FIRST TIME BUYER PROGRAMS FOR JEFFERSON COUNTY KY
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Conventional
- Insured by approved mortgage insurance company.
- Minimum credit score of 660 or better.
- Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.
FHA
- Insured by the Federal Housing Administration.
- Down payments as little as 3.5 percent.
- Can use DAP for 3.5 percent down payment requirement.
- Upfront and monthly mortgage insurance.
- Minimum credit score of 640.
VA
- Guaranteed by the Veterans Administration for qualified military veterans.
- No down payment if the property appraises for the sale price or greater.
- Credit underwriting is flexible.
- Minimum credit score of 640.
- No monthly mortgage insurance payments.
Down Payment and Closing Costs Assistance
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Regular Down payment Assistance Program (DAP)
- Purchase price up to $243,000.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a ten-year term at 6 percent. A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61.
- Available to all KHC first-mortgage loan recipients.
HOME-DAP
- Purchase price up to $195,700.
- Assistance up to $4,500
- No monthly repayment; forgiven over five years.
- Existing homes only.
- Borrowers must meet HOME-income guidelines.
More about down payment and closing costs
- No liquid asset review and no limit on borrower reserves for Regular DAP.
- Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
- Specific credit underwriting standards may apply to down payment programs.
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