Tag: realtor

How to Get $2,500 in Grant Assistance for Your New Home in Kentucky in 2025!


$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:

  1. Low down payments as little as 3%.
  2. Flexible mortgage options for borrowers with household incomes below the area median income.
  3. Reduced mortgage insurance requirements, making homeownership more affordable.
  4. 620 credit scores or higher
  5. lower mortgage insurance
  6. 3 percent down payment
  7. 4 years removed from bankruptcy

Home Possible®:

Freddie Mac’s Home Possible® program offers:

  1. 3% down payment options for eligible buyers.
  2. Flexible credit terms and lower mortgage insurance premiums.
  3. Special features to assist low-income buyers achieve their homeownership goals.
  4. 620 credit scores or higher
  5. lower mortgage insurance
  6. 3 percent down payment
  7. 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

  1. Property Types: The grant applies to purchases of 1-4 unit properties.
  2. Income Limits: Borrower’s income must not exceed 50% of the Area Median Income (AMI).
  3. 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!

What You Need to Know:

  1. Eligibility: Your income must be ≤ 50% of the Area Median Income (AMI) to qualify.
    👉 Check the AMI Map for Your Area
  2. Property Types: Applies to 1-4 unit properties.
  3. Programs: Available through HomeReady® and Home Possible® loan programs.
  4. 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:
    • HomeReady® mortgage insurance premiums are reduced once your loan-to-value ratio reaches 90%.
    • 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

  1. You don’t need to be a first-time Kentucky homebuyer to qualify for HomeReady®.
  2. 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.
  3. Income limits below for Major Cities in Kentucky

Why Choose HomeReady® Over Other Loan Options?

  1. Lower Down Payment: Only 3% is required, compared to 3.5% for FHA loans.
  2. Reduced Mortgage Insurance Costs: Save money over the life of the loan.
  3. 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

  1. Check Your Eligibility: Use the AMI Lookup Tool to determine if your income qualifies for the grant.
  2. 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.
  3. 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.

Click on picture for more info for other Kentucky properties.

🏠 COMPANY NMLS# 1738461
Advertised in: KY

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

 Email – kentuckyloan@gmail.com 

 Call/Text – 502-905-3708

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans


 Website: www.mylouisvillekentuckymortgage.com
 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

Kentucky Housing Corporation (KHC) Mortgage Loans


KHC Path to Affordable KENTUCKY Homeownership

If you’re a first-time homebuyer in Kentucky, the Kentucky Housing Corporation (KHC) offers exceptional programs. If you’re looking for affordable mortgage solutions, they also offer exceptional programs. These programs are designed to make homeownership more accessible. KHC provides options for down payment assistance. They offer low-interest mortgage revenue bond (MRB) loans and support for finding your dream home. KHC is a trusted resource for Kentucky residents.

Here’s a complete guide to KHC’s homebuyer programs. Learn how they can help you achieve your goal of owning a home.

Step 1: Contact a KHC-Approved Lender

To get started, reach out to a lender approved by KHC. These lenders will guide you through the qualification process, reviewing key factors such as:

  • Credit score and history
  • Income and employment
  • Debt-to-income (DTI) ratio

Your lender will help determine your eligibility for KHC mortgage programs. They will also assist in tailoring a loan that meets your financial needs.

Step 2: See If You Qualify for Down Payment Assistance

KHC provides up to $10,000 in down payment assistance, helping cover one of the biggest barriers to homeownership.

  • Assistance can also be applied toward closing costs.
  • Discuss the specific terms with your lender. Determine if this assistance aligns with your financial goals. Also, check the program requirements.

Why This Matters: Many first-time buyers lack the upfront funds for a down payment. KHC’s down payment assistance bridges the gap, making homeownership more affordable and attainable.

Step 3: Explore the Mortgage Revenue Bond (MRB) Program

KHC’s Mortgage Revenue Bond (MRB) Program offers 30-year fixed-rate mortgages at below-market interest rates. This program is ideal for:

  • Buyers seeking affordable monthly payments.
  • Those who meet specific income and purchase price limits.

How It Works:
Your lender will evaluate whether your income falls within the program guidelines. They will help you take advantage of these low mortgage rates.

Step 4: Find a House You Love

With pre-approval in hand, work with a trusted real estate agent to find a home that:

  • Fits your budget and lifestyle.
  • Meets KHC program requirements (e.g., within purchase price limits).

This step is all about aligning your long-term housing goals with a property that qualifies under the KHC guidelines.

Step 5: Close the Deal

Once your loan is approved and inspections are completed, it’s time to finalize the purchase.

  • Sign the closing documents to officially become a homeowner.
  • Celebrate reaching this milestone and enjoy your new home!

