Home Loans In Lexington, Kentucky

Lexington is a thriving city in the heart of Kentucky’s renowned scenic Bluegrass Region. Known as the Horse Capital of the World, the housing market in Kentucky’s second-largest city continues to flourish. With interest rates low and the competition high, real estate sales were through the roof in Lexington in 2021.

Lexington, which is often ranked as one of the most incredible places to live in the U.S., is an excellent place to call home regardless of your life stage.

If you’re in the market for a new home or are considering relocating to Lexington, Capital Home Mortgage can assist you in obtaining a home loan through a financing program that’s right for you.

Your Lexington, KY Home Loan Options

Mortgages involve a considerable amount of money that will take years to pay. It’s likely going to be the most significant financial move you’ll make in your life, so think things through before leaping and, once you decide to go for it, make sure that you’re signing up for the best mortgage product for your situation. 

Here’s an overview of the most frequently offered mortgage products today.

• Fixed-Rate Mortgages

These mortgages have a fixed interest rate for the loan duration, which is typically between 10 and 30 years. The primary advantage of this type of mortgage is that payments can be calculated and generally stay the same from the time you obtained the mortgage until the final payment date.

• Adjustable-Rate Mortgages

The primary characteristic of an adjustable-rate mortgage, or ARM, is the fluctuating interest rate that follows the fixed period. For example, a 5/1 ARM begins with a fixed rate for the first five years and then switches to an annual variable rate. Because of the uncertainty in their interest rates, ARMs are typically offered at a “teaser rate” that is lower than the interest rate on most loans.

• FHA Loans

The Federal Housing Administration insures home loans made to qualified borrowers, primarily those with moderate to low incomes. Because the government backs these loans, banks typically offer more relaxed requirements to FHA loan applicants, including down payments as little as 3.5 percent and credit scores as low as 580.

• VA Loans

Whether retired or still serving, veterans can obtain a mortgage with zero down payment, no loan limits, no mortgage insurance, and 4% seller concessions through the VA mortgage program. Surviving spouses of military veterans may also qualify for a VA loan.

• USDA Loans

The USDA loan is another government-insured home loan program that offers to finance borrowers seeking to purchase a home in specified rural areas by the United States Department of Agriculture. No down payment is required for a USDA loan, and there are no restrictions on seller concessions, but only those who qualify for the credit, income, and asset restriction standards may apply for this type of mortgage.

• Jumbo Loans

If the cost home you wish to purchase is greater than the limits established by Fannie Mae and Freddie Mac, jumbo loans are your best option. However, due to the higher level of risk that jumbo loans carry, it is only available to customers with exemplary credit ratings. You will need a credit score of at least 740 to qualify.

Lexington, Kentucky Mortgage Lender

Are you interested in any of the home loans listed above? Capital Home Mortgage’s skilled loan officers can assist you in obtaining the financing you need to buy a home in Lexington, Kentucky. 

We offer a variety of home loan products, including government-backed loans, jumbo loans, conventional loans, and even refinancing.

Capital Home Mortgage handles all mortgages from applications until funding as a direct mortgage lender. Because we finance all approved loans, our underwriting and processing procedures are more adaptable to our client’s unique circumstances.  We guarantee competitive interest rates and low fees, and exceptional customer service from beginning to end.

Are You Ready To Apply For A Lexington Home Loan?

The process of obtaining the right home loan in Lexington, Kentucky, begins with a simple phone call to Capital Home Mortgage. 

Call (270) 255-4771 to speak with one of our loan officers about any questions you might have about our home loan products or get a free quote.