In search of a mortgage which allows you to move affordably into a new home with zero down? If the home you want to buy is in a rural location, you could be eligible for just that with a USDA mortgage in Kentucky.
A USDA mortgage is an income-based lending product that is backed by the US Department of Agriculture (USDA). Previously, this program was called the “Rural Development Guaranteed Housing Loan.”
The USDA’s insurance for these mortgages allows homebuyers who qualify for them to take advantage of fantastic benefits.
USDA mortgage benefits in Kentucky include:
Mortgage rates on USDA loans are fixed and comparatively low.
Closing costs for USDA loans are capped and generally affordable.
No down payment is necessary.
Private mortgage insurance (PMI), while needed, may be discounted to keep your monthly costs of homeownership as affordable as possible.
The credit score requirements for qualifying for a USDA loan are flexible.
You can apply for a USDA mortgage to build a home, buy a home, or purchase a vacant lot with the intention of constructing one. Upgrades and repairs also can be financed through USDA loans.
Whether you are shopping for home in the Louisville region or elsewhere in the state of Kentucky, these requirements must be met:
The first criteria is the location of the home to be financed. It must be in an area with a population of no more than 35,000. This may include areas that you do not traditionally think of as “rural,” but which are still defined as such by the USDA.
The next requirements is simply to be a US citizen, non-citizen national, or qualifying alien.
Finally, your income will be considered as well. There are maximum thresholds for each family size. So long as your income does not exceed the applicable threshold for your family size, you may be eligible for a USDA mortgage in Kentucky.
What Our Clients Are Saying
USDA mortgages are incredible opportunities which are frequently overlooked by homebuyers, who may be less familiar with this program than they are with FHA and VA loans. If you think that you may be moving to a rural area and would like to find out whether you qualify for a USDA mortgage in Kentucky with zero down, please give us a call today at 502-238-9655 to apply now.
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.
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.