You don’t have to love horse racing or own a fancy derby hat to settle down in Kentucky. With positive job growth, a cost of living about 10% lower than the national average and affordable home costs, it’s no wonder the population of the “Bluegrass State” has grown over the past decade.
FHA loans are a great option for those looking to buy a home in Kentucky, especially if it’s your first time applying for a home loan. FHA loans have lower down payment and credit requirements than conventional loans, which equates to some pretty big savings. Keep reading to learn why a Kentucky FHA loan could be the right option for you.
With Kentucky’s population growing nearly 10 percent every year, it’s no wonder so many homes are being purchased. As of April 2019, the Kentucky residents financed over $131.8 million to buy houses. Whether you want to live in Bowling Green, Frankfort, or one of Kentucky’s many charming small towns, an FHA loan can be a reliable mortgage option.
There is a maximum FHA loan amount for Kentucky FHA loans, and you'll need to have some idea of how much you can borrow before you start shopping. The maximum is adjusted every year and, for 2023, is currently $472,030 for single-family dwellings in all of Kentucky.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.