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1. KY is fine, if you want to live cheaply and not have super-harsh
winters.
2. You should only put 20% down if you're short on money. Also, you
oughta focus on how much you want to spend. Here's a house with 3 BR, 2
bath in Somerset for 55k: http://www.realtor.com/Prop/1056018482
3. No. If you're FICO is that bad (and you oughta find out now, not
later), add a couple percent and see what that does. 20% down on the
house above at a crappy 9% rate gives a payment (principle and
interest) of a whopping $353. Note that if you do a loan under about
70-80k, it's a percent more cause that's a small amount nowadays.
4. Sheesh you worry a lot. Find a lawyer somewhere around where you
want to move, look in the phone book for real estate lawyers if you
can. They're all the same, over-priced and semi-interested. For a
lawyer to look the offer over and prevent total screwage, a few
hundred. Appraisals are a few hundred. Inspectors are a few hundred.
Your last paragraph - I think you're overthinking this. You are not
gong to move to KY and plop into some amazing FSBO situation. The US
is chock full of people who want to "get you a deal" - I suggest going
the traditional route and assume that realtors and other people exist
for a purpose, though they do cost a lot of money.
Finally - why not move someplace and RENT ? Make sure you want to live
there. Give your finances a break. Much simpler and if you do not like
the area, you're only stuck for a year's lease.
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Re: Should we buy a house in Kentucky or where?
