Category: welcome home funds ky

 Welcome Home Grant is open to qualified applicants purchasing a home in Kentucky. Kentucky Welcome Home Grant Program Guidelines

Welcome Home Grant is open to qualified applicants purchasing a home in Kentucky. Kentucky Welcome Home Grant Program Guidelines


Kentucky Welcome Home Grant Program Guidelines

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).

 

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan?


What is the minimum credit score I need to qualify for a Kentucky mortgage currently?

Question:
What is the current minimum credit scores needed to qualify for a Kentucky mortgage Loan?
Answer:
The minimum credit score needed to qualify for a Kentucky mortgage depends on the type of loan program you are looking to obtain, this could be the reason that you have received conflicting answers.
The most common types of mortgage are Conventional, FHA, USDA, VA, and KHC mortgage loans in Kentucky. I’ll explain each briefly below and the minimum credit score needed to qualify for each loan program. Keep in mind these are continuously changing and can vary by lender do to credit overlays.
Kentucky Conventional or Fannie Mae  
Conventional loans make up the majority of mortgages in the US. They are also known as conforming loans, because they conform to specific guidelines set by Fannie Mae and Freddie Mac.
  • Minimum Credit Score is 620
  • What Are the Conforming Loan Limits for 2024?
    Property Type Minimum Conforming Loan Limit Maximum Conforming Loan Limit
    One-unit $766,550 $1,149,825
    Two-unit $981,500 $1,472,250
    Three-unit $1,186,350 $1,779,525
    Four-unit $1,474,400 $2,211,600

  • You can use a conventional loan to buy a primary residence, second home, or rental property
  • Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years
  • Down payments as low as 3% and 5% depending on Home Ready or straight conventional loan.
  • No monthly mortgage insurance with a down payment of at least 20%
  • Max Debt to Income Ratio of 50%
KENTUCKY FHA MORTGAGE
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
  • Minimum Credit Score is 500 with at least 10% down
  • Minimum Credit Score is 580 if you put less than 10% down
  • The maximum loan amount varies by Geographical Area, for 2024 is  $498,257
  • Upfront and Monthly Mortgage Insurance is required regardless of the Loan to Value
  • FHA Loans are only available for financing primary residences
  • Maximum Debt to Income Ratio of 50% (unless mitigating factors justify allowing a higher DTI) up to 57% in some instances with strong compensating factors.
KENTUCKY USDA RURAL HOUSING LOAN 
    • 100% Financing
    • Cities and towns located outside metro areas-see link (https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
    • Do NOT have to be a Kentucky First Time Home Buyer
    • No Down Payment
    • 30 year low fixed rate loans
    • No Prepayment Penalty
    • Great Low FIXED Interest Rates
    • No max loan limits, just income limits
    • Possible to Roll Closing Costs into Loan if Appraises Higher
    • No Cash Reserves Required
    • UNLIMITED Seller Contribution toward Closing Costs
    • 100% Gifted Closing Costs allowed
    • Primary Residents only (no rentals/investment properties)
    • Debt to income ratios no more than 45% with GUS approval and 29 and 41% with a manual underwrite.
    • Only Need a 580 Credit Score to Apply*** Most USDA loans need a 620 or score higher to get approved through their automated underwriting system called GUS. 640 usually required for an automated approval upfront.
    • No bankruptcies (Chapter 7) last 3 years and no foreclosure last 3 years. If Chapter 13 bankruptcy possible to go on after 1 year
     
  • KENTUCKY VA Mortgage
  • 100% Financing Available up to qualifying income and entitlement
  • Must be eligible veteran with Certificate of Eligibility. We can help get this for veterans or active duty personnel.
  • No Down Payment Required
  • Seller Can Pay ALL Your Closing Costs
  • No Monthly Mortgage Insurance
  • Minimum 580 typically Credit Score to Apply–VA does not have a minimum credit score but lenders will create credit overlays to protect their interest.
  • Active Duty, Reserves, National Guard, & Retired Veterans Can Apply
  • No bankruptcies or foreclosures in last 2 years and a clear CAVIRS
  • Debt to income ratios vary, but usually 55% back-end ratio with a fico score over 620 will get it done on qualifying income and if it is a manual underwrite, 29% and 41% respectively
  • Can use your VA loan guaranty more than once, and in some cases, can have two existing VA loans out at they same time. Call or email for more info on this scenario.
  • Cost of VA loan appraisal in Kentucky now costs a  minimum $605 with a termite report needed on all purchase and refinance transactions unless a condo.
  • 2 year work history needed on VA loans unless you can show a legitimate excuse, ie. off work due to injury, schooling, education etc.
  • You cannot use your GI Bill for income qualifying for the mortgage payment.
KENTUCKY HOUSING DOWN PAYMENT ASSISTANCE 100 FINANCING 

​

Down Payment:  There are still housing programs that exist for Kentucky home buyers whereas you can purchase a home with no down payment. You will need a 620 mid credit score to purchase a home using the KHC loan programs for their no down payment credit requirements.

How the Down Payment Assistance Program (DAP) Works

 Down payment assistance loans are available up to $10,000 and is paid back over a period of ten years at a current rate of 3.75%.

Regular DAP

  • Purchase price up to $481,176 with Secondary Market​ or Mortgage Revenue Bond (MRB) income limits.
  • Assistance in the form of a loan up to $10,000 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.

