Kentucky Home Buyers. Purchase a Home No Money Down.

I can answer your questions and usually get you pre-approved the same day. 

Call or Text me at 502-905-3708 with your mortgage questions.

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


fax:            502-327-9119

Kentucky FHA Loans Compared to Kentucky Conventional Loans


When it comes to financing a home a buyer is faced with the decision of what type of loan they want. The two most common choices are FHA or Conventional. Both have their advantages and disadvantages. Follow the chart below to see which one is a fit for you!

For more information on homes available for FHA or Conventional

Which Loan is better for you?

Kentucky FHA Loans are good for borrowers who have the following:

‚ÄĘ Credit scores less than 680.
‚ÄĘ Less than 5% down payment and no reserves to use.
‚ÄĘ Borrowers with past foreclosures between 3 and 7 years old.
‚ÄĘ Borrowers with past short sales between 2 and 4 years old.
‚ÄĘ Borrowers who need a gift for the down payment and/or closing costs, prepaid taxes and
The FHA Mortgage Insurance premium is a premium that exists for the FHA Loan that is
paid up front and monthly by the homebuyer. This premium protects the lender should the
buyer default. They vary per state and per type of loan Kentucky home buyers qualify for. In Kentucky, upfront mortgage insurance premiums are 1.75%.
Below are the rates per type of loan:
‚ÄĘ 15-Year Fixed with down payment more than 10%: .45%
‚ÄĘ 15-Year Fixed with down payment less than 10%: .70%
‚ÄĘ 30-Year Fixed with down payment more than 5%: .80%
‚ÄĘ 30-Year Fixed with down payment less than 5%: .85%

Kentucky Conventional loans are usually reserved for the following:

‚ÄĘ Credit scores greater than 680
‚ÄĘ Greater than or equal to ¬†5% down payment with reserves
‚ÄĘ Borrowers with past foreclosures over 7 years old.
‚ÄĘ Borrowers with past short sales between 5-7 years old.
‚ÄĘ Borrowers who have a lot of money saved up and want to get rid of mortgage insurance within the first 5 years give or take. 20% equity position is needed for no mi

The biggest difference between conventional loans and FHA loans comes down to the mortgage insurance.  Mortgage insurance is more expensive for FHA loans, but the trade off is a lower fixed rate than conventional loans.

On Conventional loans there is no upfront mortgage insurance like FHA, and if you have a high credit score you can possibly get a lower monthly mi premium as compared to FHA where everybody gets the same mortgage insurance premium not matter your credit score or down payment. 

Lastly, FHA Mortgage insurance is for life of loan, whereas Conventional mortgage insurance or pmi it’s called, is discontinued once you reach the 80% threshold equity position of your home loan.

Again, I would not get too caught in FHA having mortgage insurance for life of loan, because most loans are only kept open a minimum of 5-7 years so a lot of times it may make sense to go with the lower rate and pay the mortgage insurance with FHA because most people don’t hold their mortgage for 30 years.


You can call or text me with your questions and we can compare the differences based on your credit score, down payment and income.


FHA vs conventional loans comparison chart

Equal Housing Lender.  NMLS#:57916, terms, and program information are subject to change without notice. Subject to certain approvals, terms and conditions. This is not a commitment to lend.

Not part of any government lending agency and only lending in the State of Kentucky.

Looking at FHA loans vs Conventional loans can arm you with a lot of valuable information as these are the 2 most popular mortgage loan products today. Before getting to the content let’s look at some abbreviations that will need to be defined.


  • PMI stands for Private Mortgage Insurance
  • MIP stands for Mortgage Insurance Premium
  • Credit Scores are a numerical measure of your credit worthiness, the maximum score is 850
  • Debt-to-Income Ratio measures your monthly income versus your monthly obligations. A good rule of thumb is to try to be below 45%


FHA Loans vs Conventional Loans


fha loans vs conventional loans


Conventional Mortgage Benefits


  • Minimum Down Payment is 5%
  • Maximum loan amount is $424,100
  • 20% down payment preferred to avoid PMI
  • No upfront PMI
  • 3% Down Payment Conventional Loan Option is available
  • Mortgage Insurance is cheaper on a Conventional Loan at .51%
  • PMI expires once principal balance is less than 78%
  • Houses do not have to be owner-occupied (so they can be used at rentals)
  • Can purchase any condominium and townhome (no FHA regulations)


Conventional Mortgage Disadvantages


  • Significant upfront investment (20% down preferred)
  • Credit score of 620 required
  • No Down Payment Assistance
  • Down Payment must be at least 5% unless you qualify for a 3% conventional mortgage
  • Harder to Qualify for a Conventional Mortgage
  • No government inspection so the home can be in any quality
  • Only a portion of a down payment can be a gift
  • Interest rates are higher than FHA loans


Most of the disadvantages of conventional mortgages stem around qualifications and resources needed upfront. If a borrower has significant resources most of these disadvantages are of little consequence.


