Kentucky first-time home buyer loan requirements for FHA, VA, USDA and Conventional Mortgage Loans in Kentucky?

purchase a home along with some different loan programs to consider:


I
In order to get you pre-approved for your max loan amount, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free!
 
MORTGAGE PRE-APPROVAL CHECKLIST 

image.png



Most recent 30 days of pay stub(s)
W-2s and 1099’s if applicable  for most recent two years
1040 tax returns for last two years 
Most recent 60 days bank statements all pages
Most recent 401(k)/retirement statement if applicable


Once I get the information above, I can usually get you pre-approved in one to two days, and get your loan closed in 30-45 days after you get an accepted offer on a home. Your first house payment usually starts 30-60 days after you close.

 Your loan pre-approval is usually good for 120 days.
 I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.
 Let me know your questions. 
Thanks and look forward to helping you. 



 Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

click here for directions to our office
 
Text/call:      502-905-3708
fax:            502-327-9119
email:          kentuckyloan@gmail.com
 
https://www.mylouisvillekentuckymortgage.com/


—


The Kentucky First Time Home buyer requirements to qualify for a Kentucky first-time home buyer loans usually center around FHA, VA, USDA and Conventional Mortgage loans .

Let’s look at the different program requirements.

Here are some of the most common mortgages and their requirements.

  • Kentucky FHA loan: FHA loan is a home loan insured by the Federal Housing Authority. If your credit score is at least 580, you can put as little as 3.5% down. You’ll need to satisfy other criteria as well, such as two years of continuous employment and a reasonable debt-to-income ratio, depending on the lender.
  • Kentucky VA loan: A VA loan is insured by the U.S. Department of Veterans Affairs and it doesn’t require any down payment at all. Members of the armed forces, veterans, or qualified spouses qualify. The interest rate can be significantly lower than the interest rates on other types of government-backed mortgages. The minimum credit score varies from one participating lender to another, but most want you to have a 620 or higher.
  • Kentucky USDA loan: The USDA loan program is aimed at low-income borrowers, usually in rural areas. No down payment is required. The minimum credit score is set by the mortgage lender. Most require a 640 credit score.
  • Conventional loan: Unlike the government-backed options above, a conventional loan isn’t insured by federal agencies like the FHA, VA, or USDA. There are several conventional loan options for first-time home buyers. For example, first-timers only need to put 3% down with Fannie Mae’s Conventional 97 loan program and Freddie Mac’s HomeOne® mortgage. Neither program has income restrictions.