Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home USDA Loan Eligible Rural Areas in Kentucky Counties including the cities of Bardstown, Ky, Elizabethtown, Shepherdsville, Shelbyville, Frankfort, Burlington, Nicholasville, and Independence Northern Kentucky Have not Changed
Rural Development may continue to process applications on hand received prior to the time an area has been determined to be not “rural”. Complete Single Family Home Direct and Guaranteed loan applications submitted on or before Sept. 30, 2013, will not be subject to the new rural area designations, providing the application is complete. Applications received by close of business on Sept. 30, and processed on/after Oct. 1, will be subject to the newly designated rural areas if the application is incomplete.
Kentucky VA Loans for Kentucky First-Time Home Buyers
Are you a Kentucky first-time home buyer and also a veteran? Get approved for $0 down mortgage financing anywhere in Kentucky and up to $453,100 in financing on A VA Mortgage loan.
In this Kentucky VA Mortgage blog, we will walk you through the three-step process to get approved and close on your KY VA Loan as well as some other key information about confirming your VA Eligibility, finding a realtor, and associated costs.
Step 1: Prepare -Get approved for a Kentucky VA loan.
First you’ll need to verify your eligibility with VA Entitlement. Once you apply for your mortgage with us, we’ll be able to request your Certificate of Eligibility for Kentucky VA Home Buyers (COE) on your behalf. We’ll be able to determine the maximum amount you’re entitled to and will work on your request based on the findings from your COE. Typically, most KY VA buyers will be eligible to…
If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states…
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 