Fri. Nov 27th, 2020

Homebuyers planning to put roots in the Bluegrass State have several housing options to consider. Kentucky offers about 2 million housing units According to the US Census Bureau, the homeownership rate is about 67% 2018 American Community Survey.

Kentucky’s median housing value is $ 148,100, well below the national average price of $ 229,700. As with most states, Kentucky has areas with high housing prices, but there are also parts of the state that offer lower housing prices.

US News conducted an in-depth review of major direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers were chosen in several key areas.

What are the mortgage rates in Kentucky?

Average interest rate for a 30 year fixed rate Customizing Mortgage in Kentucky 2.89%.

House interest rates Range from 2.5% Service 4% In Kentucky.

What are today’s mortgage rates?

By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 3.01% 3.03%
15-Year Fixed Rate Mortgage 2.58% 2.56%
30-Year Fixed-Rate Jumbo Mortgage 3.03% 3.09%
5/1 ARM 3.04% 3.06%
5/1 Jumbo ARM 2.86% 2.87%

* Rates up to October 28, 2020

US News’ best Kentucky mortgage lenders

Methodology: US News conducted an in-depth review of major direct mortgage lenders in Kentucky. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.

Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

Best counter

  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

View full profile

Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

Best counter

  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

View full profile

Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

Before you apply

  • Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

View full profile

Best for customer service

Fifth Third Bank operates in 10 states with products such as traditional mortgages, as well as loans from the Federal Housing Administration and the Department of Veterans Affairs. The lender has an A + rating with the Better Business Bureau.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Home Equity Loans
  • Minimum FICO Score: Not disclosed
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: Not disclosed
  • Loan: till $ 3 million
  • Total Closing Cost: Not disclosed
  • JD Power Overall Satisfaction Rating: 3 out of 5

Best counter

  • Income and profession-based loan programs.

  • A down payment assistance program is available.

View full profile

Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

Best counter

  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

View full profile

Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

Best counter

  • LoanDepot mortgages have a lifetime guarantee, meaning that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

View full profile

Best for online service

Priming is a Dallas-based mortgage lender, with a number of mortgage loan options including traditional loans, jumbo loans, government backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

main characteristics:

  • Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
  • Minimum FICO Score: 600
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total Closing Cost: 2% to 6% of the loan amount
  • Equity required: Not disclosed
  • JD Power Satisfaction Rating: Not rated

Best counter

  • Offers various types of mortgage loans.

  • Nationwide provides mortgage loans.

  • Helps with closing costs.

View full profile

Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

Best counter

  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

View full profile

Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

Best counter

  • No military service required

  • No minimum loan amount set

View full profile

mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some Kentucky homebuyer programs?

The Kentucky Housing Corporation offers five programs that eligible Kentucky homebuyers can use to help them purchase a home. These include down payment and closing cost assistance loans, federal income tax credit and down payment options.

  • available to: Worthy Kentucky Homebuyers.
  • Income Range: Different by county and household size (see) Income range).
  • Homebuyers for the first time only? No. Some consumers who have previously purchased a home may qualify by location.
  • Benefit: An annual federal income tax credit of up to $ 2,000, based on 25% of the paid or qualified qualifying mortgage interest in one year, does not exceed the homeowner’s tax liability.

  • available to: Worthy Kentucky Homebuyers.
  • Income Range: Different from county (see) Income range).
  • Homebuyers for the first time only? No.
  • Benefit: Down payment of 3%.

  • available to: Worthy Kentucky Homebuyers.
  • Income Range: Different from county (see) Income range).
  • Homebuyers for the first time only? No.
  • Benefit: Down payment of 3%.

  • available to: Kentucky Housing Corporation First-Mortgage Loan Recipient.
  • Income Range: No.
  • Homebuyers for the first time only? No.
  • Benefit: More than $ 6,000 per year of down payment and closing cost assistance loans are repayable at 5.5% interest rate.

  • available to: Worthy Kentucky Homebuyers.
  • Income Range: Different from county (see) Income range).
  • Homebuyers for the first time only? No.
  • Benefit: More than 10% of the down payment and closing cost assist loan can be repaid at 1% interest rate.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *