- KENTUCKY DOWN PAYMENT ASSISTANCE PROGRAMS FOR 2017
- FHA, VA, USDA & Fannie Mae Mortgage Calculators
- What items do I need to get a mortgage loan approval in Kentucky?
- Appraisal Requirements for FHA, VA, KHC, USDA, and...
- Kentucky HUD $100 Down FHA Loan Program with List of Houses for Sale in 2017
- WHAT ARE KENTUCKY FIRST TIME HOME BUYER REQUIREMENTS FOR MORTGAGE LOAN APPROVAL?
- Do's and Don't of Getting A Mortgage Approved and ...
Saturday, June 17, 2017
Kentucky USDA Rural Housing Loans : Equifax, Experian, and TransUnion will no longer p...: New Credit Report Changes Coming Soon for Kentucky Rural Housing Mortgage USDA Loans and Fico Scores for 2017 In an effort to make...
Saturday, June 10, 2017
Kentucky USDA Rural Housing Loans : KENTUCKY USDA RURAL HOUSING LOAN PROGRAM GUIDELINE...: KENTUCKY USDA RURAL HOUSING UNDERWRITING GUIDELINES 2017 Kentucky Rural Development Mortgage Guide 30 year fixed rate only...
Tuesday, May 30, 2017
Kentucky First Time Home Buyer Mortgage Loans: Kentucky First Time Home Buyer Programs for 2017: Kentucky First Time Home Buyer Programs for 2017 There are basically 5 popular 2017 Kentucky Home Buyer programs that Ken...
Thursday, May 25, 2017
Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Home Loans Credit Scores Requirements ...
Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Home Loans Credit Scores Requirements ...: No down payment required for Kentucky VA Loans Kentucky VA Loan Limits for no money down is normally $417,000, however, VA does not...
Monday, May 22, 2017
Kentucky USDA Rural Housing Loans : New Kentucky USDA Rural Housing Income Guidelines ...: New Kentucky USDA Rural Housing Income Guidelines for 2017 RHS Income Kentucky Guideline Updates USDA has published new i...
Friday, April 28, 2017
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky FHA Loan and Repairs- Do you know that ap...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky FHA Loan and Repairs- Do you know that ap...: Do you know that appraiser required repairs may be financed into an KY FHA loan? Costs of repairs can be added to the sales price befo...
Saturday, April 22, 2017
Kentucky First Time Home Buyer Programs for 2017
There are basically 5 popular 2017 Kentucky Home Buyer programs that Kentucky Home buyers use to purchase their first home.
• 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.
Max Conventional loan limits are set at $424,00 for 2017 in Kentucky
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 $76,000 for a family of four, and up to $98,000 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 kinda 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 $285,000 and below.
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 outof pocket.
VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and the max loan is $417,000 in Kentucky
Most VA lenders I work with will want a 620 credit score.
VA requires 2 years removed from bankruptcy or foreclosure.
This type of loan is administered by KHC in the state of Kentucky. They typically have $4500 to $6000 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 640 for all programs. The conventional loan requirements at KHC requires 680 credit score.
The max debt to income ratios are set at 40% an 45% respectively.
Senior Loan Officer
Senior Loan Officer
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.