Showing posts with label First Time Home Buyer in Kentucky Zero Down. Show all posts
Showing posts with label First Time Home Buyer in Kentucky Zero Down. Show all posts

How To Buy A House In Kentucky With Zero Down Payment!

 

How To Buy A House In Kentucky With Zero Down Payment!

There are basically 4 mortgage programs for first time home buyers in Kentucky to consider: 1. FHA:  Kentucky FHA loans are a popular choice in Jefferson County Kentucky first time home buyers because they allow the least down payment of 3.5%, vs Fannie Mae which now requires a 5% investment on primary residences. The current credit score requirements center around the 580 score for most FHA loans in Kentucky, with no bankruptcies in the last 2 years and no foreclosures in the last 3 years. Even though FHA insure a mortgage loan down to a 580 credit score or lower sometimes, it is very difficult to find a lender that will approve the loan with scores below 620. Keep that in mind. The house payment will need to be around 30% of your gross monthly income. For example if you gross around $3000 a month, then the maximum mortgage payment you would qualify would be $1000 a month. If the loan comes back as an accept, the debt to income ratio can be substantially higher than the 31% rule. All FHA loans are pre-approved through an AUS, an automated underwriting system upfront that will dictate your loan approval. The software underwriting engine looks at your credit, income, assets and figures your loan approval and will recommend an accept, refer/eligible, or refer/ineligible, or out of scope. Most FHA investors will want a Accept on your underwriting findings to do a loan. It it comes back referred, then there are additional conditions or overlays that could stop your loan from being approved. 2. VA: Kentucky VA loans require no down payment but you must have a VA certificate of Eligibility issued by the Veterans Administration to purchase a home using your VA loan entitlement. The current credit score that most Kentucky VA lenders want is 580. There can be no bankruptcies or foreclosures in the last two years with good reestablished credit. The maximum debt to income ratio is 41% with a residual income of around $1000 a month after you pay all your bills. For example, if you make $4000 gross monthly, then the maximum house payment along with your other household bills would be set at $3000 a month so as you have the $1000 residual income requirement met. There are some variances on the residual income to whereas it is based on the number of people living in the household and which state you live in. 3. USDA/Rural Housing: USDA or Rural Housing loans are not available in the more highly populated counties in Kentucky . The counties of Jefferson and Fayette Counties are not eligible for USDA loans. USDA loans require no down payment and are subject to income and property eligibility requirements by County.. All Kentucky Rural Housing Loans are ran through GUS, Guarantee Underwriting System, an online to determine your loan approval The Automated Underwriting engine will come back with an Accept, Refer, or Ineligible. Most USDA mortgage investor want an Accept on the initial underwriting approval to do the loan. 640 is the score that most USDA lenders want, but USDA will go down to a 580 credit score in their guidelines but it is very difficult to get approved. If you have a score below 640 and trying to go USDA, work on getting your credit scores up first. 4. Kentucky Housing Corp or KHC  KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy a home with no down payment. Down Payment Assistance for Ky First Time Home Buyer, 100% Financing How the Down Payment Assistance Program Works A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $4500-$6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%. These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing. see more links below for Kentucky First Time Home Buyer Programs https://kyfirsttimehomebuyer.wordpres... https://kyfirsttimehomebuyer.wordpres... https://www.mylouisvillekentuckymortg... https://www.mylouisvillekentuckymortg... https://www.mylouisvillekentuckymortg... Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916 American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364 Text/call:      502-905-3708 fax:            502-327-9119 email:          kentuckyloan@gmail.com https://www.mylouisvillekentuckymortg... Kentucky Home Loans Only! Not licensed in any other states. See disclaimer in comment section
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Qualifying for a home loan in Kentucky as a first-time homebuyer

 Qualifying for a home loan in Kentucky as a first-time homebuyer

Buying a home is a major financial decision, and it's important to make sure you're financially qualified before you start shopping for homes. Here are some key things to consider when qualifying for a home loan in Kentucky as a first-time homebuyer:

* Credit score: Your credit score is one of the most important factors in determining your eligibility for a home loan and the interest rate you'll be offered. Aim for a credit score of 580 or higher to get the best rates.

* Debt-to-income ratio: Your debt-to-income ratio (DTI) is the amount of your monthly debt payments divided by your gross monthly income. A lower DTI ratio is better, and most lenders prefer a DTI ratio of 50% or lower.

* Down payment: While a 20% down payment is traditional, there are many loan programs available that allow you to put down as little as 3% or even 0% down. However, keep in mind that a larger down payment will result in a lower monthly mortgage payment and may help you avoid paying private mortgage insurance (PMI).

* Income: Your income will need to be sufficient to cover your monthly mortgage payment, property taxes, homeowners insurance, and other housing costs. Use Gross income and not net income to qualify for a mortgage payment

* Employment: Lenders will want to see that you have a steady job history and sufficient income to make your mortgage payments. Stable 2 year work history 

In addition to the above, there are also a number of down payment assistance programs available for first-time homebuyers in Kentucky. These programs can help you reduce the amount of money you need to come up with upfront for a down payment.

