Purchase Money Second
Mortgage Loans in Kentucky

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You can afford a new home, but can you afford to move into one? Both first time and repeat homebuyers sometimes have a difficult time covering their down payments and other costs of moving into a new home.

At First Savings Bank, we offer a solution in the form of purchase money second loans in Louisville and throughout the state of Kentucky.


What is a Purchase Money Second Mortgage Loan
in Kentucky?

The easiest way to explain a purchase money second mortgage is to give an example. Say that you are applying for a mortgage, and you have discovered that you qualify for enough financing to buy the home of your dreams. But you do not have enough money in your savings to cover both the down payment and some initial repair costs which are needed to make the home livable.

To help you cover those costs, you can apply for a purchase money second mortgage. The funds you receive through that loan can be applied toward the down payment, the repairs, or both.

What Are the Benefits of a Purchase Money Second
Mortgage Loan in Kentucky?

Purchase Money Second mortgage benefits in Kentucky include:

This is a flexible form of financing. You get to decide how you will use the money to help you move into your new home.

You can choose a term that works for your needs.

The interest rate of this type of loan is fixed, keeping your payments predictable.

If you are able to pay off a purchase money second mortgage loan early, you may be able to do so without a prepayment penalty.

You can obtain this type of financing for your primary residence, or for a second home or vacation home.

Qualifying for a Purchase Money Second Mortgage
Loan in Kentucky

As with other types of mortgages, the interest rates and terms that you qualify for depend on your risk profile. When you apply for a Louisville purchase money second mortgage loan, the following will be considered:

Your credit score and debt-to-income (DTI) ratio.

Your employment history and status.

Other factors concerning your home purchase and financial history.

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 Purchase Money Second Mortgage Loan

Don’t miss out on the chance to move into the home you want because you cannot afford the down payment or other expenses relating to your move-in. With a purchase money second mortgage loan, you may be able to move into your Kentucky dream home now. Apply today by calling 502-238-9655. We look forward to helping you.

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Amid global concern about COVID-19, we will continue to be here for our customers.
 
As people and companies all across the country take additional preparations to protect against the Coronavirus (COVID-19), we acknowledge that your mortgage concerns will likely not be taking a break. At this time, we will remain open full-time and will continue to service our customers with the same fast response times you’ve come to expect from us.
 
Due to the increasing number of reported cases in the U.S., we are continuously monitoring the situation. We will also continue to actively assess the necessary actions we need to take in order to ensure the health and safety of our customers, employees, and their families. We hope that you will join us in taking some basic and important measures, such as frequent hand washing, to keep communal risk low.