Conventional loan rates today


FHA Loan Advantages


The major advantage to going with an FHA loan is that there are much more lax credit standards you have to meet to obtain financing. Usually, FHA mortgages require a lower down payment, can work with lower credit scores, less elapsed time is needed if you have some credit problems (charge-offs, foreclosures) and you can use a non-occupant co-borrower or co-signer (who is a relative) to help you qualify for the loan. That way you can use blended ratios. Blended ratios are debt-to-income ratios that equally blend or combine the primary borrower’s income and the non-occupant co-borrower’s income and monthly payments to help get approval for the loan. Except for HomeReady (formerly Fannie Mae HomePath) mortgages, conventional loans do not allow you to use a non-occupant co-borrower.


  • Government-backed program. Ideal for first-time home buyers
  • Easier to obtain, lower credit scores needed and lower minimum down payment
  • Down Payment minimum is 3.5%
  • All of down payment can be a gift
  • Down Payment Assistance Available (in some circumstances)
  • No reserves required
  • Minimum credit score is 580 (for 3.5% down payment)
  • Home has to meet a minimum condition to be approved for FHA so there are less potential upfront repairs needed
  • Lower interest rates than conventional mortgages



FHA Loan Disadvantages


  • FHA loans require the owners to live in the home
  • Mortgage Insurance Premium required if borrowers put down less than 10%
  • Private Mortgage Insurance monthly cost is higher for FHA loans
  • Government Licensed Inspector required to inspect home before sale can be approved
  • FHA maximum loan limit is $271,050
  • Condominiums require FHA approval
  • FHA Loans take longer to process because of government requirements and all mandated repairs have to be completed before sales can be finalized


Most of these disadvantages involve extra requirements or limits added to the process of the house (see Pros and Cons of FHA Loans). Some of these might not be disadvantages depending on one’s personal situation, but they are extra steps to note. Since FHA mortgages are a government program, more care and consideration goes into the process, which may be better in some situations.


FHA loan rates today


Compare and Contrast FHA loans vs Conventional loans


There are four important numbers in deciding which loan you will go with: credit scores, down payment amount, debt-to-income, and mortgage insurance percentage rate. Conventional mortgages and FHA home loans have different limits and rates which are important to examine. They also have important differences which affect the availability of properties, the condition of the properties one wishes to buy and how your down payment can be paid. So comparing FHA loans vs Conventional loans can sometimes be a tricky endeavor.


Down Payment Requirements


  • Conventional Mortgages require between 5 and 20% upfront
    • In certain circumstances, down payments can be as low as 3% (Conventional 97 loan program)
  • FHA Mortgages have 2 possibilities
    • If Credit Score is 500-579 then 10% down payment is required (not all lenders will even go down this low)
    • If Credit Score is 580+ then 3.5% down payment is required



Debt-to-Income Ratio


  • Conventional Mortgages‚Äô maximum debt-to-income ratio is 43% (hard cap)
  • FHA Mortgages‚Äô maximum debt-to-income ratio is 45%
    • Soft cap as in certain circumstances this can be adjusted up to 50%


Mortgage Insurance Premium Rates


  • Conventional Mortgages PMI rate is .51% PMI
  • FHA Mortgages
    • If Down Payment is 10% or more the percentage is .80% MIP
    • If Down Payment is less than 10% the rate is .85% MIP.


Credit Score Minimum Requirement


  • Conventional Mortgage minimum credit score
    • Most lenders will require between 620 and 640
    • Some lenders it will be as high as 700
  • FHA Mortgage minimum credit score
    • Credit Score is a minimum of 500 if putting 10% down
    • Credit Score is a minimum of 580 if not



These four numbers are important to know and will affect one’s decision to pursue a particular type of home loan. Knowing your combination of numbers as you are looking to buy a house will help buyers find the best loans for their particular situation.


Other Comparisons


  • All sellers will take conventional mortgages and some sellers will not take FHA Loans
    • People looking for short-sells won‚Äôt take FHA because FHA has a longer closing process.
    • If sellers know there are FHA repairs that are needed in order to sell their house, they will not always accept FHA financing.


