Showing posts with label First Time Home Buyer Grants Kentucky. Show all posts
Showing posts with label First Time Home Buyer Grants Kentucky. Show all posts
Kentucky Mortgage Expert Joel Lobb Launches Resource Hub for First-Time Homebuyers

Kentucky Mortgage Expert Joel Lobb Launches Resource Hub for First-Time Homebuyers

LOUISVILLE, KY – As higher rates and stricter underwriting challenge first-time homebuyers, Kentucky mortgage broker Joel Lobb (NMLS #57916) is unveiling a new digital hub designed to help local residents understand and qualify for low or no money down home loans.

“Most Kentuckians don’t realize they may qualify for a home loan with as little as 0–3.5% down, even with less-than-perfect credit,” said Lobb. “This platform is built to educate and provide tools buyers actually need.”

✅ What’s Inside the New Kentucky Mortgage Hub?

  • FHA, VA, USDA, KHC loan comparisons
  • Real-time mortgage calculators
  • Credit tips for buyers with scores under 620
  • Steps to apply and get pre-approved fast

The site—www.mylouisvillekentuckymortgage.com—is optimized for searches like:

  • Kentucky first-time homebuyer loans
  • FHA mortgage Kentucky
  • 0 down home loans KY
  • VA loan lender Kentucky
  • How to qualify for USDA loan KY

💡 Kentucky Mortgage Programs Explained

If you're starting your home search, here are the most common mortgage loan programs Joel helps with:

FHA Loans

Designed for credit scores as low as 580 with just 3.5% down. Ideal for first-time homebuyers and buyers with limited credit history.

VA Loans

Available to veterans, active-duty military, and eligible spouses. No down payment required. No monthly mortgage insurance.

USDA Loans

100% financing for eligible rural areas across Kentucky. Income and location restrictions apply.

Kentucky Housing Corporation (KHC)

Offers Down Payment Assistance (DAP) up to $10,000 and competitive interest rates for low- to moderate-income buyers.

📞 Contact Joel Lobb for Free Consultation

With more than 1,300 Kentucky closings and 20+ years of experience, Joel provides personalized, fast approvals with a human touch—not a call center.

Need help or ready to apply? Submit your loan app today or email Joel directly with your questions. Same-day pre-approvals available.

Joel Lobb is a licensed mortgage loan officer (NMLS #57916) with EVO Mortgage. (NMLS #1738461). Equal Housing Lender.

Labels: , ,

Kentucky's Welcome Home Grant

WELCOME GRANT INFORMATION FOR QUALIFYING IN 2025

Welcome Home Program Grant is closed for 2025 ⬅️



Kentucky's Welcome Home Grant: A $20,000 Boost for Homeownership!

Dreaming of owning a home in Kentucky but facing hurdles with the down payment? The Welcome Home Grant program might be your answer! This initiative offers a $20,000 grant to eligible homebuyers, giving them a significant financial boost towards their dream home. Let's delve into the program's details and see if you qualify!

What is the Welcome Home Grant Program?

This program, funded by the Federal Home Loan Bank of Cincinnati (FHLBC), partners with participating lenders across Kentucky to provide down payment and closing cost assistance to homebuyers. It aims to increase homeownership opportunities for individuals and families, particularly those with moderate income.

  1. Who is Eligible?
  2. Income Limits: Your household income must be at or below 80% of the Mortgage Revenue Bond (MRB) limit for your county. You can find these limits here 
  3. --👇>>https://kyfirsttimehomebuyer.wordpress.com/2024/01/20/kentucky-welcome-home-grant-5000-00/
  4. Only Kentucky First-Time Homebuyers? Not necessarily: Both first-time and repeat homebuyers can apply!
  5. Location: The property must be your primary residence and located in a county participating in the program. It's available in all 120 counties of Kentucky
  6. Other Requirements: You must have a fully executed purchase contract, contribute at least $500 of your own funds towards the down payment/closing costs, and meet the lender's creditworthiness standards.

Important Dates to Remember:


  • Application Period: Reservations for the 2025 Welcome Home Grant program open on March 1st, 2025, at 8:00 AM ET.
  • Funding Availability: Grants are limited and awarded on a first-come, first-served basis.
  • Program Duration: The program runs until all funds are reserved.
  • Must have contract under agreement to submit for funds. 

