FHA, VA, USDA, and Kentucky Housing Corporation (KHC) down payment assistance programs with Joel Lobb’s expertise

How to get approved for a mortgage in Kentucky as a first-time homebuyer

Qualifying for an FHA Loan in Kentucky

When it comes to buying a home in Kentucky, FHA loans are a popular choice for many first-time homebuyers due to their flexible qualifying criteria. If you’re considering an FHA loan in the Bluegrass State, understanding the key qualifying factors is crucial. Here’s a comprehensive guide to the criteria you need to know: Understanding these … Continue reading “Qualifying for an FHA Loan in Kentucky”

Credit Score Requirements:
- FHA loans are known for accommodating borrowers with lower credit scores. While the minimum required credit score can vary, typically, a credit score of 580 or higher is needed to qualify for the minimum down payment of 3.5%. However, borrowers with credit scores between 500 and 579 may still be eligible with a higher down payment, usually around 10%.
Down Payment:
- The minimum down payment for an FHA loan in Kentucky is 3.5% of the home’s purchase price. This is advantageous for buyers who may not have substantial savings for a larger down payment, making homeownership more accessible.
Work History:
- Lenders typically look for a steady 2 year employment history when considering FHA loan applications. A consistent work history, preferably with the same employer or within the same field, helps demonstrate financial stability and the ability to repay the loan.
Debt-to-Income Ratio (DTI):
- The debt-to-income ratio is a crucial factor in mortgage approval. For FHA loans, the maximum allowable DTI ratio is typically around 40% to 45% of your gross monthly income and can go higher up to 56% with good credit scores, large down payment or shorter term loan although lenders may consider higher ratios in certain cases if compensating factors are present.
Bankruptcy and Foreclosure:
- FHA loans have lenient guidelines regarding bankruptcy and foreclosure. Generally, borrowers with a past bankruptcy may qualify for an FHA loan after two years if they have re-established good credit and demonstrated responsible financial behavior. For foreclosures, the waiting period is usually three years.
Mortgage Term:
- FHA loans offer various mortgage term options, including 15-year and 30-year fixed-rate loans. The choice of term depends on your financial goals and ability to manage monthly payments.
- Occupancy: Primary residences not for rental properties
- Mortgage Insurance on the loan for life of loan. Larger down payments and shorter terms will reduce the upfront mi and monthly mi premiums
- can be used for refinances, not only for purchases.
- Max FHA loan in Kentucky is $498,257. This changes every year
- No income limits nor property restrictions on where home is located
- Can close within 30 days typically with good appraisal and title work

Understanding these qualifying criteria can help you navigate the FHA loan application process in Kentucky more effectively. Working with an experienced mortgage professional can also provide valuable guidance and assistance tailored to your specific financial situation and homeownership goals.

Joel Lobb Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916 | Company NMLS #1364/MB73346135166/MBR1574

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

2024 Income Limits Kentucky Welcome Home Grant

2024 Income Limits Kentucky Welcome Home Grant

2024 Income Limits

Kentucky

Use the 80% limits for the Welcome Home Program

Use the 100% limits for the Disaster Reconstruction Program

		100% limits		80% limits
	1-2 Persons		3 + Persons	1-2 Persons	3 + Persons
Adair	$ 78,600		$ 90,390	$ 62,880	$ 72,312
Allen	$ 78,600		$ 91,420	$ 62,880	$ 73,136
Anderson	$ 86,270		$ 99,210	$ 69,016	$ 79,368
Ballard	$ 80,400		$ 93,800	$ 64,320	$ 75,040
Barren	$ 78,600		$ 90,390	$ 62,880	$ 72,312
Bath	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Bell	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Boone	$ 101,100		$ 116,265	$ 80,880	$ 93,012
Bourbon	$ 89,300		$ 102,695	$ 71,440	$ 82,156
Boyd	$ 83,040		$ 96,880	$ 66,432	$ 77,504
Boyle	$ 80,760		$ 94,220	$ 64,608	$ 75,376
Bracken	$ 101,100		$ 116,265	$ 80,880	$ 93,012
Breathitt	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Breckinridge	$ 87,410		$ 100,521	$ 69,928	$ 80,417
Bullitt	$ 89,700		$ 103,155	$ 71,760	$ 82,524
Butler	$ 78,600		$ 91,420	$ 62,880	$ 73,136
Caldwell	$ 84,480		$ 98,560	$ 67,584	$ 78,848
Calloway	$ 82,560		$ 96,320	$ 66,048	$ 77,056
Campbell	$ 101,100		$ 116,265	$ 80,880	$ 93,012
Carlisle	$ 78,600		$ 90,860	$ 62,880	$ 72,688
Carroll	$ 78,600		$ 90,390	$ 62,880	$ 72,312
Carter	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Casey	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Christian	$ 87,590		$ 100,728	$ 70,072	$ 80,582
Clark	$ 89,300		$ 102,695	$ 71,440	$ 82,156
Clay	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Clinton	$ 94,320		$ 110,040	$ 75,456	$ 88,032
Crittenden	$ 83,760		$ 97,720	$ 67,008	$ 78,176
Cumberland	$ 78,600		$ 90,390	$ 62,880	$ 72,312
Daviess	$ 86,950		$ 99,992	$ 69,560	$ 79,994
Edmonson	$ 86,650		$ 99,647	$ 69,320	$ 79,718
Elliott	$ 94,320		$ 110,040	$ 75,456	$ 88,032

County	100% limits		80% limits
County	1-2 Persons	3 + Persons	1-2 Persons	3 + Persons
Estill	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Fayette	$ 89,300	$ 102,695	$ 71,440	$ 82,156
Fleming	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Floyd	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Franklin	$ 85,430	$ 98,244	$ 68,344	$ 78,595
Fulton	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Gallatin	$ 101,100	$ 116,265	$ 80,880	$ 93,012
Garrard	$ 87,210	$ 100,291	$ 69,768	$ 80,233
Grant	$ 79,560	$ 92,820	$ 63,648	$ 74,256
Graves	$ 83,160	$ 97,020	$ 66,528	$ 77,616
Grayson	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Green	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Greenup	$ 83,040	$ 96,880	$ 66,432	$ 77,504
Hancock	$ 86,950	$ 99,992	$ 69,560	$ 79,994
Hardin	$ 86,750	$ 99,762	$ 69,400	$ 79,810
Harlan	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Harrison	$ 87,250	$ 100,337	$ 69,800	$ 80,270
Hart	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Henderson	$ 87,300	$ 100,395	$ 69,840	$ 80,316
Henry	$ 89,700	$ 103,155	$ 71,760	$ 82,524
Hickman	$ 79,560	$ 92,820	$ 63,648	$ 74,256
Hopkins	$ 80,640	$ 94,080	$ 64,512	$ 75,264
Jackson	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Jefferson	$ 89,700	$ 103,155	$ 71,760	$ 82,524
Jessamine	$ 89,300	$ 102,695	$ 71,440	$ 82,156
Johnson	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Kenton	$ 101,100	$ 116,265	$ 80,880	$ 93,012
Knott	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Knox	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Larue	$ 86,750	$ 99,762	$ 69,400	$ 79,810
Laurel	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Lawrence	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Lee	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Leslie	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Letcher	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Lewis	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Lincoln	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Livingston	$ 82,320	$ 96,040	$ 65,856	$ 76,832
Logan	$ 80,760	$ 94,220	$ 64,608	$ 75,376
Lyon	$ 87,310	$ 100,406	$ 69,848	$ 80,325

