Friday, May 10, 2013

INCOME REQUIREMENTS FOR A KENTUCKY USDA RURAL HOUSING LOAN


INCOME REQUIREMENTS FOR A KENTUCKY USDA RURAL HOUSING LOAN



Borrower must be within income limits according to which Kentucky County you purchase a home in.. Refer to:
http://eligibility.sc.egov.usda.gov for validation.

Salary Income– VOE – 24 month-history plus most recent pay-stub or 2 paycheck stubs
covering most recent 30 days and W2 for previous 2 years and processor
certification of employment within 10 business days of closing. Any gap of
employment beyond one (1) month must be explained by borrower.

Self-employed and Commissioned borrowers or employed by a relative– 2-year tax
returns required to reflect income is stable and will continue.

Part-time jobs–24-month history required.

Alimony, child support– must have received for 12 months and will continue for 3
years after application. Must document receipt for last 12 months consecutive
Reflecting no breaks in income.

3-year continuation for social security income, disability income, retirement income, etc.

Borrower’s adjusted annual income cannot exceed the appropriate moderate income
limit. Refer to http://eligibility.sc.egov.usda.gov.

All household income must be included in the total eligibility income, even if not on the
loan, however, for qualifying purposes, use the income for borrowers signing
the Note.

All qualifying income must be stable and likely to continue for the next 3 years.

Significant increase /decrease must be analyzed closely to make sure income used
to qualify will continue.



Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*