Here is a comparison chart outlining different loan programs for Kentucky first-time homebuyers in 2024:

Loan Program FHA Loan VA Loan USDA Loan Conventional Loan
Minimum Down Payment 3.5% 0% 0% 3% – 5%
Credit Score Required 500-579 with 10% down Typically 620+ Typically 640+ Typically 620+
Mortgage Insurance Required Not required Required Required if <20% down
Property Eligibility Must meet FHA criteria N/A (for eligible veterans) Rural areas and certain suburban areas Any property
Income Limits N/A N/A Yes N/A
Interest Rates Competitive Competitive Competitive Competitive
Loan Limits Set by FHA Set by VA Set by USDA Conventional loan limits apply
Prepayment Penalties None None None Varies by lender