Thus, if one is wanting a low-risk transaction then the FHA home loan route is a better option to pursue, even though it limits your options for homes that you might wish to buy. If one is looking to fix-up a house and raise its equity quickly then a conventional loan is going to be more beneficial because there are no requirements as to the condition of the house and it’s occupied status.


Down Payment Gifting


  • Making the Down Payments (Assistance and Gifts)
    • Conventional mortgages have no assistance but can be partially fulfilled with a gift
    • FHA Mortgages have loans and assistance programs available and the whole down payment can be fulfilled with a gift


In this article, we have given you the basic parameters of FHA loans vs Conventional loans. The conventional loans are for people who have a better financial track record and can handle a larger upfront cost. Because of PMI, conventional loans are cheaper in the long run if you can put enough of a down payment to get rid of PMI. However, there are no down payment assistance programs to help you reach that goal. FHA loans are for people who are looking to build their investment and in some cases may not have a great financial track record. FHA loans have lower down payment requirements and many grants/forgivable loans to help people wanting to buy a first house in which to live for at least a few years. It is important to assess your situation and decide which mortgage is going to work better for your circumstances.




Both mortgages have a lot of benefits and drawbacks because they are designed for people with different needs. This article has hopefully helped you to get a basic understanding of the different terms and conditions of different mortgage packages when looking at FHA loans vs Conventional loans. Home buying can be an emotional roller coaster and the knowledge in this article will help you navigate the various emotional struggles of home buying.








House Down Payments Bullitt County, KY – Discover Your Government –

House Down Payments Bullitt County, KY – Discover Your Government –

Bullitt County Kentucky – $677,468,000 in Mortgage Loans Applied for in 2011, Bullitt County KY Mortgage Loans

Bullitt County Kentucky – $677,468,000 in Mortgage Loans Applied for in 2011, Bullitt County KY Mortgage Loans.


Bullitt County KY
Mortgage Loan Application
Totals and Details

Location Totals for 2011
Location Bullitt County KY
‚Äʬ†Apply Here
Year 2011
Data Years (click a year for detail) 2003  2004  2005  2006  2007  2008  2009  2010  2011
Total Number of Mortgage Applications 5,063
Total Amount of All Mortgage Loans Applied For $677,468,000
Average Mortgage Loan Amount Applied For $133,000
Highest Mortgage Loan Amount Applied For $13,346,000
Average Applicant Income $58,000
Highest Applicant Income $809,000

Mortgage Loan Application Totals and Details for Bullitt County KY in 2011

Loan Purpose Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loans Applied For Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Home Improvement 216 $10,921,000 $50,000 $413,000 $60,000 $636,000
Home Purchase 1,647 $227,913,000 $138,000 $13,346,000 $53,000 $809,000
Refinancing 3,200 $438,634,000 $137,000 $547,000 $60,000 $783,000
Applicant Race Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loans Applied For Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
American Indian or Alaskan Native 10 $950,000 $95,000 $350,000 $77,000 $168,000
Asian 10 $1,412,000 $141,000 $240,000 $104,000 $300,000
Black or African American 45 $7,487,000 $166,000 $298,000 $61,000 $163,000
Hispanic 41 $5,249,000 $128,000 $324,000 $46,000 $125,000
Native Hawaiin or Other Pacific Islander 1 $12,000 $12,000 $12,000 $73,000 $73,000
Not applicable 292 $54,861,000 $187,000 $13,346,000 $10,000 $312,000
Not Provided 431 $59,578,000 $138,000 $476,000 $56,000 $206,000
White 4,233 $547,919,000 $129,000 $633,000 $61,000 $809,000
Loan Type Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loans Applied For Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Conventional (any loan other than FHA, VA, FSA, or RHS loans) 3,209 $398,527,000 $124,000 $1,700,000 $65,000 $809,000
FHA-insured (Federal Housing Administration) 1,260 $188,951,000 $149,000 $13,346,000 $46,000 $180,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 279 $35,393,000 $126,000 $280,000 $40,000 $99,000
VA-guaranteed (Veterans Administration) 315 $54,597,000 $173,000 $468,000 $50,000 $216,000
Outcome Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loans Applied For Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Application Approved But Not Accepted 198 $25,015,000 $126,000 $417,000 $59,000 $279,000
Application Denied By Financial Institution 944 $111,486,000 $118,000 $633,000 $56,000 $636,000
Application Withdrawn By Applicant 468 $65,407,000 $139,000 $428,000 $62,000 $314,000
File Closed For Incompleteness 108 $15,461,000 $143,000 $361,000 $63,000 $196,000
Loan Originated 2,376 $319,573,000 $134,000 $13,346,000 $64,000 $809,000
Loan Purchased By The Institution 969 $140,526,000 $145,000 $468,000 $43,000 $224,000
Preapproval Approved but not Accepted 0 $0 $0 $0 $0 $0
Preapproval Denied by Financial Institution 0 $0 $0 $0 $0 $0
Denial Reason Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loans Applied For Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Collateral 134 $17,853,000 $133,000 $396,000 $70,000 $228,000
Credit Application Incomplete 108 $14,609,000 $135,000 $475,000 $69,000 $611,000
Credit History 222 $19,871,000 $89,000 $400,000 $55,000 $636,000
Debt-To-Income Ratio 111 $13,998,000 $126,000 $384,000 $46,000 $220,000
Employment History 4 $400,000 $100,000 $146,000 $39,000 $44,000
Insufficient Cash (Downpayment, Closing Cost) 28 $3,132,000 $111,000 $317,000 $65,000 $132,000
Mortgage Insurance Denied 0 $0 $0 $0 $0 $0
Other 62 $8,172,000 $131,000 $357,000 $56,000 $187,000
Unverifiable Information 19 $2,640,000 $138,000 $258,000 $44,000 $160,000

