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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 help is out there to make the process easier. The Kentucky Housing Corp., 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.
Conventional mortgage
Best for:
Low down payments, limited mortgage insurance premiums
What you need to know:
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.
Mortgage loans from our partners
Mortgage loans from our partners