Category: Louisville Ky FHA Loans

Kentucky Home buyers Down Payment Grants for 2024

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

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).
 
Kentucky Homebuyers must apply and qualify for a mortgage loan with one of our Member financial institutions to utilize the grant.
 
Who are Eligible Homebuyers in Kentucky for the Welcome Grant?
 
A  Kentucky  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?
 
For more program information, homebuyers should contact a FHLB Cincinnati Member financial institution.
 
A list of Members is available at👉 List of Kentucky Mortgage Lenders for the Welcome Grant Home Program for $20,000 for 2024 KY Homebuyers
 
Kentucky has many programs and grants for first-time home buyers with no money down home loans and down payment assistance programs for 2024
,see list below and let me know if you have any questions at 502-905-3708– call or text
 
LIST BELOW👇
 
2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000
 
Ask your loan officer about these program
 
2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000


Kentucky Income Limits for Welcome Home Grant in 2024
Use the 80% Limits, not the 100% Limits
Each Kentucky county is listed below
1-2 person households
and 3+person households
 
100% limits 80% limits**** Use this   
  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
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Louisville Kentucky FHA Loans

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

FHA LOAN BLOG 2021 PICS

Conventional vs. FHA vs. VA loans in Kentucky

One of the big questions you’ll have to answer when you are ready to buy a home is what type of mortgage loan to choose. There are plenty of options out there, with conventional and FHA being among the most popular. Here’s what you need to know about these common mortgage choices.

Funding

Federal Housing Administration (FHA) loans are backed by that government agency with the intention of making mortgages more affordable to lower-income homebuyers. Those with less-than-ideal financial qualifications have found help from FHA loans.

Conventional loans are guaranteed by the government-sponsored entities Fannie Mae and Freddie Mac. These are not directly made or backed by the federal government, but once made by a private lender, Fannie or Freddie promise to buy them, taking the risk away from the lender and giving them more incentive to make more loans.

Down Payment

The minimum down payment requirements are similar between FHA and conventional loans. Depending on the borrower’s credit score, it can be as low as 3.5% for FHA and 3% for conventional. With both mortgages, borrowers can receive up to 100% of their down payment funds from gifts, making it easier for parents or grandparents to help homebuyers get into their first house.

Credit Score

A conventional loan requires a higher minimum credit score (620) compared with an FHA (500 to 580.) Of course, the better your credit score, the better your mortgage interest rate will be.

Mortgage Rate

Interest rates on both types of loans tend to be very close, with FHA sometimes coming in slightly lower. The rates are mostly determined in either case by your credit score, down payment, loan-to-value ratio, and your other assets. Rates can also vary from lender to lender.

Mortgage Insurance

With conventional loans, borrowers must pay private mortgage insurance (PMI) until they have 20% equity in the home. That can happen by either paying down the principal of your loan over time, or gaining equity as your home value rises along with the market, or a combination of both. Until you reach that threshold though, you will have to pay PMI premiums to help protect your lender against possible default. This can cost you anywhere from 0.5% to 1.75% of your loan total every year. If you took out a $300,000 mortgage, and paid PMI at 1%, you’d be shelling out an extra $3,000 a year. The good news is that payment will disappear after your equity reaches 20%.

With FHA loans, you are required to pay mortgage insurance for the life of the loan. The rate is 1.75%, so the total cost may end up being more for an FHA than a conventional. However, you can refinance out of an FHA to a conventional down the road to eliminate that mortgage insurance premium.

Give us a call today and we can discuss your particular situation and help you pick the option that is best for you!

Conventional loan

A conventional loan isn’t insured or guaranteed by a government entity. You can take one out through a private lender like a bank, credit union or mortgage company. While conventional loans are more difficult to qualify for than government loans, they’re also usually more flexible.

  • Minimum credit score: 620
  • Minimum down payment: 3-5%
  • May be good for: Borrowers with good credit and minimal debt

Fannie Mae HomeReady

HomeReady is a conventional mortgage loan offered by Fannie Mae. If you apply for one, you can use income from your parents, grandparents, relatives and others to help you get approved. Upon approval, you may get rid of your private mortgage insurance, or PMI, after you pay down 20% of your home’s value.

  • Minimum credit score: 620
  • Minimum down payment: 3%
  • May be good for: Borrowers with lower-than-average incomes

FHA loan

FHA loans are insured by the Federal Housing Administration. While these loans have low down payment and credit score requirements, you’ll be required to pay mortgage insurance to protect the lender in the event you default.

  • Minimum credit score: 500
  • Minimum down payment: 3.5% if your credit score is 580 or higher; 10% if your score falls in the 500-579 range
  • May be good for: Borrowers with lower credit scores and down payment amounts

Freddie Mac Home Possible

The Freddie Mac Home Possible mortgage has a low down payment of 3%. But in order to qualify, you can’t earn more than 100% of the annual median income in your area.

  • Minimum credit score: 680
  • Minimum down payment: 3%
  • May be good for: Borrowers with lower incomes and down payment amounts

USDA loan

Backed by the United States Department of Agriculture, a USDA loan is a low-interest, zero-down-payment mortgage that can help you finance a home in an eligible rural area.

  • Minimum credit score: no minimum score
  • Minimum down payment: 0%
  • May be good for: Borrowers with low to moderate incomes who want to buy a home in a rural area

VA loan

A VA loan is guaranteed by the United States Department of Veterans Affairs. As long as you’re an active service member, veteran or eligible spouse, you may get approved for a VA loan with 0% down and no PMI. But keep in mind that you’ll likely have to pay a funding fee of up to 3.6% of your loan amount.

  • Minimum credit score: no minimum score
  • Minimum down payment: 0%
  • May be good for: Borrowers who are active service members, veterans or eligible spouses