100% Financing Zero Down Payment Kentucky Mortgage Loans for Kentucky First Time Homebuyers. I hope you find this website educational and informative, giving you the confidence when buying your first Kentucky Home. USDA, VA, KHC, and FHA loans all offer $0 Down Home Loan Options-Text or Call for your free application 502-905-3708- Email Kentuckyloan@gmail.com Equal Housing Lender NMLS#57916. This website is not affiliated with any government agency.
Pages
- Zero Down 100% Financing Mortgage Loans in KY
- KY FHA, VA, USDA, Fannie Mae Guidelines
- Guide to Closing Costs
- Rural Development Loans USDA
- Tips to ensure your mortgage closes smoothly
- What Credit Score do You Need to qualify for a FHA VA KHC Kentucky Mortgage
- Mortgage Rate Lock
- Mortgage Calculators
- Fannie Mae HomePath Kentucky
- Helpful Links
- Documents Needed for Loan Approval
- Down Payment Assistance for Ky First Time Home Buyers
- Common Questions from Kentucky First-time Homebuyers
- Kentucky VA Mortgage
- Accessibility Statement
How to Qualify for a Kentucky FHA, VA, USDA and Conventional Home Loan
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Joel Lobb: A Guide for First-Time Home Buyers in K...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Joel Lobb: A Guide for First-Time Home Buyers in K...: First-time home buyers in Kentucky Joel Lobb Joel Lobb is a prominent figure in the Kentucky mortgage landscape, especially for those emba...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Joel Lobb: A Guide for First-Time Home Buyers in K...
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky First Time Home Buyer Approval Requiremen...: Here's a more comprehensive breakdown of what it takes to get approved for a mortgage loan in Kentucky as a first-time homebuyer: * C...
Kentucky First Time Home Buyer Loan Options
Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc.10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky's Welcome Home Grant: A $20,000 Grant To ...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky's Welcome Home Grant: A $20,000 Grant To ...: KENTUCKY WELCOME GRANT INFORMATION FOR QUALIFYING IN 2024 Kentucky's Welcome Home Grant: A $20,000 Boost for Homeownership! Dreaming of...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky's Welcome Home Grant: A $20,000 Grant To ...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky's Welcome Home Grant: A $20,000 Grant To ...: KENTUCKY WELCOME GRANT INFORMATION FOR QUALIFYING IN 2024 Kentucky's Welcome Home Grant: A $20,000 Boost for Homeownership! Dreaming of...
Louisville Kentucky VA Home Loan Mortgage Lender: A Guide to VA Loans for First-Time Buyers in Kentucky
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: First-time Home-buyers in Kentucky
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: First-time Home-buyers in Kentucky: Common Questions from Louisville Kentucky First-time Homebuyers Kentucky First Time Home Buyer Common Questions and Answers below:👇 ∘ Wh...
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Kentucky USDA Rural Housing Mortgage Lender: Difference Between 502 Guarantee Loan and Direct L...: The important differences between the Kentucky Section 502 guaranteed and Kentucky direct USDA and RHS loan programs are as follows...
Different Types of Kentucky Home Loans
Kentucky First Time Home Buyer Programs
Conventional Loan
• At least 3%-5% down
• Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no-closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.
Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.
The rates are a little higher compared to FHA, VA, or USDA loan but the mortgage insurance is not for life of loan and can be rolled off when you reach 80% equity position in home.
Conventional loans require 4-7 years removed from Bankruptcy and foreclosure.
Kentucky USDA Rural Housing Program
If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.
They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in an rural area.
A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern Kentucky .
There is a map link below to see the qualifying areas.
There is also a max household income limits with most cutoff starting at $109000 for a family of four, and up to $146000 for a family of five or more.
USDA requires 3 years removed from bankruptcy and foreclosure.
There is no max USDA loan limit.
FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score.
The current mortgage insurance requirements are kind of steep when compared to USDA, VA , but the rates are usually good so it can counteracts the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.
The mi premiums are for life of loan like USDA.
FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.
Maximum FHA loan limits in Kentucky are set around $498,000.00 and below.
Kentucky VA Loan
VA loans are for veterans and active duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2% for first time use, and 3% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.
VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and the no maximum loan limits in Kentucky
Most VA lenders I work with will want a 620 credit score though I am setup with lenders that will go down to a 560 credit score if I can get it approved.
VA says on paper no minimum fico score but very hard to get approved with secondary market lenders currently.
VA requires 2 years removed from bankruptcy or foreclosure.
Kentucky Down Payment Assistance
This type of loan is administered by KHC in the state of Kentucky. They typically have $10,000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.
KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at 660
Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc.10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
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