Key Loan Program Highlights for Kentucky First-Time Homebuyers
Conventional Loans
Down Payment: 3% minimum
Seller Contributions:
<10% down = 3%
10–25% down = 6%
25% down = 9%
Investment property = 2%
Credit Score: 620 minimum
Loan Limit: Up to $806,500
Other Notes: No income limits; max seller contribution depends on down payment.
FHA Loans
Down Payment: 3.5% minimum
Seller Contributions: Up to 6%
Credit Score: 580 minimum
Primary residence only
Other Notes: County-based loan limits, mortgage insurance required, higher DTI tolerance.
VA Loans
Down Payment: None required
Seller Contributions: Max 4% concessions
Credit Score: 580 minimum
Funding Fee: 2.3% (1st time/no down payment); can be reduced with down payment
Other Notes: No loan limit, primary residence only.
USDA Loans
Down Payment: None required
Seller Contributions: Up to 6%
Credit Score: 600 minimum
Restrictions: Income & geographic eligibility
Fees:
1% upfront guarantee fee
0.35% annual fee
Other Notes: Must be primary residence.
