Mortgage in Versailles, KY (2026)

Find the best mortgage rates in Versailles, KY. Whether you are purchasing a starter home or refinancing in Versailles, comparing mortgage lenders can save tens of thousands over the loan term.

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Versailles Overview

Versailles is a key market in Kentucky with a population of 10,196 and a median household income of $48,000. The median home price stands at $170,000, shaping the local borrowing landscape.

Rates & Terms

FHA loans in KY typically offer rates 0.25% to 0.50% higher than conventional loans but require only 3.5% down.

VA loans available to veterans in Versailles often feature the lowest rates and require no down payment or private mortgage insurance.

Requirements in Versailles

FHA loans in KY accept credit scores as low as 580 with 3.5% down, or 500-579 with 10% down.

VA loans require a valid Certificate of Eligibility and meet minimum service requirements; no down payment is required in Versailles.

Kentucky Regulations

Kentucky regulates payday lending under the Deferred Deposit Service Business Act.

  • Usury Limit: 19% (non-licensed)
  • Payday Lending: Legal, max $500, 15% fee

Local Market Insights

With a median home price of $170,000, Versailles offers a dynamic housing market for prospective buyers.

The median household income of $48,000 in Versailles supports affordable mortgage payments for qualified buyers with good credit.

Borrowing Tips for Versailles

  • Consider a 15-year mortgage if you can afford the higher payment; you will save massive interest over the loan life.
  • Save for closing costs in addition to your down payment; expect 2-5% of the loan amount for closing expenses.
  • Lock your mortgage rate once you have a signed purchase agreement; rates can change daily and cost you thousands.

Frequently Asked Questions

How long does mortgage approval take in Versailles?

Most lenders can issue a conditional approval within 3-5 business days. Full loan approval and clear-to-close typically take 30-45 days from application.

How much down payment do I need for a house in Versailles?

Conventional loans require 3-20% down, FHA loans require 3.5%, and VA loans require 0% down. The median down payment in Versailles is approximately 10-15% of the purchase price.

Can I get a mortgage with student loan debt in Versailles?

Yes, lenders factor your total debt-to-income ratio. Income-driven repayment plans on federal student loans can help keep your DTI within qualifying limits.

Should I choose a fixed or adjustable-rate mortgage?

Choose a fixed-rate mortgage if you plan to stay in the home long-term and want payment stability. An ARM may save money if you plan to sell or refinance within 5-7 years.

Important Disclaimer

LoanMatchers is not a lender and does not make credit decisions. We connect consumers with licensed lending partners. All loan terms, rates, and fees are determined by the lender and are subject to credit approval. APRs range from 5.99% to 35.99%. Not all applicants will qualify for the lowest rates. This website provides general information and does not constitute financial, legal, or tax advice. Consult a qualified professional before making financial decisions. Rates and terms are accurate as of 2026 but subject to change without notice.