Benefits of the Welcome Home Grant:

  • Significant financial assistance: $20,000 can make a huge difference in lowering your down payment and closing costs.
  • More affordable monthly payments: A smaller down payment translates to a lower mortgage amount and potentially lower monthly payments.
  • Opens doors to homeownership: The grant can make homeownership more accessible for those facing financial constraints.

Next Steps:

  1. Check your eligibility: Visit the this  Kentucky Welcome Home Grant Qualifying Criteria or contact a participating lender to confirm you meet the income and other requirements. 
  2. Find a participating lender: A list of participating lenders is available on the FHLBC website or here --->>> Kentucky Lenders for Welcome Home Grant 2025.
  3. Get pre-approved: Getting pre-approved shows the seller you're a serious buyer and helps you understand your budget.
  4. Be prepared on March 1st: Have all necessary documents ready to submit your reservation for the grant as soon as applications open.
  5. Income Limits for Kentucky Welcome Grant for all Kentucky Counties below:👇
  6. 👉Kentucky welcome grant income limits for 2025


Kentucky Welcome Home Buyer Eligibility

A homebuyer would be eligible for the Kentucky Welcome Home grant if all of the following guidelines are met:

  • The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
  • A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
  • The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
  • If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
    Note: Applicants do not have to be first-time homebuyers.

Kentucky Property Eligibility

The Kentucky Welcome Home grant is available for various property types:

  • The property will be the homebuyer’s primary residence;
  • The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
  • The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
Beginning March 1, 2025, the Federal Home Loan Bank of Cincinnati offers grants of up to $25,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $20,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program. Who are Eligible Homebuyers?
A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met: The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located –


In Jefferson County 1 or 2 person families can make up to $71,760. 3-4 persons in the household cap at $82,584. The limits are slightly higher or lower in the surrounding counties like Bullitt, Henry, Oldham, Spencer, Hardin, Meade, Nelson and Spencer Counites. see limits below



2025 Income Limits Kentucky Welcome Program Below:


Use the 80% limits for the Welcome Home Program

Kentucky Welcome Home Grant 2025 Income Limits for the $20,000 Grant.

Use the 80% limits for the Welcome Home Program

Use the 100% limits for the Disaster Reconstruction Program

Home Buyer Eligibility

A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:


The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,

If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
Note: Applicants do not have to be first-time homebuyers.

Property Eligibility

The Welcome Home grant is available for various property types:


The property will be the homebuyer’s primary residence;
The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.



A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand; 

The homebuyer has at least $500 of their own funds to contribute towards down payment and/or
closing costs; And, If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing. 

YOU DO NOT HAVE TO BE A FIRST-TIME BUYER TO OBTAIN THIS GRANT.

What is an Eligible Property?

A property would be eligible if all of the following guidelines are met:
The property will be the homebuyer’s primary residence; The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units); And, The property is subject to a legally enforceable five-year retention mechanism – this means it is forgiven at a rate of 20% per year and if you sell before 5 years, they will be repaid part of the grant.












  
 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).


Labels: , , , ,

The best Kentucky first-time homebuyer programs in Kentucky

Top Loan Programs for First-Time Homebuyers in Kentucky FHA, VA, USDA and KHC Down Payment Grants

 Buying your first home in Kentucky can be both exciting and overwhelming. With the right loan programs and financial assistance, homeownership is more achievable than ever. Whether you need low down payment options, credit flexibility, or down payment assistance, there are Kentucky first-time home buyer programs designed to help.

In this guide, we’ll cover FHA, VA, USDA, Kentucky Housing Corporation (KHC), and down payment assistance programs to help you make the best decision.

Kentucky First-Time Home Buyer Loan Programs


1. FHA Loans – Low Down Payment, Credit-Friendly

Best for: Buyers with lower credit scores or limited savings

Minimum Credit Score: 580 (3.5% down), 500 (10% down)
Debt-to-Income (DTI) Ratio: Up to 57% with compensating factors
Mortgage Insurance: Required for the life of the loan
Down Payment Assistance Available: Yes
Why Choose an FHA Loan?
FHA loans are perfect for first-time home buyers in Kentucky who may not have a perfect credit history or large down payment. These loans are insured by the government, making them easier to qualify for.


2. VA Loans – No Down Payment for Military Buyers

Best for: Veterans, active-duty service members, and eligible spouses

Minimum Credit Score: 580-620 (varies by lender)
Down Payment: $0 down payment required
Mortgage Insurance: None (No PMI)
Debt-to-Income Ratio: Up to 50%+ with strong credit

Why Choose a VA Loan?

