Kentucky First Time Home Buyer Loan Options






Joel Lobb  Mortgage Loan Officer

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

http://www.mylouisvillekentuckymortgage.com/


NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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).

Kentucky's Welcome Home Grant: A $20,000 Grant To Help Kentucky Home Buy...

FHA loans are a popular option for Kentucky home buyers' with bad credit

 FHA loans are a popular option for Kentucky home buyers' with bad credit, but there are certain requirements you'll need to meet to qualify. Here's a quick overview:

Kentucky FHA Loan Requirements for 2024 to include Credit Fico Scores, Down Payment, Income and Job history


Credit score:

* The minimum credit score for an FHA loan in Kentucky is 500 to 580 depending on your credit score and down    payment. However, some lenders may accept scores as low as 500 with a larger down payment (10% instead of 3.5%).

Debt-to-income ratio:

* Your debt-to-income ratio (DTI) is your monthly debt payments divided by your gross monthly income. Most lenders prefer a DTI below 50%, but some may allow up to 56.9%.

Down payment:

* The minimum down payment for an FHA loan is 3.5% of the purchase price.

Employment and income:

* You'll need to have steady employment for at least two years and sufficient income to cover your monthly mortgage payment.


* You'll also need to meet other requirements, such as having a valid Social Security number and homeowner's insurance.

If you have bad credit and are considering an FHA loan in Kentucky, it's important to shop around and compare rates from different lenders. You may also want to consider talking to a credit counselor to help improve your credit score before you apply.


Joel Lobb  Mortgage Loan Officer

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

http://www.mylouisvillekentuckymortgage.com/

Kentucky FHA Loan Requirements for 2024 to include Credit Fico Scores, Down Payment, Income and Job history


NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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).

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.

Kentucky's Welcome Home Grant: A $20,000 Grant To Help Kentucky Home Buyers in 2024 Buy their First House in Kentucky

KENTUCKY WELCOME GRANT INFORMATION FOR QUALIFYING IN 2024 

KENTUCKY WELCOME GRANT INFORMATION FOR QUALIFYING IN 2024


Kentucky's Welcome Home Grant: A $20,000 Boost for Homeownership!

Dreaming of owning a home in Kentucky but facing hurdles with the down payment? The Welcome Home Grant program might be your answer! This initiative offers a $20,000 grant to eligible homebuyers, giving them a significant financial boost towards their dream home. Let's delve into the program's details and see if you qualify!

What is the Welcome Home Grant Program?

This program, funded by the Federal Home Loan Bank of Cincinnati (FHLBC), partners with participating lenders across Kentucky to provide down payment and closing cost assistance to homebuyers. It aims to increase homeownership opportunities for individuals and families, particularly those with moderate income.

Who is Eligible?

  • Income Limits: Your household income must be at or below 80% of the Mortgage Revenue Bond (MRB) limit for your county. You can find these limits here --๐Ÿ‘‡>>https://kyfirsttimehomebuyer.wordpress.com/2024/01/20/kentucky-welcome-home-grant-5000-00/
  • Only Kentucky First-Time Homebuyers? Not necessarily: Both first-time and repeat homebuyers can apply!
  • Location: The property must be your primary residence and located in a county participating in the program. It's available in all 120 counties of Kentucky
  • Other Requirements: You must have a fully executed purchase contract, contribute at least $500 of your own funds towards the down payment/closing costs, and meet the lender's creditworthiness standards.

Important Dates to Remember:


  • Application Period: Reservations for the 2024 Welcome Home Grant program open on March 1st, 2024, at 8:00 AM ET.
  • Funding Availability: Grants are limited and awarded on a first-come, first-served basis.
  • Program Duration: The program runs until all funds are reserved.
  • Must have contract under agreement to submit for funds. 

Benefits of the Welcome Home Grant:

  • Significant financial assistance: $20,000 can make a huge difference in lowering your down payment and closing costs.
  • More affordable monthly payments: A smaller down payment translates to a lower mortgage amount and potentially lower monthly payments.
  • Opens doors to homeownership: The grant can make homeownership more accessible for those facing financial constraints.

Next Steps:

  1. Check your eligibility: Visit the this  Kentucky Welcome Home Grant Qualifying Criteria or contact a participating lender to confirm you meet the income and other requirements. 
  2. Find a participating lender: A list of participating lenders is available on the FHLBC website or here --->>> Kentucky Lenders for Welcome Home Grant 2024.
  3. Get pre-approved: Getting pre-approved shows the seller you're a serious buyer and helps you understand your budget.
  4. Be prepared on March 1st: Have all necessary documents ready to submit your reservation for the grant as soon as applications open.
  5. Income Limits for Kentucky Welcome Grant for all Kentucky Counties below:๐Ÿ‘‡
  6. ๐Ÿ‘‰Kentucky welcome grant income limits for 2024


Kentucky Welcome Home Buyer Eligibility
A homebuyer would be eligible for the Kentucky Welcome Home grant if all of the following guidelines are met:

