Kentucky…A state where you can own a home without collateral thanks to the guaranty status of particular government programs for home purchase. One of these is USDA mortgage Kentucky, which enables you to access funds for a home that suits your family size where you can live while repaying the mortgage for the next 30 years. To make it even easier, your application can take place online.
USDA Loans Direct is a licensed provider of USDA mortgage KY for thousands of applicants in need of home purchase credit with no strings attached! Here is what makes the mortgage a star among the rest.
No Collateral on Primary Home
As soon as you select a home, you can be sure that the lender will not hound you with asset attachment. Here are the facts:
- The only ‘collateral’ is to turn the home into primary residence.
- Because the government guarantees the mortgage, you will not even need bank reserves to serve as security on your USDA mortgage KY.
Having Issues with Qualifications?
You have tried several financial institutions but they say they have no authority to transact the Rural Development program. You can take it easy because the online path is the safest. Not only will you process your details fast enough but you will know whether you qualify on the following scores:
- That your credit score is just slightly above 620.
- You meet the 29/41 debt/income parameter, implying that:
v Your entire USDA mortgage Kentucky does not exceed 29% of your monthly earnings.
v The loan plus other monthly arrears do not pass the 41% minimum debt-to-income ratio.
What if My Fortunes Change During the Loan Tenure?
You can expect two scenarios in case your income varies during the amortization period of 30 years:
- You can seek to refinance to a lower rate.
- Use the Pilot Program to refinance the USDA mortgage Kentucky at a lower rate of up to 1% below current market margins.
What is more, we will still be here willing to get you back to the drawing table either for a refinance or Pilot Program. We will ensure that you do not have to suffer re-appraisal or any fees associated with re-evaluation!
Roll the Guarantee Fee Into the Loan
The only security on your home purchase plan is not even upfront! The Guarantee Fee of 2% does the following things to your USDA mortgage KY:
- It acts as a form of security.
- It rolls into the 100% Loan-to-Value principal, to make a total financing of 102%.
With $0 worth of down payment, negligible monthly premiums and zero Private Mortgage Insurance (PMI), USDA mortgage Kentucky is the best option you can ever get.
Who will facilitate the application, you are asking? USDA Loans Direct is right here to help you.
Talk to us. The earlier you apply the more convenient it becomes!
Helpful links for you to review: