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Home Loan Requirements for Southern Indiana,
Louisville, KY and Lexington, KY

At Kentuckiana Mortgage Group, the “best home loan” is the home loan that’s in your best interest.

First we need to understand your needs, preferences and budget to identify the type of mortgage

that will put you comfortably and happily in the home you want.

Conventional Home Loans

3% Down Payment

  • Great Option for First-Time Homebuyers

  • $647,200 Maximum Loan Amount (2022)

  • Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value

  • Down Payment Can be Gifted

  • Income Limits May Apply

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5-15% Down Payment

  • $647,200 Maximum Loan Amount (2022)

  • No Mortgage Insurance Option

  • Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value

  • Down Payment Can be Gifted

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20% or More Down Payment

  • $647,200 Maximum Loan Amount (2022)

  • No Mortgage Insurance Required

  • Down Payment Can be Gifted

FHA (Federal Housing Administration) Loans

3.5% Down Payment

  • Great Option for Borrower(s) with Lower Credit Score

  • $420,680 Maximum Loan Amount (2022)

  • 1.75% Upfront Mortgage Insurance Premium - Financed into Loan Amount

  • 0.85% Monthly Mortgage Insurance

  • Down Payment Can be Gifted

FHA 203K (Home Renovation) Loans

3.5% Down Payment

  • Great Option for Borrower(s) Looking to do Renovations

  • $420,680 Maximum Loan Amount (2022)

  • 1.75% Upfront Mortgage Insurance Premium - Financed into Loan Amount

  • 0.85% Monthly Mortgage Insurance

  • Down Payment Can be Gifted

VA (Veterans Administration) Loans

0% Down Payment

  • Great Option for Veterans or Active Military

  • No Mortgage Insurance Required

  • 2.3% Upfront Mortgage Insurance Premium (First-Time Use) - Financed into Loan Amount

    • Will Vary Depending on Exempt Status, Down Payment and Subsequent Use​

USDA (Rural Housing) Loans

0% Down Payment

  • Great Option for Borrower(s) in Rural Areas

  • Income and Property Areas Restricted

  • 1% Upfront Mortgage Insurance Premium (First-Time Use) - Financed into Loan Amount​

  • 0.35% Monthly Mortgage Insurance

Down Payment Assistance Programs

Regular Down Payment Assistance

  • Assistance in the Form of a Loan Up to $6,000

  • Repayable Over a 10 Year Term at 5.50%

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Affordable Down Payment Assistance

  • 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

Jumbo Loans

20% Down Payment

  • Great Option for Loan Amounts Over $647,200 (2022) 

  • No Mortgage Insurance Required

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Affordable Down Payment Assistance

  • 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

Refinance Mortgage Loan Options

Get Cash Out

  • Get Cash Out Using the Equity in Your Home

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Lower Your Monthly Payment

  • Refinance to a lower rate and save on your monthly mortgage payment

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Shorten Your Loan Term

  • ​Shorten your loan term so you can pay off your mortgage faster

Manufactured Home Mortgage

Options available for mortgages on manufactured homes. 

Construction Loans

Planning to build your dream home? If the answer is yes, a construction loan may be right for you. Construction loans are short-term loans used for new home construction.

Home Improvement Loans

FHA 203K Home Renovation Loans

  • 203K Loans can be used for anything from cosmetic to extensive repairs on your home.

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Cash-Out Refinance

  • Leverage your homes equity to get cash out for home repairs or renovations.

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