First Time Home Buyer Programs Louisville Kentucky


First Time Home Buyer Programs Louisville Kentucky

  • A lot of  Kentucky  first-time home buyers are confused and lack confidence when it comes to buying their first home in Kentucky. There are an abundance of choices and companies that offer opportunities for first time buyers.
    Kentucky First Time Home Buyer Programs

    I have successfully originated over 300 first time home buyer loans, so I feel confident that I can lay the groundwork in this post of what you need to know to get pre-approved so you can start shopping for your home with confidence.

    There are basically 4 mortgage programs for first time home buyers in Kentucky to consider:

    FHA: 

    Kentucky FHA loans are a popular choice in Jefferson County Kentucky first time home buyers because they allow the least down payment of 3.5%, vs Fannie Mae which now requires a 5% investment on primary residences.

    The current credit score requirements center around the 640 score for most FHA loans in Kentucky, with no bankruptcies in the last 2 years and no foreclosures in the last 3 years.

    The house payment will need to be around 30% of your gross monthly income. For example if you gross around $3000 a month, then the maximum mortgage payment you would qualify would be $1000 a month.

    Check Kentucky FHA Rates Here—–>>>>>>>>

    http://mortgage-x.com/x/viewrate.asp?uid=kentuckyloan

    VA:

    Kentucky VA loans require no down payment but you must have a VA certificate of Eligibility issued by the Veterans Administration to purchase a home using your VA loan entitlement.

    The current credit score that most Kentucky VA lenders want is 620. There can be no bankruptcies or foreclosures in the last two years with good reestablished credit.

    The maximum debt to income ratio is 41% with a residual income of around $1000 a month after you pay all your bills. For example, if you make $4000 gross monthly, then the maximum house payment along with your other household bills would be set at $3000 a month so as you have the $1000 residual income requirement met. There are some variances on the residual income to whereas it is based on the number of people living in the household and which state you live in.

    Check Kentucky VA Mortgage Rates Here——>>>>>>>


    USDA/Rural Housing:

    USDA or Rural Housing loans are not available in the more highly populated counties in Kentucky . The counties of Jefferson and Fayette Counties are not eligible for USDA loans.

    USDA loans require no down payment and are subject to income and property eligibility requirements by County..

    Check Ky USDA  Income Limits Here”—–>>>>

    Check Ky USDA Property Eligibility Limits Here—>>>>

    Kentucky Housing Corp or KHC 

    KHC is used for mostly applicants in urban areas of Kentucky that don’t have access to USDA or other government agencies to buy a home with no down payment.
    Down Payment Assistance for Ky First Time Home Buyer, 100% Financing

    You cannot have an owed a home in the last 3 years to use KHC down payment assistance to buy a home with zero down.

    Kentucky Housing Program guidelines:

    $15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

    http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

    There are three main down payment assistance programs for Kentucky First Time Home Buyers. KHC 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 need.

    1. Regular DAP ( available now)

    • Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
    • Assistance in the form of a loan up to $6,000 in $100 increments.
    • Repayable over a ten-year term at 5.50 percent.  A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
    • Available to all KHC first-mortgage loan recipients.

    2. Affordable DAP (available now)

    • Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
    • Assistance up to $4,500.
    • Repayable over a ten-year term at 1.00 percent.
    • Borrowers must meet Affordable DAP household income limits.

    3. HHF DAP (Available January 20,2016)

    • Zero percent interest rate.
    • A non-repayable second mortgage up to $15,000.
    • Forgiven after five years.
    • Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
    • Applicants must meet secondary market income and buying limits..

    • Borrower must be a first-time home buyer (no ownership interest in the last three years).
    • Pre-purchase home buyer education required.


    Minimum 640 credit score.
    Maximum ratios of 40/45 

     



    — 

    Joel Lobb (NMLS#57916)
    Senior  Loan Officer
    502-905-3708 cell
    kentuckyloan@gmail.com
    http://www.mylouisvillekentuckymortgage.com/


    This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
    All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines


    – See more at: http://activerain.com/blogsview/4247651/kentucky-first-time-home-buyer-loan-programs#sthash.xeoMPfkx.DCkxBnFG.dpuf

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