Author: Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans

How to buy a house in Kentucky with Zero Down Payment Mortgage Loan


How to buy a house in Kentucky with Zero Down Payment Mortgage Loan

Kentucky USDA Loans

Kentucky USDA loans are backed by the U.S. Department of Agriculture and are available to Kentucky homebuyers in eligible rural areas of Kentucky. These loans offer 100% financing. $0 down payment

Qualifying Criteria:

  • Credit Score: No minimum score but most KY Rural Housing Lenders will a 620 to 640 minimum credit score
  • Income Limits: Varies by county and household size-–
  • Work History: Stable employment for at least two years
  • Assets: Limited to ensure assistance goes to those in need-
  • No purchase price or loan limits, just income limits for each Kentucky County.
  • Max income limits changes every year
  • Debt to income rate usually around 31% on front end and 45% max on back-end ratio …
  • Has to be run through GUS, the Guarantee Underwriting system for initial pre-approval

Joel Lobb  Mortgage Loan Officer NMLS 57916

EVO Mortgage
 911 Barret Ave, Louisville, KY 40204
Company NMLS ID # 173846

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | Company NMLS #173846

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

A Kentucky Mortgage Loan Officer that has closed over 600 home loans specializing in Kentucky First Time Homebuyer Loans


Kentucky First-Time Homebuyer Loan Programs for FHA, VA, KHC and USDA Mortgage Loans in Kentucky

FHA mortgage qualifying criteria for Kentucky


FHA mortgage qualifying criteria for Kentucky

Kentucky home loan credit scores and the minimum requirements


Kentucky home loan credit scores and the minimum requirements

Mortgage Rates in Kentucky

Daily Mortgage Rates for Kentucky: USDA, VA, Conventional, and FHA Loans

Welcome to our daily update on mortgage rates for Kentucky homebuyers. Whether you’re looking for USDA, VA, Conventional, or FHA loans, we’ve got you covered with the latest rates for 30-year and 15-year fixed-rate loans. Below you’ll find the current rates, Annual Percentage Rates (APRs), and monthly payments for a $300,000 loan amount, with options for no points, 1 point, and 1% lender credit- 20% down payment and credit score over 780

subject to change without notice.

Mortgage insurance, property taxes and home insurance not included and will result in higher monthly payments. Payments below only include pi. 

Today’s Mortgage Rates (June 10, 2024)

30-Year Fixed-Rate Loans

Loan Type No Points Rate / APR 1 Point Rate / APR 1% Lender Credit Rate / APR
USDA Loan 6.625% / 6.780% $1,918 6.375% / 6.520% $1,874 6.875% / 7.020% $1,956
VA Loan 6.625% / 6.780% $1,918 6.375% / 6.520% $1,874 6.875% / 7.020% $1,956
Conventional Loan 6.625% / 6.780% $1,918 6.375% / 6.520% $1,874 6.875% / 7.020% $1,956
FHA Loan 6.625% / 6.780% $1,918 6.375% / 6.520% $1,874 6.875% / 7.020% $1,956

15-Year Fixed-Rate Loans

Loan Type No Points Rate / APR 1 Point Rate / APR 1% Lender Credit Rate / APR
USDA Loan 6.000% / 6.200% $2,532 5.750% / 5.940% $2,495 6.250% / 6.430% $2,570
VA Loan 6.000% / 6.200% $2,532 5.750% / 5.940% $2,495 6.250% / 6.430% $2,570
Conventional Loan 6.000% / 6.200% $2,532 5.750% / 5.940% $2,495 6.250% / 6.430% $2,570
FHA Loan 6.000% / 6.200% $2,532 5.750% / 5.940% $2,495 6.250% / 6.430% $2,570

Monthly Payment and Interest Breakdown for a 6.625% Rate (30-Year Fixed)

  • Loan Amount: $300,000
  • Monthly Payment: $1,918 (Principal and Interest)
  • Total Interest Paid Over the Loan Term: $389,370

How Points and Lender Credits Affect Your Rate

No Points:

  • You receive the standard rate with no additional cost or discount.

1 Point:

  • Paying 1 point (1% of the loan amount) can lower your interest rate. For a $300,000 loan, this means paying $3,000 upfront to reduce your monthly payments.

1% Lender Credit:

  • Opting for a 1% lender credit increases your interest rate slightly but provides $3,000 towards closing costs, reducing your upfront expenses.

Understanding APR

APR, or Annual Percentage Rate, includes the interest rate plus other loan fees, providing a more comprehensive view of the loan’s cost.

Summary

Keeping track of daily mortgage rates helps you make informed decisions when buying a home. For personalized advice and the best rates tailored to your needs, contact Joel Lobb at American Mortgage Solutions, Inc.

For the latest updates and more detailed information on mortgage options, reach out to Joel Lobb:

Note: Rates and APRs mentioned are subject to change. Please consult your mortgage lender for the most accurate and up-to-date information.

 

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/