Loan Requirements

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
    • $766,550 Maximum Loan Amount (2024)
    • Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value
    • Down Payment Can be Gifted
    • Income Limits May Apply

    5-15% Down Payment

    • $766,550 Maximum Loan Amount (2024)
    • No Mortgage Insurance Option
    • Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value
    • Down Payment Can be Gifted

    20% or More Down Payment

    • $766,550 Maximum Loan Amount (2024)
    • 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
    • $498,257 Maximum Loan Amount (2024)
    • 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

    33.5% Down Payment

    • Great Option for Borrower(s) Looking to do Renovations
    • $498,257 Maximum Loan Amount (2024)
    • 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 programs based on qualification

  • Jumbo Loans


    • Great Option for Loan Amounts Over $766,650 (2024) 
    • No Mortgage Insurance Required

  • Refinance Mortgage Loan Options

    Get Cash Out

    • Get Cash Out Using the Equity in Your Home

    Lower Your Monthly Payment

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

    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.

    Cash-Out Refinance

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

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