VA loans provide 100% financing, meaning no down payment is required. They also have lower interest rates and no private mortgage insurance (PMI), making them one of the best loan programs for Kentucky first-time homebuyers who qualify.


3. USDA Loans – 100% Financing for Rural Buyers

Best for: Buyers looking in USDA-eligible rural or suburban areas

Minimum Credit Score: 640 preferred
Down Payment: $0 down payment required
Income Limits: 115% of the area’s median income
Location Restrictions: Must be in a USDA-eligible area

Why Choose a USDA Loan?

If you’re looking to buy in a qualifying rural area, a USDA loan offers 100% financing, meaning no down payment is needed. It’s a great option for buyers with limited savings.


4. Kentucky Housing Corporation (KHC) Loans – Down Payment Assistance

Best for: First-time buyers needing down payment and closing cost help

Minimum Credit Score: 620+
Down Payment Assistance: Up to $10,000
Income Limits: Varies by county

Key Factors for Kentucky First-Time Home Buyers in 2025


1. Credit Scores: The Gateway to Mortgage Approval

Your credit score determines loan eligibility and interest rates. Here’s what you need:

Minimum Scores:

FHA Loans: 580+ (3.5% down) or 500–579 (10% down).

Conventional Loans: 620+.

Improving Your Score: Pay down debt, dispute errors, and avoid new credit lines. Learn how to boost your credit score here (internal link).

2. Down Payments: How Much Do You Really Need?


Kentucky Average Down Payment: 6–10% (

–
13,500–22,500 on a $225k home).

Low Down Payment Options:

FHA Loan: 3.5% down.

USDA Loan: 0% down (rural areas).

KHC Down Payment Assistance: Up to $10,000 for eligible buyers. Explore Kentucky Housing Corporation (KHC) programs (external link).

3. 2025 Interest Rate Trends in Kentucky


Average rates are projected at 6.2–7.5% (Freddie Mac, 2024). Lock in lower rates by improving your credit score and shopping lenders.

4. Income Ratios: What Lenders Look For


Most lenders use the 28/36 rule:

28% of gross income on housing costs.

36% on total debt.

5. Kentucky Home Prices: Where to Buy


Louisville: $250k median.

Lexington: $275k median.

Rural Areas: As low as $150k.





Joel Lobb, Kentucky Mortgage Expert on FHA, VA, USDA and KHC
Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA


+1 502-905-3708
kentuckyloan@gmail.com


Visit us on social media:
Facebook
X
LinkedIn
YouTube
TikTok
Other

How to Qualify For A Kentucky Mortgage Loan

Legal Disclaimer:


1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.


Kentucky Local Home Loan Lender Services

✅ First-Time Home Buyers Welcome
✅ FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans
✅ Conventional Loan Options Available
✅ Fast Local Decision-Making
✅ Experienced Guidance Through the Home Buying Process



If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/






Labels: , , ,

Kentucky Housing Corporation (KHC) has reintroduced its $2,000 Closing Cost Grant,

 The Kentucky Housing Corporation (KHC) has reintroduced its $2,000 Closing Cost Grant, effective March 18, 2025. This grant is designed to assist homebuyers in Kentucky by covering some of the upfront costs associated with purchasing a home. Here's how it can help:


KHC $2,000 Closing Cost Grant and $10,000 Down Payment Assistance Program in Kentucky


Key Features of the KHC $2,000 Closing Cost Grant

  • No Repayment Required: The grant does not need to be repaid, making it a valuable resource for those who need financial assistance with closing costs.

  • Combination with Other Programs: It can be combined with KHC's $10,000 Down Payment Assistance Program (DAP), allowing homebuyers to access a total of $12,000 in assistance. This combination can significantly reduce the amount of money needed upfront for a home purchase.

  • Eligibility: While specific eligibility criteria are not detailed in the provided information, typically these programs require applicants to meet certain income limits, purchase price limits, and other qualifications.

How It Helps Homebuyers

  • Reduces Upfront Costs: By covering closing costs, homebuyers can allocate more funds towards other expenses or save money for future needs.

  • Increases Affordability: Combining the grant with the DAP can make homeownership more accessible by reducing the financial burden of down payments and closing costs.

  • Simplifies the Homebuying Process: Having additional financial support can make the process less stressful and more manageable for first-time or low-income homebuyers.

