HUD Housing in Louisville, KY


1. This will give you the application for beginning the HUD process, as well as a list of approved lenders that work with HUD homebuyers. The list of lenders should be contacted by phone, and ask them to send you paperwork to begin the process of being pre-approved for a mortgage. This tells you how much money you are approved for purchasing the home. In most all states, you can be approved for up to 97 percent of the total purchase cost.

  1. 2
    Sit down with your budget and figure your annual income after taxes. Do this by adding together your weekly income along with any income that a spouse or anyone who will be included in purchasing the home brings in. This total is your annual income. Multiply your average gas and electric bill by 12, and also multiply your monthly grocery, gas, water, insurance and any other bills you incur on a monthly basis by 12 not counting rent. These should each be listed separately and then added together for a grand total of bills.
  2. 3
    Subtract your total yearly bills from your annual income, and this is the amount of disposable income you have on hand every year. This is also the amount of money you have available for rent or a mortgage on a home. This figure will go into finding a home you wish to buy.
  3. 4
    Divide the disposable income by 12. This is the amount you have available on a monthly basis for a mortgage payment. This monthly figure will tell you how much you can afford to pay for rent or a mortgage, and in turn will help you decide on a home you wish to buy based on price alone.
  4. 5
    Look for a home to purchase. Your requirements will be different based on family size, area of town and the state you live in. Choose wisely, as it can take up to 30 years to pay off a home loan.

KHC Offers Lowest Home Loan Interest Rates in History


KHC Offers Lowest Home Loan Interest Rates in History

Presidential initiative allows Kentucky’s housing corporation to offer unbeatable interest rates

FRANKFORT, Ky. (Jan. 6, 2010)—Gov. Steve Beshear today announced that Kentucky Housing Corporation (KHC) will begin offering the lowest interest rates in its history thanks to President Obama’s Homeowner Affordability and Stability Plan.

“With housing industry troubles leading nearly every newscast and topping nearly every paper for the last year, it’s rare to find a positive point to focus on,” said Gov. Beshear. “Kentucky Housing Corporation is now offering positive housing news for Kentuckians.”

KHC’s rate for government loans (Federal Housing Administration, Veterans Administration and Rural Housing Service) are currently at 4.375 percent.  Applicants with a 700 or better credit score who are not using KHC down payment assistance can receive a 4.125 percent rate.  These are the lowest rates that KHC has ever offered, and they plan to help as many Kentuckians as possible achieve homeownership.  KHC has a stated goal of helping 3,500 first-time home buyers and second-time home buyers in targeted counties acquire homes in 2010.

All rates are believed to be accurate but cannot be guaranteed and are

subject to change without notice. Minimum down payment requirements,

620 FICO score, and other restrictions apply. KHC programs are only

available through approved lenders. KHC does not originate loans.




Government Rates 4.125% 4.50% 30 year fixe rates

(FHA, VA, and RHS Products)

* Borrowers NOT using KHC-funded down payment assistance are eligible.






Government Rates 4.375% 4.75% 30 year fixed rates

(FHA, VA, and RHS Products)

welcome the


low rates

new year with


(As of january 05, 2010)

rates subject to change

without notice

Call or email me if you are interested.

Joel Lobb

Senior Mortgage Loan Officer

Key Financial Mortgage

107 S. Hurtsbourne Parkway

Louisville Ky 40222

ph# 502-905-3708

fax# 502-895-2266

KHC down payment assistance | FHA, VA or Rural Housing Kentucky












Zero Down Home Loans

KHC down payment assistance | FHA, VA or Rural Housing Kentucky


***Kentucky housing IMPORTANT GUIDELINES*** KHC Guidelines

Jefferson, Oldham and Bullitt Co. requirements for New Bond Funds:

Maximum purchase price: $258,000

Maximum household income limits: $ 61,500 (1 or 2 person households) $70,725 ( 3 or more in the household)

Maximum DTI ratios with AUS approve/eligible: 40/45

Minimum credit score: 620 for govt. loans (FHA, VA and Rural Housing)

Maximum seller paid fees: 6.0% of purchase price

Borrower must be: 1st time homebuyer OR purchase in a “targeted” county (note: Jefferson, Bullitt and

Oldham Counties are NOT “targeted counties).

U.S. citizen or resident alien

Purchasing a primary residence to owner occupy

Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your needs.

Regular Down payment Assistance Program (DAP)

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $4,000 in $100 increments.
  • Repayable over a seven-year term at 6 percent.  A DAP of $4,000 over 7 years at 6 percent interest would equal a payment of $58.44.
  • Available to all KHC first mortgage loan recipients who are first-time homebuyers in non-targeted counties and first and second-time homebuyers in targeted counties.


  • Purchase price up to $195,700.
  • Assistance up to $4,500
  • No monthly repayment; forgiven over five years.
  • Existing homes only.
  • Borrowers must meet HOME-income guidelines.

HOME Special Program

  • Purchase price up to $195,700.
  • Assistance up to $10,000
  • No monthly repayment; forgiven over five years.
  • Existing homes only.
  • Borrowers must meet HOME-income guidelines.
  • Eligible borrowers include:
    • Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).
    • Households where at least one of the home buyers is age 62 or older.