County	100% limits		80% limits
County	1-2 Persons	3 + Persons	1-2 Persons	3 + Persons
McCracken	$ 87,130	$ 100,199	$ 69,704	$ 80,159
McCreary	$ 94,320	$ 110,040	$ 75,456	$ 88,032
McLean	$ 86,950	$ 99,992	$ 69,560	$ 79,994
Madison	$ 86,910	$ 99,946	$ 69,528	$ 79,957
Magoffin	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Marion	$ 80,760	$ 94,220	$ 64,608	$ 75,376
Marshall	$ 86,030	$ 98,934	$ 68,824	$ 79,147
Martin	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Mason	$ 85,920	$ 100,240	$ 68,736	$ 80,192
Meade	$ 85,790	$ 98,658	$ 68,632	$ 78,926
Menifee	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Mercer	$ 86,730	$ 99,739	$ 69,384	$ 79,791
Metcalfe	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Monroe	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Montgomery	$ 78,600	$ 91,140	$ 62,880	$ 72,912
Morgan	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Muhlenberg	$ 78,600	$ 91,700	$ 62,880	$ 73,360
Nelson	$ 85,170	$ 97,945	$ 68,136	$ 78,356
Nicholas	$ 78,600	$ 90,860	$ 62,880	$ 72,688
Ohio	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Oldham	$ 89,700	$ 103,155	$ 71,760	$ 82,524
Owen	$ 78,600	$ 91,700	$ 62,880	$ 73,360
Owsley	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Pendleton	$ 101,100	$ 116,265	$ 80,880	$ 93,012
Perry	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Pike	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Powell	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Pulaski	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Robertson	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Rockcastle	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Rowan	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Russell	$ 78,600	$ 90,860	$ 62,880	$ 72,688
Scott	$ 89,300	$ 102,695	$ 71,440	$ 82,156
Shelby	$ 92,700	$ 106,605	$ 74,160	$ 85,284
Simpson	$ 82,920	$ 96,740	$ 66,336	$ 77,392
Spencer	$ 89,700	$ 103,155	$ 71,760	$ 82,524
Taylor	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Todd	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Trigg	$ 87,590	$ 100,728	$ 70,072	$ 80,582
Trimble	$ 86,770	$ 99,785	$ 69,416	$ 79,828

	100% limits		80% limits

Union	$ 78,600	$ 91,420	$ 62,880	$ 73,136
Warren	$ 86,650	$ 99,647	$ 69,320	$ 79,718
Washington	$ 87,090	$ 100,153	$ 69,672	$ 80,122
Wayne	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Webster	$ 78,600	$ 90,390	$ 62,880	$ 72,312
Whitley	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Wolfe	$ 94,320	$ 110,040	$ 75,456	$ 88,032
Woodford	$ 89,300	$ 102,695	$ 71,440	$ 82,156

Customer Testimonials

We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.

Angela Forsythe

“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016

Monica Leinhardt

“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definitely recommend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin

“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010

Tim Beck

“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010

Nancy Nalley

“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012

Jon ClarK
“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011

RICHARD VOLZ , Residential Sales , Remax Foursquare Realty

“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010

Stacie Drake

“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”

Melody Glasscock March 2014

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn’t expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.

Cee Bellisle August 2017

Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.

Anderson Johnson June 2018

We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!

Patty Kingston

Joel Lobb (NMLS#57916)
Senior Loan Officer

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3

Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708
kentuckyloan@gmail.com

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

—

Website Fine Print The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of his employer. Joel Lobb or his employer assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights. The mortgage or financial services or strategies mentioned in this website may not be not suitable for you. This website participates as an Equal Opportunity Lender. All rights Reserved. Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Legal Disclaimer This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans. **Download Fair Housing Booklet – CLICK HERE All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

PRIVACY POLICY
“Site” refers to this Internet web site ) and its related services. “You” or “User” refers to a registered user of this Site. “American Mortgage Solutions.” or “We” refers to American Mortgage Solutions..
This Site contains links to other sites.
American Mortgage Solutions. is not responsible for the privacy practices of the content of any other Web sites to which We link or to which We are linked. We encourage You to read the posted privacy statement whenever interacting with any web site.
The Work Space.
This area of the Site is for the benefit of Users. The private and shared Work Space areas of the Site help to facilitate communication and the exchange and sharing of information. The information contained in private work spaces shared between Users and American Mortgage Solutions. is not used for any purposes other than to facilitate communication and the exchange of information between the parties involved.

Information We Gather.

Registration.
If You register to use or provide services using American Mortgage Solutions., we may collect and store information that specifically identifies You or your account (“Personally Identifiable Information”). The required information may include your User ID, password, first name, last name, business name, address, city, state, zip/postal code, phone, fax, email and web site address. We may, in the future, include other optional requests for information from You, to help us to tailor the Site for You and deliver personalized information to You.

