Home financing in Greenup County.

Home financing is a loan — called a mortgage — that lets you buy a home by paying for it over time, usually 15 to 30 years, instead of all at once. The lender puts up most of the purchase price, you make a down payment (often 3%–10% of the home's price), and you repay the loan monthly with interest.

There are several main types of home loans:

• **Conventional loans** — offered by banks and credit unions, typically require a credit score of 620 or higher and a down payment of 3%–20%.

• **FHA loans** — backed by the federal government, allow lower credit scores (580+) and down payments as low as 3.5%. A good entry point for first-time buyers.

• **USDA Rural Development loans** — for homes in eligible rural and small-town areas. Much of Greenup County qualifies. Can offer zero down payment for income-eligible buyers.

• **VA loans** — for veterans and active military. Zero down payment, no private mortgage insurance.

• **ITIN loans** — for buyers who do not have a Social Security number but do have an Individual Taxpayer Identification Number. Offered by select local lenders and credit unions.

The monthly payment covers principal (the amount you borrowed), interest, homeowner's insurance, and property taxes — often bundled together and called PITI.

Greenup County sits in northeastern Kentucky along the Ohio River.

Its economy is shaped by manufacturing, healthcare (King's Daughters Medical Center is a major employer), trades, and small businesses.

Many residents are hourly workers, self-employed contractors, or work seasonal or gig-based jobs — and there are financing options designed specifically for these situations.

**General eligibility factors lenders look at:**

• Credit score — even scores below 620 can qualify for FHA or ITIN products

• Income stability — two years of consistent income (W-2 or self-employment) is the standard benchmark

• Debt-to-income ratio — your monthly debt payments should generally be under 43% of your gross monthly income

• Down payment funds — these can come from savings, gifts from family, or down payment assistance programs

**If you are self-employed or a solo contractor:**

You will typically need two years of tax returns (Schedule C), profit-and-loss statements, and bank statements. Some community lenders offer bank-statement loans that look at 12–24 months of deposits instead of tax forms.

**If you use an ITIN instead of a Social Security number:**

You can still buy a home. Several local credit unions and community lenders in the region accept ITINs. You will generally need 2 years of filed tax returns using your ITIN, steady income documentation, and a larger down payment (often 10%–20%).

**If you have no credit history:**

Some lenders will consider alternative credit — on-time rent payments, utility bills, or insurance payments — to demonstrate financial responsibility. Ask your lender or CDFI about manual underwriting.

Gathering these documents before you apply saves time and reduces stress. Having them ready also shows lenders that you are organized and serious.

**For most applicants:**

• Government-issued photo ID (driver's license, passport, or consular ID)

• Social Security number or ITIN

• Two most recent W-2s or 1099s

• Two most recent federal tax returns (all pages)

• Two most recent pay stubs (if employed)

• Two to three months of bank statements (all pages, all accounts)

• Proof of any other income (rental income, child support, disability, etc.)

• Landlord contact information or 12 months of canceled rent checks (if renting now)

**If self-employed or a solo contractor:**

• Two years of personal AND business tax returns

• Year-to-date profit-and-loss statement

• Business bank statements (12–24 months)

• Business license or DBA registration, if applicable

**For the property itself (gathered after you find a home):**

• Purchase agreement / sales contract

• Homeowner's insurance quote

• Property tax records (the lender usually pulls these)

**Tip:** Keep all documents as PDFs or photos on your phone. Many local credit unions now accept digital uploads, making the process much smoother.