Conventional
Conventional loans are not insured or guaranteed by the government and typically require a down-payment of 5%, or as little as 3% for eligible borrowers. Mortgage insurance is provided by private mortgage insurance companies when required, typically when less than 20% down payment on a purchase or less than 20% equity if refinancing. While not insured or guaranteed by the government, Conventional loan guidelines are dictated by government agencies known as Fannie Mae(FNMA) and Freddie Mac (FHLMC).
Federal Housing Administration (FHA)
FHA loans are insured by, and loan guidelines dictated by, the Federal Housing Administration, under the Department of Housing and Urban Development (HUD). FHA loans permit buyers to buy a home with a down payment as low as 3.5% and have somewhat less stringent credit guidelines than Conventional loans. FHA loans are available for purchasing or refinancing and buyers may use gift funds from family. Buyers also need not be first-time buyers and there are no income limits but loan limits do apply. FHA loans have been among our specialties for decades, and we are Direct Endorsed by HUD to underwrite FHA loans for approval and closing.
Veterans Administration (VA)
VA loans are guaranteed by, and loan guidelines dictated by, the Veterans Administration. Available to eligible veterans to buy or refinance a primary residence, VA loans permit buyers to buy with no down payment and have somewhat less stringent credit guidelines than Conventional loans. VA loans are available for purchasing or refinancing and veterans may utilize eligibility multiple times if desired. VA loans have been among our specialties for decades, and we are delegated to underwrite VA loans for approval and closing.
Ohio Housing Finance Agency (OHFA)
The Ohio Housing Finance Agency provides purchase financing funds for qualified buyers in Ohio who have not owned their own home in the most recent three years or who buy in defined, Target Areas. The OHFA program interest rate is typically below market and may be used with Conventional, FHA, VA or RHS loans. Down payment assistance may also be available from OHFA. Household income limits and price limits apply. We have been a leading lender with OHFA for years.
Kentucky Housing Corporation (KHC)
The Kentucky Housing Corporation provides purchase financing funds for qualified buyers in Kentucky who have not owned their own home in the most recent three years or who buy in defined, Target Areas. The KHC program interest rate is typically below market and may be used with Conventional, FHA, VA or RHS loans. Down payment assistance may also be available from KHC. Household income limits and price limits apply. We were the first lender to be delegated by KHC to underwrite loans for approval and closing and are the Top Lender for KHC.
Kentucky Housing Corporation
(502) 564-7630
1231 Louisville Road
Frankfort, Kentucky 40601 |
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Rural Housing
Rural Housing loans are guaranteed by, and loan guidelines dictated by, the Rural Housing Service (RHS) under the United States Department of Agriculture (USDA). Available to eligible buyers to buy a primary residence in a designated rural area, RHS loans permit buyers to buy with no down payment and with somewhat less stringent credit guidelines than Conventional loans. Borrowers may also finance closing costs if property appraisal value permits. Household income limits and property location limitations apply. RHS loans are among our specialties, and we underwrite RHS loans for approval prior to obtaining RHS approval for closing.
