I am a Kentucky based USDA Mortgage Lender that has originated over 300 KY Rural Housing Mortgage Loans in Kentucky-CALL OR TEXT 502-905-3708 FOR USDA MORTGAGE LOAN
To get a free mortgage FICO score (FICO Score 2, 4, or 5), which are the models most commonly used by mortgage lenders, you will need to use the next resources below:
MyFICO: MyFICO provides the exact FICO Score versions (2, 4, and 5) used for mortgages. Although it’s not free, they sometimes offer free trials or one-time purchases. It’s worth checking their promotions.
Contact a Mortgage lender that will give you the free fico mortgage credit scores for free. Some lenders will give them to you with a credit application, and some will make you pay for them. If you end up doing the loan with the lender, you will pay for them at the closing. This payment will be on the settlement statement. You will not have to pay out of pocket upfront. The costs of credit reports and credit scores have tripled in the last 2 years. Some lenders now require you to pay for them.
Credit scores used for a Kentucky mortgage loan approval for Experian, Equifax and transunion
A mortgage broker or lender, like Joel Lobb in Kentucky, may run your mortgage-specific FICO scores during prequalification. This service is often provided at no cost.
Would you like me to guide you on how to access any of these?
$2500 Grant from Fannie Mae and Freddie Mac To Buy a home in Kentucky
Kentucky Homeownership just got more affordable for low-to-moderate income Kentucky residents! If you’re planning to buy a home in 2025, you could qualify for a $2,500 grant.
This grant is available through Freddie Mac’s Home Possible® and Fannie Mae’s HomeReady® programs. This limited-time offer can help cover your down payment. It also assists with closing costs. This makes the dream of homeownership more accessible. Let’s break it down!
What Are HomeReady® and Home Possible® Programs?
HomeReady®:
Offered by Fannie Mae, this program provides:
Low down payments as little as 3%.
Flexible mortgage options for borrowers with household incomes below the area median income.
Reduced mortgage insurance requirements, making homeownership more affordable.
620 credit scores or higher
lower mortgage insurance
3 percent down payment
4 years removed from bankruptcy
Home Possible®:
Freddie Mac’s Home Possible® program offers:
3% down payment options for eligible buyers.
Flexible credit terms and lower mortgage insurance premiums.
Special features to assist low-income buyers achieve their homeownership goals.
620 credit scores or higher
lower mortgage insurance
3 percent down payment
4 years removed from bankruptcy
The $2,500 Grant: What You Need to Know
This $2,500 credit can be used toward:
Down payment costs and prepaids for taxes, home insurance and prepaid interest
Closing costs, helping to reduce the financial burden of purchasing a home.
Eligibility Criteria
Property Types: The grant applies to purchases of 1-4 unit properties.
Income Limits: Borrower’s income must not exceed 50% of the Area Median Income (AMI).
Loan Programs: The credit is available exclusively through Fannie Mae’s HomeReady® and Freddie Mac’s Home Possible® loan programs.
Program Duration
Loans must achieve “purchase-ready” status by February 28, 2026.
For loans delivered into mortgage-backed securities (MBS), the deadline is February 1, 2026.
Why Take Advantage of This Program?
This grant is a game-changer for first-time and low-income homebuyers in Kentucky. The financial relief offered helps bridge the gap for individuals and families working toward their goal of owning a home.
Get Started Today!
If you’re ready to make your move, contact an experienced loan officer who specializes in HomeReady® and Home Possible® programs. They can guide you through the eligibility process. They will help you take the next step toward achieving your dream of homeownership with this incredible grant opportunity.
If you’re in Kentucky, don’t miss this chance to access $2,500 in grant assistance. Make your homeownership dream a reality in 2025. For more information, get in touch with a local expert today!
Programs: Available through HomeReady® and Home Possible® loan programs.
Deadlines: Loans must achieve “purchase-ready” status by February 28, 2026.
Don’t miss this opportunity to reduce your upfront homebuying costs. Find out if you qualify and connect with a local loan officer today. These grants are limited and offered for a short time—act before the deadlines pass!
Eligibility Requirements for the $2,500 Grant
This $2,500 credit is available exclusively through Fannie Mae’s HomeReady® mortgage. Here’s what you need to qualify:
1. Mortgage Insurance
If you put less than 20% down, you’ll need mortgage insurance. However:
The insurance is canceled when you reach 80% equity. Unlike FHA loans, they often require mortgage insurance for the loan’s life.
2. Kentucky First-Time or Repeat Homebuyers
You don’t need to be a first-time Kentucky homebuyer to qualify for HomeReady®.
If all borrowers on the loan are first-time buyers, at least one must complete a homeownership education course. This course can be Fannie Mae HomeLier.
Income limits below for Major Cities in Kentucky
Why Choose HomeReady® Over Other Loan Options?
Lower Down Payment: Only 3% is required, compared to 3.5% for FHA loans.
Reduced Mortgage Insurance Costs: Save money over the life of the loan.
Flexible Eligibility: The program is open to both first-time and repeat buyers. The flexibility in household income allows multi-generational income to help you qualify.
How to Get Started
Check Your Eligibility: Use the AMI Lookup Tool to determine if your income qualifies for the grant.
