Category: 2023 Welcome Home Program for Kentucky Home Buyers

How to qualify for a Kentucky FHA loan

~ Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans ~ 1 Comment

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FHA loans vs. conventional mortgages
CONVENTIONAL LOAN FHA LOAN
Credit score minimum 620 500
Down payment 3% to 20% 3.5% for credit scores of 580+; 10% for credit scores of 500-579
Loan terms 8- to 30-year terms 15- or 30-year terms
Mortgage insurance premiums PMI (if less than 20% down): 0.58% to 1.86% of loan amount Upfront premium: 1.75% of loan amount; annual premium: 0.45% to 1.05%
Interest type Fixed-rate or adjustable-rate Fixed-rate

Pros and cons of FHA loans

Pros

  • You can have a lower credit score: If you haven’t established much of a credit history or you’ve encountered some issues in the past with making on-time payments, a 620 credit score — the typical magic number for consideration of a conventional mortgage — might seem out of reach. If your credit score is 580, you’re in good standing with most FHA-approved lenders.
  • You can make a lower down payment: FHA loans also give the option for a smaller down payment. With a credit score of at least 580, you can make a down payment of as little as 3.5 percent. If your credit score is between 500 and 579, you may still be able to qualify for an FHA-backed loan, but you will need to make a 10 percent down payment.
  • You can stop renting earlier: Since FHA loans make buying a home easier, you can start building equity sooner. Instead of continuing to rent while trying to save more money or improve your credit score, FHA loans make the dream of being a homeowner possible sooner.

Cons

  • You won’t be able to avoid mortgage insurance: Since your credit score is lower, you’re a bigger risk of default. To protect the lender, you have to pay mortgage insurance. You can roll the upfront insurance premium into your closing costs, but your annual premiums will be divided into 12 installments and show up on every mortgage bill. If you put down less than 10 percent, you have to pay those annual premiums for the entire life of the loan. There’s no escaping them. That’s a big difference from conventional loans: Once you build up 20 percent equity, you no longer have to pay for private mortgage insurance.
  • You’ll have to meet property requirements: If you’re applying for an FHA loan, the property has to meet some eligibility requirements. The most important is the price: FHA-backed mortgages are not allowed to exceed certain amounts, which vary based on location. You have to live in the property, too. FHA loans for new purchases are not designed for second homes or investment properties.
  • You could pay more: When you compare mortgage rates between FHA and conventional loans, you might notice the interest rates on FHA loans are lower. The APR, though, is the better comparison point because it represents the total cost of borrowing. On FHA loans, the APR can sometimes be higher than conventional loans.
  • Some sellers might shy away: In the ultra-competitive pandemic housing market, sellers weighing multiple offers often viewed FHA borrowers less favorably.
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

 

2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000

~ Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans ~ 1 Comment

Kentucky Down payment assistance loans are available up to $20,000 for Mortgage with Welcome Home Grant 2024 Information for Kentucky Homebuyers Welcome Home Program Grant Program for Kentucky Home buyers in 2024

https://www.tiktok.com/@mortgage.ky/photo/7326216660254231854?is_from_webapp=1&sender_device=pc

Information for Kentucky Homebuyers

Welcome Home Program Grant Program for Kentucky Home buyers in 2024

The Federal Home Loan Bank of Cincinnati (FHLB 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 (WHP). Homebuyers must apply and qualify for a mortgage loan with one of our Member financial institutions to utilize the grant.

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 (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.

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) 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.

How Do I 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/

👉 List of Kentucky Mortgage Lenders for the Welcome Grant Home Program for $20,000 for 2024 KY Homebuyers

Use the 80% limits for the Kentucky Welcome Home Program********👇

 

 

100% limits

80% limits

  
 

1-2 Persons

3 + Persons

1-2 Persons

3 + 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
             

County

100% limits

80% limits

1-2 Persons

3 + Persons

1-2 Persons

3 + 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

County

100% limits

80% limits

1-2 Persons

3 + Persons

1-2 Persons

3 + 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

County

100% limits

80% limits

1-2 Persons

3 + Persons

1-2 Persons

3 + Persons

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

2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000
2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000

 

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).