-This requires 5% down, and it must be from your own saved funds, no gifted funds from family members. The 30 year fixed rate is a little higher than the FHA loan, but the mortgage insurance is much cheaper. If you have a credit score of 740 or higher, and can put down the 5%, this is better program for you due to lower monthly payments and less upfront and monthly mortgage insurance.
-This requires no down payment, but you must be a qualified veteran or active duty military to participate in the program. The current minimum credit score is 580 no bankruptcies or foreclosures in the last 2 years.
A Kentucky USDA Guaranteed Loan is a Government Insured 100% Purchase Loan. These loans are only offered in rural areas.
KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy a home with no down payment.
Down Payment Assistance for Ky First Time Home Buyer, 100% Financing
620 Credit score required.
You cannot have an owed a home in the last 3 years to use KHC down payment assistance to buy a home with zero down.