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 views of my employer. Not all products or services mentioned on this site may fit all people

2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000

Summary:
The Welcome Home Program in Kentucky offers grants up to $25,000 for military homebuyers and up to $20,000 for other eligible buyers to assist with down payment and closing costs. Eligible homebuyers must meet income criteria and other guidelines. Properties eligible for the grant must be the buyer’s primary residence and have a legally enforceable retention mechanism. Prospective homebuyers should contact an FHLB Cincinnati Member financial institution for more program information and eligibility details. Various other programs and grants are also available for first-time homebuyers in Kentucky. For further information, contact a Kentucky Mortgage Lender.


Kentucky Down payment assistance loans are available up to $20,000 for Mortgage with Welcome Home Grant 2024

Welcome Home Program Grant Program for Kentucky Home buyers in 2024
Welcome Home Program Grant Program for Kentucky Home buyers in 2024
Information for Kentucky Homebuyers
Welcome Home Program Grant Program for Kentucky Home buyers in 2024
The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants of up to $25,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $20,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program (WHP).
 
Kentucky Homebuyers must apply and qualify for a mortgage loan with one of our Member financial institutions to utilize the grant.
 
Who are Eligible Homebuyers in Kentucky for the Welcome Grant?
 
A  Kentucky  homebuyer would be eligible for the 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.
 
What is an Eligible Property?
 
A property would be eligible if all of the following guidelines are met:
 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.
 
How Do I Apply?
 
For more program information, homebuyers should contact a FHLB Cincinnati Member financial institution.
 
A list of Members is available at👉 List of Kentucky Mortgage Lenders for the Welcome Grant Home Program for $20,000 for 2024 KY Homebuyers
 
Kentucky has many programs and grants for first-time home buyers with no money down home loans and down payment assistance programs for 2024
,see list below and let me know if you have any questions at 502-905-3708– call or text
 
LIST BELOW👇
 
2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000
 
 
Ask your loan officer about these program
 
2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000
2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000

 

 

Kentucky First Time Home Buyer Common Questions and Answers:

 

∘ WHAT KIND OF CREDIT SCORE DO I NEED TO QUALIFY FOR DIFFERENT FIRST TIME HOME BUYER LOANS IN KENTUCKY?

 
Answer. Most lenders will wants a middle credit score of 580 to 620 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 620 middle score on their programs.
 
If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.
 
Another popular no money down loan is VA. Most VA lenders will want a 580 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.
 
A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.
 

∘ DOES IT COSTS ANYTHING TO GET PRE-APPROVED FOR A MORTGAGE LOAN?

 
Answer: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application.

∘ HOW LONG DOES IT TAKE TO GET APPROVED FOR A MORTGAGE LOAN IN KENTUCKY?

 
Answer: Typically if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours.
 
They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System.
 
If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios,  or lack of down payment,  the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer
 

∘ ARE THERE ANY SPECIAL PROGRAMS IN KENTUCKY THAT HELP WITH DOWN PAYMENT OR NO MONEY DOWN LOANS FOR KY FIRST TIME HOME BUYERS?

 
Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City  and Welcome Grants are all available to Kentucky First Time Home buyers if you qualify for them.
 
 

∘ WHEN CAN I LOCK IN MY INTEREST RATE TO PROTECT IT FROM GOING UP WHEN I BUY MY FIRST HOME?

 
Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time.
The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future.
Interest rates are kind of like gas prices, they change daily, and the general trend is that they have been going up since the Presidential election in November 2016.

∘ HOW MUCH MONEY DO I NEED TO PAY TO CLOSE THE LOAN?

 
Answer: Depending on which loan program you choose, the outlay to close the loan can vary. Typically you will need to budget for the following to buy a home: Good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $500-$650 for an appraisal fee; home inspection fees.
 
Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDAS, Fannie Mae does not require a termite report, but most borrowers get one done.
 
There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiated the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit. The lender has to issue a breakdown of the fees you will incur on your loan pre-approval.

HOW LONG IS MY PRE-APPROVAL GOOD FOR ON A KENTUCKY MORTGAGE LOAN?

 
Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval.
 

HOW MUCH MONEY DO I HAVE TO MAKE TO QUALIFY FOR A MORTGAGE LOAN IN KENTUCKY?

 
Answer: The general rule for most FHA, VA, KHC, USDA and Fannie MAe loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios.
There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, is the new house payment divided by your gross monthly income.  The back-end ratio, is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans.
Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations.
If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio.
So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan?
Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio.
Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio.
So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.
 

Kentucky Welcome Home Grant 2024 Income Limits for the $20,000 Grant.

see below:👇 hit link for Welcome Home Grants Program 2024

2024 Kentucky Welcome Home Grant Income Limits

Use the 80% limits for the Welcome Home Program

Use the 100% limits for the Disaster Reconstruction Program

 100% limits80% limits 
 1-2 Persons3 + Persons1-2 Persons3 + 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
 County100% limits80% limits
1-2 Persons3 + Persons1-2 Persons3 + 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
 County100% limits80% limits
1-2 Persons3 + Persons1-2 Persons3 + 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
 County100% limits80% limits
1-2 Persons3 + Persons1-2 Persons3 + Persons
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

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/

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NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574

 

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).

 

4 Things to Know about buying a house and getting a Kentucky Mortgage Loan approval


4 Things to Know about buying a house and getting a Kentucky Mortgage Loan approval