I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
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.
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.”
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Zero Down Kentucky Mortgages: ZERO DOWN HOME LOANS IN KENTUCKY There are a few programs that feature zero down payment in Kentucky For Home buyers : USDA and ...
2.00 percent fixed interest rate for 30 years for Kentucky Home Buyers in 2016 from KY Housing
KHC has $5 million in special funding available at 2.00 percent fixed interest rate for 30 years. The Mortgage Revenue Bond (MRB) Special Funding Program is available on a first-come, first-served basis, with reservations available on Monday, March 7, 2016. New reservations only.
Who can qualify for this deal?
Households that do not exceed $35,000 gross annual income, and meet ONE of the following:
At least one home buyer is 62 years old or older.
At least one member is disabled and is receiving disability income.
A single- or two-parent household with at least one dependent child under the age of 18 living in the home.
Special Funding qualifications included:
Must be a first-time home buyer, unless property in targeted county.
Existing and new construction (purchase price limit of $115,000).
Regular and Affordable Down payment Assistance Program available.
The
Good Neighbor Next Door Program offers HUD owned single family (one-unit)
homes to eligible participants at a 50% discount. Law enforcement officers,
teachers, firefighters and other emergency medical technicians who meet all
other requirements of the program are all eligible to participate in this
program.
Program Summary
•
Borrower
is a full-time law enforcement officer, teacher or firefighter/emergency
medical technician
•
A
50 percent discount from the list price is provided in the form of a
forgivable second lien
•
The
second mortgage is a mortgage and note payable to and provided by HUD in the
amount of the difference between the list price of the home and discounted
selling price
-
The
term of the note is 36 months from the date of owner-occupancy
-
Refinance
restrictions may apply
•
One-unit
residential properties
•
Borrower
cannot own any other residential property within 12 months of the offer date
•
None
of the borrowers could have ever utilized this program in the past
•
The
following must be detailed on the purchase contract with HUD
-
50%
discount
-
$100.00
downpayment required
-
Borrower
may finance closing costs
Qualifications
1. You must be able to qualify for an FHA mortgage.
Good Neighbor Next Door Qualifications
Teachers, Counselors, and Administrators
State certified to teach any grades pre-K through 12
Teach in a private school in the area where the home is located
Teach in the public school district where the home is located
You or your spouse have not had your name on a real estate deed for the past 12 months
You can get a letter of mortgage prequalification or proof of funds before the submitting an intent to purchase
You can provide a refundable earnest money check for 1% of the home’s listed price. It needs to been in the form of a cashier’s check or money order made out to the U.S. Department of HUD.
You intend to teach for at least one more year
Firefighter/Emergency Medical TechniciansYou may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.
You or your spouse have not had your name on a real estate deed for the past 12 months
You can get a letter of mortgage prequalification or proof of funds before the submitting an intent to purchase
You can provide a refundable earnest money check for 1% of the home’s listed price. It needs to been in the form of a cashier’s check or money order made out to the U.S. Department of HUD.
Law EnforcementYou may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.
You or your spouse have not had your name on a real estate deed for the past 12 months
You can get a letter of mortgage prequalification or proof of funds before the submitting an intent to purchase
You can provide a refundable earnest money check for 1% of the home’s listed price. It needs to been in the form of a cashier’s check or money order made out to the U.S. Department of HUD.
Is the Good Neighbor Next Door a legitimate program? Yes, this a United States Department of Housing and Urban Development program that has been created for the benefit of civil servants when purchasing a designated HUD home. If you want verification you can visit HUD’s website. The program has been created for teachers, firefighters, police officers, and EMT’s.
What does it mean that these houses are 50% off? HUD has their homes appraised based on their current condition. The homes are discounted from this appraised price.
What is a HUD home? HUD acquires properties from insured lenders who have foreclosed FHA loans.
Are HUD homes bad homes? Just because it’s a HUD home doesn’t mean it’s a bad home. The only reason it’s a HUD homes is because it has gone through foreclosure.
