Kentucky First Time Home Buyer Questions and Answers

Kentucky First Time Home Buyer Questions Answered:

Conventional Loans

3% DOWN PAYMENT

680 or Higher Credit Score
Down Payment Can be Gifted
No Mortgage Insurance Option
- Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value
$647,200 Maximum Loan Amount
Income Limits May Apply
Great Option for First-Time Homebuyers

20 % OR MORE DOWN PAYMENT

620 or Higher Credit Score Required
Down Payment Can be Gifted
No Mortgage Insurance Required
$647,200 Maximum Loan Amount

FHA (Federal Housing Administration) Loans

3.50% DOWN PAYMENT

580 or Higher Credit Score
Down Payment Can be Gifted
1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
0.85% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
$420,680 Maximum Loan Amount (Jefferson County)
Great Option for Borrower(s) with a 679 or Lower Credit Score

VA (Veterans Administration) Loans

0% DOWN PAYMENT

580 or Higher Credit Score
2.30% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
No Mortgage Insurance Required
No Maximum Loan Amount
Great Option for Veterans or Active Military

USDA (Rural Housing) Loans

0% DOWN PAYMENT

620 or Higher Credit Score
1.00% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
0.35% Monthly Mortgage Insurance
- Remains for Life of Loan
Income and Property Areas Restricted
Great Option for Borrower(s) in Rural Areas

Down Payment Assistance Program

REGULAR DOWN PAYMENT ASSISTANCE

Purchase Price Up to $346,644
Assistance in the Form of a Loan Up to $6,000
Repayable Over a 10 Year Term at 5.50%

AFFORDABLE DOWN PAYMENT ASSISTANCE

Purchase Price Up to $346,644
Assistance in the Form of a Loan Up to $6,000
Repayable Over a 10 Year Term at 1.00%
Borrower Must Meet Affordable DAP Income Limits

One thought on “Kentucky First Time Home Buyer Questions and Answers”

Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans says:

25 Jan 2022 at 4:53 pm

Reblogged this on Kentucky FHA Mortgage Loans Guidelines and commented:

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Blog posts with tips and updates on the Kentucky housing market.

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If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708. Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

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Kentucky First Time Home Buyer Questions and Answers

Kentucky First Time Home Buyer Questions Answered:

3% DOWN PAYMENT

20 % OR MORE DOWN PAYMENT

3.50% DOWN PAYMENT

0% DOWN PAYMENT

0% DOWN PAYMENT

REGULAR DOWN PAYMENT ASSISTANCE

AFFORDABLE DOWN PAYMENT ASSISTANCE

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One thought on “Kentucky First Time Home Buyer Questions and Answers”

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Users with Visual Disabilities

Additional Accommodations

Kentucky First Time Home Buyer Questions and Answers

Kentucky First Time Home Buyer Questions Answered:

3% DOWN PAYMENT

20 % OR MORE DOWN PAYMENT

3.50% DOWN PAYMENT

0% DOWN PAYMENT

0% DOWN PAYMENT

REGULAR DOWN PAYMENT ASSISTANCE

AFFORDABLE DOWN PAYMENT ASSISTANCE

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Like this:

Related

One thought on “Kentucky First Time Home Buyer Questions and Answers”

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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