Top Kentucky Mortgage Loan Officer Helping First-Time Homebuyers with Bad Credit and Zero Down Loans

Your Path to Homeownership Starts Here

If you’re searching for a trusted Kentucky mortgage loan officer who understands the unique needs of first-time homebuyers, bad credit borrowers, and families needing zero down payment options, you’re in the right place.

I’m Joel Lobb, Senior Loan Officer with EVO Mortgage, and I specialize in helping Kentucky residents achieve homeownership through flexible programs like FHA, VA, USDA, and Kentucky Housing Corporation (KHC) loans.

Whether you have perfect credit, less-than-perfect credit, or need assistance with down payment funds, I provide fast, local approvals and customized mortgage solutions to make your dream of owning a home a reality.

Ready to get started? Call or text me at 502-905-3708, or email kentuckyloan@gmail.com for a free same-day pre-approval consultation!

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Why Choose a Local Kentucky Mortgage Loan Officer?

When buying a home in Kentucky, working with a local, knowledgeable mortgage professional matters.

• ✅ I understand the state-specific loan programs available exclusively to Kentucky residents.
• ✅ I have deep relationships with local underwriters, title companies, and real estate agents, allowing smoother closings.
• ✅ I specialize in helping first-time buyers, veterans, rural buyers, and credit-challenged borrowers access the programs they deserve.

Unlike online lenders, I offer one-on-one guidance — you’re never just a number — you’re a neighbor.

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Best Mortgage Loan Options for First-Time Buyers with Bad Credit

Bad credit shouldn’t stop you from becoming a homeowner in Kentucky. As a top-rated mortgage broker, I can help you explore:

• FHA Loans: 580+ credit scores with 3.5% down, or 500–579 scores with 10% down.
• VA Loans: Zero down, flexible credit guidelines for veterans and active military.
• USDA Rural Loans: Zero down, credit scores starting around 580+, income and location restrictions apply.
• KHC Down Payment Assistance (DAP): $10,000 assistance for eligible buyers with minimum 620 scores.

Each program has unique benefits — and I’ll help match you to the best fit.

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Zero Down Home Loan Programs Available in Kentucky

Owning a home without a large down payment is possible with several programs I offer:

• 🏡 VA Home Loans: No down payment, no mortgage insurance, flexible credit.
• 🏡 USDA Rural Development Loans: No down payment, low mortgage insurance, property must be in eligible areas.
• 🏡 Kentucky Housing DAP: $10,000 down payment assistance grant — available with FHA, VA, USDA, and conventional loans for qualified buyers.

Even if you have limited savings, there's a path to homeownership tailored to your situation.

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Get Pre-Approved Today — Work with a Top-Rated Kentucky Mortgage Broker

The first step toward buying your Kentucky home is a pre-approval. When you work with me, you’ll get:

• ✅ Free Same-Day Pre-Approval
• ✅ Custom Loan Options Based on Your Credit and Budget
• ✅ Fast, Local Decision-Making and Underwriting
• ✅ Clear Communication Every Step of the Way

I’ve helped over 1,300 Kentucky families achieve their dream of homeownership — and I’m ready to help you too.

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👇 Apply Now for Fast, Same-Day Pre-Approval!

Apply Now — Get Pre-Approved Today!

📞 Call/Text: 502-905-3708
📧 Email: kentuckyloan@gmail.com
🌐 Visit: www.nmlsconsumeraccess.org
Joel Lobb, Senior Loan Officer | NMLS #57916 | Kentucky Licensed Only

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Joel Lobb, Senior Loan Officer | NMLS #57916 | EVO Mortgage Company NMLS #1738461. Equal Housing Lender. Licensed to originate mortgage loans in Kentucky only. Information subject to change without notice and based on credit approval.

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2025 Guide: How to Buy Your First Home in Louisville, Kentucky with Zero Down Payment

Are you dreaming of buying your first home in Louisville, Kentucky but worried about the down payment? You are not alone — and the great news is, in 2025, you have several powerful options that can get you into a home with little or even zero money out of pocket.

Let's dive into your updated 2025 roadmap to first-time homeownership!

Step 1: Understand Your Financial Picture

Before you even start browsing listings, you need to know your numbers.

• Credit Score: Most zero-down and low-down programs require a minimum 580-640 credit score.

  • Example: If your credit score is 620, you may qualify for both USDA and VA loans.

• Income Verification: Stable employment history (2 years preferred).

  • Example: Working at the same company for two years with steady income is ideal.

• Debt-to-Income Ratio: Ideally below 45%, though flexibility exists with strong compensating factors.

  • Example: If you earn $4,000 monthly gross income, your total monthly debts (including your new mortgage) should stay under $1,800.