Mortgage Company list for lending in Bullitt County KY for 2011

Kentucky Public Housing Corporations listed below

PHA Contact InformationImage


This listing is ordered by city. View it ordered by zip.

HA Code PHA Name, Phone & Fax Number Address Type [?]
KY046 Albany 
Phone: (606)387-7708
Fax: (606)387-6647
200 Harvest Street 
KY 42602
KY142 Ashland CDA 
Phone: (606)327-2032
Fax: (606)327-5457
1436 Greenup Ave 
KY 41101
Section 8
KY074 Ashland 
Phone: (606)325-7112
Fax: (606)324-1714
3131 Winchester Avenue 
KY 41101
KY150 Barbourville CDA 
Phone: (606)546-4192
Fax: (606)546-3740
338 Court Square 
KY 40906
Section 8
KY028 Barbourville 
Phone: (606)546-3567
Fax: (606)546-3685
105 Lake Avenue 
KY 40906
KY160 Cumberland Valley 
Phone: (606)546-9324
Fax: (606)546-3740
338 Court Square 
KY 40906
Section 8
KY071 Bardstown 
Phone: (502)348-3525
Fax: (502)348-4165
513 W Broadway Street 
KY 40004
KY058 Beattyville 
Phone: (606)464-8471
Fax: (606)464-0754
227 Boone Avenue 
Apartment #31 
KY 41311
KY122 Beaver Dam 
Phone: (270)274-7504
Fax: (270)274-7504
3030 James Court 
Beaver Dam
KY 42320
KY091 Benton 
Phone: (270)527-3626
Fax: (270)527-2413
101 Walnut Court 
KY 42025
KY090 Berea 
Phone: (859)986-4436
Fax: (859)986-4436
110 Orchard Street 
KY 40403
KY171 City of Bowling Green Housing Division 
Phone: (270)393-3715
Fax: (270)393-3168
1017 College Street 
Bowling Green
KY 42101
Section 8
KY063 Bowling Green 
Phone: (270)843-6071
Fax: (270)781-7091
247 Double Springs Road 
Bowling Green
KY 42102
KY055 Burkesville 
Phone: (270)864-5111
Fax: (270)864-3372
401 Sunset Drive 
KY 42717
KY135 Boone County 
Phone: (859)334-2105
Fax: (859)334-3127
2950 Washington Street, Room 209 
KY 41005
Section 8
KY042 Cadiz 
Phone: (270)522-3916
Fax: (270)522-6399
117 Lincoln Avenue 
Apartment 51 
KY 42211
KY047 Campbellsville 
Phone: (270)465-3576
Fax: (270)465-2444
400 Ingram Avenue 
KY 42718
KY057 Carrollton 
Phone: (502)732-4330
Fax: (502)732-4330
1201 9th Street 
KY 41008
KY033 Catlettsburg 
Phone: (606)739-6851
Fax: (606)739-8599
210 24th Street 
Grandview Manor 
KY 41129
KY070 Central City 
Phone: (270)754-2521
Fax: (270)754-2238
509 S 9th Street 
Central City
KY 42330
KY064 Columbia 
Phone: (270)384-2271
Fax: (270)384-9330
920 Carrie Bolin 
KY 42728
KY010 Corbin 
Phone: (606)528-5104
Fax: (606)528-6662
1336 Madison Street 
KY 40702
KY002 Covington 
Phone: (859)491-5311
Fax: (859)292-3240
2300 Madison Avenue 
KY 41014
KY133 City of Covington 
Phone: (859)292-2188
Fax: (859)292-2139
638 Madison Avenue, 5th Floor 
KY 41014
Section 8
KY029 Cumberland 
Phone: (606)589-4600
Fax: (606)589-5205
178 Russell Drive 
KY 40823
KY021 Cynthiana 
Phone: (859)234-5388
Fax: (859)234-4967
148 Federal Street 
KY 41031
KY014 Danville 
Phone: (859)236-6116
Fax: (859)236-7548
102 McIntyre Circle 
KY 40422
KY138 Danville CDA 
Phone: (859)236-0039
Fax: (859)236-0039
471 West Walnut Street 
KY 40422
Section 8
KY075 Dawson Springs 
Phone: (270)797-2512
Fax: (270)797-5581
100 Clarkdale Court 
Dawson Springs
KY 42408
KY129 Dayton 
Phone: (859)491-7749
Fax: (859)491-1080
201 Clay Street 
KY 41074
KY158 Dry Ridge 
Phone: (859)824-4432
Fax: (859)824-5733
300 Meadowview Circle 
Dry Ridge
KY 41035
KY025 Lyon County 
Phone: (270)388-7108
Fax: (270)388-4355
425 Linden Avenue 
KY 42038
KY054 Elizabethtown 
Phone: (270)765-2092
Fax: (270)765-4590
63 Public Square 
KY 42701
KY078 Eminence 
Phone: (502)845-4769
Fax: (502)845-1330
791 Cannon Court 
KY 40019
KY059 Falmouth 
Phone: (859)654-8492
Fax: (859)654-8550
412 Beech Street 
KY 41040
KY060 Flemingsburg 
Phone: (606)845-1651
Fax: (606)845-1651
142 Circle Drive 
KY 41041
KY003 Frankfort 
Phone: (502)223-2148
Fax: (502)875-1882
590 Walter Todd Drive 
KY 40601
KY901 Kentucky Housing Corporation 
Phone: (502)564-9946
Fax: (502)564-9964
1050 US 127 South 
KY 40601
Section 8
KY099 Franklin 
Phone: (270)586-8500
Fax: (270)586-1953
1301 Crestmore Drive 
KY 42134
KY043 Fulton 
Phone: (270)472-1115
Fax: (270)472-9519
201 N Highland Drive 
KY 42041
KY061 Eorgetown 
Phone: (502)863-3773
Fax: (502)863-3771
139 Scroggins Park 
KY 40324
KY026 Glasgow 
Phone: (270)651-3859
Fax: (270)651-9883
111 Bunche Avenue 
KY 42141
KY053 Greensburg 
Phone: (270)932-4296
Fax: (270)932-3566
105 W. Hodgenville Ave. 
KY 42743
KY100 Greenville 
Phone: (270)338-5900
Fax: (270)338-5900
613 Reynolds Drive 
KY 42345
KY170 Todd County 
Phone: (270)483-9750
Fax: (270)483-2610
151 Pennyrile Court 
KY 42234
KY077 Harlan 
Phone: (606)573-5800
Fax: (606)573-9993
509 Poplar Street 
KY 40831
KY062 Harrodsburg 
Phone: (859)734-4447
Fax: (859)734-9180
502 W Office Street 
KY 40330
KY024 Hazard 
Phone: (606)436-5741
Fax: (606)436-2617
100 Campbell Street 
Room A 
KY 41701
KY012 Henderson 
Phone: (270)827-1294
Fax: (270)827-1482
111 S Adams Street 
KY 42420
KY037 Hickman 
Phone: (270)236-2888
Fax: (270)236-2204
1209 Holly Street, Suite 50 
KY 42050
KY096 Knott County 
Phone: (606)785-3451
Fax: (606)785-0994
997 Highway 160 S 
KY 41822
KY083 Hodgenville 
Phone: (270)358-4705
Fax: (270)358-4706
501 Miami Court 
KY 42748
KY011 Hopkinsville 
Phone: (270)887-4275
Fax: (270)887-4080
400 N Elm Street 
KY 42240
KY067 Horse Cave 
Phone: (270)786-2481
Fax: (270)786-2481
990 N Dixie Street 
Horse Cave
KY 42749
KY036 Irvine 
Phone: (606)723-3116
Fax: (606)723-3198
285 Mountain Crest 
KY 40336
KY101 Irvington 
Phone: (270)547-7648
Fax: (270)547-4606
Hillview Homes 
300 North Hillview Drive 
KY 40146
KY045 Jackson 
Phone: (606)666-2859
Fax: (606)666-8639
400 Railroad Street 
Office D 
KY 41339
KY163 Lake Cumberland 
Phone: (270)343-4740
Fax: (270)343-4730
69 Herriford Curve Road 
KY 42629
Section 8
KY052 Lancaster 
Phone: (859)792-3813
Fax: (859)792-6264
109 Kinnaird Avenue 
KY 40444
KY157 Floyd County 
Phone: (606)285-3833
