{"id":382,"date":"2018-12-09T20:31:17","date_gmt":"2018-12-09T20:31:17","guid":{"rendered":"https:\/\/thekentuckyrumble.com\/?p=382"},"modified":"2019-03-08T23:17:23","modified_gmt":"2019-03-08T23:17:23","slug":"busted-5-myths-that-hurt-kentucky-homebuyers","status":"publish","type":"post","link":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/","title":{"rendered":"Busted: 5 Myths That Hurt Louisville Home Buyers"},"content":{"rendered":"

Myth 1: You need a 20% down payment to buy a home.<\/h3>\n

Fact: You can by a home with 3% or even zero down.<\/strong><\/p>\n

There are many home buyer programs that help cover your down payment, closing costs, mortgage insurance, and even renovations.<\/p>\n

Let’s take a look at some programs that make home buying more affordable.<\/p>\n

3% Down Payment Program.<\/strong> This program has allowed many Louisville renters to afford their own place.<\/p>\n

Other than being affordable, it’s a great option for three main reasons:<\/p>\n

1. Low monthly payments because mortgage insurance is optional.<\/p>\n

2. Your down payment can be a gift.<\/p>\n

3. There are no income limit in Jefferson county.<\/p>\n

That said, the minimum credit score requirement is 680. If your credit score is just a little below that, don’t rule this option out. You still might be able to qualify.<\/p>\n

This will depend on the credit score your lender pulls, which is not always the same credit score you get from credit check sites.<\/p>\n

3.5% Down Payment Program. <\/strong>This program is a great option if your credit score is 679 or lower. 580 is the min credit score requirement.<\/p>\n

3.5% Down Renovation Program. <\/strong>This program is for anyone looking to buy a fixer upper. With this program, the cost of renovations is included into your mortgage.<\/p>\n

Minimum credit score required is 580 to qualify.<\/p>\n

5-15% Down Payment Program. <\/strong>Like the first program, low monthly payments because mortgage insurance is optional. Your down payment can be a gift. 620 or higher credit score required.<\/p>\n

There are many more programs that help homebuyers afford a new home. Before you buy a home, make sure to scout for all the grants and programs available to you.<\/p>\n

The easiest way to do that is to have a mortgage advisor go over all your options with you.<\/p>\n

[Tip] Check current mortgage programs<\/strong><\/a> in Louisville.<\/p>\n

Myth 2: Home buyer programs are for first-time homebuyers only.<\/h3>\n

Fact: You might qualify as a “first-time homebuyer” even if you’ve owned a home before.<\/strong><\/p>\n

Many seasoned homeowners qualify as first-time homebuyers.<\/p>\n

Let’s go over some of the conditions in which you could qualify as a first time homebuyer.<\/p>\n

Under FHA guidelines, you’re considered a first-time homebuyer if you owned a home with a spouse, but are now single. This would qualify you as a first-time homebuyer even if the previous house was sold or foreclosed on.<\/p>\n

This is a huge benefit if you’re a single parent or a stay-at-home mom or dad who is currently divorced.<\/p>\n

Another way to qualify is if either you or your spouse has not owned a home in 3 years. If that’s the case, then both you and your spouse would qualify as first-time homebuyers.<\/p>\n

Also, if you’ve owned a mobile home you could qualify as a first-time homebuyer because it’s not attached to a foundation.<\/p>\n

As you can see, you can qualify for first-time buyer programs even if you’ve owed a home in the past.<\/p>\n

Myth 3: You can’t buy a home with bad credit.<\/h3>\n

Fact: You can get a loan with bad credit.<\/strong><\/p>\n

Lets say your credit score is 580 or higher. That means you might be able to qualify for the 3.5% down payment program.<\/p>\n

At 620 or higher, a lot more options open up for you. But keep in mind there’s no one-size-fits all scenario with mortgage loans.<\/p>\n

Your best bet is to speak with a loan officer and find the best loan tailored to your situation.<\/p>\n

Myth 4: The loan process is drawn out and stressful<\/h3>\n

Fact: Not all all mortgage companies are created equal.<\/strong><\/p>\n

You’ll hear horror stories of loan processes taking several months. That’s not really how long it should take. Normally, it’s about three weeks.<\/p>\n

If you want to speed up the process, make sure you have some things ready beforehand. For example, your driver’s license. Easy enough, right?<\/p>\n

You’ll want to have proof of income like last two paycheck stubs and last two years of tax returns and W-2s.<\/p>\n

buying a home is not stressful (or complicated) if you go with a reputable mortgage broker.<\/p>\n

Myth 5: You should look for a home before shopping for a mortgage<\/h3>\n

Fact: Save time and headache by shopping for your mortgage first.<\/strong><\/p>\n

I know, it’s really tempting to scout homes first.<\/p>\n

But the fact is, you’re better off shopping for a loan first. The reason is simple.<\/p>\n

Many homebuyers don’t think about their mortgage until after they’ve picked out a house. Which could be very disappointing when they find the perfect house and then realize they can’t afford it.<\/p>\n

This is especially true after they’ve invested months looking for that perfect home.<\/p>\n

Shop for a mortgage first, then shop for a house. That way you know how much you can afford and you’ll save weeks worth of time.<\/p>\n

The easiest way to shop for loans is to get pre-approved. That way you\u2019ll know how much you can afford and what your options are. That way you could find the best rate for each option.<\/p>\n

Don\u2019t get stuck paying too much for your mortgage.<\/p>\n

Get pre-approved now and find out what options are available to you.<\/p>\n

\n\n
\n
About the author<\/div>\n\n\n
\n\n
\n\n\"\"\n
Thomas Parker<\/strong><\/div>\n