Overall, the KHC $2,000 Closing Cost Grant is a beneficial resource for those looking to purchase a home in Kentucky, especially when used in conjunction with other assistance programs.

  1. $2,000 Closing Cost Grant – No repayment required
  2. Can be used for down payment, closing costs, and prepaid expenses 
  3. Can be combined with KHC’s $10,000 Down Payment Assistance Program (DAP) Limited availability – Only $1 million available for the first 500 homebuyers Starts March 18, 2025 – Act fast before funds run out!


How to Apply for the KHC Closing Cost Grant

Applying for the grant is simple! Here’s how:

Get Pre-Approved – Work with a KHC-approved mortgage lender (like myself!) to determine your eligibility.
Find a Home – Once pre-approved, start house hunting with confidence.
Apply for Assistance – Your lender will help you apply for both the $2,000 Closing Cost Grant and $10,000 Down Payment Assistance Program if you qualify.
Close on Your Home – Use the funds to lower your upfront costs and move in with less money out of pocket!


  •  First-come, first-served – Limited to the first 500 homebuyers
  •  Available for purchase loans only (not refinances)
  •  Can be combined with the KHC Down Payment Assistance Program (DAP) and Federal Home Loan Bank (FHLB) funds
  •  Listed as a gift in GUS (Guaranteed Underwriting System), DU (Desktop Underwriter), and LPA (Loan Product Advisor)
  • Grant confirmation available at reservation


1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.


Kentucky Local Home Loan Lender Services

✅ First-Time Home Buyers Welcome
✅ FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans
✅ Conventional Loan Options Available
✅ Fast Local Decision-Making
✅ Experienced Guidance Through the Home Buying Process


Labels: , , , , ,

Grants for First Time Home Buyers in Kentucky


$20,000 Grant Money Available for Kentucky Home Buyers – First-Time Home Buyers Assistance!

$20,000 Grant Money Available for Kentucky Home Buyers – First-Time Home Buyers Assistance!



Are you a first-time home buyer in Kentucky looking for financial assistance? The Federal Home Loan Bank has created a special fund to help low-to-moderate income families achieve homeownership. This $20,000 grant is designed to assist home buyers with down payments and closing costs, making it easier to secure a home without the burden of large upfront expenses.

Grant Money for First-Time Home Buyers in Kentucky

The Federal Home Loan Bank grant is an excellent opportunity for Kentucky home buyers who meet income requirements. If you're struggling with saving for a down payment or need extra funds for closing costs, this program can help. Funds are limited and will be available starting March 3rd until they are reserved.

Household Income Limits Per County

To qualify for this home buyer grant, your household income must fall within the limits set for your county. Below are the income eligibility requirements for households with 1-2 persons and 3+ persons:

County1-2 Person(s) Income Limit3+ Persons Income Limit
Nelson$73,284$84,277
Washington$73,796$84,866
Larue$74,596$85,786
Hardin$74,596$85,786
Bullitt$77,120$88,688
Marion$68,544$79,968
Jefferson$77,120$88,688
Anderson$73,076$84,038
Franklin$73,588$84,626
Woodford$76,160$87,584
Mercer$73,684$84,737

Other counties may be available for eligibility.

Who Can Apply for This Home Buyer Grant?

This program is designed for low-to-moderate income households who need financial assistance to purchase a home. It is ideal for first-time home buyers in Kentucky looking for an affordable way to buy a home without high out-of-pocket costs.

Benefits of This Grant for Kentucky Home Buyers

  • Receive $20,000 in grant money for down payment and closing costs.
  • Helps first-time home buyers afford a home sooner.
  • Makes homeownership more accessible for low-to-moderate income families.
  • Available in multiple counties across Kentucky.

How to Apply for the Kentucky Home Buyer Grant

Funds for this program will be available starting March 3rd and will be distributed on a first-come, first-served basis. If you're interested in applying, it's essential to get pre-qualified as soon as possible.

For more information on qualifying for this first-time home buyer grant in Kentucky, or to start your application, contact Joel Lobb, Senior Loan Officer at American Mortgage Solutions, Inc.

📞 Call/Text: (502) 905-3708
📧 Email: kentuckyloan@gmail.com
🌐 Website: MyLouisvilleKentuckyMortgage.com

Act Fast – Funds Are Limited!

If you're a first-time home buyer in Kentucky, this $20,000 grant could be the key to owning your dream home. Don't wait until funds run out—start your home buying journey today!



Labels: , , , ,
Subscribe to: Posts (Atom)