I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
On a KY FHA loan , you typically have to pay both an upfront and an annual mortgage insurance premium (MIP):
Upfront MIP on A Kentucky FHA Loan
Kentucky FHA loans now collect upfront MIP cost 1.75% of the home loan. For instance, if you borrow $100,000, you must pay $1,750 ($100,000 x 1.75%). It can be paid in full upfront, or added to your mortgage balance. This MIP applies no matter your loan amount or term. Most FHA buyers in Kentucky choose to finance the MIP into the loan. If you decide to pay the upfront MI out of your own funds, then you must pay all the mi premium, not just a part of it. The FHA upfront mi fee is not refundable now. This is a change whereas you use to be able to get e refund if the loan was refinanced or paid off in the first 5 years.
Annual MIP on a Kentucky FHA loan
The annual MIP or monthly mortgage insurance is divided by 12 and added to your monthly mortgage payment. The current maximum of 1.35% of the loan amount. How much and how long you have to pay the annual MIP depends on the originating date of your loan, the amount, and your loan-to-value ratio. For example, if you borrow $100,000 on a 30 year FHA loan, the monthly mortgage insurance would be
$112.00 ($100,00 x 1.35=$1350/12=$112.00 monthly mi) The monthly mi payable to FHA is now for life of loan. This is a big change to keep in mind because FHA use to drop the monthly mi once you reached to 78% ltv of the original balance.
For Kentucky FHA loans with less than 15 year terms the monthly mortgage insurance (Annual MIP) much cheaper.
FHA is changing the duration for the collection of MIP:
o For all mortgages with an original principal LTV of 90% or less, regardless of loan term, the annual MIP will be assessed for 11 years.
o For all mortgages with an original principal LTV greater than 90%, regardless of loan term, the annual MIP will be assessed for the entire life of the loan.
Loans of 15 year terms or less with LTV 78% or less will pay an MIP amount of 45 bps.
FHA
For Kentucky First Time Home Buyers to current Kentucky homeowners, many state, county and local housing agencies offer affordable loan programs with Down Payment Assistance (DPA), subject to availability of funds and credit qualifying.
Kentucky Down Payment Assistance programs can vary with single products or sometimes can be a combination of products such as Mortgage Credit Certificates (MCC), Grants, DPA’s along with closing cost assistance and low interest rates and fees that can help individuals and families become successful homeowners.
All Kentucky home borrowers must qualify for an underlying mortgage product according to the Housing Finance Agency authority (FHA, VA, USDA or Conventional).
Housing loan programs are then layered on top to provide additional benefits. If eligible, the borrower can also add a down payment and closing cost assistance to their loan according to individual program guidelines
Kentucky Housing Regular Down Payment Assistance of $10,000
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 Local Home Loan Lender Services
First-Time Home Buyers Welcome FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans Conventional Loan Options Available Fast Local Decision-Making Experienced Guidance Through the Home Buying Process
Kentucky's Welcome Home Grant: A $20,000 Boost for Homeownership!
Dreaming of owning a home in Kentucky but facing hurdles with the down payment? The Welcome Home Grant program might be your answer! This initiative offers a $20,000 grant to eligible homebuyers, giving them a significant financial boost towards their dream home. Let's delve into the program's details and see if you qualify!
What is the Welcome Home Grant Program?
This program, funded by the Federal Home Loan Bank of Cincinnati (FHLBC), partners with participating lenders across Kentucky to provide down payment and closing cost assistance to homebuyers. It aims to increase homeownership opportunities for individuals and families, particularly those with moderate income.
Who is Eligible?
Income Limits: Your household income must be at or below 80% of the Mortgage Revenue Bond (MRB) limit for your county. You can find these limits here
Only Kentucky First-Time Homebuyers? Not necessarily: Both first-time and repeat homebuyers can apply!
Location: The property must be your primary residence and located in a county participating in the program. It's available in all 120 counties of Kentucky
Other Requirements: You must have a fully executed purchase contract, contribute at least $500 of your own funds towards the down payment/closing costs, and meet the lender's creditworthiness standards.
Important Dates to Remember:
Application Period: Reservations for the 2025 Welcome Home Grant program open on March 1st, 2025, at 8:00 AM ET.
