Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

USDA Mortgage Benefits for First Time Buyers in Kentucky

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Tags kentucky rural development loan, Kentucky USDA, kentucky usda loan, ky rural development loan, Rural development, Rural Housing Kentucky, USDA Rural Development

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Here are the highlights of USDA Mortgages
 
. Down Payment: 0% down payment
 Closing Costs: up to 6%
. Credit Score: Minimum none–but lenders create overlays..typically 640 to     get  a GUS Automated approval
. Lower monthly mortgage insurance costs (PMI) versus FHA
. There is NO maximum set loan amount limit with USDA Rural Housing.
. No large savings are needed to qualify for USDA loans.
 The debt to income, or DTI is limited to 45% – lower than most other loan programs.
 The location of the home determines if it will be a USDA loan.
. The home can be a regular sale, short sale, foreclosure home or bank owned home single family, townhome or approved condo.
 Mobile/Manufactured homes and “build on your own land” not available.
. Applies for First-time home buyers, or move-up buyers.
 No special first-time buyer’s class, down payment assistance, or bond money…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

First Time Home Buyer Louisville Kentucky Mortgage Programs

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.
Email Kentuckyloan@gmail.com

Joel Lobb (NMLS#57916)
Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
kentuckyloan@gmail.com

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). I lend in the following states: Kentucky

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Regular DAP

  • Purchase price up to $346,644 with Secondary Market.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $346,644​ with Secondary Market.
  • Assistance up to $6,000.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable D​AP income limits.

​MORE ABOUT DOWN PAYMENT AND CLOSING COSTS

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs
  •  
  •  
  • .​

SECONDARY MARKET FUNDING SOURCE

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $346,644
  • Borrower must meet KHC’s Secondary Market Income Limits
Conventional Preferred Program
  • Minimum credit score of 660
  • 3 percent down payment
  • Monthly mortgage insurance (charter coverage)
  • All KHC DAPs applicable
  • No minimum borrower contribution
  • No…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

How to Qualify For A Kentucky Mortgage Loan

How to Qualify For A Kentucky Mortgage Loan

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

 

When it comes to get a mortgage loan in Kentucky, lenders will look at your credit, income and work history, and assets (money in the bank, 401k etc)

Debt to Income Ratio For Mortgage Loans. 

DTI ratio. Lenders divide your total debt by your pretax income to determine your DTI ratio. It’s an important measure used to determine whether you can repay the loan. Most loans are ran through an Automated System for a pre-approval (GUS, DU, DO LP) and it will state your max house payment in relation to your gross monthly income vs. monthly payments on the credit report. Car insurance, utilities bills, cell phone, internet, net flix etc, is not part of the debt to income requirements.

Most ratios have a front end and back end requirement, with 40% to 45% on the high-end and 55% on the backend ratio. 

Lower the credit score, reserves, job history…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Kentucky First Time Home Buyer Loan Programs

The Secondary Market of Mortgage loans offered by FHA, VA, USDA, Fannie Mae, and KHC all have their minimum fico score requirements and lenders will create overlays in addition to what the Government agencies will accept, so even if on paper FHA says they will go down to 580 or 500 in some cases on fico scores, very few lenders will go below the 620 threshold. If you have low fico scores it may make sense to check around with different lenders to see what their minimum fico scores are for loans.

The lenders I currently deal with have the following fico cutoffs for credit scores: FHA–620 minimum score VA—-620 minimum score Fannie Mae–620 minimum score USDA–640 minimum score KHC with Down Payment Assistance –620 minimum score. As you can see, 620 is the minimum score with most lenders for a FHA, VA, or Fannie Mae loan, and 620 is required for the no down payment programs offered by USDA for Kentucky for First Time Home Buyers wanting to go no money down.

Mortgage Fico Scores used by Lenders.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

The Secondary Market of Mortgage loans offered by FHA, VA, USDA, Fannie Mae, and KHC all have their minimum fico score requirements and lenders will create overlays in addition to what the Government agencies will accept, so even if on paper FHA says they will go down to 580 or 500 in some cases on fico scores, very few lenders will go below the 620 threshold.   If you have low fico scores it may make sense to check around with different lenders to see what their minimum fico scores are for loans.  

