NORTHERN KENTUCKY USDA RHS AREAS CHANGING!
NOTICE TO NORTHERN KENTUCKY HOME BUYERS AND REAl ESTATE AGENTS:
EFFECTIVE 10/01/2012 NORTHERN KENTUCKY COMMUNITIES OF INDEPENDENCE AND BURLINGTON WILL NO LONGER BE ELIGIBLE FOR RURAL HOUSING (RHS) MORTGAGES.
This change is due to the 2010 census showing an increase in population in these areas. For most of us who live in Northern Kentucky we have not considered most of Independence and a good bit of Burlington "rural" for some time with the new subdivisions over the last 10 years.
USDA RHS offers zero down loans, which has been effective in populating these areas I'm sure. Some changes over the last couple of years such as an increase in the Funding Fee and the addition of PMI insurance, albeit small has made this program a little less attractive to buyers. However, it along with VA is one of the few true zero down programs available.
If you are a buyer considering puchasing in these areas using the USDA RHS loan, or a real estate agent working with a buyer in Independence or Burlington in Northern Kentucky, time is of the essence!