  • The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
  • A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
  • The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
  • If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
    Note: Applicants do not have to be first-time homebuyers.
Kentucky Property Eligibility
The Kentucky Welcome Home grant is available for various property types:

  • The property will be the homebuyer’s primary residence;
  • The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
  • The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
Beginning March 1, 2024, the Federal Home Loan Bank of Cincinnati offers grants of up to $25,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $20,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program. Who are Eligible Homebuyers?
A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met: The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located –


In Jefferson County 1 or 2 person families can make up to $71,760. 3-4 persons in the household cap at $82,584. The limits are slightly higher or lower in the surrounding counties like Bullitt, Henry, Oldham, Spencer, Hardin, Meade, Nelson and Spencer Counites. see limits below



2024 Welcome Home Program for Kentucky Home Buyers


– Kentucky First-Time Homebuyer Loan Programs for FHA, VA, KHC and USDA

2024 Income Limits Kentucky Welcome Program Below:


Use the 80% limits for the Welcome Home Program

 100% limits80% limits** 
 1-2 Persons3 + Persons1-2 Persons3 + Persons
Adair$               78,600$               90,390$             62,880$               72,312
Allen$               78,600$               91,420$             62,880$               73,136
Anderson$               86,270$               99,210$             69,016$               79,368
Ballard$               80,400$               93,800$             64,320$               75,040
Barren$               78,600$               90,390$             62,880$               72,312
Bath$               94,320$             110,040$             75,456$               88,032
Bell$               94,320$             110,040$             75,456$               88,032
Boone$             101,100$             116,265$             80,880$               93,012
Bourbon$               89,300$             102,695$             71,440$               82,156
Boyd$               83,040$               96,880$             66,432$               77,504
Boyle$               80,760$               94,220$             64,608$               75,376
Bracken$             101,100$             116,265$             80,880$               93,012
Breathitt$               94,320$             110,040$             75,456$               88,032
Breckinridge$               87,410$             100,521$             69,928$               80,417
Bullitt$               89,700$             103,155$             71,760$               82,524
Butler$               78,600$               91,420$             62,880$               73,136
Caldwell$               84,480$               98,560$             67,584$               78,848
Calloway$               82,560$               96,320$             66,048$               77,056
Campbell$             101,100$             116,265$             80,880$               93,012
Carlisle$               78,600$               90,860$             62,880$               72,688
Carroll$               78,600$               90,390$             62,880$               72,312
Carter$               94,320$             110,040$             75,456$               88,032
Casey$               94,320$             110,040$             75,456$               88,032
Christian$               87,590$             100,728$             70,072$               80,582
Clark$               89,300$             102,695$             71,440$               82,156
Clay$               94,320$             110,040$             75,456$               88,032
Clinton$               94,320$             110,040$             75,456$               88,032
Crittenden$               83,760$               97,720$             67,008$               78,176
Cumberland$               78,600$               90,390$             62,880$               72,312
Daviess$               86,950$               99,992$             69,560$               79,994
Edmonson$               86,650$               99,647$             69,320$               79,718
Elliott$               94,320$             110,040$             75,456$               88,032
  County100% limits80% limits
1-2 Persons3 + Persons1-2 Persons3 + Persons
Estill$             94,320$           110,040$             75,456$             88,032
Fayette$             89,300$           102,695$             71,440$             82,156
Fleming$             78,600$             90,390$             62,880$             72,312
Floyd$             94,320$           110,040$             75,456$             88,032
Franklin$             85,430$             98,244$             68,344$             78,595
Fulton$             78,600$             90,390$             62,880$             72,312
Gallatin$           101,100$           116,265$             80,880$             93,012
Garrard$             87,210$           100,291$             69,768$             80,233
Grant$             79,560$             92,820$             63,648$             74,256
Graves$             83,160$             97,020$             66,528$             77,616
Grayson$             78,600$             90,390$             62,880$             72,312
Green$             78,600$             90,390$             62,880$             72,312
Greenup$             83,040$             96,880$             66,432$             77,504
Hancock$             86,950$             99,992$             69,560$             79,994
Hardin$             86,750$             99,762$             69,400$             79,810
Harlan$             94,320$           110,040$             75,456$             88,032
Harrison$             87,250$           100,337$             69,800$             80,270
Hart$             78,600$             90,390$             62,880$             72,312
Henderson$             87,300$           100,395$             69,840$             80,316
Henry$             89,700$           103,155$             71,760$             82,524
Hickman$             79,560$             92,820$             63,648$             74,256
Hopkins$             80,640$             94,080$             64,512$             75,264
Jackson$             94,320$           110,040$             75,456$             88,032
Jefferson$             89,700$           103,155$             71,760$             82,524
Jessamine$             89,300$           102,695$             71,440$             82,156
Johnson$             94,320$           110,040$             75,456$             88,032
Kenton$           101,100$           116,265$             80,880$             93,012
Knott$             94,320$           110,040$             75,456$             88,032
Knox$             94,320$           110,040$             75,456$             88,032
Larue$             86,750$             99,762$             69,400$             79,810
Laurel$             78,600$             90,390$             62,880$             72,312
Lawrence$             94,320$           110,040$             75,456$             88,032
Lee$             94,320$           110,040$             75,456$             88,032
Leslie$             94,320$           110,040$             75,456$             88,032
Letcher$             94,320$           110,040$             75,456$             88,032
Lewis$             94,320$           110,040$             75,456$             88,032
Lincoln$             78,600$             90,390$             62,880$             72,312
Livingston$             82,320$             96,040$             65,856$             76,832
Logan$             80,760$             94,220$             64,608$             75,376
Lyon$             87,310$           100,406$             69,848$             80,325
  County100% limits80% limits
1-2 Persons3 + Persons1-2 Persons3 + Persons
McCracken$             87,130$           100,199$               69,704$             80,159
McCreary$             94,320$           110,040$               75,456$             88,032
McLean$             86,950$               99,992$             69,560$             79,994
Madison$             86,910$               99,946$             69,528$             79,957
Magoffin$             94,320$           110,040$               75,456$             88,032
Marion$               80,760$               94,220$             64,608$             75,376
Marshall$               86,030$               98,934$             68,824$             79,147
Martin$               94,320$           110,040$               75,456$             88,032
Mason$             85,920$           100,240$               68,736$             80,192
Meade$               85,790$               98,658$             68,632$             78,926
Menifee$               94,320$           110,040$               75,456$             88,032
Mercer$               86,730$               99,739$             69,384$             79,791
Metcalfe$               94,320$           110,040$               75,456$             88,032
Monroe$               78,600$               90,390$             62,880$             72,312
Montgomery$             78,600$               91,140$             62,880$             72,912
Morgan$               94,320$           110,040$               75,456$             88,032
Muhlenberg$             78,600$               91,700$             62,880$             73,360
Nelson$               85,170$               97,945$             68,136$             78,356
Nicholas$               78,600$               90,860$             62,880$             72,688
Ohio$               78,600$               90,390$             62,880$             72,312
Oldham$             89,700$           103,155$               71,760$             82,524
Owen$               78,600$               91,700$             62,880$             73,360
Owsley$               94,320$           110,040$               75,456$             88,032
Pendleton$           101,100$           116,265$               80,880$             93,012
Perry$               94,320$           110,040$               75,456$             88,032
Pike$               94,320$           110,040$               75,456$             88,032
Powell$               94,320$           110,040$               75,456$             88,032
Pulaski$             78,600$               90,390$             62,880$             72,312
Robertson$             94,320$           110,040$               75,456$             88,032
Rockcastle$             94,320$           110,040$               75,456$             88,032
Rowan$             94,320$           110,040$               75,456$             88,032
Russell$             78,600$               90,860$             62,880$             72,688
Scott$               89,300$           102,695$               71,440$             82,156
Shelby$               92,700$           106,605$               74,160$             85,284
Simpson$             82,920$               96,740$             66,336$             77,392
Spencer$               89,700$           103,155$               71,760$             82,524
Taylor$             78,600$               90,390$             62,880$             72,312
Todd$             78,600$               90,390$             62,880$             72,312
Trigg$               87,590$           100,728$               70,072$             80,582
Trimble$               86,770$               99,785$             69,416$             79,828
 100% limits80% limits
    
