ZERO DOWN HOME LOANS IN KENTUCKY
I’ve included some info on each for you on your home journey to buy a home in Kentucky!
- 100% financing/No down payment
- No monthly mortgage insurance (PMI)
- Gift funds acceptable for closing costs
- No cash reserve requirements
- A variety of terms or loan types available
- Available for purchase and refinance
- Reduced costs for disabled veterans
- Seller can pay for closing costs
- Seller pays for any required repairs
- No pre-payment penalty
- No minimum credit score 2 years removed from bankruptcy or foreclosures
Welcome Home Grant $5,000Eligibility Requirements
Eligible Uses of Funds
Ineligible Uses of Funds
Items Included in Household Income
For More information please visit the Federal Home Loan Bank of Cincinnati website at www.fhlbcin.com.
First time home buyers can do a conventional loan with just 3% down. If you are not a first time home buyer, you still may be able to qualify for the 3% down if you are within income limits for the area you are purchasing. 620 minimum credit score required.
The Kentucky USDA loan is a program designed to finance properties located in rural areas. One of the goals with this United States Department of Agriculture program is to secure a home loan in areas where conventional loans might not approve the area simply due to a lack of comparable sales in the area. Every 10 years the United States performs its census, these areas are identified by the USDA. This is a zero down program. The last census was taken in 2010, more than eight years ago so many areas that were deemed rural in 2010 still qualify even though the area where the property is located looks anything but a rural setting. Household income is limited to 115% of the median income for the area. 581 Minimum Credit Score Required.
Kentucky VA loans are the most common of zero down programs and are not restricted by location. They are however restricted to veterans, active duty personnel with at least 181 days of service, National Guard and Armed Forces Reserve members with at least six years of service and unmarried surviving spouses of those who died while serving or as a result of a service related injury. In addition, this program requires no monthly mortgage insurance payment like other government-backed loans do. No minimum credit score required.
Senior Loan Officer