Fax: (606)285-3835
402 John M. Stumbo Drive 
KY 41645
KY022 Lebanon 
Phone: (270)692-3481
Fax: (270)692-1825
101 Hamilton Heights 
KY 40033
KY004 Lexington 
Phone: (859)281-5060
Fax: (859)281-5055
300 West New Circle Road 
KY 40505
KY073 Liberty 
Phone: (606)787-7821
Fax: (606)787-7827
75 Riverdale Drive 
KY 42539
KY169 Laurel County 
Phone: (606)878-0512
Fax: (606)878-8526
194 County Extension Road 
KY 40741
Section 8
KY065 London 
Phone: (606)864-5474
Fax: (606)864-5429
100 Scott Street Suite 1 
KY 40741
KY086 Lawrence County 
Phone: (606)638-9414
Fax: (606)638-4699
200 Gene Wilson Boulevard 
KY 41230
KY001 Louisville 
Phone: (502)569-3400
Fax: (502)569-3459
420 S 8th Street 
KY 40203
KY007 Madisonville 
Phone: (270)821-5517
Fax: (270)825-4517
211 Pride Avenue 
KY 42431
KY066 Manchester 
Phone: (606)598-3884
Fax: (606)598-5560
306 Town Branch Road 
KY 40962
KY038 Martin 
Phone: (606)285-3681
Fax: (606)285-0502
109 Raymond Griffith Drive #1101 
KY 41649
KY040 Mayfield 
Phone: (270)247-6391
Fax: (270)247-8978
312 Brookside Drive 
KY 42066
KY017 Maysville 
Phone: (606)564-4409
Fax: (606)564-3826
600 Clark Street 
KY 41056
KY147 Housing Authority of McKee 
Phone: (606)287-8777
Fax: (606)287-4329
1405 Roberts Court, Office 
KY 40447
KY019 Middlesborough 
Phone: (606)248-1940
Fax: (606)242-2309
South 38th Street 
KY 40965
KY048 Monticello 
Phone: (606)348-6286
Fax: (606)348-6437
210 Homestead Heights 
KY 42633
KY032 Morehead 
Phone: (606)784-4314
Fax: (606)784-7032
200 Heritage Place 
KY 40351
KY093 Morganfield 
Phone: (270)389-3066
Fax: (270)389-3470
703 Culver Drive 
KY 42437
KY041 Morgantown 
Phone: (270)526-3873
Fax: (270)526-2774
300 Kent Manor Drive 
KY 42261
KY020 Mt. Sterling 
Phone: (859)498-5592
Fax: (859)498-8906
335 Barnard Avenue 
Mount Sterling
KY 40353
KY097 Mt. Vernon 
Phone: (606)256-4185
Fax: (606)256-0184
50 Lovell Lane 
Mount Vernon
KY 40456
KY030 Murray 
Phone: (270)753-5000
Fax: (270)753-2073
716 Nash Drive 
KY 42071
KY015 Newport 
Phone: (859)581-2533
Fax: (859)581-9009
30 E 8th Street 
2nd Floor 
KY 41072
KY136 Campbell County 
Phone: (859)261-5200
Fax: (859)261-0577
1098 Monmouth Street 
KY 41071
Section 8
KY034 Nicholasville 
Phone: (859)885-4324
Fax: (859)885-4324
601 Broadway 
KY 40356
KY092 Olive Hill 
Phone: (606)286-4721
Fax: (606)286-8177
501 Tygart Street 
Olive Hill
KY 41164
KY009 Owensboro 
Phone: (270)683-5365
Fax: (270)685-3170
2161 E 19th Street 
KY 42303
KY098 Owenton 
Phone: (502)484-2939
Fax: (502)484-0386
100 Gaines Village Drive 
KY 40359
KY106 Owingsville 
Phone: (606)674-2704
Fax: (606)674-2704
180 Kendall Springs Avenue 
KY 40360
KY137 Paducah CDA 
Phone: (270)444-8531
Fax: (270)444-1352
300 South 5th Street, Room 208 
KY 42001
Section 8
KY006 Paducah 
Phone: (270)450-4224
Fax: (270)444-0230
2330 Ohio Street 
KY 42003
KY027 Paintsville 
Phone: (606)789-1782
Fax: (606)789-7271
700 Sixth Street 