Why Choose KHC Mortgage Programs?

  1. Down Payment Assistance: With up to $10,000 available, KHC reduces the financial burden for first-time buyers.
  2. Low Mortgage Rates: Through the MRB program, KHC offers competitive, below-market interest rates.
  3. Trusted Guidance: Approved lenders provide personalized assistance to guide you through every step of the process.
  4. Support for Kentucky Residents: Tailored programs ensure that Kentucky homebuyers have access to affordable housing solutions.

Who Is Eligible for KHC Mortgage Programs?

Eligibility for KHC programs depends on:

  1. Income Limits: Your household income must fall within program guidelines, which vary by county and household size.
  2. Credit Requirements: A minimum credit score is required (varies by lender and loan type).
  3. Property Location: Homes must meet KHC’s criteria, such as price limits and condition requirements.

Take the First Step Toward Homeownership

Whether you’re a first-time buyer or looking for affordable financing options, KHC’s programs can help you secure your dream home. With no-money-down options, low mortgage rates, and tailored assistance, homeownership is within reach.

Contact an Approved KHC Lender Today:

  1. Find out how much you qualify for.
  2. Explore available down payment assistance programs.
  3. Start your journey to affordable homeownership in Kentucky!


2025 Kentucky USDA Loan Income Limits by County

Kentucky USDA loan income limits vary depending on location and household size, with specific base income thresholds for most counties. Below is an updated guide for the 2025 USDA income limits in Kentucky:

2024 USDA Income Limits for Most Kentucky Counties

General Income Limits for Most Counties (*)

  • Household Size 1-4: Up to $112,450
  • Household Size 5+: Up to $148,450

Jefferson County Louisville Metro Area () and Surrounding Counties**

The Jefferson County Metro Area, which includes Oldham, Bullitt, and Spencer counties, follows higher income limits:

  • Household Size 1-4: $112,450
  • Household Size 5+: $148,450

2025 Preview: Updated USDA Income Limits

For 2025, the USDA loan income limits will remain consistent:

  • General Counties: $112,450 (Household Size 1-4) | $148,450 (Household Size 5+)
  • Jefferson Metro Counties: Same limits apply as 2024.

Counties Ineligible or Partially Eligible for USDA Loans

While USDA loans provide 100% financing for many rural and suburban areas, certain counties or regions in Kentucky are ineligible due to population density or other factors:

Fully Ineligible Counties:

  • Jefferson County (Louisville Metro)
  • Fayette County (Lexington)

Partially Ineligible Areas:

Some cities or parts of counties are excluded:

  • Daviess County (Owensboro city limits)
  • McCracken County (Paducah city limits)
  • Warren County (Bowling Green city limits)
  • Hardin County (Fort Knox, Radcliff)
  • Christian County (Hopkinsville, Fort Campbell)
  • Boyd County (Ashland city limits)
  • Bullitt County (Hillview, Zoneton, Brooks)
  • Franklin County (Frankfort)
  • Henderson County (Henderson city limits)
  • Northern Kentucky (urban areas of Boone, Kenton, Campbell counties including Covington, Florence, and Hebron).

Northern Kentucky USDA Loan Income Limits (Higher Limits) (*):**

For Northern Kentucky counties, the USDA income limits are slightly higher:

Boone, Kenton, Campbell Counties

  • Household Size 1-4: $120,300
  • Household Size 5+: $159,150

Grant, Owen, Pendleton Counties

  • Household Size 1-4: $112,450
  • Household Size 5+: $148,450

USDA-Eligible Areas in Northern Kentucky

Eligible cities and areas in Northern Kentucky include:

  • Burlington
  • Hebron
  • Independence
  • Walton
  • Alexandria
  • Highland Heights
  • Cold Springs
  • Grant County
  • Owen County
  • Pendleton County

Why Choose a USDA Loan?

The USDA Rural Housing Loan Program is a no-money-down mortgage option designed to make homeownership more accessible. It’s not just for first-time buyers and offers many advantages:

  • No Down Payment Required
  • Competitive Interest Rates
  • Flexible Credit Guidelines

Apply for a USDA Home Loan in Kentucky

If you’re considering a USDA loan in Kentucky, I’m here to help! With over 20 years of experience, I specialize in guiding homebuyers through the USDA loan process.

Contact Information

Joel Lobb
Senior Loan Officer (NMLS# 57916)

Disclaimer: All loans are subject to credit approval, verification, and collateral evaluation. This information is intended for educational purposes only and does not guarantee loan approval. USDA loans are available only for eligible properties in Kentucky.

