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Doing something important for the first time is often scary, especially if you’ve dreamed about it for years. Buying a first home is no exception.
But a variety of help is out there to make the process easier. The Kentucky Housing Corporation, or KHC, offers programs to help repeat and first-time home buyers get a mortgage.
National loan programs with lower down payment or credit score requirements can also open up a path to homeownership. Check out the possibilities below to find an option that fits your needs.
National first-time home buyer programs
Many lenders participate in national programs that can help first-time buyers get a home loan. You may qualify for one of these mortgages even if you have less-than-perfect credit or little cash for a down payment.
Kentucky Housing highlights and eligibility requirements
The Kentucky Housing Corporation offers conventional, FHA, VA and USDA mortgages to home buyers through a network of approved lenders. It also offers FHA refinance loans. The corporation’s financial assistance and tax credit programs can be combined with any of these loans to make buying a home more affordable. You’re considered a first-time buyer in Kentucky if you haven’t owned a home in the past three years.
» MORE: Tips for first-time home buyers
30-year fixed-rate mortgages available.
Down payment and closing cost assistance available.
Federal income tax credit available to reduce annual mortgage interest.
Can be a first-time or repeat home buyer for most programs.
Must have a minimum credit score of 620.
Must meet county income limits and statewide purchase price limits.
Must work with a lender approved by the Kentucky Housing Corporation.
Property can be a detached, single-family home, condominium, town house or manufactured home; your lender will have more information on specific requirements.
Compare KHC lenders
» MORE: See other top KHC lenders
Kentucky Housing first-time home buyer loan programs
Summary: 2020 KHC first-time home buyer programs
Conventional Preferred Risk Program for a down payment of just 3% without mandatory mortgage insurance.
Conventional Preferred Program for no required borrower contribution or minimum cash reserves.
Home Buyer Tax Credit for up to 25% reimbursement of annual mortgage interest payments.
Hardest Hit Fund Down Payment Assistance Program for first-time home buyers in Christian County.
Regular Down Payment Assistance Program for a down payment loan of up to $6,000.
Affordable Down Payment Assistance Program for a down payment loan of up to $6,000 for low-income borrowers.
Knowing about national and Kentucky state loan programs to help buy a home is a good start; now it’s time to dig into the details.
For specifics, visit the Kentucky Housing Corporation website. There you’ll find information about all the loan programs, including eligibility requirements, how to enroll in home buyer counseling and a list of approved lenders in your county.
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