Eligibility for Kentucky USDA Loans

When applying for eligibility for 100% USDA loans, there are six factors taken into account:
Loan income restrictions Most household income limits are set between $91,900 for a family of four, and up to $121,300 for a family of five or more see map


>>>>>http://www.rd.usda.gov/files/RD-GRHLimitMap.pdf

Credit score You have three credit scores, they throw and the high and low score and take the middle score of each of the three main credit bureaus, Experian, Equifax, and Transunion. Most lenders will want a 620 middle credit score due to the fact that GUS (Guaranteed Underwriting System) will not give you an automated approval upfront if the middle score is below the 640 thresholds. You may get a refer eligible on the initial pre-approval but a lot of lenders will not honor a refer eligible USDA file. On paper USDA says they will go down to a minimum credit score of 581 but most lenders will not touch them.

Property Ownership (Do you own other Property) In most cases, USDA will not allow you to use their program to purchase another home if you already have a home in your name. In some extreme cases, they will waive this if certain exceptions are met. You can call or email me for more details on this matter. The USDA loans are only available for single family primary residences. No rental homes or working farms are allowed on the USDA Home Loan Program

Residential Location (USDA Eligibility: to check click here ) Is the property locat