Thursday, January 27, 2011

First Time Home Buyer in Kentucky Zero Down

First Time Home Buyer Loans in Kentucky

We underwrite, close, and fund all loans in-house which saves you a tremendous amount of time processing your loan. First home buyers must Get-Pre-Approved and have a preapproval letter in your hand before you start looking for a home. Call 502-905-3708 for a free phone consultation today! or email us at

First Time Home Buyer Programs in Kentucky

Fannie Mae HomePath 30 Year Fixed for kentucky first time home buyers

Purchase Fannie Mae Foreclosure-visit for eligible properties in your area

5% Down Payment

No PMI or mortgage insurance

No Appraisal fee may be required

660 credit score

Fannie Flex 95% Financing Program  for kentucky first time home buyers

Good credit-generally 680+ credit score will qualify

Single upfront mortgage insurance premium available-No monthly PMI or private mortgage insurance

My Community Plus First Time Home Buyer Program for Kentucky First Time home buyers

3% Down Payment

680 minimum credit score

If you are a Teacher, Nurse or Health Care Worker, Pharmacist, Fireman, Police Officer, Paramedic, or Military Personnel receives $500 credit toward closing costs.

Overtime income or part-time income from second job is averaged over last 12 months

Visit to check maximum loan limits.

Income restrictions apply unless property is located in Targeted Area-to verify maximum income requirements and geographic restrictions.

30 year fixed

Rate buydown options available-3.50% (APR 3.66% as of 8/24/10)

Seller can contribute 6% of purchase price toward closing costs

Single Family, 2-unit, condo, or townhome

Progressive Payment Saver Buydown Home Loan for kentucky first time home buyers

Low initial interest mortgage rate of 2.50% (APR 2.65%) as of 8/24/10

30 year fixed program

5% down payment required

Home Possible Community Lending Mortgage for kentucky first time home buyers

3% down payment

Low-to-moderate income borrowers

Flexible options if you are are a Teacher, Law Enforcement, Firefighter, Healthcare Worker, or Military Personnel-Veteran

Buydown rate of 3.00% (APR 3.16% as of 8/24/10)

Single family, condo, townhome, 2 unit, PUD

30 year fixed, 40 year fixed

USDA 100% Financing Program  for KEntucky first time Home Buyers

Zero down payment

Property must be located in targeted rural area. Check property eligibility.

Income restrictions apply. Check income eligibility.

No mortgage insurance

Seller can pay 6% of purchase price toward closing costs

FirstHomeBuyers Down Payment Asssistance Program for Kentucky First time home buyers

You may qualify for a great loan program but the seller will require a good faith or earnest money deposit on the purchase contract. Most first time home buyers do not have these funds and we offer an unsecured loan up to $25,000 which will help you get your offer accepted. These funds may be used toward down payment.

Pay off debt. You may use the loan program to pay off debts to help you qualify for the mortgage but you must apply early so we can update your credit report to reflect these accounts being paid off.

Fannie Mae Expanded Program for Kentucky home buyers first time

620 minimum score requirement

20% Down Payment which can be gift

No mortgage insurance or PMI

30 year fixed

Government Loans

FHA for kentucky first time home buyers

Great 30 year fixed rate loan for first home buyers with 3.5% down payment

Down Payment can be 100% gift from family member or Grant Program

Seller can pay closing costs-Maximum 6% of purchase price

There is maximum mortgage amount for each county. Check FHA loan limit for your county.

620 Minimum Credit Score

Fair to Marginal Credit History-FHA will look mostly at last 1-2 years of credit history. If there are some credit issues, we may be able to overcome them with sufficient explanations and supporting documents of why the derogatories occurred. The explanations must make sense such as loss of job, serious illness, etc.

Bankruptcy should be discharged 2 years and you should have excellent re-established credit history with revolving and installment loans. Less than 1 year out of Bankruptcy will be considered on a case by case basis for extenuating circumstances.

FHA does not require that collection accounts be paid off as a condition of

mortgage approval. However, court-ordered judgments must be paid off

before closing. Exception: An exception on a court-ordered judgment may be made if the borrower:

• has an agreement with the creditor to make regular and timely payments,


• has provided documentation indicating that payments have been made

according to the agreement.

FHA Approved Condos-Single family home-2-4 unit properties, and PUDs are eligible.

Get Pre-Approved in 10 minutes! Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system.

HUD Owned Properties-Low Down Payment Initiative

Down Payment is $100 for kentucky first time home buyers

Must be HUD Owned property

620 minimum credit score

Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible

Find Foreclosures Now!

Kiddie Condo

Parent can co-sign for son or daughter buying their first home and not occupy property. Also, other family members such as brother or uncle can co-sign on loan and even a friend who has long-standing relationship may be eligible.

Son or daughter can be in college with no job

Qualify for loan using combined credit, income, and assets

Single family-townhome-condo-PUD

Son or daughter does not need a job or down payment to qualify

Streamline 203k Renovation Loan

Full service 203k lender

Repairs which range from $5,000-$30,000+ may be included in loan amount. Great program to fix up foreclosures.

Visit 203K Loan for more details on Streamline 203k program

2-1 Buydown

3.5% down payment which can be 100% gift

Condo-single family home-2-4 unit properties eligible

30 year fixed loan-not adjustable rate mortgage

See FHA 2-1 Buydown Loan Example

VA  for kentucky first time home buyers

0 down payment

Great 30 year fixed loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.

Fair to marginal credit may qualify

Single family home-approved condo-townhome

First Time Home Buyer in Kentucky Zero Down