Home Loan Options for Kentucky First-Time Home-buyers in 2020


via Home Loan Options for Kentucky First-Time Home-buyers in 2020

Home Loan Options for Kentucky First-Time Home-buyers in 2020


Kentucky FHA Mortgage Loans

Kentucky FHA loans are insured to give lenders a layer of protection if you default on the mortgage. They typically have competitive interest rates, smaller down payments and lower closing costs than conventional loans. A low credit score can still warrant only a 3.5 percent down payment down to a 580 credit score.

If the score is below 580, you will need a down payment of 10%

2 years removed from bankruptcy and 3 years removed from foreclosure

Clear Cavirs Alert Number (Delinquent with Government Debts)

2 year work history usually needed.

No need for rent verification unless credit scores are derogatory.

Collections usually don’t have to be paid, but if being garnished or sued with a judgement lien, typically will need to be paid.

Max debt to income ratio centered around 50% of your total gross monthly income divided by your monthly payment on the credit report along with new house payment.

Kentucky VA Home Loans

Kentucky Mortgage  loans is backed by the  VA guarantees home loans that help active military members, veterans and surviving spouses. VA loans don’t require a down payment or minimum credit score and no monthly mortgage insurance. This is one of the biggest benefits of VA loans is that they don’t require monthly mi, like FHA (.85. .80 or .45) , USDA (.35) and some Conventional Loans (varies on credit score and equity position or down payment or as lenders call it Loan to Value.

They offer 100% Financing, 2 years removed from bankruptcy or foreclosure, a clear CAVIRS, and must meet residual income requirements.

 

VA loans is the only type of mortgage loan offered in the Secondary Market (FHA, VA, USDA, Fannie Mae and Freddie Mac Conventional Loans) that has residual income requirements based on household size and state you live in.

What is residual income?

Residual income is the amount left over after you pay your monthly utilities on home, property taxes and home insurance, mortgage payment and the FICA/Medicare, Taxes for State and Federal, Health Insurance, 401k deductions and loans on credit report to include child support.

 

Kentucky Fannie Mae and Freddie Mac

They are government-sponsored entities that back home loans for low- and moderate-income families.

Down payments can be as low as 3 percent and monthly mortgage is relativity cheap if you have a high credit score (over 720) and at least 5% down payment.

One of the biggest advantages of conventional loans when you are putting down less than 80%,  is that the mortgage insurance is not for life of loan like, FHA, USDA has, and it has no upfront mortgage insurance premium like FHA (1.75% upfront mi premium) or VA (upfront mi premium from 2.15% to 3.6% depending on usage and loan type)

Kentucky USDA Rural Housing Loan
The U.S. Department of Agriculture, or USDA, focuses on homes in rural areas and guarantees the home loan. Borrowers don’t have to buy or run a farm.

A credit score of 640 or higher typically gets an applicant streamlined processing. A lower score is allowed but may require extra documentation about payment history.

Kentucky Rural Development Mortgage Guide

No Down Payment Required, Zero NADA! – Kentucky Rural Housing USDA loans allow someone to buy a home without putting any money down.
Lower Mortgage Insurance costs – Mortgage Insurance, is much lower on KY USDA loans than on FHA This can save you a lot of money.
30 year fixed Interest Rates for Kentucky Rural Housing Loans with no prepay penalty The interest rates are lower on USDA loans, which results in lower payments, and plenty of money saved over time.

How to Qualify for a Kentucky USDA Loan

Property Eligibility – The home you want to finance with a KY USDA loan must be an eligible property. The property must be located in a rural area which is generally defined to have the following characteristics: Under certain conditions, towns and cities with populations between 10,000 and 25,000. The USDA makes the eligibility determination, which may be verified at the following link: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

Job History – Similar to all other mortgage loans, a two year employment history is required. You must show that you have been consistently employed for the past two years in order to qualify for Kentucky USDA financing; however in certain circumstances a small gap in employment may be permitted with a reasonable explanation. Additionally, if you have just completed schooling or military service and are newly employed but do not yet have a 2 year history, your income may also be eligible.

Income Limits – The Kentucky Rural Housing USDA program is intended to assist low and moderate-income Kentucky households, therefore to be eligible for a USDA loan, your household income may not exceed the moderate-income limits established for the specific county in which you are financing a home. you may view the eligibility requirements on this page of the USDA website:


New Income limits for most counties (*) in Kentucky are $86,850 for a household family of four and household families of five or more  can make up to  $114,650.



