FHA Loans in Kentucky & Beyond
Are you struggling to come up with a large down payment or worried you won’t qualify because of a low credit score? A government-backed FHA loan is designed just for you.
Is an FHA Loan Right For You?
Who It’s For
FHA loans are especially popular among first-time homebuyers because they offer more credit flexibility and the opportunity to put less money down. Not purchasing your first home? You can still take advantage of these benefits! FHA loans are open to all buyers.
Better Interest Rates
You’ll typically get a better interest rate with an FHA loan than you might with other types of loans.
Low Down Payment
You can make a down payment as low as 3.5%, much less than the traditional 20% often required.
Leniency on Credit Score
There’s flexibility when it comes to credit scores and even if you have a low one, you may still qualify.
No Income Limitations
You can qualify for an FHA loan at any income level, whether you’re a first-time buyer or not.
Eligibility at a Glance
- Have a steady income and a minimum credit score of 600?*
- Have a down payment of at least 3.5% (or more if your credit score is on the low side)
- Have a debt-to-income ratio no greater than 43%
- Plan to occupy the home as your primary residence
Then you may be eligible for an FHA loan!
*Minimum credit score requirement may vary by investor.
Take Your First Step
Does an FHA loan sound like a great fit for you? Do you like the idea of a low down payment and flexibility on credit score requirements? Start your application today!
FHA LOANS - FAQs
You can buy a single-family residence, two- to four-unit multi-family home, condominium, and certain manufactured homes. There are also some FHA loans that can be used to renovate a home or for new construction.
Yes. Both are an option with an FHA loan.
When applying for a home loan, you’ll need to show that you have steady income and the ability to pay your monthly mortgage. Typically, you’ll be asked to provide:
- Two months of bank statements
- Most recent pay stubs
- Last two years of tax return
Other items you may need to provide include:
- Drivers license
- Social security card
- Account statements for any retirement accounts you have
- A statement from your current mortgage if you own
- Rental statements if you’re renting
Yes, you can. The net income on your tax returns can be used to show your income. However, keep in mind that if you have a low net income due to tax write-offs, it may make it difficult to qualify.
First-Time Home Buyers
Not sure where to begin? Follow our step-by-step guide and you’ll be in your new home in no time.
How much home can you afford? Run the numbers with our handy loan calculators.
Have questions about getting a loan? We’re happy to help! Get answers to the most common questions.
Words From Our Happy Homeowners
“The entire process was wonderful. Great staff, always helpful. Simply a great experience.”
First Time Home Buyer
What We’re About
We’re a Kentucky mortgage lender that believes everyone deserves safe and affordable housing. Our overarching mission is to uplift communities throughout Central Appalachia and beyond, and we know that begins with ensuring everyone has a place to call home.
There’s a Loan for Everyone
USDA 502 Direct Loans
Do you have good credit but a limited income and want to live outside the city? Check out the USDA 502 Direct Loan.
USDA Guaranteed Loans
Are you interested in living in a rural area, and your income is moderate? Ask us about USDA-guaranteed loans.
Need flexibility for your credit score and a lower down payment? Take a look at the popular FHA loan.
Do you have a solid credit score and are looking for great rates and options? Consider a conventional loan.
- Are you a U.S. military member or veteran? Find out how you can buy a home with no money down.
Do you have a unique situation? We offer a range of flexible loan programs to fit your needs.