Kentucky First-time Home Buyer Programs




The Best Kentucky Mortgage Loan Options When Looking for your first house in Kentucky


Kentucky First-time Home Buyer Programs👀💯👇‼



Conventional Mortgage Loan in Kentucky.

620 credit score or higher needed for this loan program. 4 years removed from bankruptcy minimum sometime longer. Private mortgage insurance required for over 80% loan to value on a refinance or down payments less than 20%. Tighter debt to income requirements with max backend-ratio usually not over 45% with less than 20% down payment. Easier on properties to qualify if they have deferred maintenance or need some fixing up to pass Government standards like FHA, VA, USDA loans. Down payment requirements are as little as 3% down payment. Better rates and lower mortgage insurance with a larger down payment and pmi is not for life of loan. 

This is for stronger borrowers with good credit (above 680 or 720) and at least 3-5% down payment with no foreclosures or bankruptcies in he last 4-7 years. Can go higher on the loan amount too versus FHA. Max loan in Kentucky for 2020 for conventional loans is $510,000.





FHA Loans in Kentucky

500 minimum credit score with 10% down payment, and credit scores above 580 can do 3.5% down payment. Don't have to be a first time home buyer and no foreclosures in the last 3 years or Chapter 7 bankruptcies in the last 2 years. Possible to get a FHA loan with a Chapter 13 active as long as it has been open for 12 months with a good pay history and permission from the trustee. 

This type of loan is insured by the Federal Housing Commission. Low to moderate-income borrowers can be approved to get this loan. First-time homeowners prefer this too because you can get an interest rate of as low as 3.5 percent for this loan.


VA Loans in Kentucky

This is something you could qualify for as a service member, veteran, or surviving spouse. A VA loan or mortgage is generous when it comes to providing competitive rates. Sometimes, a down payment and mortgage insurance isn’t even necessary for you to get approved for this. Just make sure that you have a good credit standing of at least 640.

USDA Loans in Kentucky

This is a zero-down payment mortgage that is usually approved for rural and suburban homebuyers. This type of loan is handled and issued by the US Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan Program.  A credit score of at least 640 will also be needed for this.

Kentucky Housing Loan Program


2021 KHC first-time home buyer programs
Conventional Preferred Program for low income borrowers with a down payment of just 3%.

Conventional Preferred Plus 80 Program for a down payment of just 3%.

Home Buyer Tax Credit for reimbursement of a portion of the annual mortgage interest payments.

Regular Down Payment Assistance Program for a down payment loan of up to $6,000.

Affordable Down Payment Assistance Program for a down payment loan of up to $6,000 for low-income borrowers.

Knowing about national and Kentucky state loan programs to help buy a home is a good start; now it’s time to dig into the details. For specifics, visit the Kentucky Housing Corp. website. There you’ll find information about all the loan programs, including eligibility requirements, how to enroll in home buyer counseling and a list of approved lenders in your county.







Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
kentuckyloan@gmail.com
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.