I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with 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 ID 1364
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- 4 Things Required for a KY Mortgage Loan Approval
- Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2024
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Zero Down Kentucky Mortgages
Kentucky USDA Rural Housing Mortgage Lender: Kentucky Rural Housing USDA Maximum Income by Coun...
New Income limits for most counties (*) in Kentucky are $103,500 for a household family of four and household families of five or more can make up to $136,600 with the new changes for
Burlington
Hebron
Independence
Walton
Alexandria
Highland Heights
Cold Springs
Grant County
Owen County
Pendleton County
Boone, Kenton & Campbell Counties (N. KY)
$109,850 (family size 1-4)
$145,000 (family size 5 or more)
$103,500 (family size 1-4)
$136,600 (family size 5 or more)
Most are familiar with USDA Rural Housing Loan Program being a great no money down program available and it is not just for Kentucky first time buyers.
Kentucky FHA Mortgage Guidelines in Video
Mortgage Loan Officer
email: kentuckyloan@gmail.com
Louisville Kentucky VA Home Loan Mortgage Lender: How to Get Approved for a Kentucky VA Home Mortgag...
Basic Understanding of a Kentucky VA Mortgage Loan Approval Process.
The VA makes a guarantee to the lending institution (the
insurance)-for 25% of the loan amount (from a lenders
perspective the effective LTV is 75%).
Because the risk to the bank is reduced, the bank can provide
more affordable loans to the Veteran:
• Eliminating the need for a down payment (100% Mortgage)
• Provides the Veterans favorable interest rates
• Eliminating Mortgage Insurance (NO PMI)
Crushing the Myths of the VA Loan
• VA Mortgage Benefits do not expire.
• You can use your VA benefits as many times as you wish.
• You can have more than 1 at a time. (See occupancy rules)
• There is no limit to the size of a VA loan. (There is a county
loan limit, but veterans can purchase above the county loan
limit with a 25% down payment)
• Credit and risk is reviewed differently by each bank
and lender.
• Even with a foreclosure or short sale, the veteran may still be
able to buy a house with a VA loan. (See burnt entitlement,
veteran might have reduced buying power, but can still
use the VA loan). The VA understands that bad things can
happen to good people.
• VA Appraisals are significantly different than they use to be.
What military documents would I need
to have in order to get a VA mortgage?
I don’t know if I still have my documents from when I
served. How can I retrieve them?
There are three websites that should be able to help you, they are:
archives.gov/veterans/military-service-records/
*If you have difficulty retrieving information from any of these sites,
the local recruiting office for your branch would be able to assist.
I have my discharge paperwork, but would like help
obtaining my Certificate of Eligibility
Contact your lender.
I served, but it was a very long time ago. Do my VA
benefits for a mortgage expire?
No, VA Home Loan benefits never expire. You can use your
VA benefit as long as you’re alive.
I used my VA mortgage along time ago to buy a
home. That means I can’t use it again, right?
The VA Mortgage can be used several times over. If the previous
home was sold, your entitlement should be fully reinstated.
What is the minimum credit score to obtain
a VA mortgage?
The VA does not have a minimum credit score, but lenders will
have their own internal overlay. If your score is greater than 580,
you are likely a candidate for the VA mortgage.
Can I use the VA loan to buy a condo?
You can, with the same terms as buying a detached single family
residence. However, we do have to see if the condo association
is VA approved. Check this website:
vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
I relocated here and have a home in my hometown. I
kept the home and it has a VA mortgage on it now.
Can I get another VA mortgage?
You can get another VA Mortgage. Mortgage
will calculate your remaining entitlement to compute your
maximum loan amount with no money down and/or what
you would have to put down if you exceed the remaining
entitlement.
Can I build a home with a VA Home Loan?
Yes, but there are several clauses that may make this difficult
to accomplish. Many veterans use their VA Home Loan
Certificate of Eligibility to negotiate in good faith a private home
construction loan and then refinance the completed home using
VA Home Loans.
I heard the VA Mortgage was more expensive than
other mortgage types. Is that true?
There is a mandatory funding fee on all VA mortgages (unless
the borrowing veteran is receiving a VA related disability, then
the funding fee is waived). The funding fee is built over and
above the loan amount and the fees are as below.
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Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA MORTGAGE LOANS
Here’s a quick overview of KENTUCKY MORTGAGE USDA loans:
- No down payment - a true 100% LTV Loan
- Minimum credit score of NONE . Just investors will create overlays and institute a higher minimum credit score-Be aware of this!~!!!
- The following slides will highlight a few key credit requirements.
- • Credit requirements may vary for loans underwritten with the assistance of the GUS compared
- to those that are manually underwritten.
- • Lenders and investors may impose overlays. A common overlay is credit score requirements.
- Rural Development does not have a minimum published credit score, but many lenders do.
- • It is the lender’s responsibility to determine the creditworthiness of their applicant. In some
- cases of adverse credit, the lender’s underwriter can grant credit exceptions.
- • There are a few instances of adverse credit that a lender cannot waive which include delinquent
- non‐tax Federal debt, delinquent child support, previous USDA losses, and a CAIVRS claim
- indicating the applicant is delinquent on federal debt.
- Borrowers that do not have a credit score may be eligible with additional requirements.
- Kentucky USDA Rural Housing has a Household income limits apply.
- The base USDA income limits are for most Kentucky counties below:
Kentucky USDA Mortgage Limits for Households with 1-4 members have different limits as households with 5-8. Similarly, applicants living in high-cost counties will have a higher income limit than those living in counties with a more average cost of living.
The base USDA income limits are formostKentucky counties below:
New Income limits for most counties (*) in Kentucky are $103,500 for a household family of four and household families of five or more can make up to $136,600 with the new changes for
2022 Kentucky USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of$103,500for a family of four and up to $136,600 for a family of five or more. The metro area surrounding counties of Jefferson County includes Oldham, Bullitt, Spencer are included in these higher income limits for USDA loans.
Remember, the entire Jefferson County and Fayette County Kentucky counties are not eligible for USDA loans. Along with parts of the following counties Daviess (Owensboro), Mccracken (Paducah), Madison County, (Richmond), Clark County (Winchester), Warren (Bowling Green), Hardin (Fort Knox and Radcliff), Bullitt(Hillview, Maryville, Zoneton, Fairdale, Brooks), Franklin, (Frankfort), Henderson (Henderson City Limits)…
- Generally easier to qualify for than a Conventional mortgage and much cheaper mortgage insurance than FHA loans in Kentucky!
- Property must be located in an eligible rural area as designated by map below
- No maximum loan amount unlike FHA and Conventional loans.
- Eligible Property Types:
- 1 unit properties only and must meet HUD FHA minimum standards
- HUD Approved Condos
- New Manufactured Homes (*There is currently a pilot program in KENTUCKY only that allows for existing homes built after Jan. 2006)
Credit Accounts and Adverse Credit
Chapter 12 or 13 Bankruptcy
Charge‐Offs
Consumer Credit Counseling Debt Management Plans
Delinquent Court Ordered Child Support
Federal Taxes
Deed‐in‐Lieu, Foreclosures, and Short Sales
Previous USDA Loss
Rent/Mortgage Payment History
Want to learn more about KENTUCKY USDA loans? Let us know, we are here to help!