Tuesday, June 18, 2013

Different types of Louisville Kentucky Mortgages for First-Time Home Buyers

Louisville Kentucky First Time Home Buyers




Different types of Louisville Kentucky Mortgages for First-Time Home Buyers:

  • FHA Loan-3.5% down payment and minimum credit score of 640 required. 
  • Down payment can be in the form of a gift from eligible sources.
    Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
  • VA Loan-VA loans require a 620 score and no down payment. They have no monthly mortgage insurance which is a great advantage over FHA and USDA loans in Kentucky for first time buyers. 

  • Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan
  • USDA Guarantee Loan Program
    When buying in a “Rural Area” (Nearly everywhere outside of Jefferson, Scott County, Fayette and Boone Counties). Here is the USDA  link to determine if property is eligible.   Property Eligibility  Other restrictions may apply.
  • Fannie Mae Kentucky HomePath®
    Get a low rate and payment with no mortgage insurance. .Minimum scores start at 660 for this program and the home must be owned by Fannie Mae.