competitive rates (set by underwriting lenders)

Available secondary markets: wholesale lenders as well as Fannie Mae and Freddie Mac.

Utilize in Conjunction with State Housing Authorities, if available

Rural Development designated rural area:

Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and-under certain conditions-towns and cities with between 10,000 and 25,000 residents. See the rural area eligibility site at http://eligibility.sc.egov.usda.gov, click on “property eligibility”. If you need additional assistance, please contact your local Rural Development office.

Acceptable credit history:

Have a credit history that indicates a reasonable willingness to meet obligations as they become due

Lender underwrites the loan

No minimum credit scores

Lack of credit is not derogatory

Caution for applicant(s) with multiple layers of risk such as:

payment shock; low credit scores; ratio waiver; credit waivers; 2-1 buy downs

Check maximum income for eligibility:

Applicant(s) have an adjusted household income that does not exceed the moderate income limit established for the area. A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income-such as annual child care expenses and $480 for each minor child-in order to qualify. USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdictions, and can provide further guidance on calculating household income. There is an automated eligibility calculator at: http://eligibility.sc.egov.usda.gov


Applicant(s) repayment ability:

The ratio limits are 29 front (housing, PITI), 41 back (total debt, MOTI). Rural Development allows expanded repayment ratios if the applicants have sufficient compensating factors. The underwriter must recommend the expanded ratio(s) and provide compensating factors to Rural Development. Rural Development must concur with the underwriter’s recommendation in order to expand the ratios.

Other eligibility criteria:

Do not own a dwelling

Insufficient resources to secure conventional financing without the guarantee

U.S. citizen or permanent resident or qualified alien

Legal capacity

Primary residence

Loan-To-Value (LTV) and Loan Limit:

100% LTV plus the amount of the guarantee fee, if financed

Loan amount can exceed appraised value by the amount of the guarantee fee

There is no loan limit

-Limiting factors will be ratios and income limit

Property requirements:

New or proposed home construction – stick built, modular, townhouses, condominiums, new manufactured homes.

Existing homes: Meet requirements of HUD Handbooks 4905.1 and 4150.2

New and existing: Private well water quality must meet local and state code.

FHA appraisers in the area can be found on the FHA web site: https://entp.hud.gov/idapp/html/apprlook.cfm

Existing (previously occupied) manufactured home financed under limited circumstances when home presently financed by USDA.

New manufactured homes: Rural Development will finance new manufactured homes through approved dealer-contractors. Contact your local Rural Development office for a list of approved dealer-contractors and the specifics of how new manufactured homes can be financed.

Modular homes: New or existing modular homes can be financed the same as stick built homes.

Condo: Rural Development can finance if it meets the standards for Fannie Mae, Freddie Mac, VA, or FHA.

Town home: Same as condo. A town home must have provisions for maintenance such as HOA.

Flood Zone:

Any existing improvements located in a special flood hazard area must have federal flood insurance coverage. New construction is not permitted until a Letter of Map Revision/Amendment is issued by FEMA.

One time guarantee fee based on the final loan amount

This fee can be financed along with other closing costs. The first mortgage guaranteed loan cannot exceed appraised value by more than the amount of the fee financed. No mortgage insurance requirement.

Term: 30 year fixed

Interest Rate:

Fannie Mae 90 day delivery plus 60 basis points rounded to the nearest quarter percent or

The lenders published VA rate with no discount points

Apply today for your USDA Rural Housing Loan in Kentucky for free. No application Fees and same day loan approval.

Prohibited Loan Purposes:

In-ground swimming pools – unless value is deducted from the loan request

Existing manufactured homes

Construction draws

Furniture and personal property

Income producing property

Non-essential buildings and land

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell