Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC up to $10,000

Kentucky Housing Corporation (KHC) offers a down payment assistance program to help Kentucky First Time Home buyers buy a house with no down payment.

Guidelines for the $10,000 Down Payment Assistance Program for Kentucky Homebuyers:

1.  Provides up to $10,000 in down payment assistance.

2.  This assistance is offered as a second mortgage with a fixed interest rate.

3. Typically, the second mortgage is repaid over a 10-year term, but terms can vary.

4. Income Limits: Borrowers must meet certain income limits, which vary by county and household size. see link here 👉 limits https://www.kyhousing.org/Homeownership/Future-Homebuyers/Documents/SMP%20Income%20Limitations.pdf

5. Credit Score: Minimum credit score requirements apply, generally starting at 620 for government loans VA, USDA and FHA while Conventional loans require a 660 score

6. First-Time Homebuyer Status: While KHC primarily targets first-time homebuyers, some programs may allow repeat buyers in certain circumstances.

7. Homebuyer Education: Completion of a homebuyer education course may be required for conventional loan programs. Government-backed programs do not require homebuyer education courses.

8. Property Requirements: Must be primary residence and no second home homes or rental properties. The home must meet certain criteria, such as being a primary residence and meeting property condition standards. No subject to properties or fixer uppers or rehab houses. Kentucky properties only

9. Debt to Income Requirements. Front end and back end debt ratio cannot be more than 50%

10. Purchase price Limits $510,939 is the current purchase price limit. Changes yearly. 

Federal Housing Administration (FHA)

Minimum 620 credit score.

Financing to 96.50% of lesser of sales price or appraised value.

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.

Financing to 100% of the appraised value, plus guarantee fee of 1.00%/0.35% annual fee.

Maximum ratio 50%.

Veteran’s Administration (VA)

Minimum 620 credit score.

Financing to 100% of the lesser of the appraised value or sale price plus funding fee.

Maximum ratio 50%.

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 

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | 

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).