Kentucky First-Time Homebuyer Calculator
First-time homebuyer costs in Kentucky: $6,825 FHA down payment, $5,265 closing costs, 0.86% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Kentucky. Includes down payment, closing costs (2.7%), PMI (required below 20% down), property tax (0.86%), and homeowners insurance ($2,400/yr). Note: Kentucky requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Kentucky homebuyer facts: Median price $195,000 | 20% down = $39,000 | FHA 3.5% down = $6,825 | Closing costs ~$5,265 | Property tax 0.86% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Kentucky?
For Kentucky's median home ($195,000): FHA minimum down payment is $6,825 (3.5%), plus $5,265 in closing costs. Total minimum: ~$12,090. With 20% down to avoid PMI: ~$44,265.
What are closing costs in Kentucky?
Kentucky closing costs average 2.7% of the home price, or about $5,265 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.1%.
Related Calculators
More First-Time Homebuyer Calculators
More Calculators for Kentucky
Explore related financial tools with Kentucky data