All posts tagged: home loan

Kentucky USDA Rural Home Loans : 100% Financing

Originally posted on Mortgage News:
For home buyers today, there are two mortgage programs which offer 100% financing. The first is the VA loan from the Department of Veterans Affairs. It’s available to most active military personnel and veterans nationwide. The other program is the U.S. Department of Agriculture’s Rural Development Single Family Housing Loan Guarantee Program. Sometimes called a “Rural Housing Loan” or a “Section 502″ loan, today’s USDA financing isn’t just for farms. Because of the way the USDA defines “rural”, there are plenty of exurban and suburban neighborhoods nationwide in which USDA loans can be used. Home buyers who buy a home in a qualified USDA area, and who meet USDA income eligibility requirements, can take advantage of the USDA’s low interest rate, no downpayment mortgage program.. What Are The Benefits Of A USDA Home Loan? USDA mortgages are structured just like conventional ones via Fannie Mae and Freddie Mac. Where they differ, though, is with respect to downpayment requirements and mortgage insurance. Unlike conventional loans, USDA mortgages have no down payment requirement,…

An Introduction to Rural Housing Development Guaranteed Rural Housing Program

  An Introduction to Rural Housing Development  Guaranteed Rural Kentucky USDA Guaranteed Rural Housing Home Loans USDA guaranteed loans are designed to make home ownership possible for low- and moderate-income families. Offered through USDA Rural Development, these loans feature: No down payment requirement Low monthly mortgage insurance premiums Flexible credit and qualifying guidelines Eligibility requirements include (but are not limited to): Borrowers must not currently have adequate housing Borrowers must occupy the purchased home Homes must be in a residential Rural Development eligible area For more information and to apply for an Kentucky FHA, VA, USDA or other type of Kentucky mortgage, contact one of our and take the next step toward home ownership today! –  Joel Lobb (NMLS#57916) Senior  Loan Officer 502-905-3708 cell 502-813-2795 fax kentuckyloan@gmail.com http://mylouisvillekentuckymortgage.com    CONFIDENTIALITY NOTICE: The documents accomp Housing Program .     RHD has several online resources to assist you with learning the eligibility rules and the calculations for the guarantee fees. · Income and property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=… · USDA Lender Interactive Network Connection (LINC) website for training and job aids: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do · The Guaranteed Underwriting …

Kentucky USDA Rural Development Guaranteed Housing Loan Income Worksheet for 2014

KENTUCKY RURAL HOUSING INCOME ELIGIBILITY CALCULATION WORKSHEET Kentucky USDA Rural Development Guaranteed Housing Loan             Borrower/s ____________________________________________________________ Date of Calculation__________ Total # household members = _________ State:_________________________ County:______________________________ List all non-exempt household income: (Per §1980.347) Name of household member receiving the income Source of income Monthly income from source (Actual or Average) X12 Annual income from source _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ _________________________________________$___________ X12 $___________ Total Gross Household Income $______________ X12 $______________ Total Monthly Total Annual Deductions from Annual Income: (Per § 1980.348) (Use when gross income is above income limit): (1) Number of Minors living in household: ___X $480.00 (Under age 18) $_____________ (2) Number of Disabled/Handicapped Adults:___ X $480.00 (18 or over& NOT borrowers) $_____________ (3) Number of full time adult students: ____ X $480.00 (18 or over& NOT borrowers) $_____________ (4) Elderly Family: (borrower or co-borrower over 62) One time deduction of $400.00 $_____________ (5) Annual Child …

Kentucky USDA RHS Rural Housing Mortgage Loans for 2013

Kentucky USDA RHS Rural Housing Mortgage Loans for 2013 Kentucky USDA Rural Program Guidelines Borrower Eligibility U.S. citizens Permanent resident aliens First time homebuyers allowed Maximum 2 borrowers allowed Non-occupant co-borrowers NOT allowed Commitment Fee USDA Rural Developmet charges a 2% Commitment Fee Commitment Fee can be financed into the loan Example: Purchase price – $100,000 Loan amount – $102,040 Commitment Fee – $2,040 Maximum financed loan amount = $102,040 ($100,000 [purchase price]/.98) This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA Downpayment Requirement No down payment is required If borrower has adequate assets (i.e. 20% of the property purchase price) to obtain conventional financing the borrower may be ineligible for the USDA Rural Development Loan Eligible Properties Must be in an eligible Kentucky USDA Rural Development Location Owner-occupied properties Existing attached & detached single family residences New construction with permanent financing only PUD’s (i.e. Townhomes) Condo-units. HUD, VA, FNMA or FHLMC approved project Ineligible Properties Co-ops Mixed-use Condotels Manufactured homes Log cabin homes Single Family Homes where …

Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House

Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House. via Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House. Related Articles Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House (kentuckyfirsttimehomebuyer.com) Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky (mylouisvillekentuckymortgage.com) 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 (louisvillekentuckymortgagerates.com) Rural Development Plan for Operations in the Absence of Appropriations (louisvillekentuckymortgagerates.com) USDA area changes delayed again!!! (kentuckyusdaloan.com) How the shutdown will affect Home loans (kentuckyusdaloan.com) Kentucky Rural Housing and Usda Loans Affected Due to Government Shutdown (mylouisvillekentuckymortgage.com) Update on Kentucky USDA and Rural Development Home loan Operations on government shutdown (trulia.com) Five Different Types of Mortgage Loans Available for Kentucky First-time Homebuyers (trulia.com) Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013 (kentuckyfirsttimehomebuyer.com)

What You Need To Know About A Mortgage… BEFORE You Get One!!!

What You Need To Know About A Mortgage… BEFORE You Get One!!!. via What You Need To Know About A Mortgage… BEFORE You Get One!!!. Related Articles First Time Home Buyer Louisville Kentucky Mortgage Programs (louisvillekymortgage.net) FHA expands mortgage backing to the once bankrupt (trulia.com) Mortgage Rule Changes: A year later (kentuckyfirsttimehomebuyer.com) Ever hear of a Reverse Mortgage ? (dylanjamespost.wordpress.com) Mortgage Rates Dip Slightly (athomesense.com) ‘Unsubstantiated’ mortgage mis-selling advert pulled (telegraph.co.uk) Some Facts from the “Mortgage Expert” (mortgagelendingstatenisland.com) Pay Down Your Mortgage or Invest? (dylanjamespost.wordpress.com) Pay Down Your Mortgage or Invest? (smarinkovicblog.wordpress.com) Mortgage Broker Staten Island (mortgagelendingstatenisland.com)

Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage

Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage. via Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage. Related Articles Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: FHA Fees to Increase on Monday for Kentucky FHA Lo… (louisvillekentuckyvamortgage.blogspot.com) Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage (kentuckyvaloan.com) HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans (kentuckyfirsttimehomebuyer.com) Kentucky Down payment Grants for buying a home (kentuckyusdaloan.com) Down-payment Assistance Programs Louisville and Kentucky (louisvillekymortgage.net) Kentucky VA Funding Fee info for 2013 Mortgage Loans (kentuckyfirsttimehomebuyer.com) Louisville Mortgage Rates, Refinance, Louisville Kentucky Mortgage Rates for July 2013 (louisvillekentuckymortgagerates.com) Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage (kentuckyfirsttimehomebuyer.com) Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: Louisville Kentucky FHA Loan Streamline Refinance (louisvillekentuckyvamortgage.blogspot.com) Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: FHA Approved Condos Louisville Kentucky (louisvillekentuckyvamortgage.blogspot.com)

How do you qualify for a USDA Mortgage if you are self-employed?

USDA Home Loans for the Self-Employed               Looking for a home loan when you are self-employed can be a bit challenging but a USDA loan may be a great option. Many banks and lenders shy away from this type of loan due to the complex nature and experience that it requires. These scenarios can be complicated but with proper analysis and documentation the outcome can be successful. This short video will explain how to qualify for a USDA home loan if you are self-employed. via How do you qualify for a USDA Mortgage if you are self-employed?. Who are considered self-employed when applying for a USDA loan? • 1099 Contractors are considered self-employed • W2 Employees who are 100% commissioned • Converting from a self-employed to a W2 employee can be acceptable What are the USDA guidelines for the self-employed? Minimum guidelines require that a self-employed borrower must have 2 years of self-employment history. Common documents that will be needed for verification purposes include articles of incorporation when applicable …