Kentucky Housing Corporation (KHC) Loan (Best for KY Buyers Needing Assistance)
Down Payment: $0 with $12,500 Down Payment Assistance (DAP)
Interest Rate: ~5.75%
Credit Score: 620+
Waiting Period: 2 years after bankruptcy, 3 years after foreclosure
Income Limit: $168,700
Who Qualifies? First-time or income-eligible buyers in Kentucky
Pros:
$10,000 down payment assistance available
Can be combined with FHA, VA, or USDA loans
Lower interest rates than many other options
Cons:
Income and purchase price limits apply
Requires homebuyer education course
DAP is a loan, not a grant (must be repaid)
Best for: Kentucky homebuyers needing down payment assistance.
Conventional loans follow guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac.
FHA loans are insured by the Federal Housing Administration.
VA loans are guaranteed by the U.S. Department of Veterans Affairs.
USDA loans are backed by the U.S. Department of Agriculture to finance homes in USDA-eligible rural area
Glossary of Mortgage Terms to Know For A Kentucky Mortgage Loan. ACCRUED INTEREST: Accumulated interest since the principal investment that hasnot yet been paid.AMORTIZATION: Paying off debt, principal and interest, with a fixed repayment schedulein regular installments over a fixed period of time.ANNUAL PERCENTAGE RATE (APR): The annual rate charged for borrowing moneyexpressed as a … Continue reading Kentucky Mortgage Terms to Know
Louisville Kentucky First Time Home Buyer Programs and Resources. via Louisville Kentucky First Time Home Buyer Programs and Resources. -- Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/