Zero Down Payment home loans still exist....Please read this article about them:
What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you're unsure about your credit rating, or have concerns about a down payment when you're doing a home loan comparison, ENG Lending's USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.
What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:
USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.
What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Rural Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:
Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).
How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).
What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
Additional offers from other lenders.
Kentucky USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2009 County Name 1-4 Person Households
(Guaranteed Loans) 5-8 Person Households
(Guaranteed Loans)
NON-METRO ADAIR $73,600 $97,150
NON-METRO ALLEN $73,600 $97,150
FRANKFORT, KY (MICRO) ANDERSON $73,600 $97,150
PADUCAH, KY-IL (MICRO) BALLARD $73,600 $97,150
GLASGOW, KY (MICRO) BARREN $73,600 $97,150
MOUNT STERLING, KY (MICRO) BATH $73,600 $97,150
MIDDLESBOROUGH, KY (MICRO) BELL $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BOONE $73,600 $97,150
LEXINGTON-FAYETTE, KY (MSA) BOURBON $73,600 $97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) BOYD $73,600 $97,150
DANVILLE, KY (MICRO) BOYLE $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BRACKEN $73,600 $97,150
NON-METRO BREATHITT $73,600 $97,150
NON-METRO BRECKINRIDGE $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) BULLITT $73,600 $97,150
NON-METRO BUTLER $73,600 $97,150
NON-METRO CALDWELL $73,600 $97,150
MURRAY, KY (MICRO) CALLOWAY $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) CAMPBELL $73,600 $97,150
NON-METRO CARLISLE $73,600 $97,150
NON-METRO CARROLL $73,600 $97,150
NON-METRO CARTER $73,600 $97,150
NON-METRO CASEY $73,600 $97,150
CLARKSVILLE, TN-KY (MSA) CHRISTIAN $73,600 $97,150
LEXINGTON-FAYETTE, KY (MSA) CLARK $73,600 $97,150
NON-METRO CLAY $73,600 $97,150
NON-METRO CLINTON $73,600 $97,150
NON-METRO CRITTENDEN $73,600 $97,150
NON-METRO CUMBERLAND $73,600 $97,150
OWENSBORO, KY (MSA) DAVIESS $73,600 $97,150
BOWLING GREEN, KY (MSA) EDMONSON $73,600 $97,150
NON-METRO ELLIOTT $73,600 $97,150
NON-METRO ESTILL $73,600 $97,150
LEXINGTON-FAYETTE, KY (MSA) FAYETTE $73,600 $97,150
NON-METRO FLEMING $73,600 $97,150
NON-METRO FLOYD $73,600 $97,150
FRANKFORT, KY (MICRO) FRANKLIN $73,600 $97,150
UNION CITY, TN-KY (MICRO) FULTON $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) GALLATIN $73,600 $97,150
NON-METRO GARRARD $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) GRANT $73,600 $97,150
MAYFIELD, KY (MICRO) GRAVES $73,600 $97,150
NON-METRO GRAYSON $73,600 $97,150
NON-METRO GREEN $73,600 $97,150
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) GREENUP $73,600 $97,150
OWENSBORO, KY (MSA) HANCOCK $73,600 $97,150
ELIZABETHTOWN, KY (MSA) HARDIN $73,600 $97,150
NON-METRO HARLAN $73,600 $97,150
NON-METRO HARRISON $73,600 $97,150
NON-METRO HART $73,600 $97,150
EVANSVILLE, IN-KY (MSA) HENDERSON $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) HENRY $73,600 $97,150
NON-METRO HICKMAN $73,600 $97,150
MADISONVILLE, KY (MICRO) HOPKINS $73,600 $97,150
NON-METRO JACKSON $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) JEFFERSON $73,600 $97,150
LEXINGTON-FAYETTE, KY (MSA) JESSAMINE $73,600 $97,150
NON-METRO JOHNSON $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) KENTON $73,600 $97,150
NON-METRO KNOTT $73,600 $97,150
