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Guide to Kentucky Mortgages
Maybe you are buying your first home in Kentucky, or perhaps you're relocating to Kentucky from another state. Then again, you may be a long-time Kentucky resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Kentucky home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Kentucky:
The median price of a home in Kentucky is $211,500. Recently, homes in Kentucky have been appreciating at rates well above the national average. As a result, income levels in many parts of Kentucky are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Kentucky are below the national average, Kentucky has one of the lowest levels of home affordability in the nation.
In Kentucky, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Kentucky's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Kentucky law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Kentucky law enacted a set of anti-predatory lending laws in order to help protect Kentucky homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Kentucky, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Kentucky FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Kentucky's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Kentucky also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Kentucky's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Kentucky Housing Finance Agency.
Last Updated: Friday, May 09, 2008
Kentucky Real Estate Market View
updated Friday, May 09, 2008
| Housing & Social Facts |
Kentucky |
United States |
| Total housing units |
1,865,516 |
n/a |
| Owner-occupied housing units |
70.6% |
66.9% |
| Renter-occupied housing units |
29.4% |
33.1% |
| Vacant housing units |
11.3% |
10.8% |
| Average Home Value |
$103,900 |
$167,500 |
| Average Mortgage Payment |
$935.00 |
$1,295.00 |
| Average Rental Payment |
$255 .00 |
$388.00 |
| Total Population |
4,058,633 |
n/a |
| Percentage Male |
48.9% |
49.0% |
| Percentage Female |
51.1% |
51.0% |
| Median Age |
37.5 |
36.4 |
| Under 5 years |
6.7% |
7.0% |
| 18 years and over |
75.9% |
74.6% |
| 65 years and over |
12.2% |
12.1% |
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1 Year Market Value Change for Kentucky |
| 1yr | 5yr | 10yr |
 |
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Popular Kentucky Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Ashland |
21,981 |
$30,309 |
| Bowling Green |
49,296 |
$29,047 |
| Covington |
43,370 |
$30,735 |
| Elizabethtown |
22,542 |
$35,823 |
| Florence |
23,551 |
$42,567 |
| Frankfort |
27,741 |
$34,980 |
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| First Financial Mortgage Corporation |
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Mortgage rates have been at an all time low for quite a while now. If you are ready to invest in a home or interested in refinancing, you have come to the right place. First Financial Mortgage offers low current interest rates as well as numerous mortgages and refinance programs. We have loan products for primary home mortgage loans, second home mortgage loans, home equity loans or HELOC, refinance loans, home construction mortgages, home improvement loans, mortgages for investment property, debt consolidation loans, stated income mortgages, jumbo mortgages, FHA loans, interest only loans, 40 year mortgages, and more. Whatever your residential financing needs may be, we will customize a loan that is right for you: Purchase , Refinance, Construction, Home Improvement , Home Equity Loans, Investment Properties, Debt Consolidation Loans, Stated Income Loans and Damaged Credit Loans At First Financial Mortgage Corp., our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first. We will always adhere to the highest degree of integrity in all of our business dealings. We are currently licensed in the following states: Alaska, Colorado, Florida, Georgia, Maryland, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Tennessee, Utah, Virginia & Wyoming Lexington Office
1218 S. Broadway, Suite 375
Lexington, KY 40504
Phone: 800-953-9934
Fax: 800-953-9936
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| Lighthouse Mortgage, LLC |
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Welcome to Lighthouse Mortgage of Northern Kentucky. We are the Northern Kentucky mortgage experts. If you need 100% financing, Northern Kentucky JUMBO loans, Super Jumbo loans, Conventional mortgages, debt consolidation, or even vacant land mortgage financing in Northern Kentucky; it is our goal to help you in any way we can. We assist clients with excellent credit and the credit challenged to buy their first home with no money down when no one else could! At Lighthouse Mortgage, we take pride in being part of the community we serve. We are recognized by many in the local Northern Kentucky real estate industry for offering the highest level of personalized service with some of the best mortgage rates available in Northern Kentucky. We are large enough to serve all of your mortgage needs, yet small enough to remember you, the individual. Whether you are buying or refinancing, we will provide you with the service you deserve, and we'll do it on your schedule! We have a wide variety of mortgage programs and the experience needed to determine which program will best suit your current personal and financial goals. With in-home, telephone or Internet applications, your approval can be obtained quickly, easily and at your convenience. At anytime, please feel free to pick up the phone and give us a call. You will find us quick to respond to your needs and our service to be superior to all other Northern Kentucky mortgage companies. Also, bookmark our site, MortgageLendingMadeEasy.com to come back and visit for updates and information. Lighthouse Mortgage, LLC
10923 Griststone Circle
Independence, KY 41051
859.653.8676 Lighthouse Mortgage, LLC is a real estate broker licensed by the KY Dept of Real Estate License
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| SurePoint Lending |
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SurePoint Lending's (a DBA of First Residential Mortgage Network) commitment to customer care and honesty has made us one of the nation's leading mortgage-banking firms. Our experienced Loan Advisors know that no two customers are in a similar financial situation, so we provide one-on-one attention and customize the best solution for YOUR particular needs. Our many successess and have noticed and awarded for our superior service and in 2003 we were the proud recipients of the prestigious Better Business Bureau Torch Award for Marketplace Ethics and Integrity. In 2004, we were recognized again, as one of the finalists for the award. We were also named the Best Place to Work in the State of Kentucky. SurePoint Lending bases its success on customer satisfaction, so our primary goal is to tailor a loan to fit your needs. Our professional Loan Advisors are able to service loans of all types. Whether we are helping you with refinancing, a new home purchase, debt consolidation, a cash out, or financing home improvements, our industry-leading turnaround times get you what you need faster. At SurePoint Lending, we give you a competitive rate based on your specific circumstance. Let our loan experts find the right loan for you and get you the great rate you are looking for. Here are a few of the programs we offer: Fixed Rates, Adjustable Rates, Interest Only, No Documentation, Stated Income and Asset. First Time Homebuyers, 100% financing and many other options. SurePoint Lending
9500 Ormsby Station Road
Louisville, KY 40223-4027
(502) 315-4750
(800) 322-5004 toll free License No. MC17857
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