How to Buy a Home in Kentucky: 5 Popular Mortgage Options

How to Buy a Home in Kentucky: 5 Popular Mortgage Options

How to Buy a Home in Kentucky: 5 Popular Mortgage Options

Did you know that two-thirds of Americans are homeowners? If you’re among Kentucky’s renters looking to make the leap into homeownership, understanding your mortgage options is essential. Even if you have limited savings or a lower credit score, you may qualify for low or no down payment home loans backed by government programs.

🔹 1. FHA Mortgage

  • Backed by the Federal Housing Administration (FHA)
  • Only 3.5% down payment required with a 580+ credit score
  • Allows gifts, grants, and down payment assistance
  • Great option for first-time buyers and those with less-than-perfect credit

🔹 2. USDA Rural Housing Loan

  • 100% financing with zero down payment required
  • Eligible for homes in USDA-approved rural areas in Kentucky
  • Lower mortgage insurance compared to FHA
  • Income and location restrictions apply

🔹 3. Conventional (Fannie Mae/Freddie Mac) Loan

  • As low as 3% down for first-time homebuyers
  • Higher credit score requirement (typically 620+)
  • Mortgage insurance can be removed at 20% equity
  • Ideal for buyers with strong credit and stable income

🔹 4. VA Mortgage

  • 0% down payment for eligible veterans, service members, and surviving spouses
  • No monthly mortgage insurance
  • Flexible guidelines on credit and income
  • Low fixed rates and no loan limits in Kentucky

🔹 5. Portfolio Mortgage

  • Non-government loan offered by select banks or lenders
  • Custom underwriting guidelines
  • Great for unique financial situations or self-employed borrowers
  • Not subject to standard FHA/VA/USDA/Fannie Mae rules
Pro Tip from Joel Lobb: “Don’t assume one lender has the best deal. I shop across 10+ mortgage lenders to match you with the best loan based on your credit, income, and goals—even if you’ve been told no before.”

✅ Ready to Get Pre-Approved?

Let’s make homeownership in Kentucky a reality. Contact me today for a free mortgage pre-approval—no obligations, just straight answers.

👤 About Joel Lobb

Senior Loan Officer – Evo Mortgage | NMLS #57916
🏢 911 Barret Ave., Louisville, KY 40204
With 20+ years of experience helping over 1,300 Kentucky families buy or refinance their homes, I offer personal guidance with multiple loan options other lenders may not provide. You’re not just a number here—you’re a person, and we treat you like one throughout the entire process.

🏡 Unlock Your Dream Home in Kentucky Today!

Work with Joel Lobb — a trusted mortgage expert helping Kentucky families with FHA, VA, USDA, and first-time buyer loans.

  • ✅ Zero Down Payment Programs
  • ✅ Free Same-Day Pre-Approvals
  • ✅ Expert Guidance Every Step

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