FIRST TIME BUYER PROGRAMS FOR JEFFERSON COUNTY KY
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Conventional
- 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.
FHA
- Insured by the Federal Housing Administration.
- Down payments as little as 3.5 percent.
- Can use DAP for 3.5 percent down payment requirement.
- Upfront and monthly mortgage insurance.
- Minimum credit score of 640.
VA
- Guaranteed by the Veterans Administration for qualified military veterans.
- No down payment if the property appraises for the sale price or greater.
- Credit underwriting is flexible.
- Minimum credit score of 640.
- No monthly mortgage insurance payments.
Down Payment and Closing Costs Assistance
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Regular Down payment Assistance Program (DAP)
- Purchase price up to $243,000.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a ten-year term at 6 percent. A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61.
- Available to all KHC first-mortgage loan recipients.
HOME-DAP
- Purchase price up to $195,700.
- Assistance up to $4,500
- No monthly repayment; forgiven over five years.
- Existing homes only.
- Borrowers must meet HOME-income guidelines.
More about down payment and closing costs
- No liquid asset review and no limit on borrower reserves for Regular DAP.
- Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
- Specific credit underwriting standards may apply to down payment programs.
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.