Here's a concise overview of Kentucky's first-time home buyer programs, focusing on key loan types and assistance options. I can elaborate on any specific area you'd like more detail on.

Kentucky First-Time Home Buyer Programs

FHA Loans
Credit score: Minimum 580 (or 500 with 10% down)
Down payment: As low as 3.5%
Debt ratio: Generally up to 43%, but can be higher with compensating factors
Work history: Typically 2 years of steady employment
Bankruptcy: 2 years after discharge for Chapter 7, 1 year of payments for Chapter 13
Foreclosure: 3 years after completion
VA Loans
Credit score: No set minimum, but lenders often require 620+
Down payment: 0%
Debt ratio: Aim for 41% or lower
Work history: 2 years preferred, but exceptions possible
Bankruptcy: 2 years after discharge for Chapter 7, 1 year of payments for Chapter 13
Foreclosure: 2 years after completion
USDA Rural Housing Loans
Credit score: Typically 640+
Down payment: 0%
Debt ratio: 41% for automatic approval, up to 46% with compensating factors
Work history: 2 years steady employment preferred
Bankruptcy: 3 years after discharge for Chapter 7, 1 year of payments for Chapter 13
Foreclosure: 3 years after completion
Kentucky Housing Corporation (KHC) Programs a) Regular KHC Program
Offers competitive interest rates
Can be combined with down payment assistance
b) Conventional Preferred Program
Lower mortgage insurance rates
Income and purchase price limits apply
Welcome Home Grant
Up to $5,000 for down payment and closing