Kentucky First Time Home Buyer Programs For Home Mortgage Loans

  Conventional Loan News Fannie Mae recently announced they are making changes to their Credit Score Eligibility criteria in order to increase homeownership opportunities for underserved borrowers. As a result of this change, Fannie Mae will now allow a credit score average to be used on loans with more than one borrower.  In the past, the minimum credit score for all borrowers on a Fannie Mae Conventional loan was 620. While this 620 minimum still applies for loans with one borrower, an average can be used on loans with 2 or more borrowers. Borrowers with scores down to 580 are eligible as long as the average score on the loan is 620 or higher.  As an example, if Borrower 1 has a credit score of 619 and Borrower 2 has a credit score of 693, the representative credit score would be 656 and this loan would be eligible.  This is GREAT NEWS for Kentucky homebuyers.   

No Down Payment required, 100% financing available 30 year fixed rate only no other terms allowed. Not limited to First Time Home buyers! Also available for the move up home buyer. More affordable than FHA when compared to mortgage insurance Seller concession fees at 6% No Bankruptcies  last 3 years or foreclosures  last 3 years Typical max income household income limits are centered on how many people are going to live in the home and which county you are going to buy a home in. Most Counties in Kentucky are maxed at $87k for a household of four or less, and up to $115k for a household of five or more.  Debt to income ratios are usually centered around 45% on the back-end ratio, meaning the new house payment plus the monthly bills on the credit report cannot be more than 45% of our total gross qualifying  income.  There is also a front end ratio, which is the new house payment only divided by the gross monthly income. This can vary anywhere between 20...

Maps for Kentucky USDA Rural Housing Eligible Areas  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Kentucky USDA Rural Housing Applications submitted to RD for borrowers in the affected eligible areas (that will become ineligible) must be complete packages, including any required property appraisals and must be received by RD prior to February 2, 2015, to remain eligible for GRH approval. USDA/Rural Housing: USDA or Rural Housing loans are not available in the more highly populated counties in Kentucky . The counties of Jefferson and Fayette Counties are not eligible for USDA loans. USDA loans require no down payment and are subject to income and property eligibility requirements by County.. Check Kentucky USDA Income Limits Here"----->>>> Check Kentucky USDA Property Eligibility Limits Here --->>>> All Kentucky Rural Housing Loans are ran through GUS, Guarantee Underwriting System, an online to determine your loan approval The Automate...