Tip: Pull a full tri-merge mortgage credit report through your lender — consumer sites like Credit Karma aren't accurate for home loan approvals.

Step 2: Get Pre-Approved by a Kentucky Mortgage Specialist

Pre-approval is essential. It tells you what you can afford and positions you as a serious buyer when you find "the one."

Partner with a lender experienced in:

• USDA Rural Loans

• VA Home Loans

• FHA + Kentucky Housing Corporation (KHC) Down Payment Assistance (DAP)

Pre-Approval Includes:

• Hard pull credit review

  • Example: Lender checks your true mortgage scores, not your app scores. 

  • Fico versions 2,4,5  are used for Mortgage Loan Scores from Experian, Equifax, Transunion

• Verified income review

  • Example: Reviewing pay stubs, W-2s, and/or tax returns.

• Issued Pre-Approval Letter to submit with offers

  • Example: "Pre-Approved for up to $250,000 FHA Loan with KHC DAP assistance."

Step 3: Explore Zero-Down and Low-Down Payment Options

Here are the top first-time buyer options for Louisville and all of Kentucky in 2025:

 USDA Rural Development Loans

• 100% financing (zero down)

• Targeted for suburban and rural areas

• Income limits apply (based on county)

• Typically need 640+ credit

Example: Buying a home in Shelbyville or Mount Washington using USDA financing.

VA Loans (Veterans, Active Military, Some Spouses)

• 100% financing

• No mortgage insurance (PMI)

• Flexible credit requirements (typically 620+)

• Must obtain Certificate of Eligibility (COE)

Example: An Army veteran purchasing a Louisville home with zero down and no monthly PMI.

 FHA Loan + Kentucky Housing DAP

• FHA requires 3.5% down normally — but DAP can cover this entirely.

• Credit score as low as 580 with flexible underwriting.

• Combine DAP for little to zero out of pocket.

Example: Buyer with 600 credit score using FHA financing and $10,000 DAP to cover down payment and closing costs.

 Welcome Home Grant (Limited Funds!)

• 20,000 grants (amount varies) changes every year. This year 20k

• Offered through Federal Home Loan Bank

• Must apply early — funds often run out quickly in Spring!

Example: A first-time buyer securing a $20,000 grant toward their Louisville home purchase in March.

Step 4: Secure Down Payment and Closing Cost Help

Even if you have zero down payment, you still need to address closing costs. Here’s how:

Kentucky Housing Corporation (KHC) DAP

• Up to $10,000 assistance (subject to change)

• 10-year loan term

• Low fixed interest rate

• Can cover down payment and/or closing costs

Example: Borrower uses KHC DAP to cover both the 3.5% FHA down payment and $2,000 of closing costs.

Seller Concessions

• Negotiate seller to pay a portion of your closing costs (common with VA, USDA, and FHA offers).

Example: Seller agrees to pay $5,000 of buyer’s closing costs, reducing buyer’s cash to close.

Step 5: Find Your Home and Close the Deal

Work with an experienced realtor who understands:

• USDA property eligibility

• VA minimum property requirements (MPRs)

• FHA appraisal standards

Your lender will order the appraisal, finalize underwriting, and set your closing date!

Example: After inspections and appraisal, your lender clears you to close, and you get the keys to your new home within 30-45 days of contract acceptance.

Ready to Buy Your First Home in Kentucky?

Don't let the fear of a down payment hold you back. There are real, proven options to help you succeed.

Let's get you pre-approved and on the path to homeownership today!

📞 Call/Text: (502) 905-3708
📧 Email: kentuckyloan@gmail.com
📚 Visit: www.mylouisvillekentuckymortgage.com

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Disclaimer: Program guidelines, income limits, grant amounts, and availability are subject to change without notice. All loans subject to underwriting and credit approval. NMLS #57916 | Equal Housing Lender.

 

How to Qualify For A Kentucky Mortgage Loan

Using a Pastor / Minister’s housing Clergy Income for A Mortgage Loan Approval

Using a Pastor / Minister’s housing allowance to qualify for a mortgage

Member of the Clergy Income for A Mortgage Loan Approval 

Where a borrower is a member of the clergy, all of the following will be required to document income: 1) Most recent year full tax return, 2) Most recent pay stubs, 3) W-2s, 4) Contract from the church to determine benefits.

The IRS looks at the housing allowance portion of a pastor’s income as an exclusion from income.  Therefore the housing allowance is not reported on the personal tax returns as taxable income.  Even though it is not reported on the tax returns, a pastor’s housing allowance can be used in qualifying for a mortgage loan to purchase or refinance a home. 

 As long as we can document the receipt of the housing income through a signed letter from the church/employer stating the actual breakdown of the pay and by providing copies of the checks received, we should be able to count the housing allowance as income.  Some employers will even put the housing allowance on the w2 as a nontaxable amount which makes it even easier. 

