This guide is part of my statewide financing library — the plain-English rundown of how each loan type works for Kentucky buyers, from Lexington subdivisions to Gorge cabins and everything between. I’m your agent, not your lender: programs described here come from licensed third-party lenders, and I’ll gladly introduce you to ones who know Kentucky.

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What You Can Use It For

• Buying a primary home, second home, or investment property
• Refinancing to a better rate or shorter term
• First-time purchases using gift funds and down payment assistance
• Condo and 2–4 unit purchases

Why Borrowers Choose It

• Minimum down payment of just 3% — the 20% rule is a myth
• Mortgage insurance only applies above 80% LTV and can be removed as equity grows
• Gift funds allowed for the down payment
• Down payment assistance available for the lesser of 3% or $15,000

Program Highlights

• Minimum FICO 620
• Max loan amount based on county limits
• Minimum down payment 3%
• Full income documentation; minimum 2 years employment
• Gift funds allowed for down payment
• Mortgage insurance applies above 80% LTV (removable later)
• SFR, condo, 2–4 units
• Down payment assistance available: lesser of 3% or $15,000

Highlights reflect lender program guidelines at the time of writing — programs change, and your terms depend on your full application.

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Conventional Around Here

For salaried buyers in Richmond, Winchester, and the county seats, conventional is usually the value play: 3% down, insurance that eventually drops, and pricing that rewards good credit. County limits are rarely a constraint at local price points — when they are, you’ve graduated to the jumbo page.

Common Questions

Conventional or FHA — how do I choose?

Rough rule: stronger credit favors conventional (cheaper insurance that eventually drops); thinner credit favors FHA (gentler pricing at lower scores). The honest answer is we price both side by side on your actual file and let the numbers decide.

Can I buy a rental with a conventional loan?

Yes — with a larger down payment and full income qualifying. If your tax returns understate your cash flow or you’re scaling a portfolio, compare it against the DSCR loan before committing.

Thinner credit? Compare FHA.

Equal Housing Lender. This is not a commitment to lend or extend credit. Programs, rates, terms, and conditions are subject to change without notice; all applicants are subject to credit and underwriting approval, and not all applicants will qualify. Program details shown reflect available lender guidelines at the time of writing and may differ at application. Consult your accountant about tax matters. The loan programs described on this page are offered by licensed third-party lenders, not by Marcos Gil. Marcos is a licensed Kentucky real estate agent — not a mortgage loan originator — and can introduce you to a licensed loan officer for any program here. Verify any lender or loan officer at NMLS Consumer Access: nmlsconsumeraccess.org.