Kentucky First Time Home Buyer Programs
Buying your first house in Kentucky involves several steps, which can vary depending on the type of loan program you choose. Here’s a detailed guide on the steps and requirements for various Kentucky First Time Home Buyer loan programs: 1. Kentucky FHA Loans Credit Score: Minimum credit score typically required is 580 for 3.5% down payment. Scores between 500-579 may qualify with a 10% down payment. Income: Stable and sufficient income to cover the mortgage payments. Work History: At least 2 years of consistent employment history. Down Payment: 3.5% of the purchase price if the credit score is 580 or higher. FICO Score: Minimum FICO score of 580 for maximum financing. Bankruptcy and Foreclosure: Chapter 7 bankruptcy: 2 years from discharge with reestablished good credit. Chapter 13 bankruptcy: 1 year of the payout period with satisfactory payment history. Foreclosure: 3 years from completion date. Debt Ratio: Typically, a maximum debt-to-income (DTI) ratio of 56.9% on ...
