Tag: USDA Rural Development

11 New Fannie Mae Homes in Kentucky Louisville Kentucky Mortgage First Time Home Buyer




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$145,000Just Listed

1520 Bryan Rd
Boaz, KY 42027

3 Beds |2 Baths | 1421 sq. ft.

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$292,500Just Listed

3510 Mcneil Rd
Boaz, KY 42027

4 Beds |2 Baths

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$126,900Back on Market

7016 Maple Leaf Dr
Maysville, KY 41056

3 Beds |2 Baths | 1680 sq. ft.

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$74,900Price Reduced

313 Town Branch Rd
Manchester, KY 40962

3 Beds |2 Baths | 1248 sq. ft.

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$15,000Price Reduced

2030 Clay St
Paducah, KY 42001

4 Beds |2 Baths | 1660 sq. ft.

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$85,000Price Reduced

20763 Highway 190
Frakes, KY 40940

3 Beds |2 Baths | 1475 sq. ft.

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210 N 35th St
Louisville, KY 40212

2 Beds |1 Baths | 1119 sq. ft.

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15500 Pfanstiel Rd
De Mossville, KY 41033

3 Beds |4 Baths | 3389 sq. ft.

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3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

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Coming Soon

1924 Northern Dancer Ct
Owensboro, KY 42301

3 Beds |1 Baths | 1160 sq. ft.

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Coming Soon

2885 Laton Turner Rd
Upton, KY 42784

3 Beds |2 Baths | 1800 sq. ft.

Joel Lobb
Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119


Louisville Kentucky Mortgage Lender for  FHA, VA, KHC, USDA and Rural Housing  Kentucky Mortgage

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage
I specialize in Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; First time buyer $0 money down still a

USDA Lowers Loan Costs for Kentucky Home Buyers and Home Owners

USDA and Rural Development Lowers Loan Costs for Kentucky Home Buyers and Homeowners

Under the new guidelines, effective October 1, 2016, USDA announced it will lower its upfront fee from 2.75 percent to 1 percent of the total mortgaged amount. The annual fee will also be reduced from 0.50 percent to 0.35 percent. This change is in effect until September 30, 2017.

USDA Rural Development and its loan program strive to help more families achieve the American dream of homeownership by providing qualifying borrowers the opportunity to own a primary residence in eligible rural areas.

If you or someone you know would like to see if you qualify for a USDA loan, or if you have any other questions about home loans, feel free to call or email me today.


Joel Lobb
Senior  Loan Officer



American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223
text or call phone: (502) 905-3708






Kentucky USDA Rural Housing Loans Have Funds Now for 2016 and 2017

Kentucky Rural Development Guaranteed Loans for USDA Funds are now Available!

USDA Announced TODAY, 10/17/16, that funding is now available with the Rural Development Guaranteed Loan Program!  So this means any loans with a “conditional commitment” will be obligated in their system within the next 2-3 days.  This should fund this wonderful program through 9/30/17.  As you know we are Kentucky Rural Housing  USDA experts and are ready to help Kentucky Home
Buyers and Kentucky RHS USDA homeowners!


Looking for 100% Financing?
Check out
 Kentucky RHS USDA Product!

  • Effective 10/1/2016 the Up Front Guarantee Fee is reduced to 1.0%*
  • No down payment required
  • Up to 6% Seller Concessions
  • Minimum 640 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

 Most are familiar with USDA Rural Housing Loan Program  being a great no money down program available and it is not just for Kentucky first time buyers. 

But starting with commitments on October 1, the funding fee that is financed is going from 2.75% to only 1%!  On a $100,000 loan, a buyer saves about $1750!  In addition, the annual fee (like PMI) reduces from .5% to .35% which lowers the monthly payment by $15 a month on an $100,000 loan amount.

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Joel Lobb
Senior Loan Officer
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). USDA Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky USDA Loans | Rural Housing Loans Kentucky

Kentucky USDA Loans | Rural Housing Loans Kentucky

Kentucky USDA Loans | Rural Housing Loans Kentucky.

via Kentucky USDA Loans | Rural Housing Loans Kentucky.






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

FHA/VA KHC USDA Kentucky Mortgage:

Waterfront Park Phase II
Image via Wikipedia





Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: KENTUCKY USDA RURAL DEVELOPMENT LOANS ZERO DOWN: ” KENTUCKY USDA RURAL DEVELOPMENT LOANS Kentucky USDA is a manually underwritten product that has to be delivered to the Local USDA branc…” 




Kentucky USDA is a manually underwritten product that has to be delivered to the Local USDA branch to give the final UW approval and the Guarantee Commitment.
Borrowers household must meet income requirement *: http://www.rurdev.usda.gov/HSF-Guar_Income_Limits.html
*All household income, must be used to determine if they qualify for RD. (even if they are not on the loan)
Score –  Middle FICO 620
Tradelines– 3 tradelines with 12 months reporting (2 if we have 12 months rent checks also)    VOR or Rent free letter on every file
Employment – 2 years of employment in same field (recent college graduate – transcripts w/ employment within the field studied)
Funding Fee – 3.5% (see worksheet to determine loan amount)
Loan Amount – 103.5% can be calculated using appraised value if higher.  Allowing all fees to be rolled into the loan amount. 
DTI – Standard USDA DTI’s are 29/41%
Debt ratio waiver to 50% with compensating factors. **
The USDA has a max payment shock of 100%.  
Seller paid closing cost – up to 6%
** Compensating factors would include reserves, down payment, 5 years on job, 24 months rent checks pd on time
BK’s- discharged 3 years (ch 7 or 13)             
Foreclosures- 5 years
Collections- UW judgment, $1500 or less in medical can be left open, all others paid
Titles to be held in a Trust 
Non- Occupying Co-borrower
Escrow Holdbacks for repairs

fill-out my free pre-qualification  form by clicking here for USDA loans !