With so many options for where to buy a home in this country, why would Kentucky be one you should consider? Consider that the Bluegrass State offers some of the most lush and beautiful rural land in the Midwest. With rolling hills dotted with horse farms and friendly small town residents just itching to welcome a new neighbor buying a home in the area.
Do you consider yourself more of a city slicker? Don't worry, Kentucky has plenty to offer you on that front as well. The cities of the state offer all the convenience of the urban life with the friendliness and ease of southern hospitality. Take a look at Louisville, Frankfort, and Lexington to quench your thirst for the city life while enjoying the cost of living and beauty of life in the Midwest.
For the mortgage or home loan customer, Kentucky also offers favorable home prices and a Midwestern cost of living. If you are moving from either coast, you can certainly expect a rise in your disposable income and the opportunity to live in a larger home than you may now. What is getting a mortgage in Kentucky like? Consider some of the home loan programs available in the state and you will see just how easy it can be to buy in Kentucky.
Conventional Loans: The conventional loan is still the leader, even in Kentucky. The way they work with most mortgage or home loan companies in the state are that they require a credit score of at least 620. You get a fairly fast turn around and would need at least 3 percent of the purchase price as a down payment. If you qualify, you can get this with no down payment. Finally, the loan is usually insured by a mortgage insurance company of some sort.
FHA Loans: FHA loans are insured by the Federal Housing Administration which was formed to allow those with lower incomes to afford to purchase homes. You may still only pay as little as 3% down on the purchase price of your Kentucky home. What's more, there is no credit score requirement so it is a good program for first time mortgage or home loan applicants in Kentucky. There are some income requirements so be sure to talk with your lender.
VA Loans: VA loans are actually guaranteed by Veterans Administration. If you are a qualified military veteran, then you may be able to get a VA loan. This type of loan offers the opportunity to put no money down so long as the appraisal is at or above the sale price. Additionally, there is no credit score requirement and you may not even have a monthly mortgage payment.
RHS Loan: In a state like Kentucky, the Rural Housing Service loans are particularly intriguing. The home you purchase must be in an area the RHS considers to be rural. There is no down payment required if the appraisal comes in at or above the purchasing price. Additionally, there are no mortgage insurance payments monthly which helps keep those monthly expenses down. For an RHS loan or mortgage in Kentucky, though, you will likely need a credit score of at least 620, so make sure you know your credit information going in.
As you can see, Kentucky offers a lot in the way of mortgage and home loan programs that can help you make that home purchase. Whether you are after a traditional or nontraditional loan, they can help you find the interest rates and the payments you need.
Getting started will require you to talk with a qualified mortgage professional. Simply fill out the form below and someone with knowledge of Kentucky mortgages and home loans will be in touch with you shortly. They will help you to determine which is the best type of mortgage or home loan for you and you can be on your way to home ownership in the Bluegrass State in no time.
