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Securing a First Time Home Buyer Loan in Kentucky

If you’re a first time home buyer in Kentucky, you’re making a big decision that will have a profound effect on your financial future.  We understand.  This kind of decision isn’t easy.  Our goal is to provide you the information you need to select the best loan for your home.

Kentucky First Time Home Buyer Information

Information and research are crucial to successfully navigating the home purchase process.  We decided the best way to communicate this information was through a first time home buyer checklist.  Click the link to check it out, or keep reading to see what we believe are the five most important steps in the mortgage process.

  • Know what you’re getting yourself into.  This may seem simple, but many homebuyers aren’t aware of the massive expense they’re taking on by purchasing a home.  Can you handle a mortgage with your income?  What size mortgage can you afford?
  • Determine the home loan type that best meets your needs.  There are many different loan types available to you.  Which is best?  This will depend on your own financial situation.  The FHA loan is considered to be a good one for first time home buyers.
  • Make sure you have good credit.  You won’t be able to take out the mortgage you need if you don’t have good credit.  Bad credit will either get you denied outright or land you with a high interest rate.
  • Find the best mortgage rates.  Don’t settle for less that the best.  Talk to at least four or five lenders to find out what mortgage rates they offer.  Work with the lender who can give you the best rates.
  • Try for preapproval.  Many lenders will preapprove you for the loan you need.  This allows you to better negotiate with sellers when searching for your home.

Follow these steps to complete your mortgage application successfully.  Make sure you do the right research, though.  Use the mortgage calculator included here to calculate your monthly mortgage expenses.

1st Time Home Buyer Loan Programs

The Kentucky FHA loan is a type of loan that helps homebuyers in Kentucky purchase homes.  These loans are set apart due to their favorable terms and the benefits they offer to first time home buyers.  They are backed and insured by the Federal Housing Administration.

The advantages of the FHA program include a low down payment requirement, low interest rates, low credit score requirements, and more.  Find out if your loan falls within the Kentucky FHA loan limits.  You can visit the Kentucky page of the FHA website for more information.

About Kentucky

Kentucky is known for horses.  It is one of the major horse competition areas of the world.  It is also the only state bordered on three sides by rivers.

Kentucky has the most miles of navigable waterways outside of Alaska.  It boasts a homeownership rate of 70.8% and the median home price of $86,700, making it a good place for first time home buyers to purchase homes.

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