Category: Kentucky Welcome Home Grant Income Limits 2024

Here are action steps you can take right now to buy a home in Kentucky in 2024

If you’re planning to buy a home in Kentucky in 2024, here are some essential steps to consider:

1. Focus on improving your credit score to qualify for a mortgage with a low interest rate.
2. Manage your debt-to-income ratio by repaying existing debt, increasing your income, or both.
3. Ensure timely payments on all accounts to maintain a good credit score.
4. Get pre-approved for a mortgage before searching for a home to know your affordability.
5. Keep credit card utilization below 30% and seek down payment assistance programs if needed.


Here are action steps you can take right now to buy a home in Kentucky in 2024

1. Focus on your credit score

FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit.

To qualify for a mortgage and get a low mortgage rate, your credit score matters.

Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected.

2. Manage your debt-to-income ratio

Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive.

A debt-to-income ratio is your monthly debt payments as a percentage of your monthly income. Lenders focus on this ratio to determine whether you have enough excess cash to cover your living expenses plus your debt obligations.

Since a debt-to-income ratio has two components (debt and income), the best way to lower your debt-to-income ratio is to:

  • repay existing debt;
  • earn more income; or
  • do both

3. Pay attention to your payments

Simply put, lenders want to lend to financially responsible borrowers.

Your payment history is one of the largest components of your credit score. To ensure on-time payments, set up autopay for all your accounts so the funds are directly debited each month.

FICO scores are weighted more heavily by recent payments so your future matters more than your past.

In particular, make sure to:

  • Pay off the balance if you have a delinquent payment
  • Don’t skip any payments
  • Make all payments on time

4. Get pre-approved for a mortgage before you start shopping for a home loan.

Too many people find their home and then get a mortgage.

Switch it.

Get pre-approved with a lender first. Then, you’ll know how much home you can afford.

To get pre-approved, lenders will look at your income, assets, credit profile and employment, among other documents.

5. Keep credit utilization low on your credit cards

Lenders also evaluate your credit card utilization, or your monthly credit card spending as a percentage of your credit limit.

Ideally, your credit utilization should be less than 30%. If you can keep it less than 10%, even better.

For example, if you have a $10,000 credit limit on your credit card and spent $3,000 this month, your credit utilization is 30%.

Here are some ways to manage your credit card utilization:

  • set up automatic balance alerts to monitor credit utilization
  • ask your lender to raise your credit limit (this may involve a hard credit pull so check with your lender first)
  • pay off your balance multiple times a month to reduce your credit utilization

6. Look for down payment assistance in Kentucky

There are various types of down payment assistance, even if you have student loans.

Here are a few:

  • FHA loans – federal loan through the Federal Housing Authority
  • USDA loans – zero down mortgages for rural and suburban homeowners
  • VA loans – if military service
  • Kentucky Housing Down Payment Assistance of $10,000

There are federal, state and local assistance programs as well so be on the look out.



If you want a personalized answer for your unique situation call, text, or email me or visit my website below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

https://kentuckyloan.blogspot.com

2024 Income Limits Kentucky Welcome Home Grant 

The income limits for the Kentucky Welcome Home and Disaster Reconstruction Programs in various Kentucky counties are as follows: For 1-2 persons, the 80% limits range from $62,880 to $101,100, and for 3+ persons, they range from $72,312 to $116,265. The 100% limits are slightly higher.


2024 Income Limits Kentucky Welcome Home Grant 

Use the 80% limits for the Welcome Home Program

Use the 100% limits for the Disaster Reconstruction Program

 

 

 

100% limits

80% limits**👇

 

 

