Purchase Loan Programs

Conventional Loans

3% Down Payment

  • 620 or Higher Credit Score
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • HomeReady and HomePossible Loans
    • Lower Rates and Mortgage Insurance
    • Income Limits Apply
  • Down Payment Can be Gifted
  • No Mortgage Insurance Option
    • Monthly Mortgage Insurance Cancels at 78% Loan-to-Value
  • $647,200 Maximum Loan Amount
  • Great Option for First-Time Homebuyers

5%-15% Down Payment

  • 620 or Higher Credit Score Required
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • Down Payment Can be Gifted
  • No Mortgage Insurance Option
    • Monthly Mortgage Insurance Cancels at 78% Loan-to-Value
  • $647,200 Maximum Loan Amount

20 % or More Down Payment

  • 620 or Higher Credit Score Required
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • Down Payment Can be Gifted
  • No Mortgage Insurance
  • $647,200 Maximum Loan Amount

FHA (Federal Housing Administration) Loans

3.50% Down Payment

  • 580 or Higher Credit Score
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • Down Payment Can be Gifted
  • 1.75% Upfront Mortgage Insurance Premium
    • Financed into Loan Amount
  • 0.85% Monthly Mortgage Insurance
    • Remains for Life of Loan (if Down Payment is < 10%)
  • $420,680 Maximum Loan Amount (Jefferson County)
  • Great Option for Borrower(s) with a 679 or Lower Credit Score

FHA 203k (Home Renovation) Loans

3.50% Down Payment

  • Streamline 203k Loan
    • Used for Cosmetic and Common Repairs up to $35,000
  • Standard 203k Loan
    • Used for Extensive Repairs Over $5,000
  • 620 or Higher Credit Score
  • Down Payment Can be Gifted
  • 1.75% Upfront Mortgage Insurance Premium
    • Financed into Loan Amount
  • 0.85% Monthly Mortgage Insurance
    • Remains for Life of Loan (if Down Payment is < 10%)
  • $420,680 Maximum Loan Amount (Jefferson County)
  • Great Option for Borrower(s) Looking to do Renovations

VA (Veterans Affairs) Loans

0% Down Payment

  • 580 or Higher Credit Score
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
    • Financed into Loan Amount
    • Will Vary Depending on Down Payment and Subsequent Use
  • No Mortgage Insurance
  • No Maximum Loan Amount
  • Great Option for Veterans or Active Military

USDA (Rural Housing) Loans

0% Down Payment

  • 640 or Higher Credit Score
  • 1.00% Upfront Mortgage Insurance Premium
    • Financed into Loan Amount
  • 0.35% Monthly Mortgage Insurance
    • Remains for Life of Loan
  • Income and Property Areas Restricted
  • Great Option for Borrower(s) in Rural Areas

Jumbo Loans

3.50% Down Payment

  • 700 or Higher Credit Score
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • No Mortgage Insurance Option
  • Great Option for Loan Amounts Over $647,200

10%-15% Down Payment

  • 700 or Higher Credit Score
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • No Mortgage Insurance Option
  • Great Option for Loan Amounts Over $647,200

20 % or More Down Payment

  • 660 or Higher Credit Score
  • Fixed or Adjustable-Rate Mortgage (ARM)
  • Loan Terms from 10 to 30 Years
  • No Mortgage Insurance
  • Offers Lowest Jumbo Rates
  • Great Option for Loan Amounts Over $647,200

One-Time Close Construction Loans

Conventional

  • As Low as 3% Down Payment
  • 680 or Higher Credit Score
  • No Mortgage Insurance Option
    • Monthly Mortgage Insurance Cancels at 78% Loan-to-Value
  • $647,200 Maximum Loan Amount
  • Construction and Permanent Financing in One Mortgage
  • Interest Only Payments Required During Construction

FHA (Federal Housing Administration) Loans

  • 3.50% Down Payment
  • 620 or Higher Credit Score
  • 1.75% Upfront Mortgage Insurance Premium
    • Financed into Loan Amount
  • 0.85% Monthly Mortgage Insurance
    • Remains for Life of Loan (if Down Payment is < 10%)
  • $420,680 Maximum Loan Amount (Jefferson County)
  • Construction and Permanent Financing in One Mortgage
  • No Payments Required During Construction

VA (Veterans Affairs) Loans

  • 0% Down Payment
  • 620 or Higher Credit Score
  • 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
    • Financed into Loan Amount
    • Will Vary Depending on Down Payment and Subsequent Use
  • No Mortgage Insurance Required
  • No Maximum Loan Amount
  • Construction and Permanent Financing in One Mortgage
  • No Payments Required During Construction

USDA (Rural Housing) Loans

  • 0% Down Payment
  • 640 or Higher Credit Score
  • 1.00% Upfront Mortgage Insurance Premium
    • Financed into Loan Amount
  • 0.35% Monthly Mortgage Insurance
    • Remains for Life of Loan
  • Income and Property Areas Restricted
  • Construction and Permanent Financing in One Mortgage
  • No Payments During Construction

Down Payment Assistance Program

Regular Down Payment Assistance

  • Purchase Price Up to $314,827
  • Assistance in the Form of a Loan Up to $6,000
  • Repayable Over a 10 Year Term at 5.50%

Affordable Down Payment Assistance

  • Purchase Price Up to $314,827
  • Assistance in the Form of a Loan Up to $6,000
  • Repayable Over a 10 Year Term at 1.00%
  • Borrower Must Meet Affordable DAP Income Limits

First‐Time Homebuyer Tax Credit

Tax Credit Benefits

  • Convert 25% of Annual Mortgage Interest Paid to a Tax Credit
    • Remaining 75% of Mortgage Interest Can Still Be Taken as a Yearly Deduction
  • Dollar-for-Dollar Reduction of Federal Tax Liability Annually
    • Up to $2,000 Per Year
  • Life of Loan Tax Credit
    • As Long as Home is Primary Residence
  • Anticipated Credit Can Be Used to Help Qualify the Borrower
  • Maximum Purchase Price of $283,344
  • Maximum Household Income of $76,400 (Jefferson County)

Tax Credit Example

  • Purchase Price = $140,000
  • 30 Year Fixed Interest Rate = 4.00%
  • Mortgage Interest Paid in First Year = $140,000 x 4.00% = $5,600
  • Tax Credit Amount = $5,600 x 25% = $1,400
    • Remaining $4,200 is Tax Deductible
  • Monthly Amount to Help Qualify = $1,400 / 12 Months = $116.67
  • Reduces Borrower Debt-to-Income Ratio

No Closing Cost Home Loans
Call Us for Details

 

Our highly experienced mortgage brokers in Louisville, KY at First Fidelity Mortgage, Inc., will help you to get the right mortgage products . We provide our mortgage services across Louisville and the surrounding areas.