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7 Best Kentucky Housing Corporation Lenders of 2020

NerdWalletJanuary 2, 2020

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The Kentucky Housing Corporation offers down payment assistance and mortgage tax credit programs. See our top picks for KHC-approved lenders.

KHC mortgage programs provide down payment assistance and tax credits to both first-time and repeat home buyers. Want to know if you’re eligible? Talking with a KHC-approved lender is the first step.

To get you started, NerdWallet gathered a list of top mortgage lenders that participate in KHC programs. We’ve also included a few local, KHC-approved lenders that aren’t rated but provide a high volume of mortgages in Kentucky. Participation varies by county, so be sure to verify that a particular lender is active in your area.

Summary of Best Kentucky Housing Corporation Lenders of 2020

BB&T: NMLS#399803

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers in the Southeast who want online tools with the option of face-to-face service. BB&T, now part of Truist Financial Corp., offers a full menu of home loans.

Pros

  • Offers a variety of low-down-payment mortgages as well as construction mortgages.

  • Website lets users estimate rates online by loan and property type, amount and location.

  • Has an online mortgage application.

Cons

  • Branches limited mostly to the Southeast region.

  • Does not offer FHA loans.

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at NerdWallet

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at NerdWallet


Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

  • Doesn't offer home equity loans or lines of credit.

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Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn't offer home equity loans or lines of credit.

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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


Why we like it

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

5%

at loanDepot


Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

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Churchill: NMLS#1591

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers who worry about taking on debt. Churchill advocates “debt-free homeownership” and helps customers try to achieve that goal.

Pros

  • Offers loan plans for borrowers without credit scores.

  • Annual mortgage reviews help borrowers stay on track toward the goal of living debt-free.

  • Offers digital conveniences such as document uploads and e-signature.

Cons

  • Doesn't provide information online about rates and fees.

  • Doesn't offer home equity loans or HELOCs.

  • You can’t apply online without first speaking to a loan specialist.

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PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

Pros

  • Full online application includes document uploads and automated loan updates.

  • Offers a "float-down" interest rate lock.

  • Offers a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates — you have to contact the lender for info.

  • Doesn't offer home equity products.

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More KHC-approved lenders

These lenders also participate in KHC programs and are among the highest-volume mortgage providers in Kentucky; however, they haven’t been reviewed by NerdWallet.

  • Allows you to submit a preapproval request online.

  • Doesn’t list rates or loan types on its website.

  • Has several locations in Kentucky.

  • You must speak with a loan officer to apply.

  • Doesn’t publish loan options or mortgage rates on its website.

  • Has over a dozen locations in the Louisville area.

  • Provides online appointment scheduling with loan officers.

  • Doesn’t appear to have a digital application.

  • Has nearly 20 branch locations in and around Lexington.

  • Lets you start the preapproval process online.

  • Offers a wide variety of mortgage products.

  • Has over a dozen branch locations in Kentucky.

More from NerdWallet

Last updated on January 2, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Kentucky Housing Corporation Lenders of 2020