How Much House Can I Afford On A Typical Kentucky Mortgage Loan Preapproval?

Kentucky Mortgage Affordability Calculator

Estimates affordability based on income, debts, and housing costs. For an exact number, a verified preapproval is required.

Call/Text 502-905-3708

Loan program preset FHA (typical 43% max DTI) Conventional (typical 45% max DTI) USDA (typical 41% max DTI) VA (uses DTI estimate; residual income also applies)

Include monthly mortgage insurance estimate (if applicable) Use housing ratio cap (front-end), not just total DTI

Income and debt

Use gross monthly income and total monthly debts (car, student loans, credit cards, etc.).

Gross annual household income

Total monthly debt payments (non-housing)

Target max total DTI (percent)

Preset updates automatically when you change program. You can override.

Optional housing ratio cap (front-end) percent

Only used if “Use housing ratio cap” is checked.

Assumptions for home and loan

Adjust these to match the county, property type, and insurance quote.

Down payment (percent)

Interest rate (percent)

Loan term (years) 30-year fixed 15-year fixed

Estimated annual property taxes (percent of price)

Kentucky varies by county/city. Use your best estimate or local tax info.

Estimated annual homeowners insurance

Monthly HOA (if any)

Monthly mortgage insurance estimate (MI/PMI)

FHA/Conventional commonly require MI. USDA has annual fee structure. VA typically has no monthly MI.

Results

Enter your numbers and click Calculate.

Disclaimer: This tool provides estimates only and is not a loan approval. Final qualification depends on full underwriting, credit, program rules, and property specifics. VA approvals also consider residual income and other factors.

Want the real number with a verified preapproval? Call/Text 502-905-3708.

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA | NMLS 57916 | Company NMLS 1738461 | Equal Housing Lender | nmlsconsumeraccess.org

Explore Kentucky Mortgage Programs That Affect Affordability

Your buying power in Kentucky varies by loan program. Learn how each option impacts how much house you can afford:

• Kentucky FHA Loans – low down payment options with flexible credit guidelines
• Kentucky USDA Rural Housing Loans – 100% financing for eligible rural and suburban areas
• Kentucky VA Home Loans – zero down financing for eligible veterans and active duty buyers
• Kentucky Housing Corporation (KHC) Programs – down payment assistance paired with FHA, USDA, VA, or Conventional loans

Want Your Exact Kentucky Home Price — Not an Estimate?

Online calculators are a starting point. A verified preapproval shows what you actually qualify for based on your income, credit, and loan program.

Call or Text 502-905-3708 Get Preapproved Online

Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA | NMLS 57916 | Company NMLS 1738461 | Equal Housing Lender | nmlsconsumeraccess.org

How long do you have to wait to buy a house again in Kentucky after a Bankruptcy or Foreclosure?

Joel Lobb

Senior Loan Officer

(NMLS#57916

text or call my phone: (502) 905-3708

email me at kentuckyloan@gmail.com

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). 

Louisville Kentucky First Time Home Buyer: The First Thing to do Before Buying a Home

Louisville Kentucky First Time Home Buyer: The First Thing to do Before Buying a Home:

The First Thing to do Before Buying a Home

Labels: 2019 Kentucky First Time Home Buyer Programs, Attn Kentucky First Time Home Buyers-- Zero Down Home Loans KY | Louisville |, Most frequently asked Kentucky Mortgage and Home buying questions

https://www.mylouisvillekentuckymortgage.com/2018/12/kentucky-first-time-home-buyer-programs.html

Louisville Ky First Time Home Buyer Loan

What is a First Time Buyer Loan?


Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.



FHA and VA Loans for First Time Buyers Apply Online

First time homebuyers often experience the most difficulty amounting a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Kentucky Federal Housing Administration (FHA) and the Kentucky Veteran's Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. Kentucky FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.



Who is Eligible for a First Time Buyer Loan?
Kentucky First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.



Community Home Buyer Programs
Kentucky  Community homebuyer programs reduce the down payment the borrower must pay to 3%, which must be the borrower's own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.



What is Escrow?

Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.


Mortgage Credit Certificates

A Mortgage Credit Certificate or MCC from KHC -Kentucky Housing Corp is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC but in special cases that you may discuss with your home loan advisor this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with your home loan representative.