What are the requirements to buy a house in Kentucky in 2019?

Credit Score and Income Requirements to Buy a Home in Kentucky in 2019

KENTUCKY CONVENTIONAL FIXED RATE MORTGAGES Get your fixed interest rates for eligible buyers.620 minimum credit score3% down payment4-7 years removed from Bankruptcy Depending of if Chapter 7 or 13Max Loan is $484,350 in Kentucky 2 Year work history but does not have to be same job

KENTUCKY FHA MORTGAGES Government-backed loans with flexible guidelines.500 minimum credit score with 10% down payment3.5% down payment with 580 credit score2 years removed from bankruptcyCan be combined with down payment grants for $0 down payment Max loan $314,827 in Kentucky 2 year work history with no gaps over 6 months

KENTUCKY USDA MORTGAGES Government-backed loans with flexible guidelines.Zero Down Payment581 Minimum Credit Score3 years removed from BankruptcyMax Income and Property Map Eligibility Requirements 2 year work history with no gaps over 60 days

KENTUCKY VA MORTGAGES Government-backed loans for those who’ve served our nation. Zero Down Payment LoanNo minimum credit score2 years removed from bankruptcyActive Duty --like to see a least a year left in service or 6 months reserves and a job relatable ot your mos skill

Kentucky FHA Loan

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Loan Features:

• Great for First Time Homebuyers or Repeat Buyers
• Low Down Payment 3.5%
• Easy Credit Qualifying with low credit score requirements
• Purchases can Include Rehab and Remodels
• Easy Refinancing with streamline no income verifications or appraisals sometimes

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Kentucky USDA Rural Loans

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I live in a rural area and need financing for a home.

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Loan Features:

• Great for those with Low to Moderate Income typically $82,700 for a family of four and up to $109,350 for family of 5 or more
• Up to 100% Financing
• Flexible Underwriting Guidelines and Credit Qualifications--3 years removed from Bankruptcy
• Household Income & Property Geographic Limitations Apply --Major Metro areas are not eligible. i,e, Louisville, Lexington, Bowling Green, Northern Kentucky cities of Erlanger, Newport, Ludlow, Covington, closer to the Ohio River, Owensboro, Henderson, Richmond, Ashland in parts next to the Ohio River, Winchester, Frankfort, Radcliff, Hopkinsville, Paducah are not eligible for the USDA loan. 

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Conventional Loan or Fannie Mae Loans

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I am able to make a larger down payment.

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Loan Features:

• Great for those with Moderate to High Income
• As Little as -3-5% Down Payment (only 3% for First-Time Homebuyers)
• 20% Down Payment Removes Mortgage Insurance Premiums
• Flexible Terms
• Mortgage insurance is not for life of loan and can be rolled-off when a new appraisal or paying down the loan balance.
• No upfront mortgage insurance premiums like FHA, USDA and VA have. 
• Mortgage insurance premiums are based on down payment/equity position and credit score with dti ratio.
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VA Loan in Kentucky

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I am an active member of the military or a veteran.

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Loan Features:

• Designed to Provide Financing to American Veterans
• Up to 100% Financing
• No Monthly Private Mortgage Insurance (PMI)
• 2 years removed from Bankruptcy and or Foreclosure
• No monthly mortgage insurance
• Upfront Funding fee varies from 2.1% to 3.3% . Can be removed with disability from VA 

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FHA 203k Limited

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I want to buy a fixer upper or improve my current home.

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Loan Features:

• A Single Loan Finances Home and Less Extensive Non-Structural Repairs
• Mortgage Balance can be Greater than the Purchase Price
• No Professional Consultants, Engineers, or Architects Required

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 See below Down Payment Assistance Programs for Kentucky Home Buyers in 2019

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Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

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