New Max Loan Limits for Conventional Mortgage Loans in Kentucky
Beginning January 2020, the increase of conforming loan limits for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are more than $510,000, which is an increase from $484,350 in 2019. These figures are for one-unit property purchases.

There were no conforming loan limit increases from 2006 to 2016 and 2017, 2018, and 2019 saw only small increases, so this new conforming loan limit is a boon to borrowers. Many Kentucky  home buyers can have safe access to affordable mortgages insured with Fannie Mae or Freddie Mac. For homeowners who qualify for a home loan, the mortgages are easier to manage and can help to give borrowers a sense of relief that they can afford to buy a new home without a significant financial struggle.

Source: Federal Finance Housing Agency

How Credit Scores Impact Kentucky  FHA Loan Down Payment Requirements

Kentucky Home Buyers credit scores are one of  the largest factors in determining the amount of a down payment for an FHA loan.   A credit score of 580 or higher, 3.5 percent is the minimum required for a down payment. Anyone with a credit score of 500 to 579 will have to save 10 percent for a down payment to obtain an FHA loan.

What Are Mortgage Insurance Requirements on Kentucky FHA Loans?

FHA loans are required to pay mortgage insurance premiums, often known as upfront mortgage insurance premiums and monthly annual premiums.

• Upfront mortgage insurance premium: 1.75 percent of the loan amount and is paid when the borrower gets the loan. The premium can be rolled into the mortgage.
• Annual mortgage insurance premium: 0.45 percent to 1.05 percent, depending on the term of the loan (15 years…

Loan Limit Change – Effective January 31, 2020

Homes financed under the program are generally 2,000 square feet or less.
Area Loan Limits
Single Family Housing Direct

The Direct Home Loan Program assists low- and very-low- income applicants obtain decent, safe, and sanitary housing in eligible rural areas.  Funds can be used to purchase, build, repair, or renovate a home.  Applicants must meet income eligibility for a direct loan.  Please select South Dakota from the map that displays.

Generally, rural areas with a population less than 35,000 are eligible.  Visit the USDA Income and Property Eligibility website for complete details.

Limit Effective 8- 19
Adair $251,862
Allen $251,862
Anderson $251,862
Ballard $251,862
Barren $251,862
Bath $251,862
Bell $251,862
Boone $251,862
Bourbon $251,862
Boyd $251,862
Boyle $251,862
Bracken $251,862
Breathitt $251,862
Breckinridge $251,862
Bullitt $251,862
Butler $251,862
Caldwell $251,862
Calloway $251,862
Campbell $251,862
Carlisle $251,862
Carroll $251,862
Carter $251,862
Casey $251,862
Christian $251,862