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Kentucky Conventional Loans

What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either "conforming" and "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.

What factors determine if I am eligible for a Conventional Conforming Loan in Kentucky?
To be eligible for a Conforming Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. At least a 620 FICO credit score is generally required to obtain a conventional conforming loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for a Conventional Loan in Kentucky is determined by:

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Maximum financing: In Kentucky, the maximum Conventional Mortgage amount will be 80% - 95% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Conventional Home Mortgage Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.

What property types are allowed for Conventional Conforming Mortgages?
Conventional Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional Loans can be used to finance primary residences, second homes and investment property.

Learn more about Conventional Mortgages.

View Home Loan Comparison.

What types of refinance programs do Conventional Loans offer in Kentucky?
There are two main types of Conventional Refinance loans available in Kentucky.

Conventional Rate/Term Refinance
Conventional Rate/Term Refinancing Loans are for borrowers who currently have conventional fixed rate homeowner loans or ARM mortgages and wish to refinance into a Conventional Mortgage. This program helps borrowers who wish to have a stable, Conventional insured fixed rate mortgage.

Cash-Out Refinance
An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?
To meet Conventional refinance loan requirements in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

More information about Conventional Refinance

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Kentucky Conventional Mortgage Limits by County
Updated 05/05/2009
County Name MSA Name        
Single
    Duplex      Triplex     Fourplex
ADAIR, KY NON-METRO $417,000 $533,850 $645,300 $801,950
ALLEN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
ANDERSON, KY FRANKFORT, KY (MICRO) $417,000 $533,850 $645,300 $801,950
BALLARD, KY PADUCAH, KY-IL (MICRO) $417,000 $533,850 $645,300 $801,950
BARREN, KY GLASGOW, KY (MICRO) $417,000 $533,850 $645,300 $801,950
BATH, KY MOUNT STERLING, KY (MICRO) $417,000 $533,850 $645,300 $801,950
BELL, KY MIDDLESBOROUGH, KY (MICRO) $417,000 $533,850 $645,300 $801,950
BOONE, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
BOURBON, KY LEXINGTON-FAYETTE, KY (MSA) $417,000 $533,850 $645,300 $801,950
BOYD, KY HUNTINGTON-ASHLAND, WV-KY-OH (MSA) $417,000 $533,850 $645,300 $801,950
BOYLE, KY DANVILLE, KY (MICRO) $417,000 $533,850 $645,300 $801,950
BRACKEN, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
BREATHITT, KY NON-METRO $417,000 $533,850 $645,300 $801,950
BRECKINRIDGE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
BULLITT, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
BUTLER, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CALDWELL, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CALLOWAY, KY MURRAY, KY (MICRO) $417,000 $533,850 $645,300 $801,950
CAMPBELL, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
CARLISLE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CARROLL, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CARTER, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CASEY, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CHRISTIAN, KY CLARKSVILLE, TN-KY (MSA) $417,000 $533,850 $645,300 $801,950
CLARK, KY LEXINGTON-FAYETTE, KY (MSA) $417,000 $533,850 $645,300 $801,950
CLAY, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CLINTON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CRITTENDEN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
CUMBERLAND, KY NON-METRO $417,000 $533,850 $645,300 $801,950
DAVIESS, KY OWENSBORO, KY (MSA) $417,000 $533,850 $645,300 $801,950
EDMONSON, KY BOWLING GREEN, KY (MSA) $417,000 $533,850 $645,300 $801,950
ELLIOTT, KY NON-METRO $417,000 $533,850 $645,300 $801,950
ESTILL, KY NON-METRO $417,000 $533,850 $645,300 $801,950
FAYETTE, KY LEXINGTON-FAYETTE, KY (MSA) $417,000 $533,850 $645,300 $801,950
FLEMING, KY NON-METRO $417,000 $533,850 $645,300 $801,950
FLOYD, KY NON-METRO $417,000 $533,850 $645,300 $801,950
FRANKLIN, KY FRANKFORT, KY (MICRO) $417,000 $533,850 $645,300 $801,950
FULTON, KY UNION CITY, TN-KY (MICRO) $417,000 $533,850 $645,300 $801,950
GALLATIN, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
GARRARD, KY NON-METRO $417,000 $533,850 $645,300 $801,950
GRANT, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
GRAVES, KY MAYFIELD, KY (MICRO) $417,000 $533,850 $645,300 $801,950
GRAYSON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
GREEN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
GREENUP, KY HUNTINGTON-ASHLAND, WV-KY-OH (MSA) $417,000 $533,850 $645,300 $801,950
HANCOCK, KY OWENSBORO, KY (MSA) $417,000 $533,850 $645,300 $801,950
HARDIN, KY ELIZABETHTOWN, KY (MSA) $417,000 $533,850 $645,300 $801,950
HARLAN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
HARRISON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
HART, KY NON-METRO $417,000 $533,850 $645,300 $801,950
HENDERSON, KY EVANSVILLE, IN-KY (MSA) $417,000 $533,850 $645,300 $801,950
HENRY, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
HICKMAN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
HOPKINS, KY MADISONVILLE, KY (MICRO) $417,000 $533,850 $645,300 $801,950
JACKSON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
JEFFERSON, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
JESSAMINE, KY LEXINGTON-FAYETTE, KY (MSA) $417,000 $533,850 $645,300 $801,950
