Author: Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans
Thank you for visiting. I hope you find this website both informative and empowering as you explore your mortgage options. My goal is to help you feel confident in selecting the right home loan for your unique situation. I proudly serve all 120 counties in Kentucky, offering a full range of mortgage loan programs, including: FHA Loans VA Loans USDA Rural Housing Loans Fannie Mae Conventional Loans KHC Down Payment Assistance Programs With over 20 years of lending experience, I’ve had the privilege of helping more than 1,300 Kentucky families achieve their homeownership goals. Whether you're a first-time homebuyer or seeking a second opinion, I’m here to offer honest, no-pressure advice—always free of charge. I am dedicated to: Attending as many closings as possible Providing responsive, personalized service Ensuring quick, efficient, and accurate loan processing Making myself accessible every step of the way I've been consistently recognized as a top mortgage loan officer in Kentucky for VA, FHA, USDA, and KHC programs. I take pride in being thorough, transparent, and attentive with each and every client. Please take a moment to read my reviews below. If you have questions or need guidance, feel free to call or text me directly. Call/text at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.
Email me at kentuckyloan@gmail.com with your questions
I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance.
This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.
NMLS# 57916 http://www.nmlsconsumeraccess.org/
Joel Lobb Senior Loan Officer/p>
call/text phone: (502) 905-3708 kentuckyloan@gmail.com Company ID #1738461
EQUAL HOUSING LENDER
http://www.mylouisvillekentuckymortgage.com/
Conventional loans – these are secured by Fannie Mae or Freddie Mac and they’re also responsible for setting the program guidelines. This is one of the most common loan programs people choose when buying a house.
Conventional loans have a First Time Home Buyer option that allows for as little as 3% down. The typical down payment for a Conventional loan is 3-5% and with a 20% down payment can avoid PMI (Private Mortgage Insurance) completely.
Conventional loans require a 620 minimum FICO score and allow debt-to-income ratios as high as 50%. They can be more challenging to qualify for than some of the other programs and the interest rates are very credit sensitive, meaning that the lower the credit score the higher your rate will be. PMI is also credit score based, so the lower the scores the higher the mortgage insurance rates will be as well.
Ideally suited for: 2nd home or investment property purchase. 10% or more down, or somebody with excellent credit.
FHA loan – FHA mortgages are the second most common program when buying a house. This is a HUD/government-backed program and was originally created for people with fair to good credit or higher debt-to-income ratios. FHA loans allow down to a 520 credit score but you’ll often need a higher score to get a loan approved.
FHA loans require a minimum down payment of 3.5% and have competitive interest rates (often better than Conventional loans), regardless of credit score. FHA allows up to a 57% debt-to-income ratio, making it easier to qualify.
Typically, a borrower with 580-680 credit would be best suited to go with an FHA loan because the interest rate will often be lower and the MIP (Mortgage Insurance Premium) on an FHA loan is based on the loan amount and is not credit score driven.
Ideally suited for: less money down, under 690 credit and/or higher debt-to-income ratios.
Comparison chart of Kentucky FHA Loans vs Kentucky Conventional Loans for 2019
Kentucky Conventional Loan versus Kentucky FHA Loan comparison chart
KY Conventional Loan
Kentucky FHA Loan
Limits
Max $484,350 for all Kentucky Counties
Max $314,827 for all Kentucky Counties
Required credit score
620 or higher required for Fannie Mae. You have three credit scores from Transunion, Experian and Equifax, and they take the middle score. Throw out high and low score. They take the Fico Score model 8 for Mortgage loans.
Minimum score of 500 to qualify for 10% down payment. Credit scores above 580 can go with a minimum credit score of 500. They take the middle credit score of the three credit bureaus just like Fannie Mae.**However, most FHA lenders will not go below 620 so keep that in mind on your FHA lenders. Credit Overlays exist for lenders that choose not to participate on lower credit…
Joel Lobb, FHA, VA, USDA, KHC, First Time Home Buyer Expert Louisville, Kentucky Source: Joel Lobb, FHA, VA, USDA, KHC, First Time Home Buyer Expert Louisville, Kentucky, Louisville, KY, Key Financial Mortgage of Kentucky reviews & blog Joel Lobb Mortgage Loan Officer 1 - Email - kentuckyloan@gmail.com 2. Call/Text - 502-905-3708 https://www.mylouisvillekentuckymortgage.com/2010/10/get-approved-for-mortgage-or-home-loan.html NMLS 57916 | Company NMLS#173846
If you are looking to buy a home in Northern Kentucky, to either own a home on acreage in the country with 100% financing on your home loan with zero down, then you need to look at the Kentucky USDA Rural Housing Loan Program.
How Does the USDA Home Loan Work in Northern Kentucky?
Here are some of the Key Financial Elements of the USDA Home Loan in Northern Kentucky:
Low to Middle-Income Households are generally eligible – If the Household Income is too high, you may be ineligible.
30 Year Fixed Term Loans at Today’s Low Interest Rates compared to FHA, USDA and other government mortgage loans
Qualifying rations are 29% for Housing and 41% for total debt. or possibly higher with a credit score over 640.
Rural Development Loan Guarantee Fee applies, currently 1% USDA funding fee and .35% monthly mi premium
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 