Common Kentucky First Time Home Buyer Questions (FAQs)
1. What is the minimum credit score for Kentucky FHA, VA, USDA, and KHC loans?
FHA: 580+ for 3.5% down, 500-579 for 10% down.
VA: 620+ recommended.
USDA: 640+ for automated, lower with manual underwriting.
KHC DAP: 620+.
2. Can I qualify if I’ve had a bankruptcy or foreclosure?
Yes! Wait times are typically 2–3 years, but you must show improved credit and finances.
3. Are there income limits for these programs?
FHA and VA: No set income limits.
USDA and KHC: Yes, based on county and household size.
4. What is the maximum debt-to-income ratio allowed?
FHA: Up to 43–50%.
VA: 41% preferred, but flexible.
USDA: 41% total DTI.
5. Do these loans require a home inspection?
FHA, VA, and USDA require a special appraisal, but a home inspection is strongly recommended for your protection.
6. How do I apply for these programs in Kentucky?
Contact a Kentucky-approved lender who participates in FHA, VA, USDA, and KHC programs. Visit Kentucky Housing Corporation for more info.
