4 Things Every Borrower Needs to Know to Get Approved for a Mortgage Loan In Kentucky. ∘ Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers? Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs ∘ When can I lock in my interest rate to protect it from going up when I buy my first home? Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the futuSee more…