Thomas is a personal finance writer from Louisville, KY. <\/p>\n\n\n<\/div>\n\n\n\n<\/div>\n<\/div>\n<\/section>\n

<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Myth 1: You need a 20% down payment to buy a home. Fact: You can by a home with 3% or even zero down. There are many home buyer programs that help cover your down payment, closing costs, mortgage insurance, and even renovations. Let’s take a look at some programs…<\/p>\n","protected":false},"author":4,"featured_media":386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buyers-guide"],"yoast_head":"\nBusted: 5 Myths That Hurt Louisville Home Buyers - The Kentucky Rumble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Busted: 5 Myths That Hurt Louisville Home Buyers - The Kentucky Rumble\" \/>\n<meta property=\"og:description\" content=\"Myth 1: You need a 20% down payment to buy a home. Fact: You can by a home with 3% or even zero down. There are many home buyer programs that help cover your down payment, closing costs, mortgage insurance, and even renovations. Let’s take a look at some programs...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\" \/>\n<meta property=\"og:site_name\" content=\"The Kentucky Rumble\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-09T20:31:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-08T23:17:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"a3w\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"a3w\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\"},\"author\":{\"name\":\"a3w\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/487933ce4604173f9761f2009618c134\"},\"headline\":\"Busted: 5 Myths That Hurt Louisville Home Buyers\",\"datePublished\":\"2018-12-09T20:31:17+00:00\",\"dateModified\":\"2019-03-08T23:17:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\"},\"wordCount\":847,\"image\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg\",\"articleSection\":[\"Home Buyer's Guide\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\",\"url\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\",\"name\":\"Busted: 5 Myths That Hurt Louisville Home Buyers - The Kentucky Rumble\",\"isPartOf\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg\",\"datePublished\":\"2018-12-09T20:31:17+00:00\",\"dateModified\":\"2019-03-08T23:17:23+00:00\",\"author\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/487933ce4604173f9761f2009618c134\"},\"breadcrumb\":{\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage\",\"url\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg\",\"contentUrl\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg\",\"width\":790,\"height\":415},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Busted: 5 Myths That Hurt Louisville Home Buyers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#website\",\"url\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/\",\"name\":\"The Kentucky Rumble\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/487933ce4604173f9761f2009618c134\",\"name\":\"a3w\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6d2a5b729424aff186341ae909d54e6faccc74702b82116f0f986461f2c6bb53?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6d2a5b729424aff186341ae909d54e6faccc74702b82116f0f986461f2c6bb53?s=96&d=mm&r=g\",\"caption\":\"a3w\"},\"url\":\"https:\/\/touringnewmexico.com\/thekentuckyrumble\/author\/mchorton\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Busted: 5 Myths That Hurt Louisville Home Buyers - The Kentucky Rumble","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/","og_locale":"en_US","og_type":"article","og_title":"Busted: 5 Myths That Hurt Louisville Home Buyers - The Kentucky Rumble","og_description":"Myth 1: You need a 20% down payment to buy a home. Fact: You can by a home with 3% or even zero down. There are many home buyer programs that help cover your down payment, closing costs, mortgage insurance, and even renovations. Let’s take a look at some programs...","og_url":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/","og_site_name":"The Kentucky Rumble","article_published_time":"2018-12-09T20:31:17+00:00","article_modified_time":"2019-03-08T23:17:23+00:00","og_image":[{"width":790,"height":415,"url":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg","type":"image\/jpeg"}],"author":"a3w","twitter_card":"summary_large_image","twitter_misc":{"Written by":"a3w","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#article","isPartOf":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/"},"author":{"name":"a3w","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/487933ce4604173f9761f2009618c134"},"headline":"Busted: 5 Myths That Hurt Louisville Home Buyers","datePublished":"2018-12-09T20:31:17+00:00","dateModified":"2019-03-08T23:17:23+00:00","mainEntityOfPage":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/"},"wordCount":847,"image":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage"},"thumbnailUrl":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg","articleSection":["Home Buyer's Guide"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/","url":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/","name":"Busted: 5 Myths That Hurt Louisville Home Buyers - The Kentucky Rumble","isPartOf":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#website"},"primaryImageOfPage":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage"},"image":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage"},"thumbnailUrl":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg","datePublished":"2018-12-09T20:31:17+00:00","dateModified":"2019-03-08T23:17:23+00:00","author":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/487933ce4604173f9761f2009618c134"},"breadcrumb":{"@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#primaryimage","url":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg","contentUrl":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-content\/uploads\/sites\/14\/2018\/12\/Busted-5-Myths-That-Hurt-Louisville-Home-Buyers-sm.jpg","width":790,"height":415},{"@type":"BreadcrumbList","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/busted-5-myths-that-hurt-kentucky-homebuyers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/"},{"@type":"ListItem","position":2,"name":"Busted: 5 Myths That Hurt Louisville Home Buyers"}]},{"@type":"WebSite","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#website","url":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/","name":"The Kentucky Rumble","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/487933ce4604173f9761f2009618c134","name":"a3w","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6d2a5b729424aff186341ae909d54e6faccc74702b82116f0f986461f2c6bb53?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6d2a5b729424aff186341ae909d54e6faccc74702b82116f0f986461f2c6bb53?s=96&d=mm&r=g","caption":"a3w"},"url":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/author\/mchorton\/"}]}},"acf":[],"_links":{"self":[{"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/posts\/382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/comments?post=382"}],"version-history":[{"count":0,"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/posts\/382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/media\/386"}],"wp:attachment":[{"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/media?parent=382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/categories?post=382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/wp-json\/wp\/v2\/tags?post=382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}