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.
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.
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.
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
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.
First Savings Bank Louisville is located on 295 N Hubbards Ln #302, Louisville. From Louisville International Airport (SDF) head southwest on Terminal Dr and take the ramp onto I-264 E. Then use the right 2 lanes to take exit 21 for KY-1447 W and use any lane to turn left onto KY-1447/Westport Rd. Finally, turn left onto Castleview Dr, turn right and First Savings Bank Louisville will be on your left.
Monday through Friday 8:30AM–5PM.
For additional questions you can call us at (502) 238-9655 or you can find us on Superpages.
First Savings Bank Louisville NMLS ID: 411341 is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.