Saturday, August 23, 2014

CHANGE TO ANNUAL KENTUCKY RURAL HOUSING USDA GUARANTEE FEE STRUCTURE and CHANGE IN ELIGIBILITY MAPS FOR KY RURAL DEVELOPMENT LOANS


CHANGE TO ANNUAL KENTUCKY RURAL HOUSING  USDA GUARANTEE FEE STRUCTURE and
CHANGE IN ELIGIBILITY MAPS FOR KY RURAL DEVELOPMENT LOANS



As announced in RD AN No. 4757, the annual guarantee fee structure (paid monthly from the borrower's escrow account) for purchase and refinance loans will increase as follows (no change to the one-time upfront fee at this time): 
ANNUAL GUARANTEE FEE
THROUGH 9/30/2014
EFFECTIVE 10/1/14
Purchase Transactions
.40%
.50%
Refinance Transactions
.40%
.50%
The new fee structure is applicable to all Conditional Commitments issued by Kentucky Rural Development offices on or after October 1, 2014. Kentucky USDA Loan guarantee requests submitted to Rural Kentucky Development (RD) on which a conditional commitment has not been issued by September 30, 2014, will be subject to the 2014 annual guarantee fee structure.
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As announced in RD AN No. 4748, and barring any Congressional actions, implementation of the provisions of a revised rural area definition become effective on October 1, 2014. The future eligibility area maps can be viewed on the Kentucky USDA Eligibility web site at :http://eligibility.sc.egov.usda.gov.
 THIS MEANS THAT PROPERTIES THAT ARE ELIGIBLE TODAY, MAY NOT BE ELIGIBLE ON AND AFTER OCTOBER 1, 2014.


Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

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

 Company ID #1364 | MB73346