Credit Score in 40214>Question Details

adlet.donna, Home Buyer in Louisville, KY

i would like to buy a house i dont know if im approve?

Asked by adlet.donna, Louisville, KY Sat Sep 1, 2012

can i buy a house with out down payment???

Help the community by answering this question:


Maria Cipollone’s answer
You can start by checking your credit report and score. you can visit http://www.myfreeannualcreditreport or to get a free report, review it and dispute any discrepances with the three different credit bureaus, if you have one. If everything look fine, start shopping for a mortgage broker, they have access to many banks or private lenders with many different options.

Best of Luck,

Maria E. Cipollone
0 votes Thank Flag Link Thu Sep 27, 2012
I can recommend several programs that are great for the Louisville area. You need a knowledgeable loan officer to help you determine whether you are eligible to buy now or in the near future. I was a loan officer before becoming a Realtor and can help guide you through the process.

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
0 votes Thank Flag Link Thu Sep 27, 2012
KENTUCKY HOUSING CORPORATION is your best bet in Jefferson County Kentucky for zero down loan.
0 votes Thank Flag Link Thu Sep 27, 2012
Good morning adlet.donna,

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.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
Got to a local lender and get pre-approved. They will assist you in determining what you can afford.
0 votes Thank Flag Link Wed Sep 12, 2012
Yes, it is possible if you pay total cost of the house at the time of buying house but if house owner or builder will take time for giving possession of the house then you will must have to pay down payment for the house.
0 votes Thank Flag Link Tue Sep 4, 2012
Go see a local lender and ask if there is a state assistance program.
0 votes Thank Flag Link Tue Sep 4, 2012
There are some options available, obviously as you are reading the other comments, certainly there aren't as many as there used to be.

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.
0 votes Thank Flag Link Tue Sep 4, 2012
Not long ago, I represented a single mom who went the KHC route and she actually got more money back at closing than the SELLER did!

There are also some other things that come and go. Feel free to call me at 396-8195 if you would like to meet.
0 votes Thank Flag Link Sun Sep 2, 2012
Here are two options that are often overlooked:

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!

Mark Atteberry
0 votes Thank Flag Link Sat Sep 1, 2012
KHC’s First Mortgage Loan Products

Federal Housing Administration (FHA)

•Minimum 640 credit score required.
•Financing to 96.50% of lesser of sales price or appraised value.
•All KHC DAPs and other KHC-approved secondary financing may be used.
•Maximum 6% seller-paid items.
•Maximum ratios of 40/45 with AUS approval.
•FHA’s Appraiser Independence rules apply. (see page 4)
•All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.
•Lender must follow the FHA maximum mortgage limits for particular area – 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


• Minimum 660 credit score required
• Maximum loan-to-value (LTV) ratio is 80%.
• Maximum ratios 40/45 with AUS approval.
• No down payment assistance products may be used. Borrower must meet down payment requirements with their own
funds or a gift.
• Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement. Must be entered as
subordinate financing in DU/LP.
• Pre-purchase education required as per AUS findings.
• Not available for manufactured housing.
• Appraiser Independence required (see page 4).
• KHC does not presently have a product for 81% LTV or greater.

Rural Housing Services (RHS)
Minimum 640 credit score required.
• Financing to 100% of the appraised value, plus guarantee fee of 2.0%/0.3% annual fee.
• All KHC DAP programs and other KHC-approved secondary financing may be used.
• No maximum on seller-paid items.
• Ratio requirements and guarantee fee per agency guidelines.
• KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with
approval, expanded ratios up to 40/45.

Veteran’s Administration (VA)

•Minimum 640 credit score required.
•Financing to 100% of the lesser of the appraised value or sale price.
•All KHC DAP programs and other KHC-approved secondary financing may be used.
•Maximum 4% seller-paid items.
•Ratio requirements and funding fee per agency guidelines
•Maximum ratios of 40/45% with AUS Approval

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
0 votes Thank Flag Link Sat Sep 1, 2012
Hi Donna,
If you would like to schedule a buyers counseling with me contact me at and tell me more about yourself and we'll go from there.

Lisa Ratchford
0 votes Thank Flag Link Sat Sep 1, 2012
There are still some loans out there with 0%. Va Loans, USDA and some community programs.
If you go to the USDA site it provides the eligibility areas and qualifications,
I hope this helped you.
0 votes Thank Flag Link Sat Sep 1, 2012
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