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.
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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Reverse Mortgages
Reverse Mortgages are insured by, and guidelines dictated by, FHA and offer elderly homeowners opportunities to utilize equity built in their primary residence for virtually any purpose desired. Available to homeowners aged 62 or above, this program has no credit guidelines or debt ration guidelines, etc. Eligibility is based purely on age, equity in the home and occupancy. This is a specialized program and we have specialists to assist borrowers who may benefit from this program.
