2020 KENTUCKY FIRST TIME HOME BUYER PROGRAMS

2020 KENTUCKY FIRST TIME HOME BUYER PROGRAMS


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CONVENTIONAL HOME LOANS IN KENTUCKY
First time home buyers can do a conventional loan with just 3% down.  If you are not a first time home buyer, you still may be able to qualify for the 3% down if you are within income limits for the area you are purchasing. 620 minimum credit score required.

USDA LOANS IN KENTUCKY 
The Kentucky USDA loan is a program designed to finance properties located in rural areas. One of the goals with this United States Department of Agriculture program is to secure a home loan in areas where conventional loans might not approve the area simply due to a lack of comparable sales in the area. Every 10 years the United States performs its census, these areas are identified by the USDA. This is a zero down program. The last census was taken in 2010, more than eight years ago so many areas that were deemed rural in 2010 still qualify even though the area where the property is located looks anything but a rural setting. Household income is limited to 115% of the median income for the area. 581 Minimum Credit Score Required.

VA HOMES LOANS IN KENTUCKY
Kentucky VA loans are the most common of zero down programs and are not restricted by location. They are however restricted to veterans, active duty personnel with at least 181 days of service, National Guard and Armed Forces Reserve members with at least six years of service and unremarried surviving spouses of those who died while serving or as a result of a service related injury. In addition, this program requires no monthly mortgage insurance payment like other government-backed loans do. No minimum credit score required.

FHA HOME LOANS IN KENTUCKY 
Two out of every three first time buyers select the Kentucky FHA program. It’s not restricted to who can apply nor are there any restrictions regarding location. The down payment requirement is just 3.5% and credit guidelines are somewhat relaxed compared to other low down payment conventional options. 580 minimum credit score required for 3.5% down payment and will go down to 500 credit score with 10% down payment.

 

 

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.

I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank’s program due to credit, income, or other underwriting issues.

You will not get lost in the shuffle like most borrowers do at the mega banks; you’re just not a number at our company, you are a person and we will treat you like one throughout the entire process.

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

Louisville Kentucky First Time Home Buyer Classes


Classes for Louisville, Kentucky Homebuyers

Consumer Credit Counseling Service

 (502) 458-8840

2100 Gardiner Lane, Suite 103A 1-800-278-9219 (toll-free)

Louisville, KY 40205

 https://kyfirsttimehomebuyer.wordpress.com/2012/01/11/louisville-ky-fha-mortgage-loans/

Since 1980, Consumer Credit Counseling Service has been a HUD approved

counseling agency. Many lenders look for this stamp of approval

in deciding where to send their customers for counseling. Consumer

Credit Counseling Service not only provides the one-on-one counseling

often required by lenders, but it offers a one-day Homebuyer Preparedness

Program. This free program covers such topics as working with a

real estate agent, finding a lender, figuring out how much you can afford

to spend and going through the application process. The agency is certified

by HUD to provide default and reverse equity mortgage counseling,

too. Counseling on debt management and budgets also is available. The

initial counseling session is free. Consumer Credit has six sites throughout

the area.

The Housing Partnership, Inc.

 (502) 585-5451

333 Guthrie Green, Suite 404 www.housingpartnershipinc.org

Louisville, KY 40202

The Housing Partnership, Inc. Home Ownership Program is the largest

HUD-certified program in Kentucky. The program provides counseling,

courses and other services to those who want to own a home. It also

provides counseling to home owners who are in danger of default. Participants

attend an orientation session before being assigned a counselor,

who provides information on budgeting and credit preparation. Participants

then must complete several short courses over six weeks. These

courses cover basics, such as sales contracts, home inspections, mortgage

loans, insurance and maintenance. A one-time fee based on income may

be assessed. Scholarships are available. The fee entitles participants to

a lifetime of service. Home buyers often come back for help on budget

and credit issues. The Housing Partnership has five satellite locations

scattered throughout the area, including two nearby in Indiana.

Kentucky Housing Corp.

(502) 564-7630, ext. 324

1231 Louisville Road 1-800-633-8896 (Kentucky only)

Frankfort, KY 40601 www.kyhousing.org

The “Yes You Can…Own a Home” series of classes is presented periodically

throughout the state by local lenders and nonprofit organizations.

Local coordinators team up with housing-related professionals

who volunteer their time to serve as instructors. Topics include finding

the right house, completing a loan application, the mortgage loan process,

budget and credit issues and basic home maintenance. The classes

are free and open to all. In addition, the agency offers a counseling

program for potential home buyers who have been declined financing

by the Kentucky Housing Corp. or by a KHC-approved lender or who

have completed the “Yes You Can” course and are within KHC’s income

limits. As the state housing-finance agency, the Kentucky Housing

Corp. also offers a down-payment assistance program, low-interest-rate

mortgages, financing for the production of rental housing and a variety

of rental assistance programs.

Louisville Urban League

 (502) 561-6830, ext. 122

1535 W. Broadway www.lul.org

Louisville, KY 40203

The Louisville Urban League Housing Services & Neighborhood

Revitalization Department offers the Home Ownership Training (HOT)

Program. Through individual and group counseling, HOT prepares

and prequalifies people for mortgages. In one-on-one sessions with a

certified HUD counselor, clients learn about budgeting, credit and home

ownership options. When financially ready (clean credit, steady budget

and savings), clients take four classes. These cover sales and purchase

contracts, inspections and maintenance, loan applications and closing,

and insurance. Classes are held the last two Tuesday and Thursday

nights of the month. Those who already save, budget and have established

good credit are eligible for a “fast track” version of this training—a

one-day group session called “Home Track.” The Urban League charges

a lifetime membership fee, which is set on a sliding scale, based on

income. The fee ranges from $100 to $250. Kentucky residency is not

required. Additional counseling is available on such issues as reverse

mortgages, delinquencies, refinancing and rental options.

f you’re thinking about buying a home, you might want to think

about talking to one of these agencies first. They can provide

you with valuable advice on every step of the process, from

budgeting your income to negotiating a contract to closing on a

loan. The assistance doesn’t stop once you’ve moved in; many

agencies will also give you guidance on how to maintain your

home and how to prevent foreclosure. Most of these agencies

provide their services at no charge. Usually, anyone can

take advantage of the programs, although they are aimed primarily at

first-time buyers. In some cases, counseling is required by lenders,

especially if any government assistance is being provided to help lower

a loan rate or help pay for closing costs. All of the agencies will provide

interpreters for those who don’t speak English.

I

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.   
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.