See guidelines below:

Housing or Parsonage Allowance A non-military housing or parsonage allowance may be considered qualifying income, if the income has been received for the most recent 12 months. The housing allowance may not be used to offset the monthly housing payment. All of the following income documentation is required:

 Written Verification of Employment, letter from employer, or paystubs reflecting the amount of the housing or parsonage allowance. 

 Terms under which the housing or parsonage allowance is paid.

 Proof of receipt of housing allowance for most recent 12 months. 

Housing or Parsonage allowance may be considered as qualifying income if there is documentation that the income has been received for the most recent 12 months and the allowance is likely to continue for the next three years. 

Member of the Clergy Income for A Mortgage Loan Approval 

Where a borrower is a member of the clergy, all of the following will be required to document income: 1) Most recent year full tax return, 2) Most recent pay stubs, 3) W-2s, 4) Contract from the church to determine benefits.

The IRS looks at the housing allowance portion of a pastor’s income as an exclusion from income.  Therefore the housing allowance is not reported on the personal tax returns as taxable income.  Even though it is not reported on the tax returns, a pastor’s housing allowance can be used in qualifying for a mortgage loan to purchase or refinance a home. 

 As long as we can document the receipt of the housing income through a signed letter from the church/employer stating the actual breakdown of the pay and by providing copies of the checks received, we should be able to count the housing allowance as income.  Some employers will even put the housing allowance on the w2 as a nontaxable amount which makes it even easier. 

See guidelines below:

Housing or Parsonage Allowance A non-military housing or parsonage allowance may be considered qualifying income, if the income has been received for the most recent 12 months. The housing allowance may not be used to offset the monthly housing payment. All of the following income documentation is required:

 Written Verification of Employment, letter from employer, or paystubs reflecting the amount of the housing or parsonage allowance. 

 Terms under which the housing or parsonage allowance is paid.

 Proof of receipt of housing allowance for most recent 12 months. 

Housing or Parsonage allowance may be considered as qualifying income if there is documentation that the income has been received for the most recent 12 months and the allowance is likely to continue for the next three years. 

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

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Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

How to Get a Mortgage in Kentucky with Variable Income

 

How to Get a Mortgage in Kentucky with Variable Income (FHA, VA, USDA & Fannie Mae Guide)

Are you a commission-based, gig economy, or hourly wage worker wondering if your fluctuating income can get you approved for a mortgage in Kentucky? The answer is YES—with the right documentation and strategy. Here’s what you need to know to get approved with variable income for FHA, VA, USDA, and Fannie Mae loans in 2025.

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📌 What is Variable Income?

Variable income includes pay that changes monthly—like bonuses, overtime, tips, commissions, or self-employed earnings. Mortgage lenders require a history of income and proof that it's likely to continue.

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🏠 FHA Mortgage Guidelines

FHA loan Kentucky | FHA variable income | Kentucky mortgage approval

• 2 years of variable income history
• Income consistency required
• Documentation: W-2s, pay stubs, full tax returns

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🇺🇸 VA Loan Guidelines

VA loan Kentucky | veteran mortgage KY | variable income VA loan

• 1-2 years of consistent income
• Must pass residual income test
• Docs: Tax returns, LES, employer verification

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🌾 USDA Loan Guidelines

USDA loan Kentucky | rural mortgage KY | USDA income rules

• 12-24 months income history
• Stability must be documented
• Docs: 2 years of tax returns, YTD paystubs, VOE

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🏡 Fannie Mae (Conventional Loan) Guidelines

Conventional mortgage KY | Fannie Mae variable income

• Minimum 12 months history (24 preferred)
• Trending analysis required
• Docs: Pay stubs, tax returns, income verification

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📄 Tips for Getting Approved with Variable Income

• File taxes on time
• Keep consistent, accurate income records
• Avoid long income gaps
• Request an income stability letter from your employer

Bonus: Include side income if documented.

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👨‍💼 Advice from Kentucky Mortgage Expert – Joel Lobb

“As a Kentucky mortgage broker, I’ve helped hundreds of buyers get approved using commissions, bonuses, and gig work. The key is documentation and program selection.”

📞 (502) 905-3708
📧 kentuckyloan@gmail.com
🌐 www.mylouisvillekentuckymortgage.com
NMLS #57916 | Equal Housing Lender

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📊 Infographics & Visuals

• FHA Income Approval Chart
• VA Residual Income Chart
• USDA Income Verification Infographic
• Fannie Mae Trending Income Graphic

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🎯 Call to Action: Ready to Get Pre-Approved?

Let Joel Lobb and his team help you qualify using your variable income.