Funding Availability: Grants are limited and awarded on a first-come, first-served basis.
Program Duration: The program runs until all funds are reserved.
Must have contract under agreement to submit for funds.
Benefits of the Welcome Home Grant:
Significant financial assistance: $20,000 can make a huge difference in lowering your down payment and closing costs.
More affordable monthly payments: A smaller down payment translates to a lower mortgage amount and potentially lower monthly payments.
Opens doors to homeownership: The grant can make homeownership more accessible for those facing financial constraints.
The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing. Note: Applicants do not have to be first-time homebuyers.
The property will be the homebuyer’s primary residence;
The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
Beginning March 1, 2025, the Federal Home Loan Bank of Cincinnati offers grants of up to $25,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $20,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program. Who are Eligible Homebuyers? A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met: The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located –
In Jefferson County 1 or 2 person families can make up to $71,760. 3-4 persons in the household cap at $82,584. The limits are slightly higher or lower in the surrounding counties like Bullitt, Henry, Oldham, Spencer, Hardin, Meade, Nelson and Spencer Counites. see limits below
2025 Income Limits Kentucky Welcome Program Below:
Use the 80% limits for the Welcome Home Program
Kentucky Welcome Home Grant 2025 Income Limits for the $20,000 Grant.
Use the 80% limits for the Welcome Home Program
Use the 100% limits for the Disaster Reconstruction Program
Home Buyer Eligibility A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:
The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located; A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand; The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and, If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing. Note: Applicants do not have to be first-time homebuyers.
Property Eligibility The Welcome Home grant is available for various property types:
The property will be the homebuyer’s primary residence; The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and, The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; And, If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
YOU DO NOT HAVE TO BE A FIRST-TIME BUYER TO OBTAIN THIS GRANT.
What is an Eligible Property?
A property would be eligible if all of the following guidelines are met: The property will be the homebuyer’s primary residence; The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units); And, The property is subject to a legally enforceable five-year retention mechanism – this means it is forgiven at a rate of 20% per year and if you sell before 5 years, they will be repaid part of the grant.
Evo Mortgage Company NMLS# 1738461 Personal NMLS# 57916
For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.
The 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).
As of March 13, 2025, the Welcome Home Program Grant has officially closed for this year. This down payment assistance program offered up to $20,000 in grant funds for qualifying homebuyers. As expected, the limited funding was quickly reserved.
There are several alternatives still available in Kentucky that can help you purchase a home with little to no money down:
KHC Down Payment Assistance– Offers up to $10,000 in down payment help. This assistance is available for first-time and repeat buyers. It is paired with FHA, VA, USDA, and Conventional loans.
USDA Loans – 100% financing available in eligible rural areas (many parts of Kentucky qualify).
VA Loans – There is no down payment required. There is no monthly mortgage insurance. Competitive rates are available for veterans and active duty service members.
FHA Loans – As little as 3.5% down with more flexible credit requirements. Pair it with KHC assistance for lower upfront costs.
Conventional 3% Down Loans– Options for first-time buyers with potential for reduced PMI and grant layering.
5% Grant Programwith the FHA Smart Down payment assistance loan.
A Comprehensive Guide to the Kentucky Welcome Home Grant
For many Kentuckians, the dream of homeownership can feel out of reach due to financial constraints. But thanks to the Kentucky Welcome Home Grant of $20,000 for Kentucky Home Buyers in 2024 that dream might be closer than you think. This grant program, administered by the Federal Home Loan Bank of Cincinnati (FHLBC), offers down payment and closing cost assistance to eligible homebuyers throughout the state.
Whether you're a first-time homeowner or looking to upgrade your living space, understanding the qualifying guidelines is crucial for securing this valuable assistance. Buckle up, folks, as we delve into the details of the Welcome Home Grant and equip you with the knowledge to unlock your Kentucky homeownership dreams!
Eligibility: The First Step on Your Journey
Before diving into the specific details, let's address the first and most important question: are you eligible? Here's a breakdown of the key criteria:
Income: Your total household income must fall at or below 80% of the Mortgage Revenue Bond (MRB) limit for your specific county. These limits vary depending on location, so be sure to check the current limits here at this link below for your desired area.
