FHA Loans in Kentucky

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Don’t have a perfect credit score, but wondering if there is still a way to purchase a home with a low down payment?

Whether shopping for your first home ever or searching for the right mortgage as a repeat homebuyer, an FHA loan may be an ideal fit for your needs.


What is an FHA Loan?

An FHA loan is a mortgage which is insured by the Federal Housing Administration (FHA). By insuring your loan, the FHA makes it possible for lenders to offer you a more competitive mortgage than you might otherwise be eligible for. This is one reason why FHA loans are among the top mortgage products recommended for first time homebuyers. It is also why many repeat homebuyers turn to them as well to keep home buying affordable.

Benefits of FHA Loans in Kentucky

When you take out an FHA mortgage in Kentucky, these benefits await you:

Your down payment might only be 3.5%, depending on your credit score.

Credit score requirements are not as rigorous for FHA mortgages as they are for conventional loans. The same is true of debt-to-income (DTI) ratio criteria.

Closing costs for FHA loans may be covered by the seller, or otherwise kept to a minimum.

Choosing between a fixed or adjustable mortgage rate is up to you.

With an FHA loan, you can buy a home, build one, refinance a current mortgage, or make upgrades or repairs.

Do You Qualify for a Kentucky FHA Loan?

To qualify for an FHA mortgage, you need to meet these requirements:

The minimum credit score for 10% down is 500. The minimum credit score for a 3.5% down is 580.

Your DTI ratio will need to be no higher than 56.9%.

Over the most recent two years, you must demonstrate you have been steadily employed.

You must have a clear credit alert interactive voice response system (CAIVRS) report.

You need to be able to afford to pay for private mortgage insurance (PMI) each month. Eventually, you may qualify to refinance to a different type of loan to remove this requirement.

While your financial history will be evaluated, you can still qualify for an FHA mortgage if you have had a bankruptcy or foreclosure in the past. You may only apply for an FHA loan for a primary residence.

What Our Clients Are Saying

Amy VanValkenburg
Amy VanValkenburg
21:04 26 Oct 19
My husband and I were referred to Preston Riggs from FSB to handle our complicated loan application. Our move was very stressful as we were moving from Georgia to Kentucky and we had to stay in a hotel for three weeks while our home and our loan were being completed. Preston and his team were so amazing to work with. He was in constant contact with us throughout the entire process...even on the weekends! When our loan underwriters were slow and unresponsive, Preston knew just how much pressure to apply to them to get the loan moved through without upsetting them and causing increased delays. Preston has a great understanding of how the mortgage loan process works along with incredible communication skills; a very hard combination to find. I would highly recommend FSB and Preston Riggs to handle any and all of your mortgage and banking needs.
Jenny Parks
Jenny Parks
20:24 17 Jul 19
Highly recommend!! Entire staff is professional, knowledgeable, and responsive. Excellent customer service - they even brought loan documents to my office to sign so I didn’t have to leave work. Thanks for such a smooth transaction from start to finish!
crash tester
crash tester
01:14 16 Jul 19
The team at FSB made our home buying experience a total stress free experience. First Savings Bank came highly recommend but we were shocked at how fast and efficient the process was. I am recommend First Saving Bank to everyone. From the interest rate to the closing table the team at First Savings is amazing.We cannot thank you guys enough.
Maggie Smith
Maggie Smith
17:12 15 Jul 19
FSB provides a productive and comfortable work environment fit for all walks of life. It's a lovely place to build experience and establish business connections. I thoroughly enjoy my fellow co-workers as well as those who visit from other branches. Proud to be a part of such an excellent team
Revision .
Revision .
14:22 11 Jul 19
I have never experienced such a wonderful place in my life. Made the usual atrocity of getting a mortgage as quick and painless as possible. Devilishly handsome working men and lovely and kind hearted women. I have never in my life wanted more then one household until I ventured forth to this magnificent environment. truly the greatest place on earth. Bring your whole family have them learn about how the harsh mortgage world can also be a fun and enjoyable place its like the Chick Fil A of mortgages an enjoyable experience you don't regret because its so freaking good!
Robert Sullivan
Robert Sullivan
20:10 10 Jul 19
Preston was very very helpful in our loan process. I think we communicated daily throughout the 2 month process. He never said “no” or “sorry, that can’t be done”. I am thankful for his professionalism and personal concern for my situation!! He made us feel like we were their only business at the time.
Christen Buel
Christen Buel
13:56 10 Jul 19
First Savings Bank's mortgage loan officer, Preston Riggs, was amazing. He answered all my questions quickly and my purchase loan closed faster than any other loan I have every applied for. Thank you Preston and First Savings Bank!
Tom Regan
Tom Regan
12:46 10 Jul 19
Our loan officer Preston and the staff were excellent to deal with. Everything went smoothly and we closed with no issues. It was an easy and great experience. I would highly recommend First savings and Preston.
Benny Tincher
Benny Tincher
02:25 10 Jul 19
First Savings Bank Louisville did a great job in processing my home loan in Marco Island, FL. I enjoyed working with all of the people at FSBL. They were very professional and accomplished what they said they would do in a very timely manner.
Alby Rogers
Alby Rogers
00:19 10 Jul 19
Great experience, helped with everything I needed done! Will be returning for sure! Highly recommend!
Daniel Barnett
Daniel Barnett
00:00 10 Jul 19
Quick, easy refinance with no surprises and a great interest rate!
TJ Olson
TJ Olson
23:40 09 Jul 19
The folks at FSB were the shining light of our home buying experience. They were always quick to respond to all of our questions and requests, and were an advocate to our family when we ran into difficulty with the title company. They will be my first suggestion to anyone in the mind to buy a home. Thank you Weldon and Preston, you guys were a big help to us!
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Apply for a 3.5% Down FHA Mortgage Now

If you are excited to purchase a home in Kentucky with just 3.5% or 10% down, please give us a call today at 502-238-9655 to schedule your FHA mortgage consultation. We can’t wait to get you into your new home in Louisville or anywhere in the state.

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