The Northern Kentucky Counties (***) of Boon, Kenton, Campbell, Brackenn, Gallatin, and Pendleton are $93,500 for a household of four or less and up to $123,400 for a family of five or more.

USDA Eligible Areas in Northern Kentucky
Burlington
Hebron
Independence
Walton
Alexandria
Highland Heights
Cold Springs
Grant County
Owen County
Pendleton County

USDA Income Limits
Boone, Kenton & Campbell Counties (N. KY)

$93,500 (family size 1-4)
$123,400 (family size 5 or more)

Grant, Owen & Pendleton Counties (N. KY)

$86,850 (family size 1-4)
$114,650 (family size 5 or more)

With the new changes for 2019 USDA Income limits, the Jefferson County Louisville, KY Metro area (**) saw an increase of $87,600 for a family of four and up to $115,650 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), Christian County (Hopkinsville, Fort Campbell), Boyd County (Ashland city limits) and the most Northern Parts of Boone, Kenton, Campbell Counties of Northern Kentucky (Covington, Florence, Richwood, Hebron, Ludlow, Fort Thomas, Bellevue, Ryle, Beechwood, ) see  map below

DTI Ratio or debt to income ratios. One of the main criteria in determining if you will be approved or not is your debt-to-income ratio. While you must not make too much money, you also must not have too much debt. Your debt-to-income ratio is how much monthly debt you have (only those debts which show on your credit report are counted) compared to your qualifying income.

Credit Score – The minimum credit score for a Kentucky USDA Mortgage Loan goes down to a 581 credit score, however most loans get approved at 640 or higher .varies from lender to lender, but most want to see at least a 640 credit score for you to be approved.

Mortgage Insurance – USDA loans have their own version of mortgage insurance. It is called the “Guaranteed Fee” and works similarly to FHA loans which have an upfront and monthly mortgage insurance premium (MIP). With USDA loans, there is a 1.00% upfront guarantee fee which may be financed on top of your loan, and a 0.35% annual guarantee fee that is divided into 12 payments each year. The amount of your annual fee (paid monthly) adjusts each year and goes down as your loan balance does. Use our USDA calculator to get an idea of what your monthly payment will be

Kentucky Good Neighbor Next Door Mortgage Loan
This program sponsored by the U.S. Department of Housing and Urban Development helps law enforcement officers, firefighters, emergency medical technicians and K-12 grade teachers buy homes.

A 50 percent discount off a home’s listed price is available through the program in areas labeled “revitalization areas.” Buyers must commit to living in the home for at least 36 months.

Kentucky FHA 203(k) Rehab Loans

If a fixer-upper fits more easily into your budget, a Section 203(k) rehabilitation program loan that’s backed by FHA can help. It considers the value of the home after you’ve made improvements, and lets you borrow the money for these fixes, rolling it into your mortgage. The down payment can be as low as 3 percent!

 

2020 Welcome Home Program for Kentucky Home Buyers.


via 2020 Welcome Home Program for Kentucky Home Buyers.

Kentucky Welcome Home Grant Income Limits for 2020

What is the Welcome Home Program?

The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to $5,000 per homebuyer and Members are subject to an aggregate limit of $200,000 per offering. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM ET on March 3, 2020, and will remain available until all funds have been reserved.

 

Who Can Use the WHP?

The FHLB has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership. These funds are available to Members as grants to assist their mortgage loan applicants in the home buying process. This is our most widely used program, ideally suited to the needs of community lenders and their customers.

 

What are the Program Requirements?

Below is an abbreviated list of program eligibility requirements:

  • The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. The FHLB has an Income and Affordability Workbook to assist in determining household income eligibility.
  • Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs.
  • WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.
  • WHP grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
  • WHP grant funds may be used in conjunction with other local, state and federal funding sources and with the FHLB Cincinnati’s Community Investment Cash Advance Programs.
  • The Member who reserves the WHP funds must originate the first loan, but the loan may close in the name of a third party.
  • The interest rate for the first mortgage may not exceed 7.50 percent.
  • The interest rate for the second mortgage may not exceed 11.00 percent.
  • Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.

All eligible property assisted with WHP funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.

 

How Do I Apply?

Information for Homebuyers

Reserving WHP Funds

Homebuyers must apply with one of our Member institutions. Click here to search our Member Directory.

Members may reserve funds via the Welcome Home Program link through the FHLB’s Members Only portal by submitting an online Reservation Request with supporting documentation. Instructions for accessing Members Only may be found here.

