Kentucky, also known as the Bluegrass State, is the 26th most populous state in America. It consists of 120 counties with a total population of almost 750,000 residents. The state maintains eight four-year public universities which makes it a great place to live when you send your children to college.

Many states in the US are experiencing a decline in the value of housing but Kentucky is different. Midwest Kentucky housing rates are still affordable, but near Southern Ohio and Northern Kentucky, housing prices continue to soar.

Boone, Kenton and Campbell counties hold the record for the most expensive housing values in the state. In Boone county, the cost of a median house is around $160,000, while it is $135,200 per house in on average in Campbell county. Kenton county follows with an average of $133,800 for a single family home. The housing values in these counties are far more expensive than the average price in Kentucky, which is around $103,900. The high cost of housing in Kentucky simply means that the state is growing well economically.

Home buyers in Kentucky should not worry about the high cost of housing in the state because there are home loans that can be acquired in order to build or buy a new house. There are also mortgage refinance companies which offer assistance to people who invest in real estate.

If you are a first time buyer of real estate in Kentucky, you are qualified for a 30-year loan with guaranteed fixed home mortgage rates from the KHC loan program. All you need to do is put down a down payment or be qualified for down payment assistance.

Conventional loans can also be acquired, but you have to pay 20% of the principal amount as a down payment. FHA loans are of great help for people who want to invest in real estate in Kentucky. There is monthly mortgage insurance available and as a home buyer, you have to make a 3.5% down payment.

People who have disabilities, are over 62 years old or are single parents are also qualified for the New Construction program, which provides housing loans up to a maximum of $115,000. The mortgage interest rates under this program are far more reasonable than other housing mortgage rates available in the market today because it is determined by the borrower's capacity to pay.