Monday, July 8, 2013

Home Mortgage Loans with zero down. 100% Loans No Money down.

Home Mortgage Loans with zero down. 100% Loans No Money down. 

The USDA has developed an electronically-based Guaranteed Underwriting System (GUS), to expedite loan approvals. GUS automates the manual underwriting process. Lenders can now electronically enter a home buyer's loan application information into the GUS online program and within seconds get a loan decision. 
 The Suburban/Rural Development Loan allows for manual underwriting allowing us to consider the personal circumstances of each borrower and make good common-sense decisions regarding those who have demonstrated the ability to manage their financial affairs in a responsible manner. This is particularly helpful when a borrower has lagging credit scores despite a sustained recovery from past difficulties.
Credit Scores above 640, credit is considered acceptable. Documentation is streamlined as follows: No credit waiver required for derogatory trade lines except for Federal debt. No rental history required. Credit Scores below 640 full underwriting must be done. Exceptions are granted for extenuating circumstances.

Chapter 7 Bankruptcy
A Chapter 7 bankruptcy does not disqualify a borrower from obtaining a Suburban/Rural Development Loan if at least three years have elapsed since the date of the discharge of the bankruptcy. An elapsed period of less than three years may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances that were of a temporary nature, were beyond the applicant's control, and have been removed (e.g., loss of job, delay or reduction in government benefits or other loss of income, increased expenses due to illness, death, etc.).

 Chapter 13 BankruptcyChapter 13 bankruptcy does not disqualify a borrower from obtaining a Suburban/Rural Development Loan provided he has successfully completed the bankruptcy debt restructuring plan and has demonstrated a willingness to meet obligations when due for the 12 months prior to the date of application.Foreclosure
A borrower may obtain a Suburban/Rural Development Loan after a foreclosure when three years have elapsed from a foreclosure with the loss of security or when one year has elapsed in a foreclosure with no loss of security.
Collections, Charge-Offs, and Judgements
Under the Suburban/Rural Development Loan, collections must be paid in most cases, unless medical and under $1000 combined. but we may make exceptions depending on the account type, the amount owed, and the cause of the collection. All judgements must be paid, and charge-off accounts showing balances must be paid.

Income Guidelines

USDA Guaranteed Loan

The major benefits are:
  • 100% mortgage LTV based on the APPRAISED value
  • Zero down payment and no minimum contribution required.
  • No limit on seller concessions or gift
  • No reserves required
  • 30 year fixed rate only
  • Property must be in a rural eligible location


Borrowers participating in the Suburban/Rural Mortgage Program may have an income of up to 115% of the median income for the area. The allowable income depends on the county where the subject property is located and the number of members in the household.

Common adjustments to the gross income include childcare for children 12 years and younger; a $480 deduction for each child under 18 years, 18 years or older and handicapped, or a full-time student who is not the applicant or spouse or co-applicant; and a $400 deduction for each elderly household member.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax

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

Louisville, KY 40222*

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone