Qualifying for a USDA home loan in Kentucky involves meeting specific criteria in several areas:
Credit Score: Minimum 640 for streamlined processing; lower scores may require manual underwriting.
Income Requirements: Must not exceed 115% of the median income for your area.
Work History: At least two years of stable employment.
Bankruptcy and Foreclosure: Waiting periods of 1-3 years depending on the situation.
Debt-to-Income Ratio: 29% for housing expenses, 41% for total debt; exceptions possible.
Property Requirements: Must be in a designated rural area and meet quality standards.
Mortgage Insurance: Includes an upfront guarantee fee and an annual fee.
By understanding and meeting these requirements, you can take advantage of the USDA loan program to achieve homeownership in Kentucky’s rural areas. For personalized assistance, consider consulting with a mortgage broker or lender experienced in USDA loans, like Joel Lobb in Louisville, who can guide you through the process and help you qualify.
Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/