Louisville Ky First Time Home Buyer

Louisville Ky First Time Home Buyer

Advertisements

Louisville Slugger Field, where the Louisville...
Image via Wikipedia

Louisville Ky First Time Home Buyer Loan

Many home loan programs have been specifically created for first time home buyers. These loans feature low down paymentsand approval guidelines that make it easier to qualify. Some of the more popular first time homebuyer programs are listed below. .

Louisville KY First Time Buyers Loans

What is a First Time Buyer Loan?

Kentucky FHA and VA Loans for First Time Buyers

Who is Eligible for a Kentucky First Time Buyer Loan?

Louisville Ky Community Home Buyer Programs

What is Escrow?

Mortgage Credit Certificates from KHC

What is a First Time Buyer Loan?

Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.

FHA and VA Loans for First Time Buyers Apply Online

First time homebuyers often experience the most difficulty amounting a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Kentucky Federal Housing Administration (FHA) and the Kentucky Veteran’s Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. Kentucky FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.

AWho is Eligible for a First Time Buyer Loan?
Kentucky First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.

Community Home Buyer Programs
Kentucky  Community homebuyer programs reduce the down payment the borrower must pay to 3%, which must be the borrower’s own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.

What is Escrow?

Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.

Mortgage Credit Certificates
A Mortgage Credit Certificate or MCC from KHC -Kentucky Housing Corp is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC but in special cases that you may discuss with your home loan advisor this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with your home loan representative.

Louisville Ky First Time Buyers Program
First time buyer programs in Louisville can make securing a Louisville home loan easier and more affordable. Contact us at 502-905-3708 for your Louisville Ky  mortgage to begin your first time buyer loan.

Interest Rates

Bookmark and Share

KHC Mortgage Interest Rates as of 11/09/2011, 10:00 a.m. ET

Rates subject to change without notice.

Secondary Market Interest Rates

Loan Type

Rate without DAP*

Rate with DAP

FHA only

3.875%

4.250%

RHS only

3.875%

4.250%

VA only

3.875%

4.250%

* DAP – Down Payment Assistance Program, including Regular DAP and HOME DAP

 

MRB Interest Rates

  • NEW – EFFECTIVE WITH RESERVATIONS BEGINNING ON 11/7/2011
  • For all approved KHC lenders
  • 60-day reservation for new and existing properties

640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

  • KHC-funded down payment assistance may be utilized with these rates

Loan Type

Rate without DAP

Rate with DAP

*Government Rates only

4.250%

4.375%

* Government includes FHA, RHS, and VA.

 

object_preapproval