The lenders I currently deal with have the following fico cutoffs for credit scores:   FHA–620 minimum score VA—-620 minimum score Fannie Mae–620 minimum score USDA–640 minimum score KHC with Down Payment Assistance –620 minimum score.   As you can see, 620 is the minimum score with most lenders for a FHA, VA, or Fannie Mae…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Kentucky USDA Guideline Updates for 2021

Annual Qualifying Income – The requirement for calculations to be included on the Income Calculation worksheet have been removed and should now be included on Attachment 9-B, the underwriter transmittal summary, FNMA form 1008/Freddie form 1077, or equivalent
4506-T – The requirement for asset statements to be reviewed to ensure borrowers have no additional income sources has been removed.
Repayment Income – MCC income must now be included in repayment income.
Boarder Income – USDA now considers a boarder as a household member and a boarder’s income must now be included in annual income calculation. Rent paid by boarders that is reported on tax returns must also be included in annual income.
Capital Gains – USDA removed requirement from Repayment Income to provide evidence showing borrowers own additional property or assets that may be sold if additional income is needed to support the mortgage obligation
Commission – The borrower must now show one year history in same or similar line of work to include commission in repayment income.
Fellowship, Stipend, Scholarship – Scholarship award letters must now provide date of termination and USDA will no longer presume benefits with no expiration date will continue. USDA also added guidelines for GI Bill income and stated it cannot be included in annual or repayment income.
MCC – This income must now be included in repayment income, but no history is required. A copy of the W-4 from employer is required to verify borrower is taking tax credit on monthly basis. Note: MCC’s are ineligible with FWL as qualifying income.
Unreimbursed Business Income – only taxable income is allowed to be included in repayment income
Section 8 – USDA removed requirement for section 8 income to be deducted from the monthly PITI to determine DTI if it is paid directly to the loan servicer when included in the repayment income.
Self Employed Income – Federal tax returns must now be reviewed to determine gross income for annual calculations. Removed requirement to deduct business loss before entering as repayment income into GUS or on loan application. Clarified documentation requirements as most recent 2 years of federal tax returns / transcripts & YTD P&L may be audited or unaudited
Social Security Income – clarified documentation options and will allow social security benefit statement or form SSA-1099/1042S to source
Temporary Leave – The history requirements for repayment income has been changed and now income must be received by loan closing.
Cash on Hand – The underwriter must review the reasonableness of accumulation based upon income stream, spending habits, etc. and cash on hand can no longer be included in reserves
Gift Funds – Clarification provided on how gift funds must be sourced when gift funds have been deposited into borrower’s account, not deposited into borrower’s account, or if funds are being wired directly to the settlement agent.
Large Deposits – USDA no longer addresses lump sum additions.
Refer to USDA Procedure Notice.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

  • Annual Qualifying Income – The requirement for calculations to be included on the Income Calculation worksheet have been removed and should now be included on Attachment 9-B, the underwriter transmittal summary, FNMA form 1008/Freddie form 1077, or equivalent
  • 4506-T – The requirement for asset statements to be reviewed to ensure borrowers have no additional income sources has been removed.
  • Repayment Income – MCC income must now be included in repayment income.
  • Boarder Income – USDA now considers a boarder as a household member and a boarder’s income must now be included in annual income calculation. Rent paid by boarders that is reported on tax returns must also be included in annual income.
  • Capital Gains – USDA removed requirement from Repayment Income to provide evidence showing borrowers own additional property or assets that may be sold if additional income is needed to support the mortgage obligation
  • Commission – The borrower must now show one year history in…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Kentucky FHA Loan Requirements For 2021

FHA Kentucky Home Loans
Kentucky FHA Loan Requirements for 2021

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

KHC has $5.5 million available at 1% interest rate, fixed for 30 years

KHC announced $5.5 million in funding for the Mortgage Revenue Bond (MRB) Special Funding Program with a 1.00 percent fixed interest rate for 30 years. The MRB Special Funding Program aids households whose gross annual income does not exceed $40,000 and is first-come, first-served with reservations for funding to begin Friday, March 19, 2021

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Down Payment Assistance Kentucky 2021 Kentucky Housing Corporation

KHC is used for mostly applicants in urban areas of Kentucky that don’t have access to USDA or other government agencies to buy a home with no down payment.