Do all HUD homes qualify for the Good Neighbor Next Door program? No. Only the homes that are designated by HUD are eligible.
How often do Good Neighbor Next Door homes become available? Every day homes are listed some where in the country. Sign-up on the notification list so that you will be notified when a home becomes available in your community.
How long do these homes stay on the market? These homes are only listed for a seven day period. If they don’t sell through the Good Neighbor Next Door program then they will go to the general HUD list at full list price.
Do I have to live in the Good Neighbor Next Door home that I purchase for a certain length of time? To receive the full 50% discount you agree to live in the home for three years.
What if I move out of the house before three years? You will still receive a discount, but it will be prorated according to how long you live in the house.
If I own the house, how can HUD enforce how long I own the home? HUD will require that you sign a silent second mortgage in the amount of the discount. There is no monthly payment or interest on the second mortgage. HUD uses the second to track your homeownership. If you sell your home before the three-year anniversary date then a prorated portion of the second mortgage will be due at closing. This second mortgage will automatically drop off after three years.
My name has been on a deed in the past year, do I still qualify? No, neither your name nor your spouse’s name can have been listed on any real estate deed in the United States in the past year.
Are there any other benefits associated with the Good Neighbor Next Door program? Yes. If you get an FHA loan HUD will allow you to finance in all of your closing costs, move-in for only a $100 down payment, and finance certain home repairs.
How do I submit a bid? You can enter on this website. A qualified broker will call you and give you access to the home, assist you with locating a lender, and monitor inspections & the closing process. We will work with that broker to make sure the closing process goes smoothly.
Who pays the real estate broker? For the Good Neighbor Next Door program, HUD requires that the buyer pay the real estate commission. If you get an FHA loan HUD will allow you to roll the commission into your mortgage. On each property that’s listed on this website there is an approximate mortgage payment. This payment includes the financed commission.
Can I bid higher or lower than the list price? No. In this program HUD will only allow you to submit “an intent to purchase” for full list price. This list price will be discounted by 50% at closing. Everyone who bids will have identical bids.
If there is more than one person bidding on a home, how does HUD determine who wins the house? A computer will randomly decide who wins.
Can you bid on more than one home? You can purchase only one home, but to increase your chances of winning one of the houses you can submit bids on different houses. HUD limits people to only one Good Neighbor Next Door home in their lifetime.
How much earnest money is required? HUD requires that you give your broker a cashier’s check or money order for 1% of the home’s list price. On a $100,000 home your earnest money will be $1,000. HUD has a minimum earnest money requirement of $500 and a maximum $2,000.
I thought the down payment was only $100, what’s this 1% of list price? The 1% earnest money is refundable at closing or if you are not selected as the winner of a home. If you are selected as the winner of a Good Neighbor Next Door home and if you want to finance in all of your closing costs with only a $100 down payment, then you could receive back a check at closing. This check will be your earnest money minus the $100 down payment.
What if there are significant repairs required on a home and I don’t have the cash to fix it? You are able to get a specific type of FHA loan (203K) that will allow you to finance up to $35,000 worth of home repairs into your mortgage.
Can I use a Good Neighbor Next Door homes as an investment? Yes, but only if you occupy the home and don’t own any other real estate. After three years you can sell the home, realize any increases in value, and pay off the discounted mortgage that you have. Since this is your principal residence you can claim a capital gains exemption and not be taxed on gains. Consult your CPA for details.
What if my employment changes before the three years is up? After you close your discount will not be in jeopardy.
What do I do next? What is the process? 1. Fill out the ”Entry Form” and we will contact you. Everyone is required to have a letter of prequalification or proof of funds before submitting an “intent to purchase.” You may use any lender that offers FHA financing. If you would like us to help you through the process fill out this questionnaire and we will have a lender get in contact with you. Often, people can get a letter of prequalification within hours of contacting one of the lenders we recommend. 2. View the home. If you don’t have time to view the home you may still have the opportunity to submit your name in the lottery and if selected inspect the home then. 3. Get either a cashier’s check or money order for 1% of the home’s listed price. 4. Decide on one or more homes to submit your intent to purchase.