Online Surveys and Contests.
American Mortgage Solutions. may conduct online user surveys to collect information about our Users preferences. These surveys are optional and if You choose to respond, your responses will be kept anonymous. Similarly, we offer contests to qualifying Users in which we ask for contact and demographic information such as name, email address and mailing address.

Automatically Gathered Information.
American Mortgage Solutions. automatically collects your browser type and browser software version to tailor the presentation of the services to your platform and to maintain a record of your activity on the Site. American Mortgage Solutions. may also use cookies to enable users to specify unique preferences and to track user trends and patterns. Users always have the option of disabling cookies via their browser preferences. If You disable cookies on your browser, please note that some parts of our Site may not function as effectively or may be considerably slower. As an automatic process, our web server software records a log file of IP addresses that access the Site. We also collect IP address information but do not ordinarily link IP addresses to Users Personally Identifiable Information. However, We can and will use IP addresses to identify a User when We, in our sole discretion, determine that it is necessary to enforce compliance with our Terms and Conditions of Use or to protect our service, Site, customers or others.

Your Public Profile.
As part of registration, You may be required to provide contact information such as name, address, city, state, zip, phone, fax and email address, some of which can be displayed to other users of our service in an effort to simplify communication between members.

How We Use Information.

Registration Information.
We use Personally Identifiable Information for our own internal purposes including contacting You via email to inform You about updates to our services and providing You with other information that we deem necessary. We reserve the right to disclose your information as required by law. We do not rent or sell our Users Personally Identifiable Information to third parties.

Advertising.
At this time we do not display banner advertising on our site, but we may send You email communications including information that we think may be of interest to You. You may opt out of receiving these promotional email communications, either when You register to become a Member, or at any time thereafter by contacting us.

Demographic Information, Surveys and Contests.
The demographic information that American Mortgage Solutions. collects in the registration process and through online surveys may be used to help us improve our services to meet the needs and preferences of our Users. This may include targeting advertising to You about our services. Information we gather through a contest may also be disclosed to third parties as necessary for prize fulfillment and other aspects of any contest or similar offering.

Comments Submitted by Users.
American Mortgage Solutions. constantly seeks to improve the quality of the services We provide and the User experience on the Site. We value your input and encourage You to help us expand and make improvements to the Site by providing Us with any thoughts or comments You might have regarding our services or the operation of the Site. You can submit any comments by contacting us. If You provide this information, we will only use it to acknowledge or respond to your comments. In certain circumstances, we may ask for your permission to post your comments in marketing or promotional materials.

Security.
We will use commercially reasonable methods to keep Personally Identifiable Information securely in our files and systems. Please note that with current technology, we cannot guarantee the security of your data as it travels over the Internet.

How We Respond To Browser Do Not Track Requests
American Mortgage Solutions. and other parties not affiliated with us may collect Personally Identifiable Information about your online activities over time and across different websites when you use our website or the services offered on our website. Industry standards regarding how to handle “Do Not Track” requests from web browsers are still evolving and there is currently no set of industry standards for handling such requests. As such we may not separately respond to or take any action with respect to a “do not track” configuration set in your internet browser. At this time, we do not have any protocol in place that allows you to opt-out of internet tracking. If you have any questions regarding our internet tracking methods please contact us.
Terminating Your Membership.
We save your Personally Identifiable Information until your membership with us is terminated. To terminate your membership, contact us. If You terminate your membership, your Personally Identifiable Information cannot be recovered. You may continue to receive email communications for a short period of time until we have updated all of our databases. After termination of your membership, your Personally Identifiable Information may remain on our archived database and records for a reasonable time as residual information. We will not use this residual information. Notwithstanding the above, we will maintain information on Users who have been removed for violating our Membership Agreement.

Correcting/Updating Your Information.
To correct and/or update your information, please contact us.

Contacting Us.
If You have any questions about this Privacy Agreement or the practices of this Site, you may contact us at:
American Mortgage Solutions.
Customer Service
10602 Timberwood Circle, Suite 3
Louisville, Kentucky 40223
502-905-3708

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If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.