First Time Home Buyer Loans in Kentucky
We underwrite, close, and fund all loans in-house which saves you a tremendous amount of time processing your loan. First home buyers must Get-Pre-Approved and have a preapproval letter in your hand before you start looking for a home. Call 502-905-3708 for a free phone consultation today! or email us at firstname.lastname@example.org
First Time Home Buyer Programs in Kentucky
Fannie Mae HomePath 30 Year Fixed for kentucky first time home buyers
Purchase Fannie Mae Foreclosure-visit http://www.homepath.com for eligible properties in your area
5% Down Payment
No PMI or mortgage insurance
No Appraisal fee may be required
660 credit score
Fannie Flex 95% Financing Program for kentucky first time home buyers
Good credit-generally 680+ credit score will qualify
Single upfront mortgage insurance premium available-No monthly PMI or private mortgage insurance
My Community Plus First Time Home Buyer Program for Kentucky First Time home buyers
3% Down Payment
680 minimum credit score
If you are a Teacher, Nurse or Health Care Worker, Pharmacist, Fireman, Police Officer, Paramedic, or Military Personnel receives $500 credit toward closing costs.
Overtime income or part-time income from second job is averaged over last 12 months
Visit http://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp to check maximum loan limits.
Income restrictions apply unless property is located in Targeted Area-to verify maximum income requirements and geographic restrictions.
30 year fixed
Rate buydown options available-3.50% (APR 3.66% as of 8/24/10)
Seller can contribute 6% of purchase price toward closing costs
Single Family, 2-unit, condo, or townhome
Progressive Payment Saver Buydown Home Loan for kentucky first time home buyers
Low initial interest mortgage rate of 2.50% (APR 2.65%) as of 8/24/10
30 year fixed program
5% down payment required
Home Possible Community Lending Mortgage for kentucky first time home buyers
3% down payment
Low-to-moderate income borrowers
Flexible options if you are are a Teacher, Law Enforcement, Firefighter, Healthcare Worker, or Military Personnel-Veteran
Buydown rate of 3.00% (APR 3.16% as of 8/24/10)
Single family, condo, townhome, 2 unit, PUD
30 year fixed, 40 year fixed
USDA 100% Financing Program for KEntucky first time Home Buyers
Zero down payment
Property must be located in targeted rural area. Check property eligibility.
Income restrictions apply. Check income eligibility.
No mortgage insurance
Seller can pay 6% of purchase price toward closing costs
FirstHomeBuyers Down Payment Asssistance Program for Kentucky First time home buyers
You may qualify for a great loan program but the seller will require a good faith or earnest money deposit on the purchase contract. Most first time home buyers do not have these funds and we offer an unsecured loan up to $25,000 which will help you get your offer accepted. These funds may be used toward down payment.
Pay off debt. You may use the loan program to pay off debts to help you qualify for the mortgage but you must apply early so we can update your credit report to reflect these accounts being paid off.
Fannie Mae Expanded Program for Kentucky home buyers first time
620 minimum score requirement
20% Down Payment which can be gift
No mortgage insurance or PMI
30 year fixed
FHA for kentucky first time home buyers
Great 30 year fixed rate loan for first home buyers with 3.5% down payment
Down Payment can be 100% gift from family member or Grant Program
Seller can pay closing costs-Maximum 6% of purchase price
There is maximum mortgage amount for each county. Check FHA loan limit for your county.
620 Minimum Credit Score
Fair to Marginal Credit History-FHA will look mostly at last 1-2 years of credit history. If there are some credit issues, we may be able to overcome them with sufficient explanations and supporting documents of why the derogatories occurred. The explanations must make sense such as loss of job, serious illness, etc.
Bankruptcy should be discharged 2 years and you should have excellent re-established credit history with revolving and installment loans. Less than 1 year out of Bankruptcy will be considered on a case by case basis for extenuating circumstances.
FHA does not require that collection accounts be paid off as a condition of
mortgage approval. However, court-ordered judgments must be paid off
before closing. Exception: An exception on a court-ordered judgment may be made if the borrower:
• has an agreement with the creditor to make regular and timely payments,
• has provided documentation indicating that payments have been made
according to the agreement.
FHA Approved Condos-Single family home-2-4 unit properties, and PUDs are eligible.
Get Pre-Approved in 10 minutes! Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system.
HUD Owned Properties-Low Down Payment Initiative
Down Payment is $100 for kentucky first time home buyers
Must be HUD Owned property
620 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible
Find Foreclosures Now!
Parent can co-sign for son or daughter buying their first home and not occupy property. Also, other family members such as brother or uncle can co-sign on loan and even a friend who has long-standing relationship may be eligible.
Son or daughter can be in college with no job
Qualify for loan using combined credit, income, and assets
Son or daughter does not need a job or down payment to qualify
Streamline 203k Renovation Loan
Full service 203k lender
Repairs which range from $5,000-$30,000+ may be included in loan amount. Great program to fix up foreclosures.
Visit 203K Loan for more details on Streamline 203k program
3.5% down payment which can be 100% gift
Condo-single family home-2-4 unit properties eligible
30 year fixed loan-not adjustable rate mortgage
See FHA 2-1 Buydown Loan Example
VA for kentucky first time home buyers
0 down payment
Great 30 year fixed loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.
Fair to marginal credit may qualify
Single family home-approved condo-townhome
First Time Home Buyer in Kentucky Zero Down