NON-METRO KNOX $73,600 $97,150
ELIZABETHTOWN, KY (MSA) LARUE $73,600 $97,150
LONDON, KY (MICRO) LAUREL $73,600 $97,150
NON-METRO LAWRENCE $73,600 $97,150
NON-METRO LEE $73,600 $97,150
NON-METRO LESLIE $73,600 $97,150
NON-METRO LETCHER $73,600 $97,150
MAYSVILLE, KY (MICRO) LEWIS $73,600 $97,150
DANVILLE, KY (MICRO) LINCOLN $73,600 $97,150
PADUCAH, KY-IL (MICRO) LIVINGSTON $73,600 $97,150
NON-METRO LOGAN $73,600 $97,150
NON-METRO LYON $73,600 $97,150
RICHMOND-BEREA, KY (MICRO) MADISON $73,600 $97,150
NON-METRO MAGOFFIN $73,600 $97,150
NON-METRO MARION $73,600 $97,150
NON-METRO MARSHALL $73,600 $97,150
NON-METRO MARTIN $73,600 $97,150
MAYSVILLE, KY (MICRO) MASON $73,600 $97,150
PADUCAH, KY-IL (MICRO) MCCRACKEN $73,600 $97,150
NON-METRO MCCREARY $73,600 $97,150
OWENSBORO, KY (MSA) MCLEAN $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) MEADE $73,600 $97,150
MOUNT STERLING, KY (MICRO) MENIFEE $73,600 $97,150
NON-METRO MERCER $73,600 $97,150
GLASGOW, KY (MICRO) METCALFE $73,600 $97,150
NON-METRO MONROE $73,600 $97,150
MOUNT STERLING, KY (MICRO) MONTGOMERY $73,600 $97,150
NON-METRO MORGAN $73,600 $97,150
CENTRAL CITY, KY (MICRO) MUHLENBERG $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) NELSON $73,600 $97,150
NON-METRO NICHOLAS $73,600 $97,150
NON-METRO OHIO $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) OLDHAM $73,600 $97,150
NON-METRO OWEN $73,600 $97,150
NON-METRO OWSLEY $73,600 $97,150
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) PENDLETON $73,600 $97,150
NON-METRO PERRY $73,600 $97,150
NON-METRO PIKE $73,600 $97,150
NON-METRO POWELL $73,600 $97,150
SOMERSET, KY (MICRO) PULASKI $73,600 $97,150
NON-METRO ROBERTSON $73,600 $97,150
RICHMOND-BEREA, KY (MICRO) ROCKCASTLE $73,600 $97,150
NON-METRO ROWAN $73,600 $97,150
NON-METRO RUSSELL $73,600 $97,150
LEXINGTON-FAYETTE, KY (MSA) SCOTT $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) SHELBY $73,600 $97,150
NON-METRO SIMPSON $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) SPENCER $73,600 $97,150
CAMPBELLSVILLE, KY (MICRO) TAYLOR $73,600 $97,150
NON-METRO TODD $73,600 $97,150
CLARKSVILLE, TN-KY (MSA) TRIGG $73,600 $97,150
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) TRIMBLE $73,600 $97,150
NON-METRO UNION $73,600 $97,150
BOWLING GREEN, KY (MSA) WARREN $73,600 $97,150
NON-METRO WASHINGTON $73,600 $97,150
NON-METRO WAYNE $73,600 $97,150
EVANSVILLE, IN-KY (MSA) WEBSTER $73,600 $97,150
CORBIN, KY (MICRO) WHITLEY $73,600 $97,150
NON-METRO WOLFE $73,600 $97,150
LEXINGTON-FAYETTE, KY (MSA) WOODFORD $73,600 $97,150
We lend in all of Kentucky's top cities:
Louisville Kentucky USDA Loans Lexington Kentucky USDA Loans Fayette Kentucky USDA Loans
Owensboro Kentucky USDA Loans Bowling Green Kentucky USDA Loans Florence Kentucky USDA Loans
Paduca Kentucky USDA Loans Richmond Kentucky USDA Loans Elizabethtown Kentucky USDA Loans
Call us today at 502-905-3708 or email us at kentuckyloan@gmail.com with your questions...Free credit report and pre approvals within 1 hour.

I specialize in Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; First time buyer $0 down still available with down payment assistance with KHC. Free Mortgage applications same day approvals. This web site is not endorsed by the FHA, VA, USDA, HUD or any other govt agency.Text/call 502-905-3708 kentuckyloan@gmail.com NMLS#57916 Equal Housing Lender
Pages
- 4 Things Required for a KY Mortgage Loan Approval
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2021
- Down Payment Assistance Kentucky 2021
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky
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