Union$             78,600$             91,420$             62,880$             73,136
Warren$             86,650$             99,647$             69,320$             79,718
Washington$             87,090$           100,153$             69,672$             80,122
Wayne$             94,320$           110,040$             75,456$             88,032
Webster$             78,600$             90,390$             62,880$             72,312
Whitley$             94,320$           110,040$             75,456$             88,032
Wolfe$             94,320$           110,040$             75,456$             88,032
Woodford$             89,300$           102,695$             71,440$             82,156
Home Buyer Eligibility

A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:


The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,

If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
Note: Applicants do not have to be first-time homebuyers.

Property Eligibility

The Welcome Home grant is available for various property types:


The property will be the homebuyer’s primary residence;
The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.



Joel Lobb  Mortgage Loan Officer
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

http://www.mylouisvillekentuckymortgage.com/


A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand; The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; And, If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing. YOU DO NOT HAVE TO BE A FIRST-TIME BUYER TO OBTAIN THIS GRANT. What is an Eligible Property? A property would be eligible if all of the following guidelines are met: The property will be the homebuyer’s primary residence; The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units); And, The property is subject to a legally enforceable five-year retention mechanism – this means it is forgiven at a rate of 20% per year and if you sell before 5 years, they will be repaid part of the grant.

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email:
 joel@loansolutionsnow.com

http://www.mylouisvillekentuckymortgage.com/


NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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 approvalnor 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).