Kentucky Zero Percent Down Home loans

Special Government Loan Programs for First Time Home Buyers in Kentucky 


Kentucky FHA loans are issued by federally qualified lenders and insured by the Federal Housing Administration. These loans are designed for low-to-moderate income borrowers who are not able to make a large down payment.
  • The required down payment can be as low as 3.5%
  • You are required to purchase a mortgage insurance policy or MIP. The MIP has an upfront cost (to be paid during closing) and monthly premium (paid with your mortgage payment each month).
  • FHA loans allow you to include a person (who is related by blood, marriage, or law) on the loan who will not occupy the property to help you qualify (Non-Occupant Borrower).

Kentucky VA Mortgage Loans

VA loans are offered by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs. This loan is designed to offer long-term financing to eligible American veterans or their surviving spouses.
  • VA loans offer a low down payment or even zero down payment options.
  • There is no monthly mortgage insurance, however, you are required to pay an upfront funding fee at closing.
  • If you put 0% down, you need to pay at closing. You can wrap in the funding fee, and the max LTV is 100%.
  • The benefits of a VA loan are available for life. If you repay one loan in full and want to purchase another property, you can use your VA benefits for that purchase also.
  • Minimum credit score on paper with VA says they don't require a credit score but you will usually need a minimum 580 with most lenders and a lot of lenders will want a 620 credit score. 

Kentucky USDA Loans

USDA loans are offered by approved lenders and guaranteed by the U.S. Department of Agriculture. These loans are designed to encourage low-to-moderate income households to purchase modest, safe, and decent dwellings in eligible rural areas.
  • USDA loans do not require a down payment.
  • You will need to purchase mortgage. The upfront mortgage insurance can be rolled into the loan amount, max LTV is 102%.
  • 640 credit score required usually for a good pre-approval
  • maximum debt to income ratios are 45% on the back-end, meaning your new house payment along with your current monthly payments on the credit report cannot be more than 45% of your total gross monthly income

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708

kentuckyloan@gmail.com


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#57916 http://www.nmlsconsumeraccess.org/