 Buying Your First House in Kentucky: Loan Programs and Requirements


 A Guide to Buying Your First House in Kentucky: Loan Programs and Requirements

Buying Your First House in Kentucky with the recommend mortgage loan programs below

A Guide to Buying Your First House in Kentucky: Loan Programs and Requirements
Buying your first home in Kentucky is an exciting milestone, but it can also feel overwhelming. Fortunately, there are several loan programs and resources available to make the process smoother. This guide will walk you through the most popular loan programs and their requirements, helping you take confident steps toward homeownership.

  1. FHA Loan: A Flexible Option for First-Time Buyers
    The Federal Housing Administration (FHA) loan is popular among first-time homebuyers due to its lenient requirements.
    Key Requirements:
    Credit Score: Minimum of 580 with 3.5% down payment. Scores between 500-579 require a 10% down payment.
    Down Payment: 3.5% minimum.
    Mortgage Insurance: Requires both an upfront premium and monthly mortgage insurance.
    Debt-to-Income (DTI) Ratio: Typically up to 43%.
    Benefits:
    Lower credit score requirements.
    Smaller down payment.
    Flexible income guidelines.
  2. VA Loan: No Money Down for Eligible Veterans
    The VA Loan is a fantastic option for Kentucky veterans, active-duty service members, and their spouses. It’s backed by the Department of Veterans Affairs.
    Key Requirements:
    Credit Score: No official minimum, but lenders often look for 580-620.
    Down Payment: $0 (no down payment required).
    Certificate of Eligibility (COE): Required to prove eligibility.
    Mortgage Insurance: None, but a VA funding fee applies.
    Benefits:
    No down payment.
    No private mortgage insurance (PMI).
    Competitive interest rates.
  3. USDA Loan: Ideal for Rural Homebuyers
    The USDA Rural Development Loan is perfect for buyers looking to live in rural or suburban areas in Kentucky.
    Key Requirements:
    Credit Score: Generally 620 or higher.
    Income Limits: Household income must not exceed the area’s median income.
    Location: The property must be in a USDA-eligible rural area.
    Debt-to-Income Ratio: Up to 41%.
    Benefits:
    $0 down payment.
    Affordable mortgage insurance.
    Competitive fixed interest rates.
  4. Kentucky Housing Corporation (KHC) Programs
    The Kentucky Housing Corporation offers down payment assistance and loan options to first-time buyers.
    KHC Loan Options:
    KHC FHA or Conventional Loans: Competitive rates and assistance programs.
    Down Payment Assistance: Up to $10,000 in assistance for qualifying borrowers.
    Key Requirements:
    Credit Score: Minimum 620 for most programs.
    Income Limits: Vary by program and household size.
    Property Type: Must be a primary residence.
  5. Conventional Loan: A Strong Option for Higher Credit Scores
    Conventional loans, offered through private lenders, are great for buyers with stronger credit profiles.
    Key Requirements:
    Credit Score: Minimum 660.
    Down Payment: As low as 3% with first-time buyer programs.
    Mortgage Insurance: Required if down payment is less than 20%.
    Benefits:
    Lower interest rates for strong credit scores.
    Option to cancel PMI once equity reaches 20%.
    Check Your Credit Score: Understand where you stand. If needed, work on improving your score before applying.
    Determine Your Budget: Get pre-approved for a mortgage to understand your price range.
    Explore Loan Options: Compare FHA, VA, USDA, KHC, and Conventional loans.
    Find Down Payment Assistance: Ask about programs like KHC’s assistance or grants.
    Work with a Trusted Mortgage Broker: Consider partnering with someone like Joel Lobb, a Kentucky-based mortgage expert specializing in first-time buyer programs.
    Conclusion
    Buying your first home in Kentucky doesn’t have to be intimidating. With programs like FHA, VA, USDA, and KHC, you can find a loan that fits your financial situation and homeownership goals.
    Take the first step today by getting pre-approved, exploring your options, and partnering with a knowledgeable mortgage expert.
    For more details or assistance, feel free to reach out to a trusted loan officer like Joel Lobb to guide you every step of the way.


1 –  Email – kentuckyloan@gmail.com 2.   Call/Text – 502-905-3708

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

 A Guide to Buying Your First House in Kentucky Loan Programs


.

 A Guide to Buying Your First House in Kentucky: Loan Programs and Requirements


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

 A Guide to Buying Your First House in Kentucky: Loan Programs and Requirements

Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans -down payment, credit score, debt-to-income ratio, and work history requirements for Kentucky Mortgage loan approval for FHA, VA, USDA, Fannie Mae, and Down Payment Grants

Joel Lobb  Mortgage Loan Officer

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

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574The 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).