1-2 Persons

3 + Persons

1-2 Persons

3 + Persons

Adair

$               78,600

$               90,390

$             62,880

$               72,312

Allen

$               78,600

$               91,420

$             62,880

$               73,136

Anderson

$               86,270

$               99,210

$             69,016

$               79,368

Ballard

$               80,400

$               93,800

$             64,320

$               75,040

Barren

$               78,600

$               90,390

$             62,880

$               72,312

Bath

$               94,320

$             110,040

$             75,456

$               88,032

Bell

$               94,320

$             110,040

$             75,456

$               88,032

Boone

$             101,100

$             116,265

$             80,880

$               93,012

Bourbon

$               89,300

$             102,695

$             71,440

$               82,156

Boyd

$               83,040

$               96,880

$             66,432

$               77,504

Boyle

$               80,760

$               94,220

$             64,608

$               75,376

Bracken

$             101,100

$             116,265

$             80,880

$               93,012

Breathitt

$               94,320

$             110,040

$             75,456

$               88,032

Breckinridge

$               87,410

$             100,521

$             69,928

$               80,417

Bullitt

$               89,700

$             103,155

$             71,760

$               82,524

Butler

$               78,600

$               91,420

$             62,880

$               73,136

Caldwell

$               84,480

$               98,560

$             67,584

$               78,848

Calloway

$               82,560

$               96,320

$             66,048

$               77,056

Campbell

$             101,100

$             116,265

$             80,880

$               93,012

Carlisle

$               78,600

$               90,860

$             62,880

$               72,688

Carroll

$               78,600

$               90,390

$             62,880

$               72,312

Carter

$               94,320

$             110,040

$             75,456

$               88,032

Casey

$               94,320

$             110,040

$             75,456

$               88,032

Christian

$               87,590

$             100,728

$             70,072

$               80,582

Clark

$               89,300

$             102,695

$             71,440

$               82,156

Clay

$               94,320

$             110,040

$             75,456

$               88,032

Clinton

$               94,320

$             110,040

$             75,456

$               88,032

Crittenden

$               83,760

$               97,720

$             67,008

$               78,176

Cumberland

$               78,600

$               90,390

$             62,880

$               72,312

Daviess

$               86,950

$               99,992

$             69,560

$               79,994

Edmonson

$               86,650

$               99,647

$             69,320

$               79,718

Elliott

$               94,320

$             110,040

$             75,456

$               88,032
             

 

 

County

100% limits

80% limits

1-2 Persons

3 + Persons

1-2 Persons

3 + Persons

Estill

$             94,320

$           110,040

$             75,456

$             88,032

Fayette

$             89,300

$           102,695

$             71,440

$             82,156

Fleming

$             78,600

$             90,390

$             62,880

$             72,312

Floyd

$             94,320

$           110,040

$             75,456

$             88,032

Franklin

$             85,430

$             98,244

$             68,344

$             78,595

Fulton

$             78,600

$             90,390

$             62,880

$             72,312

Gallatin

$           101,100

$           116,265

$             80,880

$             93,012

Garrard

$             87,210

$           100,291

$             69,768

$             80,233

Grant

$             79,560

$             92,820

$             63,648

$             74,256

Graves

$             83,160

$             97,020

$             66,528

$             77,616

Grayson

$             78,600

$             90,390

$             62,880

$             72,312

Green

$             78,600

$             90,390

$             62,880

$             72,312

Greenup

$             83,040

$             96,880

$             66,432

$             77,504

Hancock

$             86,950

$             99,992

$             69,560

$             79,994

Hardin

$             86,750

$             99,762

$             69,400

$             79,810

Harlan

$             94,320

$           110,040

$             75,456

$             88,032

Harrison

$             87,250

$           100,337

$             69,800

$             80,270

Hart

$             78,600

$             90,390

$             62,880

$             72,312

Henderson

$             87,300

$           100,395

$             69,840

$             80,316

Henry

$             89,700

$           103,155

$             71,760

$             82,524

Hickman

$             79,560

$             92,820

$             63,648

$             74,256

Hopkins

$             80,640

$             94,080

$             64,512

$             75,264

Jackson

$             94,320

$           110,040

$             75,456

$             88,032

Jefferson

$             89,700

$           103,155

$             71,760

$             82,524

Jessamine

$             89,300

$           102,695

$             71,440

$             82,156

Johnson

$             94,320

$           110,040

$             75,456

$             88,032

Kenton

$           101,100

$           116,265

$             80,880

$             93,012

Knott

$             94,320

$           110,040

$             75,456

$             88,032

Knox

$             94,320

$           110,040

$             75,456

$             88,032

Larue

$             86,750

$             99,762

$             69,400

$             79,810

Laurel

$             78,600

$             90,390

$             62,880

$             72,312

Lawrence

$             94,320

$           110,040

$             75,456

$             88,032

Lee

$             94,320

$           110,040

$             75,456

$             88,032

Leslie

$             94,320

$           110,040

$             75,456

$             88,032

Letcher

$             94,320

$           110,040

$             75,456

$             88,032

Lewis

$             94,320

$           110,040

$             75,456

$             88,032

Lincoln

$             78,600

$             90,390

$             62,880

$             72,312

Livingston

$             82,320

$             96,040

$             65,856

$             76,832

Logan

$             80,760

$             94,220

$             64,608

$             75,376

Lyon

$             87,310

$           100,406

$             69,848

$             80,325

 

 

