IMPORTANT UPDATE …

Kentucky USDA Rural Development  Funding Update

Refinances

USDA has announced that Refinance funds for fiscal year (FY) 2012 are now exhausted. This
impacts loans that have not yet received a conditional commitment from Rural Housing.
Any refinance that has not yet received a conditional commitment from Rural Housing will need to
be disclosed and underwritten based on the FY 2013 rates (below).
 Loans already underwritten and conditioned will be reviewed by the underwriter and reunderwritten/
conditioned accordingly.

Purchases

It is important to be cognizant of the Rural Housing processing timeframes from state to state. If it
is determined unrealistic that the State will be able to review the loan guarantee application and
issue a conditional commitment before September 30, 2012, the loan may have to be reunderwritten
at the FY 2013 rates.
Reminders
 There is not a confirmed date when refinance funding will be available again. Updated credit
documents may be required.
 USDA rates are based on the date that the conditional commitment is issued by Rural
Housing.
Purchases Refinances
Upfront Guarantee Fee Annual Fee Upfront Guarantee Fee Annual Fee
FY 2012 2% 0.30% 1.5% 0.30%
FY 2013 2%
(no change) 0.40% 2% 0.40%

Related Articles

• Kentucky USDA Refinance Funds Have Been Exhausted for Fiscal Year 2012 (mylouisvillekentuckymortgage.com)
• SFH Guaranteed Underwriting System Updates for Kentucky Rural Housing and USDA Loans in Kentucky (mylouisvillekentuckymortgage.com)
• http://kentuckyusdaloan.com/2011/08/04/248/ (louisvillemortgagepro.tumblr.com)
• Kentucky USDA Mortgage Upfront Guarantee Fee and the monthly mortgage insurance Annual fee (kentuckyusdaloan.com)
• October 2012 Kentucky USDA and Rural Housing Loans Changes for Property Eligibility Locations in Kentucky. (mylouisvillekentuckymortgage.com)
• Kentucky USDA RHS Guarantee Fee Change (mylouisvillekentuckymortgage.com)
• October 2012 Kentucky USDA and Rural Housing Loans Changes for Property Eligibility Locations in Kentucky. (kentuckyusdaloan.com)
• Employment Guidelines for VA Loans (mylouisvillekentuckymortgage.com)
• Credit Scores and the Kentucky USDA Rural Development Loan Program (kentuckyfirsttimehomebuyer.com)
• Kentucky Rural Housing Loans and USDA Guaranteed Loan Underwriting Issues (kentuckyusdaloan.com)