JOHNSON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
KENTON, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
KNOTT, KY NON-METRO $417,000 $533,850 $645,300 $801,950
KNOX, KY NON-METRO $417,000 $533,850 $645,300 $801,950
LARUE, KY ELIZABETHTOWN, KY (MSA) $417,000 $533,850 $645,300 $801,950
LAUREL, KY LONDON, KY (MICRO) $417,000 $533,850 $645,300 $801,950
LAWRENCE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
LEE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
LESLIE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
LETCHER, KY NON-METRO $417,000 $533,850 $645,300 $801,950
LEWIS, KY MAYSVILLE, KY (MICRO) $417,000 $533,850 $645,300 $801,950
LINCOLN, KY DANVILLE, KY (MICRO) $417,000 $533,850 $645,300 $801,950
LIVINGSTON, KY PADUCAH, KY-IL (MICRO) $417,000 $533,850 $645,300 $801,950
LOGAN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
LYON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MCCRACKEN, KY PADUCAH, KY-IL (MICRO) $417,000 $533,850 $645,300 $801,950
MCCREARY, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MCLEAN, KY OWENSBORO, KY (MSA) $417,000 $533,850 $645,300 $801,950
MADISON, KY RICHMOND-BEREA, KY (MICRO) $417,000 $533,850 $645,300 $801,950
MAGOFFIN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MARION, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MARSHALL, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MARTIN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MASON, KY MAYSVILLE, KY (MICRO) $417,000 $533,850 $645,300 $801,950
MEADE, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
MENIFEE, KY MOUNT STERLING, KY (MICRO) $417,000 $533,850 $645,300 $801,950
MERCER, KY NON-METRO $417,000 $533,850 $645,300 $801,950
METCALFE, KY GLASGOW, KY (MICRO) $417,000 $533,850 $645,300 $801,950
MONROE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MONTGOMERY, KY MOUNT STERLING, KY (MICRO) $417,000 $533,850 $645,300 $801,950
MORGAN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
MUHLENBERG, KY CENTRAL CITY, KY (MICRO) $417,000 $533,850 $645,300 $801,950
NELSON, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
NICHOLAS, KY NON-METRO $417,000 $533,850 $645,300 $801,950
OHIO, KY NON-METRO $417,000 $533,850 $645,300 $801,950
OLDHAM, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
OWEN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
OWSLEY, KY NON-METRO $417,000 $533,850 $645,300 $801,950
PENDLETON, KY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
PERRY, KY NON-METRO $417,000 $533,850 $645,300 $801,950
PIKE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
POWELL, KY NON-METRO $417,000 $533,850 $645,300 $801,950
PULASKI, KY SOMERSET, KY (MICRO) $417,000 $533,850 $645,300 $801,950
ROBERTSON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
ROCKCASTLE, KY RICHMOND-BEREA, KY (MICRO) $417,000 $533,850 $645,300 $801,950
ROWAN, KY NON-METRO $417,000 $533,850 $645,300 $801,950
RUSSELL, KY NON-METRO $417,000 $533,850 $645,300 $801,950
SCOTT, KY LEXINGTON-FAYETTE, KY (MSA) $417,000 $533,850 $645,300 $801,950
SHELBY, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
SIMPSON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
SPENCER, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
TAYLOR, KY CAMPBELLSVILLE, KY (MICRO) $417,000 $533,850 $645,300 $801,950
TODD, KY NON-METRO $417,000 $533,850 $645,300 $801,950
TRIGG, KY CLARKSVILLE, TN-KY (MSA) $417,000 $533,850 $645,300 $801,950
TRIMBLE, KY LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) $417,000 $533,850 $645,300 $801,950
UNION, KY NON-METRO $417,000 $533,850 $645,300 $801,950
WARREN, KY BOWLING GREEN, KY (MSA) $417,000 $533,850 $645,300 $801,950
WASHINGTON, KY NON-METRO $417,000 $533,850 $645,300 $801,950
WAYNE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
WEBSTER, KY EVANSVILLE, IN-KY (MSA) $417,000 $533,850 $645,300 $801,950
WHITLEY, KY CORBIN, KY (MICRO) $417,000 $533,850 $645,300 $801,950
WOLFE, KY NON-METRO $417,000 $533,850 $645,300 $801,950
WOODFORD, KY LEXINGTON-FAYETTE, KY (MSA) $417,000 $533,850 $645,300 $801,950


More Information on Conventional Mortgages and Conventional Refinance

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 Why choose a Conventional Loan?

  • Kentucky Conventional Mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
  • There are no prepayment penalties for a Conventional Conforming Mortgage.
  • A Conforming Loan can be used in Kentucky for the purchase of a Primary Residence, Second Home or Investment Property.
  • A Conventional Mortgage is available all areas of Kentucky, provided a market exists for the property and the home meets minimum property standards.
  • A Conforming Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Kentucky, including manufactured homes on permanent foundations.
  • A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.



. What types of Conventional Mortgages are available in Kentucky?

Fixed Rate Mortgage
Most Conventional Mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate Conventional Mortgage, you always know exactly how much your monthly payment will be. Contact us for today's free Conventional mortgage rates.

Adjustable Rate Mortgage
With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years.

 Conventional Refinance Programs

Conventional Rate/Term Refinance
Conventional Rate/Term Refinance Mortgage Loans are for for borrowers who currently have a conventional fixed rate or ARM mortgage. This program helps those who are refinancing a loan and wish to refinance into a stable, Conventional Mortgage.

Cash-Out Refinance
Conventional Cash Out Refinance loans are perfect refinancing home equity loans for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

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