What types of mortgage loans are available to Kentucky homebuyers? Kentucky homebuyers have access to a variety of mortgage loan options, including FHA loans (often popular with first-time buyers due to lower down payment requirements and flexible credit score criteria), VA loans (available to eligible veterans, active-duty military personnel, and their surviving spouses, often with no down payment and no private mortgage insurance), USDA Rural Housing loans (designed for eligible rural and suburban homebuyers with potentially no down payment options), Kentucky Housing Corporation (KHC) loans (state-specific programs often offering down payment and closing cost assistance), and conventional loans (which may have stricter credit and down payment requirements but can avoid the ongoing expense of mortgage insurance once sufficient equity is built).
What is the Kentucky Housing Corporation (KHC) and how can it help homebuyers? The Kentucky Housing Corporation (KHC) is a state-level organization that offers programs to assist individuals and families in achieving homeownership in Kentucky. They provide resources like down payment assistance programs (DAP), which can offer up to $10,000 in assistance, and closing cost grants, such as the recently reintroduced $2,000 Closing Cost Grant. These programs aim to make homeownership more affordable, particularly for first-time homebuyers and those with limited funds for upfront costs. Eligibility for KHC programs typically involves meetin
