Kentucky USDA Home Loan Requirements
With flexible requirements, USDA loans feature:
- 100% financing + required guarantee fee = 102% of the appraised value
- No minimum score but most lenders want a 620 or above, or 640 sometimes
- 30 year fixed rates
- Closing costs can be added into the loan if home appraises more than purchase price
- No max loan limits, only household max income requirements based on location
- Property must be in rural housing area
- No used mobile homes
- Property must not be incoming producing
- 3 years from Chapter 7 bankruptcy and 1 year In Chapter 13 possible
- 3 years removed from Foreclosure
- Debt to income ratio requirements based on GUS Automated Underwriting Findings
USDA Loan Eligibility
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household members can have a total income of up to 115% of the medial income for the area
- Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
