|KENTUCKY RURAL HOUSING GUIDELINES FOR THE 502 GUARANTEE LOAN RURAL DEVELOPMENT LOAN|
- Guaranteed – Lenders fund the loan and the loan is guaranteed by the RHS if the loan goes into foreclosure. These loans are offered at 30 years.
- Direct Loans – The loan is funded directly by the government. They are for borrowers that have no other ways to obtain a source of credit. These loans are offered at 33 and 38 years.
- Be secured by property that the RHS has designated as a “rural area”
- Be secured by a dwelling that is “modest”
- Income must be no higher than 115% of the rural area median income
- Have a fixed interest rate
- Be offered to a borrower who can demonstrate repayment ability
Senior Loan Officer
phone: (502) 905-3708