Best of Luck,
Maria E. Cipollone
KHC is a viable option but there are others. Rural Housing is available on the outskirts of Jefferson County as well. There are other plans locally that offer low down payments (my father-in-law used one of these to pay just $100 down for his home). There is another lender that offers $500 down with NO PMI.
We are always willing to help guide someone through the process. Just contact me directly if you need additional details for any of these programs.
Mark Atteberry, Realtor
Your best course of action is to meet with a Local Mortgage Banker. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Currently Veterans of the Armed Forces can qualify for mortgage financing under the VA Guaranty program with zero down payment.
Other First Time Buyers purchasing a home in a US Census Bureau designated rural area may qualify for zero down payment under the USDA program.
Best bet is to talk with a loan officer to get pre-approved. That way you have an idea of the payment amount and purchase price that you would qualify for and also know what, if any, monies you would need to have available.
There are also some other things that come and go. Feel free to call me at 396-8195 if you would like to meet.
You can purchase any HUD foreclosure with just $100 down and they will pay up to 3% in closing costs.
BB&T offers the CHIP program for those with at least a 680 credit score who meet their other requirements. It allows you to purchase with as little as $500 down.
I was a loan officer before becoming a Realtor and can help with all aspects of your purchase. Just give me a call!
Federal Housing Administration (FHA)
â€¢Minimum 640 credit score required.
â€¢Financing to 96.50% of lesser of sales price or appraised value.
â€¢All KHC DAPs and other KHC-approved secondary financing may be used.
â€¢Maximum 6% seller-paid items.
â€¢Maximum ratios of 40/45 with AUS approval.
â€¢FHAâ€™s Appraiser Independence rules apply. (see page 4)
â€¢All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.
â€¢Lender must follow the FHA maximum mortgage limits for particular area â€“ see
Upfront and Annual Mortgage Insurance Premiums
30-Year Loan Term
LTV less than or equal to 95% 1.75% annual 1.20 monthly
LTV greater than 95% 1.75% annual 1.25 monthly
â€¢ Minimum 660 credit score required
â€¢ Maximum loan-to-value (LTV) ratio is 80%.
â€¢ Maximum ratios 40/45 with AUS approval.
â€¢ No down payment assistance products may be used. Borrower must meet down payment requirements with their own
funds or a gift.
â€¢ Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement. Must be entered as
subordinate financing in DU/LP.
â€¢ Pre-purchase education required as per AUS findings.
â€¢ Not available for manufactured housing.
â€¢ Appraiser Independence required (see page 4).
â€¢ KHC does not presently have a product for 81% LTV or greater.
Rural Housing Services (RHS)
Minimum 640 credit score required.
â€¢ Financing to 100% of the appraised value, plus guarantee fee of 2.0%/0.3% annual fee.
â€¢ All KHC DAP programs and other KHC-approved secondary financing may be used.
â€¢ No maximum on seller-paid items.
â€¢ Ratio requirements and guarantee fee per agency guidelines.
â€¢ KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with
approval, expanded ratios up to 40/45.
Veteranâ€™s Administration (VA)
â€¢Minimum 640 credit score required.
â€¢Financing to 100% of the lesser of the appraised value or sale price.
â€¢All KHC DAP programs and other KHC-approved secondary financing may be used.
â€¢Maximum 4% seller-paid items.
â€¢Ratio requirements and funding fee per agency guidelines
â€¢Maximum ratios of 40/45% with AUS Approval
Joel Lobb (NMLS#57916)
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*