The FHLB will perform a preliminary review of the Reservation Request and the documentation submitted to determine eligibility of the homebuyer, availability of funds in the program, and availability of funds for the Member. If any of the information is incomplete, additional documentation or information may be required. Note: The Reservation Request will be denied upon receipt if a fully executed loan application is not included.

Written notification will be provided to the Member as to the homebuyer’s eligibility. Submission of a Reservation Request does not constitute an approval of funds. Funds are reserved only upon written notification of approval from the FHLB.

Please allow four weeks for the FHLB to review the Reservation Request and supporting documentation.

Disbursing WHP Funds

Welcome Home funds will only be disbursed after closing. The FHLB has some general guidance and specific instructions that Members and Closing Agents should use in closing mortgages using Welcome Home funds. Funds will be disbursed only to the extent they are required to fill the gap for down payment, closing costs, and counseling fees.

Members may submit a Request for Payment of Reserved Funding with supporting documentation via the Welcome Home Program link through the FHLB’s Members Only portal. Submission of a Request for Payment of Reserved Funding is not an approval of funds disbursement. Once the Request for Payment of Reserved Funding has been reviewed and approved, funds will be disbursed to the Member.

In the event the FHLB determines that funds were used for an ineligible expense, the grant will be reduced by the amount of the ineligible expense unless the household brings adequate funds to the closing to cover the amount of the ineligible expense. Under no circumstances will cash back to the homebuyer be permitted.

Please allow four to six weeks for the FHLB to review the Request for Payment of Reserved Funding and supporting documentation.

