Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
USDA Pilot Refinance is a great product for borrowers with a current USDA loan as there is no appraisal or property inspection. The information listed below is incorrect as there is what is called an annual fee which is like pmi and is included in the monthly payment. The loan you currently have, would not have this as it started on Oct 1, 2011 to have this annual fee. This program allows for including closing costs and pre-paid items to be financed into the loan where the prior streamline refinance did not allow this. Please let me know if you have other questions.
Kentucky USDA - Rural housiing loans overview
Loan closings within normal time frame. Lenders control the closing.
Loan up to appraised value plus the guarantee fee.
Include closing costs/repairs/renovations in the loan.
No monthly mortgage insurance (MI).
Maximum loan amount is 100% of the appraised value plus the one time guarantee fee
No cash contribution or cash reserves required from applicant.
Non-traditional credit allowed.
No minimum credit score.
Repayment ratios are 29/41.
Ratio waivers are allowed with documented compensating factors.
Not limited to first-time home buyers.
Fixed interest rates with 30 year term.
Any lender can originate loans through an Agency approved lender.
Rural Development provides support for questions, training, and outreach assistance.
Please use the following links regarding the USDA rural housing loans program in the Kentucky area:
At the end of June, the USDA allowed the streamline refinance to include the closing costs, so you should not need to pay anything out of pocket at closing. No appraisal is required. Email me or visit my website www.rhsrefi.com for more info. This is a great loan product, but is a pilot program and may not last forever.
There is a special note for refinance transactions:An appraisal is not required if refinancing the loan amount and the guaranty fee.An appraisal is required for refinancing additional items including closing costs. Repairs may require inspections, repairs and inspections may not be financed ino the loan.
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.