KY 41240
KY013 Paris 
Phone: (859)987-2575
Fax: (859)987-2462
2 Horton Drive 
KY 40361
KY140 Paris CDA 
Phone: (859)987-2108
Fax: (859)987-2128
525 High Street 
Room 127 
KY 40361
Section 8
KY121 Pike County 
Phone: (606)432-4178
Fax: (606)437-9155
142 Trivette Drive 
KY 41501
Section 8
KY107 Pikeville 
Phone: (606)432-8124
Fax: (606)432-8938
748 Hambley Boulevard 
KY 41501
KY081 McCreary County 
Phone: (606)354-2200
Fax: (606)354-2200
488 E. Hwy 92 
Apartment 400 
Pine Knott
KY 42635
KY141 Pineville/Bell County CDA 
Phone: (606)337-7074
Fax: (606)337-7515
U.S. 25E South 
Combs Forestry Building 
KY 40977
Section 8
KY039 Pineville 
Phone: (606)337-2900
Fax: (606)337-1491
911 Alabama Avenue 
KY 40977
KY035 Prestonsburg 
Phone: (606)886-2717
Fax: (606)886-3839
12 Blaine Hall Street 
KY 41653
KY072 Princeton 
Phone: (270)365-5769
Fax: (270)365-3678
100 Hillview Court 
KY 42445
KY085 Providence 
Phone: (270)667-5786
Fax: (270)667-5786
101 Center Ridge Drive 
KY 42450
KY087 Radcliff 
Phone: (270)351-6772
Fax: (270)351-6782
480 Robbie Valentine Drive 
KY 40160
KY016 Richmond 
Phone: (859)623-5968
Fax: (859)626-1363
502 Ellis Court 
KY 40476
KY132 City of Richmond 
Phone: (859)623-1000
Fax: (859)623-2279
118 North 2nd Street 
KY 40475
Section 8
KY023 Russellville 
Phone: (270)726-7579
Fax: (270)726-7194
940 Hicks Street 
KY 42276
KY177 Salyersville/Magoffin County 
Phone: (606)349-6554
Fax: (606)349-6585
540 Allen Drive 
KY 41465
KY104 Scottsville 
Phone: (270)237-4062
Fax: (270)237-4173
110 South Court 
KY 42164
KY089 Shelbyville 
Phone: (502)633-4531
Fax: (502)633-9735
41 Cardinal Drive 
KY 40065
KY008 Somerset 
Phone: (606)679-1332
Fax: (606)679-0141
400 Hail Knob Road 
KY 42503
KY056 Springfield 
Phone: (859)336-7645
Fax: (859)336-7644
1057 Melavin Circle 
KY 40069
KY079 Stanford 
Phone: (606)365-7874
Fax: (606)365-1712
100 Lacy Street 
KY 40484
KY080 Stanton 
Phone: (606)663-2625
Fax: (606)663-2625
O A Street 
KY 40380
KY094 Sturgis 
Phone: (270)333-4231
Fax: (270)333-3106
116 E Old Providence Road 
KY 42459
KY050 Tompkinsville 
Phone: (270)487-6050
Fax: (270)487-0930
1011 Green Hills 
KY 42167
KY084 Vanceburg 
Phone: (606)796-2241
Fax: (606)796-6933
104 White Street 
KY 41179
KY049 Versailles 
Phone: (859)873-5351
Fax: (859)873-1607
PO Box 1389 
519 Poplar Street 
KY 40383
KY149 Martin County 
Phone: (606)395-5575
Fax: (606)395-7276
2600 Hode Road 
KY 41267
KY044 Whitesburg 
Phone: (606)633-7144
Fax: (606)633-4433
4 Banks Street 
KY 41858
KY031 Williamsburg 
Phone: (606)549-0282
Fax: (606)549-4824
600 Brush Arbor Apartments 
KY 40769
KY069 Williamstown 
Phone: (859)823-1511
Fax: (859)823-1512
514 Helton Heights 
KY 41097
KY018 Winchester Housing Authority 
Phone: (859)744-2960
Fax: (859)744-2544
200 Canewood Drive 
KY 40391
KY161 Appalachian Foothills 
Phone: (606)836-0911
Fax: (606)836-0913
1214 Riverside Boulevard 
KY 41144