Contact a Lender: Work with a lender who offers HomeReady® mortgages. They can guide you through the application process and help determine your grant eligibility.
Complete a Homebuyer Education Course: If you’re a first-time homebuyer, complete the required course to meet eligibility.
Take the First Step Toward Homeownership in Kentucky
The $2,500 credit from Fannie Mae’s HomeReady® mortgage offers a fantastic way to reduce your upfront costs. It helps make homeownership more affordable. Whether you’re a first-time buyer or looking to upgrade, this grant is here to help.
Don’t miss out on this limited-time opportunity to take advantage of a program designed to help Kentucky homebuyers like you. Start your journey today and make your dream home a reality!
Below is a snapshot of current income limits for Homeready and Home Possible. These are the income limits for Jefferson, Fayette, Warren, and Daviess County. This is for 2025 household income limits.
ADVERTISEMENT |EVO Mortgage is an Equal Housing Opportunity Lender NMLS # 1738461 (Nationwide Multistate Licensing System –
www.nmlsconsumeraccess.org) Terms, conditions, and restrictions may apply. All information contained herein is for informational purposes only and, while every effort is made to ensure accuracy, no guarantee is expressed or implied. Not a commitment to extend credit.
Borrower must meet all loan program and eligibility requirements. Information is subject to change without any notice. This is not an offer for an extension of credit or a commitment to lend. Restrictions may apply.
TERMS AND CONDITIONS: Eligibility for the $2,500 credit is based on qualifying income at or below 50% of the Area Median Income (AMI). This is determined via Fannie Mae’s and Freddie Mac’s respective tools. The credit must be applied toward down payment and/or closing costs for eligible 1-unit properties. It is also applicable for 2-4 unit properties with LTV ≤ 80%. The program applies to FNMA HomeReady® loans with closing dates between March 1, 2024, and February 28, 2025. It also applies to FHLMC Home Possible® loans within the same dates. All loans must be approved via DU or LPA
Podcast Kentucky Mortgage Loan Approval Tips Are you searching for reliable information about qualifying for a Kentucky mortgage loan? Understanding underwriting guidelines is crucial for increasing your chances of approval. These guidelines are the criteria lenders use to review your financial history and determine your eligibility. In this blog post, we’ll outline the key factors
Buying your first home in Kentucky can be an exciting yet daunting process. Fortunately, there are several home loan programs specifically designed to help first-time buyers achieve their dream of homeownership. What are the Kentucky homebuyer programs for 2025?
The main options for Kentucky homebuyers in 2025 include Conventional Loans and FHA loans. They also include VA, USDA, and Kentucky Housing Corporation (KHC) Down Payment Assistance programs. Here’s an overview of each program and what you need to know to get started.
If you’re looking to buy a home in Kentucky, consider a USDA loan. It may be the perfect mortgage program if you want to live in a rural area. The USDA Rural Development Loan offers 100% financing with no down payment, making it an excellent option for low-to-moderate-income homebuyers. Here’s everything you need to know to qualify for a USDA loan in Kentucky in 2025.
Key Features of a Kentucky USDA Loan
Upfront Guarantee Fee:
A 1% upfront guarantee fee can be financed into the loan. Annual fee: 0.35% of the average scheduled unpaid principal balance, paid monthly for the life of the loan.
Debt-to-Income (DTI) Ratio:
Standard ratio: 29/41% without compensating factors. Ratio waivers may be approved if underwriting identifies strong compensating factors.
Credit Requirements:
Minimum credit score: 620 preferred but No minimum credit score requirement Non-traditional credit is not eligible. At least one applicant must have a 12-month credit history. This history should show no bankruptcies, foreclosures, tax liens, judgments, collections, or charge-offs in the last 36 months.
Income Restrictions:
Kentucky USDA Income limits apply based on family size, state, and county. see household income limits here click on link All adult household income must be included to calculate total household income.
Employment Verification:
Wage Earners: Verbal or written verification of employment (VOE) is required. Pay stubs are needed. Provide 2 years of W-2s. 2 years of IRS tax transcripts are required. Self-Employed: Verify 2 years of active business. Provide 2 years of personal and business tax returns. Include a year-to-date profit and loss (P&L) statement. Supply 2 years of IRS transcripts.
Eligible vs. Ineligible Properties
Eligible Properties:
Must be located in a designated rural area. Includes single-family primary residences, modular homes, and detached or attached planned unit developments (PUDs). Thermal standards must meet or exceed the International Energy Conservation Code (IECC).
Ineligible Properties:
Cooperatives. Income-producing properties. Manufactured or mobile homes. Non-rural designated properties. Non-owner-occupied homes.
How to Determine Eligibility
You need to confirm if a property is located in a designated rural area. Visit the USDA Property Eligibility Map by clicking this link 👇
No Down Payment: 100% financing makes USDA loans affordable for first-time buyers. Low Monthly Costs: With reduced mortgage insurance premiums and competitive interest rates, USDA loans help keep payments manageable. Accessible Requirements: Even with moderate credit, you can qualify for a USDA loan if other requirements are met.
For personalized guidance and assistance with USDA loans in Kentucky, contact a mortgage professional today. Start your journey to owning your dream home.
COMPANY NMLS# 1738461
Kentucky USDA Mortgage Lender for Rural Housing Loans 