Kentucky First Time Homebuyer Pitfalls to Avoid

Kentucky First Time Homebuyer Pitfalls to Avoid.

Success Story

KHC had $4 million in special funding for households whose gross annual income did not exceed $35,000, and who were age 62 or older, disabled and receiving disability income, or with a child under age 18.

The dream of homeownership became a reality for Barbara, 67, who lived her life as a renter until this program.  Recently retired from Kroger, Barbara receives $31,000 per year in retirement and Social Security, and her credit score is 786.  Barbara met the requirements for the .25% fixed-rate for 30 years MRB Special Funding Program.  She was over 65 years of age, earned less than $35,000 per year in income, and had a credit score above 640.  Barbara worked with Statewide Mortgage, a Third-Party Originator for KHC, to secure the loan, selecting an FHA-insured loan with no Down payment Assistance Program (DAP), using $3,000 in savings and $3,000 in seller concessions.  KHC’s FHA no DAP rate at the time of application was 4.25 percent.  At the standard rate, Barbara’s payment would have been $200 higher, inhibiting her qualification for the loan due to a modest debt load.

Without the partnership with so many agencies and lenders across Kentucky, KHC would not be able to help so many Kentuckians who deserve a better place to call home.  Thank you for all you do!  Please see below for details about how many Kentuckians were helped with the .25% MRB Special Funding Program.

Funds Committed:  $4.6 million

Loan Reservations:  51

Average Income:  $25,061

Average Purchase Price:  $90,943

Loans Using DAP:  47 percent

Counties Served:  21

Lenders:  19

Qualifying Status

Disabled:  6

Elderly:  10

Single-parent with child:  26

Two-parents with child:  11

Electronic Signatures

Effective immediately, Kentucky Housing Corporation (KHC) will allow electronic signatures per agency guidelines on purchase contracts.  KHC’s Secondary Market and Mortgage Revenue Bond (MRB) Program Guides have been updated to reflect this change.  The Program Guides are available on KHC’s Web site, under Lenders/Realtors,


Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 Company ID #1364 | MB73346 Equal Housing Lender

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