Kentucky FHA Loan
The Bluegrass state is attracting more and more residents each and every year -- and not just for its fried chicken, southern accents, and lush bluegrass. If you're ready to purchase prime real estate, you'll find plenty of it in good 'ole Kentucky. Plus, you'll find the Kentucky FHA mortgage to be an excellent match to go with whatever property you choose, be it a condo or your first home.
It's a common misconception that FHA loans are only for those with bruised or low credit, those that have low income, or folks who are first time home buyers. FHA loans are available to everyone -- even those with perfect credit making hundreds of thousands of dollars each year.
It's easy enough to qualify for an FHA home loan in KY; the FHA guidelines and restrictions are fairly lax. Aside from the FHA loan program being one of the easiest mortgage programs to qualify for, you'll also find that the benefits of having an FHA mortgage taste better than fried chicken. Some of the great benefits are:
- Down payment requirements as low as 3.5%
- You can borrow up to 96.5% of the purchase price of your new property
- Flexible credit guidelines
- Diverse property types can be financed
- Up to 6% seller-paid closing costs allowed
- Down payment assistance programs for those without cash on hand are allowed
No matter how much information you gather on your quest to choose the right mortgage program, you'll want to work with a Kentucky FHA mortgage loan originator you can trust. Getting a great low interest rate and having flexible underwriting is one of the most important ingredients any mortgage company can offer you.