Here are some of the down payment assistance programs available in Kentucky:

* Kentucky Housing Corporation (KHC) Down Payment Assistance Programs: KHC offers a variety of down payment assistance programs for first-time homebuyers, including the KHC Conventional Preferred Program, the KHC FHA Advantage Program, and the KHC USDA Rural Development Guaranteed Loan Program.

* Federal Housing Administration (FHA) Loans: FHA loans are government-insured loans that allow for down payments as low as 3.5%.

* Veterans Administration (VA) Loans: VA loans are available to eligible veterans and active duty service members and allow for 0% down payments.

If you're thinking about buying a home in Kentucky, be sure to do your research and talk to a lender to get pre-approved for a mortgage. This will help you determine how much you can afford to spend on a home and give you a better idea of what loan options are available to you.

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$10,000 Down Payment assistance from Kentucky Housing





Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC


​​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. We offer a special loan program to help with those. Your KHC-approved lender can help you apply.

Regular DAP

  • Purchase price up to $481,176 with Secondary Market​ or Mortgage Revenue Bond (MRB) income limits.
  • Assistance in the form of a loan up to $10,000 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients.

​​More About Down Payment and Closing Costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.​

​Secondary Market Eligibility

To qualify for a Secondary Market KHC loan, you must meet the following requirements:

  • Meet Secondary Mark​et Income​ Limits for your county.
  • Be a U.S. citizen, other national or qualified alien person
  • Have a minimum credit score of 620.
  • Be a first-time or repeat homebuyer.

Property Eligibility

The home you wish to purchase must meet the following guidelines.

  • Borrower must occupy the home within 60 days of closing and for duration of loan.
  • New or previously occupied detached, single-family home.
  • New or previously occupied condominium, townhouse, or attached unit in a planned unit development.
    • Check with lender for eligible condominiums.
  • New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate
    • ​Must meet loan type's foundation requirements.
  • ​The property purchased must be in Kentucky.​


Conventional Preferred Program
Conventional Preferred Plus 80
FHA
VA









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#57916 http://www.nmlsconsumeraccess.org/


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Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC


Down Payment Assistance Housing Programs for Kentucky First Time Home Buyers



$10,000 Down Payment assistance from Kentucky Housing Below  see details below for restrictions:


Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC


@kentuckymortgagebroker #kentuckymortgage #ficoscore #firsttimehomebuyer #homeloan #homeloan #zerodownpayment #vamortgage #vamortgage #khcloan #usdaloan #ruralhousing #mortgagetips #fha ♬ Synchronize (Instrumental) - Milky Chance

​​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. We offer a special loan program to help with those. Your KHC-approved lender can help you apply.

Regular DAP

  • Purchase price up to $349,525 with Secondary Market.
  • Assistance in the form of a loan up to $10,000 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients.

​​More About Down Payment and Closing Costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.​

​Secondary Market Eligibility

To qualify for a Secondary Market KHC loan, you must meet the following requirements:

  • Meet Secondary Mark​et Income​ Limits for your county.
  • Be a U.S. citizen, other national or qualified alien person
  • Have a minimum credit score of 620.
  • Be a first-time or repeat homebuyer.

Property Eligibility

The home you wish to purchase must meet the following guidelines.

  • Borrower must occupy the home within 60 days of closing and for duration of loan.
  • New or previously occupied detached, single-family home.
  • New or previously occupied condominium, townhouse, or attached unit in a planned unit development.
    • Check with lender for eligible condominiums.
  • New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate
    • ​Must meet loan type's foundation requirements.
  • ​The property purchased must be in Kentucky.​


​​Secondary Market Funding Source

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $349,525​
  • Borrower must meet KHC's Secondary Market Income Limits
Conventional Preferred Program
Conventional Preferred Plus 80
FHA
VA

Purchase Price Limitations

Secondary Market First Mortgage Programs and KHC's Homebuyer Tax Credit

Secondary Market New and Existing Homes................$349,525

KHC's Homebuyer Tax Credit.......................................$349,525​



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Kentucky First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.

First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.



First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.





Zero Down Mortgage Loans in Kentucky

The Kentucky VA and the Kentucky USDA Home Loan Program both offer a zero down loan program for individuals and/or properties that meet their criteria.

If you need down payment assistance, KHC offers up to $7,500 for assistance to buy your Kentucky home if you are lacking the down payment requirements for FHA or Fannie Mae below.


Three Percent Down Mortgage Loans in Kentucky

Fannie Mae/Freddie Mac conventional loans are available with down payments as low as 3% on single-family homes, including eligible condos, co-ops, and some manufactured homes. Fixed-rate mortgages with up to 30-year terms and ARMs are available.

Three and 1/2 Percent Down Mortgage Loans in Kentucky

The Federal Housing Administration (or FHA) loan program can allow as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores and other factors. he FHA loan program allows as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores.
Are you surprised at how low you may be able to go? While many believe a 20% down payment is required, you can see now that it’s far from the only option.
Whether you’ve saved a little or a lot, reach out today, and we’ll work on finding a loan that works for you.
  • Kentucky Federal Housing Administration (FHA) loans: “With a 3.5% down payment, Kentucky homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
  • Kentucky Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
  • US. Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 620-640 for a USDA loan, though some may go as low as 580.”
  • US. Department of Veterans Affairs (VA) loans: “VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”

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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

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