County

100% limits

80% limits

1-2 Persons

3 + Persons

1-2 Persons

3 + Persons

McCracken

$             87,130

$           100,199

$               69,704

$             80,159

McCreary

$             94,320

$           110,040

$               75,456

$             88,032

McLean

$             86,950

$               99,992

$             69,560

$             79,994

Madison

$             86,910

$               99,946

$             69,528

$             79,957

Magoffin

$             94,320

$           110,040

$               75,456

$             88,032

Marion

$               80,760

$               94,220

$             64,608

$             75,376

Marshall

$               86,030

$               98,934

$             68,824

$             79,147

Martin

$               94,320

$           110,040

$               75,456

$             88,032

Mason

$             85,920

$           100,240

$               68,736

$             80,192

Meade

$               85,790

$               98,658

$             68,632

$             78,926

Menifee

$               94,320

$           110,040

$               75,456

$             88,032

Mercer

$               86,730

$               99,739

$             69,384

$             79,791

Metcalfe

$               94,320

$           110,040

$               75,456

$             88,032

Monroe

$               78,600

$               90,390

$             62,880

$             72,312

Montgomery

$             78,600

$               91,140

$             62,880

$             72,912

Morgan

$               94,320

$           110,040

$               75,456

$             88,032

Muhlenberg

$             78,600

$               91,700

$             62,880

$             73,360

Nelson

$               85,170

$               97,945

$             68,136

$             78,356

Nicholas

$               78,600

$               90,860

$             62,880

$             72,688

Ohio

$               78,600

$               90,390

$             62,880

$             72,312

Oldham

$             89,700

$           103,155

$               71,760

$             82,524

Owen

$               78,600

$               91,700

$             62,880

$             73,360

Owsley

$               94,320

$           110,040

$               75,456

$             88,032

Pendleton

$           101,100

$           116,265

$               80,880

$             93,012

Perry

$               94,320

$           110,040

$               75,456

$             88,032

Pike

$               94,320

$           110,040

$               75,456

$             88,032

Powell

$               94,320

$           110,040

$               75,456

$             88,032

Pulaski

$             78,600

$               90,390

$             62,880

$             72,312

Robertson

$             94,320

$           110,040

$               75,456

$             88,032

Rockcastle

$             94,320

$           110,040

$               75,456

$             88,032

Rowan

$             94,320

$           110,040

$               75,456

$             88,032

Russell

$             78,600

$               90,860

$             62,880

$             72,688

Scott

$               89,300

$           102,695

$               71,440

$             82,156

Shelby

$               92,700

$           106,605

$               74,160

$             85,284

Simpson

$             82,920

$               96,740

$             66,336

$             77,392

Spencer

$               89,700

$           103,155

$               71,760

$             82,524

Taylor

$             78,600

$               90,390

$             62,880

$             72,312

Todd

$             78,600

$               90,390

$             62,880

$             72,312

Trigg

$               87,590

$           100,728

$               70,072

$             80,582

Trimble

$               86,770

$               99,785

$             69,416

$             79,828

 

 

100% limits

80% limits

 

 

 

 

Union

$             78,600

$             91,420

$             62,880

$             73,136

Warren

$             86,650

$             99,647

$             69,320

$             79,718

Washington

$             87,090

$           100,153

$             69,672

$             80,122

Wayne

$             94,320

$           110,040

$             75,456

$             88,032

Webster

$             78,600

$             90,390

$             62,880

$             72,312

Whitley

$             94,320

$           110,040

$             75,456

$             88,032

Wolfe

$             94,320

$           110,040

$             75,456

$             88,032

Woodford

$             89,300

$           102,695

$             71,440

$             82,156

 

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2024 Kentucky Welcome Home Program

$20,000 Kentucky Down Payment Closing Cost Assistance

 
 

 

 
 

  • Welcome Home funds will be available for reservation beginning at 8:00 AM EST on March 1, 2024, and will remain available until all funds have been reserved. Reservations may not be submitted in advance.
  • The maximum Welcome Home grant per household has doubled up to $20,000.00, giving you greater financial support.
  • The member ceiling for 2024 has been raised to an $500,000, opening up more possibilities for you.
  • For military and veteran households, the grant per household has increased to $25,000.00, as a token of our appreciation for your service.
Kentucky Home Buyer Eligibility
A homebuyer would be eligible for the Kentucky Welcome Home grant if all of the following guidelines are met:

  • The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
  • A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
  • The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
  • If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
    Note: Applicants do not have to be first-time homebuyers.
Property Eligibility
The Kentucky Welcome Home grant is available for various property types:

  • The property will be the homebuyer’s primary residence;
  • The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
  • The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.

 

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

 

 

 

 
NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here
 

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).