Kentucky FHA Mortgage Loans vs Kentucky USDA Rural Housing Loans Compared

Here are the important points about Kentucky USDA Rural Housing Loans:

USDA loan are only available in certain counties of Kentucky.
There are two types of USDA loans available: Direct and Guaranteed.
100% financing. No down payment
USDA will go down to a no score and uses and automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval.
Kentucky USDA Rural Housing Income limits based on county and number of people in household.
Must be 3 years removed from bankruptcy and foreclosure
No purchase price limit
Upfront funding fee of 1% of loan amount paid to RD at closing
Annual mi fee of .35% paid each month for life of loan.
Takes on average 30-45 days to close.
30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates.
Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable.
Appraisal has to meet FHA minimum standards
You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities.
There is no set max acreage but the appraisal will dictate approval of property by USDA.
You can only use USDA loans to purchase property or refinance an existing USDA loan
Pools are okay and homes in a flood zone