Kentucky Welcome Home Grant Income Limits for 2020

County 100% limits 80% limits
1-2 Persons 3+ Persons 1-2 Persons 3+ Persons
Adair $75,240 $87,780 $60,192 $70,224
Allen $75,240 $87,780 $60,192 $70,224
Anderson $68,800 $79,120 $55,040 $63,296
Ballard $62,700 $72,105 $50,160 $57,684
Barren $62,700 $72,105 $50,160 $57,684
Bath $75,240 $87,780 $60,192 $70,224
Bell $75,240 $87,780 $60,192 $70,224
Boone $81,300 $93,495 $65,040 $74,796
Bourbon $89,400 $104,300 $71,520 $83,440
Boyd $62,700 $72,105 $50,160 $57,684
Boyle $75,240 $87,780 $60,192 $70,224
Bracken $97,560 $113,820 $78,048 $91,056
Breathitt $75,240 $87,780 $60,192 $70,224
Breckinridge $75,240 $87,780 $60,192 $70,224
Bullitt $76,400 $87,860 $61,120 $70,288
Butler $75,240 $87,780 $60,192 $70,224
Caldwell $62,700 $72,105 $50,160 $57,684
Calloway $62,700 $72,105 $50,160 $57,684
Campbell $81,300 $93,495 $65,040 $74,796
Carlisle $75,240 $87,780 $60,192 $70,224
Carroll $75,240 $87,780 $60,192 $70,224
Carter $75,240 $87,780 $60,192 $70,224
Casey $75,240 $87,780 $60,192 $70,224
Christian $60,900 $70,035 $48,720 $56,028
Clark $89,400 $104,300 $71,520 $83,440
Clay $75,240 $87,780 $60,192 $70,224
Clinton $75,240 $87,780 $60,192 $70,224
Crittenden $75,240 $87,780 $60,192 $70,224
Cumberland $75,240 $87,780 $60,192 $70,224
Daviess $68,500 $78,775 $54,800 $63,020
Edmonson $75,240 $87,780 $60,192 $70,224
Elliott $75,240 $87,780 $60,192 $70,224
Estill $75,240 $87,780 $60,192 $70,224
Fayette $74,500 $85,675 $59,600 $68,540
Fleming $75,240 $87,780 $60,192 $70,224
Floyd $75,240 $87,780 $60,192 $70,224
Franklin $68,200 $78,430 $54,560 $62,744
Fulton $75,240 $87,780 $60,192 $70,224
Gallatin $97,560 $113,820 $78,048 $91,056
Garrard $75,240 $87,780 $60,192 $70,224
Grant $75,240 $87,780 $60,192 $70,224
Graves $62,700 $72,105 $50,160 $57,684
Grayson $75,240 $87,780 $60,192 $70,224
Green $75,240 $87,780 $60,192 $70,224
Greenup $62,700 $72,105 $50,160 $57,684
Hancock $68,500 $78,775 $54,800 $63,020
Hardin $67,600 $77,740 $54,080 $62,192
Harlan $75,240 $87,780 $60,192 $70,224
Harrison $75,240 $87,780 $60,192 $70,224
Hart $75,240 $87,780 $60,192 $70,224
Henderson $67,200 $77,280 $53,760 $61,824
Henry $91,680 $106,960 $73,344 $85,568
Hickman $75,240 $87,780 $60,192 $70,224
Hopkins $75,240 $87,780 $60,192 $70,224
Jackson $75,240 $87,780 $60,192 $70,224
Jefferson $76,400 $87,860 $61,120 $70,288
Jessamine $74,500 $85,675 $59,600 $68,540
Johnson $75,240 $87,780 $60,192 $70,224
Kenton $81,300 $93,495 $65,040 $74,796
Knott $75,240 $87,780 $60,192 $70,224
Knox $75,240 $87,780 $60,192 $70,224
Larue $81,120 $94,640 $64,896 $75,712
Laurel $62,700 $72,105 $50,160 $57,684
Lawrence $75,240 $87,780 $60,192 $70,224
Lee $75,240 $87,780 $60,192 $70,224
Leslie $75,240 $87,780 $60,192 $70,224
Letcher $75,240 $87,780 $60,192 $70,224
Lewis $75,240 $87,780 $60,192 $70,224
Lincoln $75,240 $87,780 $60,192 $70,224
Livingston $62,700 $72,105 $50,160 $57,684
Logan $75,240 $87,780 $60,192 $70,224
Lyon $63,600 $73,140 $50,880 $58,512
Madison $75,240 $87,780 $60,192 $70,224
Magoffin $75,240 $87,780 $60,192 $70,224
Marion $75,240 $87,780 $60,192 $70,224
Marshall $62,700 $72,105 $50,160 $57,684
Martin $75,240 $87,780 $60,192 $70,224
Mason $75,240 $87,780 $60,192 $70,224
McCracken $62,700 $72,105 $50,160 $57,684
McCreary $75,240 $87,780 $60,192 $70,224
McLean $82,200 $95,900 $65,760 $76,720
Meade $62,700 $72,105 $50,160 $57,684
Menifee $75,240 $87,780 $60,192 $70,224
Mercer $63,200 $72,680 $50,560 $58,144
Metcalfe $75,240 $87,780 $60,192 $70,224
Monroe $75,240 $87,780 $60,192 $70,224
Montgomery $75,240 $87,780 $60,192 $70,224
Morgan $75,240 $87,780 $60,192 $70,224
Muhlenberg $62,700 $72,105 $50,160 $57,684
Nelson $79,320 $92,540 $63,456 $74,032
Nicholas $75,240 $87,780 $60,192 $70,224
Ohio $75,240 $87,780 $60,192 $70,224
Oldham $76,400 $87,860 $61,120 $70,288
Owen $75,240 $87,780 $60,192 $70,224
Owsley $75,240 $87,780 $60,192 $70,224
Pendleton $97,560 $113,820 $78,048 $91,056
Perry $75,240 $87,780 $60,192 $70,224
Pike $75,240 $87,780 $60,192 $70,224
Powell $75,240 $87,780 $60,192 $70,224
Pulaski $75,240 $87,780 $60,192 $70,224
Robertson $75,240 $87,780 $60,192 $70,224
Rockcastle $75,240 $87,780 $60,192 $70,224
Rowan $75,240 $87,780 $60,192 $70,224
Russell $75,240 $87,780 $60,192 $70,224
Scott $89,400 $104,300 $71,520 $83,440
Shelby $76,200 $87,630 $60,960 $70,104
Simpson $62,700 $72,105 $50,160 $57,684
Spencer $91,680 $106,960 $73,344 $85,568
Taylor $62,700 $72,105 $50,160 $57,684
Todd $75,240 $87,780 $60,192 $70,224
Trigg $60,900 $70,035 $48,720 $56,028
Trimble $91,680 $106,960 $73,344 $85,568
Union $62,700 $72,105 $50,160 $57,684
Warren $62,700 $72,105 $50,160 $57,684
Washington $75,240 $87,780 $60,192 $70,224
Wayne $75,240 $87,780 $60,192 $70,224
Webster $75,240 $87,780 $60,192 $70,224
Whitley $75,240 $87,780 $60,192 $70,224
Wolfe $75,240 $87,780 $60,192 $70,224
Woodford $74,500 $85,675 $59,600 $68,540

 

 

What is the Welcome Home Program?

