Which Kentucky home loan program fits you
You do not need to know which of these you want. That is my job. But here is the plain version of what each one is for.
FHA — the most forgiving program on credit history. If your score is the thing standing in your way, this is usually where we start. Typically 3.5% down with a credit score of 580 or higher.
VA — for veterans, active duty, National Guard and Reserve, and surviving spouses. As an Army veteran, this is the one I most hate to see people leave unused — the terms are the strongest available in Kentucky — no down payment and no monthly mortgage insurance for those who qualify.
USDA Rural Housing — far more of Kentucky is eligible than people expect, including a lot of ground most buyers would never call rural. Worth checking your address before you rule it out. 100% financing on eligible properties.
Fannie Mae conventional — often the better math once your credit is solid, particularly on mortgage insurance over the life of the loan. Down payments start at 3% for qualified buyers.
KHC — Kentucky Housing Corporation, the state housing agency. This is where down payment assistance comes from, and it layers on top of the programs above.