A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $4500-$6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%.

These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.
Kentucky First-time homebuyer qualifications

KHC’s assistance programs.

To qualify for the agency’s loans, you must:

Fall within your county’s “secondary market” income limit for qualifying for a reduced-interest loan with fewer overall requirements.
Be a U.S. citizen or qualified noncitizen.
Have a credit score of at least 620 (though some programs will require a higher score).

Conventional Preferred Program
The Kentucky Housing Corporation offers a few different loan programs, including the Conventional Preferred program. These home loans have 30-year fixed interest rates, so your rate won’t change over the life of the loan. The mortgages are serviced by the KHC and maintained in Kentucky, not sold off the way other mortgages are.

To qualify for this program, you’ll need:

A minimum credit score of 660.
A down payment of 3% of your purchase price.
To pay monthly mortgage insurance.
An income that doesn’t exceed 80% of the local median income.
With the Conventional Preferred Program, you also can make use of any of the state’s down payment assistance programs for help with your closing costs.

Conventional Preferred Plus 80 Program
Many of the requirements for the Preferred Plus 80 program are similar to those for the Conventional Preferred Program loans. You’ll need:

A minimum credit score of 660.
A down payment of 3% of your purchase price.
Monthly mortgage insurance.
An income that doesn’t exceed your county’s “secondary market” limit.
And, the KHC’s down payment assistance programs can be used in conjunction with the Conventional Preferred Plus 80 program.

KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular DAP
Purchase price up to $327,334 with Secondary Market.
Assistance in the form of a loan up to $6,000 in $100 increments.
Repayable over a ten-year term at 5.50 percent.
Available to all KHC first-mortgage loan recipients.
Affordable DAP
Purchase price up to $327,334 with Secondary Market.
Assistance up to $6,000.
Repayable over a ten-year term at 1.00 percent.
Borrowers must meet Affordable D​AP income limits.
​More About Down Payment and Closing Costs
No liquid asset review and no limit on borrower reserves.
Specific credit underwriting standards may apply to down payment programs.​

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Conventional and FHA Loan Limits for Kentucky in 2021

Conventional and FHA Loan Limits for Kentucky in 2021

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

As you gear up for the spring home-buying season, remember that we offer loans up to these limits set for 2021:

Loan Program: Conventional (Fannie/Freddie)

Loan Program: FHA

Click here to find the FHA floor and ceiling loan limits for your area.

Loan Program:VA

VA only imposes a maximum loan limit (based on the current conforming limits) when a veteran does not have full entitlement. Octane calculates entitlement for you and uses the 2021 conforming loan limits in instances of partial entitlement.

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Kentucky Rural Housing Loan Program Update for 2021 Single Family Housing USDA Guaranteed Loan

100% Financing Zero Down, 2021 Kentucky USDA Income and Property Guidelines, 2021 Kentucky USDA Income Limits Increased, 2021 Kentucky USDA Mortgage Guides Updated, 502 Guaranteed Loan, Current USDA and RHS Guidelines, Debt Ratio and Deferred Student Loans, debt ratios

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

100% Financing Zero Down, 2021 Kentucky USDA Income and Property Guidelines, 2021 Kentucky USDA Income Limits Increased, 2021 Kentucky USDA Mortgage Guides Updated, 502 Guaranteed Loan, Current USDA and RHS Guidelines, Debt Ratio and Deferred Student Loans, debt ratios

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

2021 Welcome Home Program for Kentucky Home Buyers

$5,000 Welcome Home Grant Kentucky First Time Home Buyers

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

$5,000 Welcome Home Grant Kentucky First Time Home Buyers

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2021 Welcome Home Program for Kentucky Home Buyers Kentucky Welcome Home Grant for $5,000 2021 Welcome Home Program for Kentucky Home Buyers Kentucky Welcome Home Grant for $5,000

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