The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to $7,500 for homebuyers who are honorably discharged veterans, active duty military personnel, reservists, or surviving spouses of service personnel and $5,000 for all other homebuyers. Members are subject to an aggregate limit of $200,000 per offering. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM ET on March 2, 2020, and will remain available until all funds have been reserved.

 

Who Can Use the WHP?

The FHLB has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership. These funds are available to Members as grants to assist their mortgage loan applicants in the home buying process. This is our most widely used program, ideally suited to the needs of community lenders and their customers.

 

What are the Program Requirements?

Below is an abbreviated list of program eligibility requirements:

  • The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. The FHLB has an Income and Affordability Workbook to assist in determining household income eligibility.
  • Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs.
  • WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.
  • WHP grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
  • WHP grant funds may be used in conjunction with other local, state and federal funding sources and with the FHLB Cincinnati’s Community Investment Cash Advance Programs.
  • The Member who reserves the WHP funds must originate the first loan, but the loan may close in the name of a third party.
  • The interest rate for the first mortgage may not exceed 7.50 percent.
  • The interest rate for the second mortgage may not exceed 11.00 percent.
  • Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.

All eligible property assisted with WHP funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.

 

How Do I Apply?

Information for Homebuyers

Reserving WHP Funds

Homebuyers must apply with one of our Member institutions. Click here to search our Member Directory.

Members may reserve funds via the Welcome Home Program link through the FHLB’s Members Only portal by submitting an online Reservation Request with supporting documentation. Instructions for accessing Members Only may be found here.

The FHLB will perform a preliminary review of the Reservation Request and the documentation submitted to determine eligibility of the homebuyer, availability of funds in the program, and availability of funds for the Member. If any of the information is incomplete, additional documentation or information may be required. Note: The Reservation Request will be denied upon receipt if a fully executed loan application is not included.

Written notification will be provided to the Member as to the homebuyer’s eligibility. Submission of a Reservation Request does not constitute an approval of funds. Funds are reserved only upon written notification of approval from the FHLB.

Please allow four weeks for the FHLB to review the Reservation Request and supporting documentation.

Disbursing WHP Funds

Welcome Home funds will only be disbursed after closing. The FHLB has some general guidance and specific instructions that Members and Closing Agents should use in closing mortgages using Welcome Home funds. Funds will be disbursed only to the extent they are required to fill the gap for down payment, closing costs, and counseling fees.

Members may submit a Request for Payment of Reserved Funding with supporting documentation via the Welcome Home Program link through the FHLB’s Members Only portal. Submission of a Request for Payment of Reserved Funding is not an approval of funds disbursement. Once the Request for Payment of Reserved Funding has been reviewed and approved, funds will be disbursed to the Member.

In the event the FHLB determines that funds were used for an ineligible expense, the grant will be reduced by the amount of the ineligible expense unless the household brings adequate funds to the closing to cover the amount of the ineligible expense. Under no circumstances will cash back to the homebuyer be permitted.

Please allow four to six weeks for the FHLB to review the Request for Payment of Reserved Funding and supporting documentation.

 

Additional Information and Technical Assistance

Documentation requested by the FHLB must be emailed to welcomehome@fhlbcin.com. Any documentation requiring an original signature must be mailed to:

FHLB Cincinnati
Welcome Home Program
P.O. Box 598
Cincinnati, OH 45201-0598

For more information or assistance, please contact the Housing & Community Investment Department at (513) 852- 7680 or toll-free (888) 345-2246 or email us at welcomehome@fhlbcin.com.

For assistance with Members Only, please contact the Service Desk at 800-781-3090.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708

kentuckyloan@gmail.com

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If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

2020 Welcome Home Program for Kentucky Home Buyers

Kentucky Housing MCC | KHC Mortgage Credit Certificate


via 2020 Welcome Home Program for Kentucky Home Buyers

New Max Loan Limits for Conventional Mortgage Loans in Kentucky 


New Max Loan Limits for Conventional Mortgage Loans in Kentucky
Beginning January 2020, the increase of conforming loan limits for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are more than $510,000, which is an increase from $484,350 in 2019. These figures are for one-unit property purchases.

There were no conforming loan limit increases from 2006 to 2016 and 2017, 2018, and 2019 saw only small increases, so this new conforming loan limit is a boon to borrowers. Many Kentucky  home buyers can have safe access to affordable mortgages insured with Fannie Mae or Freddie Mac. For homeowners who qualify for a home loan, the mortgages are easier to manage and can help to give borrowers a sense of relief that they can afford to buy a new home without a significant financial struggle.

Source: Federal Finance Housing Agency