Kentucky USDA Rural Development Funding Update

Louisville Kentucky Mortgage Loans

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…

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