Louisville Kentucky Affordable Housing

U.S. Federal Housing Budget 1976-2007
U.S. Federal Housing Budget 1976-2007 (Photo credit: Wikipedia)

Report: 92,000 Louisvillians Can’t Afford Housing; $450,000 Raised for Trust to Help Them

Leaders with the Louisville Affordable Housing Trust Fund have secured about $500,000, but the fund’s advocates are urging Mayor Greg Fischer to do more to secure annual funding.

The trust fund is meant to give grants and loans for affordable housing activities, such as new construction, home rehabilitation, payment assistance and emergency repair.

About 92,000 Louisville families cannot afford their rent or mortgage, according to a report assessment compiled by the group. The report noted that that number is more than four times the capacity of the KFC Yum Center.

(Read the report here.)

The city made a one-time contribution of $100,000 to the fund that was matched from the business community, in addition to another $250,000 from Kentucky’s National Mortgage Settlement.

The Metro Council created the trust fund in 2008 with a $10 million goal per year, but the initiative has struggled to gain a financial foothold as the housing crisis spreads. According to a report assessment compiled by the group, around 92,000 Louisville families cannot afford their rent or mortgage, noting that number is more than four times the capacity of the KFC Yum Center.

Fischer said investing in affordable housing is important, but stressed that due to large budget deficits Metro Government will have to find other revenue streams to meet its goals.

“It‚Äôs this type of public-private partnership that are making almost everything happen in today‚Äôs world,” he said. “There‚Äôs just not enough money in the public coffers ‚ÄĒ and that‚Äôs us ‚ÄĒ and the public is not racing up to me saying, ‚ÄėWe need to raise taxes for our general fund.‚Äô So until that happens we‚Äôre going to need to continue to have partnerships to get this done.

Instead of money from the general fund, Fischer outlined his push for the state to adopt a local option sales tax, which he said could provide the city with necessary revenue to fully fund the initiative.

The blue ribbon tax commission formed by Governor Steve Beshear endorsed that ideathis week, saying local communities should have the ability to fund specific projects.

Mayor’s Proposal Criticized

But leaders with the¬†grassroots organization Citizens of Louisville Organized and United Together, which has been a critic of Fischer’s¬†and heavily involved in the affordable housing movement, argue that the mayor’s funding idea faces several hurdles, namely a change to the state constitution.

CLOUT President Chris Kolb said Fischer misled the group about securing permanent annual funding and is avoiding tough decisions as housing problems deepen, adding that a local option would be a regressive tax on low-income residents.

“Mayor Fischer knows this,” Kolb said. “So it‚Äôs a mystery to us why he‚Äôs stalling while every year thousands more working people, school children and families in Louisville suffer. That‚Äôs not very compassionat, Mr. Mayor. In fact, it‚Äôs callousness toward working people, families, seniors and veterans in our community who desperately need a place to call home.”

Among the several housing needs noted in the report, the trust fund’s board said they still lack a source of dedicated and ongoing public funding. The board recommends a one-percent increase to the city’s insurance premium tax as a dedicated public source that would generate an estimated $9.7 million annually,¬† and warns that without proper funding it will not be able to meet its goals.

Other city officials have said Fischer’s proposal to use the local option sales tax to pay for the trust fund is not a bad idea, but that the city needs to address the housing crisis now.

“It’s not going to be happening out of our general fund dollars, folks. Because they’re depleted.” – Mayor Greg Fischer

“Let‚Äôs look at are there ways we can immediately on a local level, without having to go to Frankfort, that you and the administration and we on the Metro Council can fill in the gaps until we get there,” Councilwoman Tina Ward-Pugh, D-9, who sits on the trust fund board, told Fischer. “Because as you said, we don‚Äôt have time to waste and we don‚Äôt have people to waste. And affordable housing is a desperate need.”

The Problem, at a Glance

Other key findings in the report:

  • 1 in 10 Jefferson County Public School students were homeless in the 2011-12 school year, indicating a 44 percent increase.
  • Louisville Metro needs to develop nearly 58,000 new affordable apartments in order to meet market demand.
  • 37 percent of Louisville’s workforce has a median income below what is needed to afford rent and utilities for a two-bedroom apartment at market rate in Louisville.
  • Homeownership rates in Louisville have declined to the lowest rate in five years, 63 percent.

Fischer says he remains supportive of the trust fund, but that more creative and alternative revenue streams have to be obtained first.

“It’s not going to be happening out of our general fund dollars, folks. Because they’re depleted,” he said. “We have to think of better ways that we’re more efficient but also raise revenue at the same time.”

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Thanks, but No Thanks – Stacy Kaper –

Thanks, but No Thanks – Stacy Kaper –