HOME Family Program

  • Purchase price up to $195,700.
  • Assistance up to $10,000
  • No monthly repayment; forgiven over five years.
  • Existing homes only.
  • Borrowers must meet HOME-income guidelines.
  • Eligible borrowers include:
    • Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves for Regular DAP.
  • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
  • Specific credit underwriting standards may apply to down payment programs.


KHC Loan Programs

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  • All Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding.
  • To qualify, you must meet KHC’s regular income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history.
  • Some Kentucky Housing loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years.  However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006.  The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.


  • Insured by approved mortgage insurance company.
  • Minimum credit score of 660 or better.
  • Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.


  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 620.


  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.


  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

Mortgage Credit Certificates (MCC)

Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan.  MCCs are NOT mortgages.  They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment.  That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.  The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan.  But an MCC gives you a tax credit of 25 percent (not to exceed $2,000).  You can still deduct the remaining 75 percent interest on your income taxes.  A tax credit is not the same as a tax deduction.  A tax deduction reduces the portion of your income that is taxed, so you pay less.  A tax credit is a direct, dollar for dollar reduction in the total tax you owe.  The MCC is effective for the life of the loan as long as you live in the home.  If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.

Special First Mortgage Loan Programs

New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis.


  • Interest rate determined by the families’ ability to repay the loan.
  • For new homes with a purchase price of $115,000 or less.
  • Eligible borrowers:
    • Single parents (at least one dependent under the age of 18 must live in the home.)
    • Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.).
    • Households where at least one of the home buyers is age 62 or older.
  • Income guidelines:
    • $28,000 for a household of 1 or 2 people; or
    • $33,000 for a household of 3 or more people.
  • Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance.

Applying for a Kentucky Housing loan is easy. Just contact us at 502-905-3708 or email us at for an application..It’s free –What are you waiting for?




100% financing-Downpayment Assistance and Zero Down Home loans Exist

Joel Lobb
Senior Mortgage Loan Officer
Key Financial Mortgage
107 S. Hurtsbourne Parkway
Louisville Ky 40222

ph# 502-905-3708

fax# 502-895-2266


GRH Guaranteed Rural Housing Program
100% financing

Talk with us about this 100 percent financing program if you are looking to buy or refinance a single family home in a rural area. All of Kentucky may be eligible by county and income limit. Contact us to verify if your property is eligible.

Some key features include:

– No PMI. That’s right, no private mortgage insurance. Like VA, this program has a Guaranteed fee that can be financed into the loan the same way VA loans have a Funding fee.

– 6% seller help/contribution is allowed

– No minimum contribution from your own funds. FHA has a 3% requirement. There are also no cash reserves required, as is the case with your typical conventional loan.

– This program only offers a fixed rate option for primary 1 unit residences. Current maximum loan amount is $417,000.

There are income limitations to qualify. Contact a Choice Finance Loan Officer and we will help you find a home where you can take advantage of this great 100% financing program. Contact us to see if your property is eligible for the USDA 100% program.

VA financing
100% financing

The VA does not make home loans, they insure them. We are VA approved and can help you with your VA loan request. Some VA benefits include:

– No downpayment is required in most cases

– Borrow up to 100% of purchase price

– Lower closing costs

– Mortgage is assumable

– No Private Mortgage Insurance (PMI)

– No penalties if you prepay the loan

– You may be eligible for waiver of VA funding fee

– VA support during temporary financial difficulties

More on 100% VA financing

FHA financing & downpayment help

A seller credit and gift funds are allowed for the entire down payment, closing costs, and pre-paid items. Down payment can come as a gift from a family member, an employer (tip: convert a raise or bonus into downpayment assistance), or from a nonprofit institution or government grant.

More information on FHA and downpayment help

–call 502-905-3708 for your free preapproval

Office located at 107 South Hurstbourne Parkway Louisville Ky 40222

My Community financing
100% financing

Choice Finance® lends on the Fannie Mae, My Community program. This program was very popular and put many first time home buyers into their homes. This program offered 100% financing up to $417,000 loan amount on fixed and adjustable rate products. What were very flexible qualifying guidelines for income and credit history have now tightened significantly. Many scenarios are now requiring at least 5% down with My Community.

More on the My Community program


Mortgage Loans, Louisville, Kentucky

Mortgage loans, Louisville, Ky Refinance FHA Loans

Refinance your existing mortgage to lower your payment, convert from an adjustable to a fixed rate mortgage, or cash out your equity for home improvements, college, or credit card consolidation. Interest rates are low and there are programs to help no matter what your credit rating is. Start saving now…

FHA loans are available to purchase a new home, refinance an existing mortgage or for home improvement. FHA insured mortgages carry less risk for the lender, so they often have lower rates and more flexible repayment terms. If you have excellent credit or less than perfect credit, there is an FHA mortage, FHA Refinance or FHA Home Improvement Loan to meet your needs. Act now, FHA lenders are waiting to help…

Home Loans VA Loans

Our network of lenders will help you get into the home of your dreams. Whether you are a first time buyer, a buyer with little money down, you have great credit or poor credit, our network of lenders has the loan for you at a price you can afford. Low rates and afforable payments on your Home Loan are just a click away…

Are you a Veteran? The VA provides outstanding benefits to Vererans through the VA Loan program. VA Mortgage loans are government insured loans just like FHA loans, but with no down payments and no MIP (mortgage insurance premium), in most cases. Saving you thousands of dollars over the term of your loan. A VA loan can be your answer to homeownership…