• ✔️ Free Pre-Approval
• ✔️ Same-Day Responses
• ✔️ Zero-Down Loan Options

Contact Joel Today:
www.mylouisvillekentuckymortgage.com
NMLS #57916 | www.nmlsconsumeraccess.org

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How to Buy a Home in Kentucky with No Money Down: A Step-by-Step Guide for First-Time Buyer

Dreaming of buying a home in Kentucky but worried about the down payment? You're not alone. Fortunately, several loan programs and grants are available that can help you purchase a home with zero money down. This guide walks you through the most effective ways to make that dream a reality in 2025.

✅ Zero Down Payment Options for Kentucky Buyers

🏡 USDA Loans

• No down payment required
• Must buy in eligible rural areas
• Income limits apply (115% of median income)
• Credit score typically 640+

🎖️ VA Loans

• 100% financing for veterans, service members, and eligible spouses
• No mortgage insurance
• Lenient credit requirements (often 620+)

🏠 FHA Loans + Down Payment Assistance (DAP)

• Minimum 3.5% down, often covered by assistance programs
• Minimum credit score: 580
• Accepted grants and gift funds to reduce upfront costs

🏦 Kentucky Housing Corporation (KHC) Assistance

💰 Down Payment Assistance Program (DAP)

• Up to $10,000 in assistance
• 10-year term at 3.75% interest
• Used with FHA, VA, USDA, and Conventional loans

🎉 Welcome Home Grant

• Available annually for qualified buyers
• Free grant money to cover closing and down payment costs

📝 Steps to Qualify for No Money Down Programs

1. Check Eligibility: Income, location, military status, credit score
2. Get Pre-Approved: Start with a trusted mortgage lender
3. Take a Homebuyer Education Course: Required for most grants
4. Apply for Assistance: Work with your lender to package loans + grants
5. Find a Home: Ensure the property qualifies for the loan program

📊 No Money Down Steps

❓ Frequently Asked Questions

Can I use multiple programs together?

Yes! You can layer KHC down payment assistance with FHA, VA, or USDA loans to cover costs.

What if I have bad credit?

FHA loans allow scores as low as 580 with 3.5% down. With a 620+ score, you can qualify for most no-money-down options.

Do I have to repay down payment assistance?

Some are forgivable if you stay in the home a certain number of years; others require repayment. Your lender will guide you.

📞 Call to Action

Ready to buy your Kentucky home with no money down? Contact Joel Lobb, Mortgage Loan Officer, for a free consultation and same-day pre-approval.

📧 kentuckyloan@gmail.com
📞 Call/Text: (502) 905-3708
🌐 www.mylouisvillekentuckymortgage.com

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NMLS #57916 | Equal Housing Lender | Subject to credit approval and program availability. Not a commitment to lend. Visit nmlsconsumeraccess.org for more information.

Mortgage Options in Kentucky for Buyers with 580 Credit Scores

Can You Buy a Home with a Credit Score of 580?

Buying a home with a credit score of 580 can feel daunting, but FHA loans and state-specific programs in Kentucky offer viable pathways to homeownership. This note covers eligibility criteria, credit improvement strategies, income and debt-to-income (DTI) ratios, down payment requirements, and available assistance, with a focus on practical steps and resources.

FHA Loan Eligibility and Credit Score Requirements

FHA loans, backed by the Federal Housing Administration, are designed to assist buyers with lower credit scores, making them a popular choice for first-time homebuyers or those with financial challenges. According to recent guidelines, the minimum credit score for FHA loans is 500, but the terms vary based on the score:

• Credit Score 500-579: Buyers can qualify with a 10% down payment. This higher down payment reflects the increased risk for lenders, but it remains accessible for those with limited credit history or past financial difficulties.
• Credit Score 580 and Above: Buyers can qualify with a down payment as low as 3.5%, significantly reducing the upfront cost and making homeownership more achievable.

FHA Loan Credit Score Requirements

• 500–579 Credit Score: Requires a 10% down payment
  (Example: $20,000 down on a $200,000 home)
• 580+ Credit Score: Eligible for just a 3.5% down payment
  (Only $7,000 down on the same $200,000 home)

Note: Lenders may impose stricter "overlays"—so shop around for FHA-approved lenders willing to go below 580.

 

Need Help Getting Approved for an FHA Loan in Kentucky?

As an experienced mortgage loan officer specializing in FHA loans for Kentucky first-time homebuyers, I’m here to guide you every step of the way.

Contact Me Today:

• 📧 Email: kentuckyloan@gmail.com
• 📞 Call/Text: 502-905-3708
• 🌐 Website: www.mylouisvillekentuckymortgage.com

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans

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

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Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

Equal Housing Lender

www.nmlsconsumeraccess.org

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