USDA, VA, FHA, and Conventional Loans in Kentucky: Key Differences for First-Time Homebuyers

VA Loan (For Veterans and Military)

  • Best for: Veterans, active duty, and eligible military members
  • Down Payment: 0% required
  • Credit Score: Typically 580–620+ (no official VA minimum, but lenders set overlays)
  • Mortgage Insurance: None
  • Funding Fee: 2.3% (first-time), 3.6% (subsequent use)
  • Location: Anywhere in Kentucky
  • Bankruptcy/Foreclosure Wait: 2 years
  • Key Benefit: No down payment, no monthly mortgage insurance, flexible credit requirements