Page 15 - How To Buy A Home In Louisville

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Questions to Ask Your Lender

Which type of loan is right for me?

This answer will depend on your situation. Are you self-employed? Low income? A first-time buyer? Moving
in the next five years? Here for the next 30 years? Lender’s answers:

Kentucky Housing Corporation (KHC): Has down payment assistance programs.
Louisville Metro Housing Grant: For first-time homebuyers.
Federal Housing Authority (FHA): Provides assistance.
VA for Veterans.
Conventional 30-Year or Conventional 15-Year Fixed Rate
3/1 ARM or 5/1 ARM
Interest-Only Loan: Variable Rate
Home Equity Loan: Fixed or Variable Rate

What’s good and bad about each loan type?

This will vary if you are: self-employed, low income, and/or will have no down payment. Lender’s answer:

PROS CONS

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