KHC First Time Home Buyers Down Payment Assistance Zero Down
Kentucky Housing Corporation (KHC) still has $4 million in Mortgage Revenue Bond (MRB) Special Funding available! This funding is limited and available on a first-come, first-served basis.
Effective with reservations on or after Monday, January 6, 2014, all households below $35,000 gross annual household income will qualify for the MRB Special Funding interest rates. The rate with DAP will be lowered and the requirement to demonstrate a need by having at least a 25% front ratio has been eliminated.
Program guidelines:
First-time home buyers, unless property is located in a targeted county.
Interest rate is fixed at 2.5 percent without Down payment Assistance Program (DAP) or 2.75 percent with DAP.
Maximum ratios 40/45%.
Executed purchase contract.
Existing or new construction property (purchase price limit $115,000).
Regular and Affordable DAP available.
FHA, VA, and RHS first-mortgage programs.
640 credit score and AUS approval.
Gross annual household income limit of $35,000 for all household sizes.
Follow the 45-day lock with current reservation extension policy.
The lower interest rate is not guaranteed until the lender receives the updated reservation confirmation.
Appy below for free for this program or call me below with your questions.
I specialize in Kentucky FHA, VA, USDA, KHC, Jumbo and Fannie Mae mortgage loans in Ky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money ...view more
I do not have a lot of money for a down payment and have some credit issues in the past.
Loan Features:
Great for First Time Home buyers in Kentucky
Low Down Payment of 3.5% for scores above 620
Easy Credit Qualifying with lower credit scores
2 years removed from bankruptcy Chapter &
3 years removed from a foreclosure
Clear Cavirs
2 year work history
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 $$356,362 in Kentucky 2 year work history with no gaps over 6 months
MORTGAGES Government-backed loans with flexible guidelines.Zero Down Payment640 Minimum Credit Score3 years removed from BankruptcyMax Income and Property Map Eligibility Requirements 2 year work history with no gaps over 60 days
3. Conventional Loans in Kentucky
I am able to make a larger down payment and have a good credit score.
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 $548,250in Kentucky 2 Year work history but does not have to be same job
Loan Features:
Great for those with Moderate to High Income
As Little as 5% Down Payment (only 3% for First-Time Homebuyers)
20% Down Payment Removes Mortgage Insurance Premiums
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 to your mos. skill
5. FHA Manufactured Home Guidelines for Mobile homes in Kentucky
I want to purchase a manufactured home with land.
Loan Features:
Great for First Time Homebuyers
Low Down Payment
Easy Credit Qualifying
Easy Refinancing
Manufactured Housing
KHC requires an Affidavit of Conversion to Real Estate per KRS186A.297, when manufactured home is permanently affixed to land.
The Certificate of Title is surrendered.
If manufactured house has not been converted to real estate, then this can be done at closing. The following items need to be uploaded in the Closed Loan Package:
A copy of the recorded affidavit and the surrendered title to the manufacture home. A copy of the executed affidavit and title (to be surrendered) sent to the county clerk for recording.
If a new manufactured home, copy of the original certificate of origin from the manufacturer that is going to be delivered to the county clerk so that title can be ordered.
After title is received, affidavit is prepared for recording and title is surrendered. Within 90 days or less from closing date, need original of newly recorded affidavit and coy of surrendered title.
Failure to send to KHC within timeframe could result in repurchase. Affixations are not acceptable.
Do not record affixations with the mortgage.
Manufactured Housing Guidelines for Mobile homes in Kentucky
FHA and VA Loan with Manufactured Homes
Both new and existing manufactured housing is allowed.
FHA requires a foundation inspection by a structural engineer.
RHS Loans with Manufactured Home
KHC only allows new manufactured housing.
Dealer to property and set up like a stick built house.
Conventional Loans with Manufactured Home
Both new and existing manufactured housing is allowed with Conventional Preferred and Preferred Risk programs.
95% LTV / 105% CLTV.
No Structural Engineer inspection required for Conventional Loans
