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Get Yourself Pre-approved for a Mortgage in Kentucky

Kentucky USDA loans. These loans have zero-down mortgages for suburban and rural homeowners.

Louisville Kentucky Mortgage Loans

via How to Buy a Home in Kentucky

Get Yourself Pre-approved for a Mortgage in Kentucky

Which home loan is used to buy a home in Kentucky

Buying a home can be a nerve-wracking experience, especially if it’s your first time. It may feel even more so if you’re still saddled with student loan debts.

Does your income-driven repayment plan has Do you have Federal student loans in it? Do you know how your lender will handle your debt to income ratio?

These are just some of the factors that you need to put into consideration when planning to buy a house. It might just be not that easy since you also have to factor in your student loan debts.

To make the process less intimidating for you, here are the things you need to do.

Pay Attention to Your Credit Score

FICO credit scores are among one of the most commonly used scoring systems by lenders and creditors whose range…

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How long do you have to wait to get approved for a mortgage loan after a bankruptcy in Kentucky?

KHC = Kentucky Housing Corporation DAP = Down Payment Assistance Program for Credit Scores of 620

KHC = Kentucky Housing Corporation DAP = Down Payment Assistance Program for Credit Scores of 620

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Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

KHC offers two Down payment Assistance Programs (DAPs) to make home buying affordable for Kentuckians.

Please Note:

KHC = Kentucky Housing Corporation

DAP = Down Payment Assistance Program.

Depending on your individual qualification criteria (credit, income, etc), you would receive up to $6,000 from KHC to apply towards the down payment (if applicable below), closing costs, or both.  You could go VA without the assistance of KHC since there potentially would be no down payment required, but then you’d be responsible to cover any closing costs.  Going through KHC would be your best shot at getting to a truly “zero down” situation.  Hope this helps.

KHC Loan Programs


  • Insured by approved mortgage insurance company.
  • Minimum credit score of 660 or better.
  • Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite…

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Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?

Kentucky Conventional Loan versus Kentucky FHA Loan comparison chart

Louisville Kentucky Mortgage Loans

via Kentucky Conventional Loan versus Kentucky FHA Loan comparison chart

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. Thetypical 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…

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Northern Kentucky Mortgage Guidelines for the USDA Rural Housing Loan Home Program

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
  • Zero Cash required for the Down Payment.  If access to 20% down payment, then you cannot use this program.
  • Flexible Credit Guidelines, where non-traditional histories may be accepted. USDA will do a no score loan, but it is very difficult to qualify for so your best bet is to get your credit scores to 620 to 640 range and go from there. You will need two trade lines on the credit report for last 12 months, so no limited credit history is allowed on this program.
  • Eligible properties include: Existing Homes, New Construction, New Manufactured Homes, Modular Homes, and eligible Condos!—No used mobile homes.
  • Eligible Repairs may be included in the loan as well! If home appraises for more than sales price, sometimes you can finance these repairs into the loan.
  • They’re are two income tests. Compliance income and repayment income. See pic below for answers about Northern Kentucky Counties with max income limits for household
  • Home must be in an eligible area. See map below of Northern Kentucky Eligibility for USDA Rural Housing Loans

What Parts of Northern Kentucky Are Eligible for the USDA Home Loan in 2019?

With Northern Kentucky being part of the  metro area  of Cincinnati, the USDA has provided a map of the Ineligible Northern part of the Counties of Boone, Kenton, Campbell counties  which means, the remaining southern part of the counties of Boone, Kenton, Campbell being  eligible.  Here is the Northern Kentucky rural housing  map courtesy of the USDA:

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What Parts of Northern Kentucky Are Eligible for the USDA Home Loan in 2019?

What are the income limits for a Rural Housing Loan in Northern Kentucky?

Households with 1-4 members have different limits as households with 5-8. Similarly, applicants living in high-cost counties will have a higher income limit than those living in counties with a more average cost of living.

Northern Kentucky Counties
Boone, Kenton, Campbell, Bracken and Pendleton, Gallatin ***
Cincinnati (OH, KY, IN FMR) Household income of 4 or less:

Household income of 5 or more:

Shelby $86,450 $114,100
All Other Areas $82,700 $109,150

Here are a few more items to check off before looking into this loan or at a particular property:

  • Must be Owner Occupied as the Primary Residence;
  • Home must not be used to produce Income, nor can there be Income Producing Buildings or other Accessories that produce Income on the property; i.e. no working farms or cows, livestock, crops etc. Can be a small hobby farm.
  • No foreclosed homes that  that need a lot of work.
  • Home must be structurally sound and in reasonably good repair and pass FHA standards on an appraisal.
  •  Home  cannot be used for a Rental Property or, be a major fixer


Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

USDA Rural Development Housing Program 

Homeownership/Housing i Rehab Programs prepared for Barry Ramsey USDA Rural Development Housing Program Director / IL April 16, 2012 Committed to the future of rural communities Two Separate and Distinct

Source: Barry Ramsey USDA Rural Development Housing Program Director / IL April 16, PDF

Credit Card Balances And Your Credit Scores = The Direct Link

Card Payments To Maximize Your Credit Scores
In “Credit Card Utilization”
Why Credit Cards Are Good For Your Credit Score

Rapid Rescore

score updown

Credit card utilization (balance in relation to limit) is a key role player in your credit scores.  Your scores can sometimes significantly increase or decrease based upon the balance reporting to the credit bureaus.  In essence, 30% of your FICO scores (165 points) are a factor in your overall credit score.

One of the statements I often hear when consulting my clients about their credit, “I make my payments on time on my credit cards, I don’t understand why my scores are low.  I pay off my cards every month”.

My question at that point is “When do you pay off your cards?”  The answer I typically hear “on the due date”.

The problem with that is your balances have already been reported to the credit bureaus.  Almost all credit card banks report your balances at the STATEMENT DATE not the DUE DATE.  Did the little light bulb turn on…

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