New Income Limits for KHC Loans in Kentucky
New Income and Purchase Price Limits for Secondary Market and Mortgage Revenue Bond KHC’s eliminated the front-end ratio of 40%, effective with new reservations on Monday, June 24, 2024.
Eligibility: Both first-time and repeat home buyers purchasing a single-family dwelling. Purchase price can be no more than $510,939.
Applicant’s income must be within applicable secondary market limits in effect.
Federal Housing Administration (FHA)
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Minimum 620 credit score.
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Financing to 96.50% of lesser of sales price or appraised value.
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Maximum ratio 50%.
Upfront and Annual Mortgage Insurance Premiums 30-Year Loan Term LTV less than or equal to 95% 1.75% UFMIP .50 Annual LTV greater than 95% 1.75% UFMIP .55 Annual
Rural Housing Services (RHS)
Minimum 620 credit score.
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Financing to 100% of the appraised value, plus guarantee fee of 1.00%/0.35% annual fee.
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Maximum ratio 50%.
Veteran’s Administration (VA)
Minimum 620 credit score.
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Financing to 100% of the lesser of the appraised value or sale price plus funding fee.
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Maximum ratio 50%.
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No monthly mortgage insurance.
Regular Down Payment Assistance Programs (DAP)
Only home buyers obtaining a Kentucky Housing Corporation first mortgage are eligible for DAP funds. Interest Rate with DAP applicable.
Up to $10,000 Minimum of $1,000
Terms 3.75% amortized over 10 years Purchase Price Limit $510,939
With AUS approval, can go up to 50% with all loans.
Required Repairs Buyer or seller must use OWN funds to pay for repairs
Joel Lobb Mortgage Loan Officer
Text/call: 502-905-3708
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
NMLS 57916 | Company NMLS #1364/MB73346135166/MBR1574
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
NMLS ID# 57916, (www.nmlsconsumeraccess.org).