Property: The grant applies to primary residences only, including single-family homes, townhomes, condominiums, and qualified manufactured homes. The property must be located within eligible Kentucky counties. You can find a list of participating counties on the FHLBC website.
Purchase Contract: You must have a fully executed purchase contract for an eligible property before applying for the grant.
Financial Contribution: You must contribute at least $500 of your own funds towards the down payment and/or closing costs.
Additional Considerations: While not mandatory, completing a homebuyer education course can strengthen your application. Moreover, veterans and active-duty military personnel may be eligible for higher grant amounts.
Diving Deeper: Grant Details and Amounts
The Welcome Home Grant offers assistance in the form of a non-repayable grant. The maximum grant amount varies depending on several factors:
Your down payment: If you contribute more than the required $500 towards your down payment, the grant amount may be reduced to fit within the total program funding available.
Remember: The grant funds cannot be used towards the property purchase price itself. They are strictly for down payment and closing cost assistance.
Finding Your Path: The Application Process
Now that you understand the eligibility and grant details, let's navigate the application process:
Connect with a participating lender: The Welcome Home Grant program operates through partnering lenders, so start by searching for a lender in your area that participates in the program. You can find a list of participating lenders on the FHLBC website or by contacting the organization directly.
Pre-qualify for a mortgage: This shows both you and the lender a realistic picture of your borrowing capacity and strengthens your application.
Gather your documents: Be prepared to provide proof of income, employment, assets, and other required documentation as outlined by your lender.
Complete the grant application: Your chosen lender will walk you through the grant application process and help you submit the necessary paperwork.
Await a decision: The processing time can vary, but you'll typically receive a decision within a few weeks.
Beyond the Guidelines: Valuable Resources and Tips
Remember, knowledge is power! Equip yourself with as much information as possible to ensure a smooth application process. Here are some valuable resources:
Your chosen participating lender: Their expertise can be invaluable in navigating the application process and maximizing your chances of success.
Pro-Tip: Start planning early! Research potential properties, understand the market in your desired area, and get your finances in order well before applying for the grant.
Remember: Homeownership is a significant investment, so proceed with careful planning and consideration. Utilize the available resources, ask questions, and don't hesitate to seek professional guidance if needed.
$20,000 Grant Money Available for Kentucky Home Buyers – First-Time Home Buyers Assistance!
Are you a first-time home buyer in Kentucky looking for financial assistance? The Federal Home Loan Bank has created a special fund to help low-to-moderate income families achieve homeownership. This $20,000 grant is designed to assist home buyers with down payments and closing costs, making it easier to secure a home without the burden of large upfront expenses.
Grant Money for First-Time Home Buyers in Kentucky
The Federal Home Loan Bank grant is an excellent opportunity for Kentucky home buyers who meet income requirements. If you're struggling with saving for a down payment or need extra funds for closing costs, this program can help. Funds are limited and will be available starting March 3rd until they are reserved.
This program is designed for low-to-moderate income households who need financial assistance to purchase a home. It is ideal for first-time home buyers in Kentucky looking for an affordable way to buy a home without high out-of-pocket costs.
Benefits of This Grant for Kentucky Home Buyers
Receive $20,000 in grant money for down payment and closing costs.
Helps first-time home buyers afford a home sooner.
Makes homeownership more accessible for low-to-moderate income families.
Available in multiple counties across Kentucky.
How to Apply for the Kentucky Home Buyer Grant
Funds for this program will be available starting March 3rd and will be distributed on a first-come, first-served basis. If you're interested in applying, it's essential to get pre-qualified as soon as possible.
For more information on qualifying for this first-time home buyer grant in Kentucky, or to start your application, contact Joel Lobb, Senior Loan Officer at American Mortgage Solutions, Inc.
If you're a first-time home buyer in Kentucky, this $20,000 grant could be the key to owning your dream home. Don't wait until funds run out—start your home buying journey today!
Email -
Call/Text - 
Website: 
Address: 
First-Time Home Buyers Welcome
.jpg)
.jpg "Kentucky Welcome Home Grant")