Showing posts with label Down payment Assistance Program (DAP) has increased to $10000. Show all posts
Showing posts with label Down payment Assistance Program (DAP) has increased to $10000. Show all posts

Down Payment Assistance Kentucky 2025 Kentucky Housing Corporation KHC $10,000



Unlock Your Dream Home: Kentucky Down Payment Assistance Loans for 2025 – $10,000 Grants Available


Are you a Kentuckian dreaming of homeownership but struggling to save for a down payment? You’re not alone. According to the National Association of Realtors, nearly 60% of renters cite saving for a down payment as their biggest barrier to buying a home. Fortunately, Kentucky offers life-changing down payment assistance (DPA) programs to help bridge the gap—and in 2025, eligible buyers could qualify for **up to $10,000 in forgivable grants or low-interest loans** to make homeownership a reality. 

In this guide, we’ll break down everything you need to know about Kentucky’s 2025 down payment assistance programs, including eligibility criteria, application steps, and insider tips to maximize your savings. Let’s dive in! 

Why Kentucky Down Payment Assistance Matters in 2025


The median home price in Kentucky hovers around $225,000, meaning a traditional 20% down payment would require $45,000 upfront—a daunting figure for many families. However, with federal and state-backed DPA programs, qualified buyers can purchase a home with as little as **0–3% down**. For 2025, Kentucky is doubling down on its commitment to affordable housing by expanding access to grants, forgivable loans, and low-interest options. 

The star of the show? A **$10,000 down payment assistance grant** designed to help first-time buyers, veterans, educators, and low-to-moderate-income households. Let’s explore how this program works. 

How to Apply for Kentucky Down Payment Assistance in 2025


Follow these steps to secure your $10,000 grant: 

1. Check Your Eligibility

Use the KHC’s online eligibility calculator or consult a HUD-approved housing counselor. 

2. Get Pre-Approved for a Mortgage

Partner with a KHC-approved lender who understands DPA programs. 

Frequently Asked Questions


Q: Do I have to repay the $10,000 assistance?
A: Yes over 10 years at 3.75% rate works out to be around $100 a month added to your 1st mortgage payment

Q: Can I combine multiple DPA programs?
A: Sometimes! For example, you might pair the $10,000 grant with a Mortgage Credit Certificate (MCC) for tax savings. 

Q: Are there grants for home repairs?
A: No. KHC loan cannot be used for repairs to the house. It can only be used to meet the minimum down payment requirements and pay for your closing costs and prepaids if any monies are left over after you meet the minimum down payment requirements for FHA, VA, USDA and Conventional mortgage loans


1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.


Kentucky Local Home Loan Lender Services

✅ First-Time Home Buyers Welcome
✅ FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans
✅ Conventional Loan Options Available
✅ Fast Local Decision-Making
✅ Experienced Guidance Through the Home Buying Process


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KHC $10,000 Down Payment Assistance Program for 2025

Kentucky Housing $10,000 Down Payment Assistance Help for Homebuyers 

If you're a first-time homebuyer in Kentucky, the Kentucky Housing Corporation (KHC) offers great options. They help make your dream of homeownership a reality. You can even buy your next home with no money down.

The KHC Down Payment Assistance (DPA) program can provide up to $10,000. This assistance helps with your down payment. It also covers closing costs and prepaid items. Here's everything you need to know to qualify and take advantage of these opportunities:


































Home Buyer Eligibility:

  1. First-Time and Repeat Buyers: KHC helps both first-time and repeat home buyers throughout Kentucky.
  2. U.S. Citizenship: You must be a U.S. citizen or have legal status to live in the U.S.
  3. Income: Only income through the Secondary Market is considered for eligibility.
  4. Principal Residence: The property must be your principal residence. You cannot own any other residential property at the time of closing.
  5. Closing Assistance: Borrowers can qualify for the KHC Down Payment Assistance Program. They must meet both the income and purchase price limits.
































Kentucky Housing Credit Standards:

To qualify for a KHC loan, there are specific credit and financial criteria:

  1. Credit Score: A minimum credit score of 620 is required for FHA, VA, and RHS loans, and a 660 minimum score is needed for Conventional loans.
  2. Debt Ratio: The maximum allowable debt ratio is 50%.
  3. Collections: In most cases, collections do not need to be paid off in full.
  4. Bankruptcies and Foreclosures: These must be discharged for at least two to seven years.
  5. Non-Taxable Income: Non-taxable income can be grossed up to help you meet the income requirements.






















Property Eligibility:

  1. New and Existing Properties: Both new and existing properties are eligible for KHC loans.
  2. Manufactured Housing: Both new and existing manufactured homes are eligible, with the caveat that RHS loans only cover new construction manufactured housing.
  3. Purchase Price Limit: The purchase price limit is set at $510,939 for both Secondary Market and MRB Loans.
  4. Appraisal and Inspections: A full appraisal is required for all KHC loans. Additionally, VA loans are the only loan product requiring a termite inspection, and a termite soil treatment certificate is required for all new construction properties except for conventional loans.








































What You Can Use the KHC Down Payment Assistance For:


  1. Down Payment: You can use the assistance to help cover your down payment when buying a home.
  2. Closing Costs: The program also helps pay for closing costs, which can be one of the most challenging parts of buying a home.
  3. Prepaid Items: KHC DPA can help with prepaids such as homeowner’s insurance or property taxes that may be due at closing.
























Start Your Home Buying Journey Today!

If you're interested in using the KHC Down Payment Assistance Program for 2025, connect with a qualified lender. There are several benefits to using this program. These benefits include no money down options. There is assistance available for both new and repeat buyers. Don't let down payment challenges hold you back. Reach out today to get started on your path to homeownership with the support of the KHC.



1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.



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$10,000 Down Payment assistance from Kentucky Housing



​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. We offer a special loan program to help with those. Your KHC-approved lender can help you apply.

Regular DAP

  • Purchase price up to $510,939 with Secondary Market​ or Mortgage Revenue Bond (MRB) income limits.
  • Assistance in the form of a loan up to $10,000 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients.

​​More About Down Payment and Closing Costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.​

​Secondary Market Eligibility

To qualify for a Secondary Market KHC loan, you must meet the following requirements:

  • Meet Secondary Mark​et Income​ Limits for your county.
  • Be a U.S. citizen, other national or qualified alien person
  • Have a minimum credit score of 620.
  • Be a first-time or repeat homebuyer.

Property Eligibility

The home you wish to purchase must meet the following guidelines.

  • Borrower must occupy the home within 60 days of closing and for duration of loan.
  • New or previously occupied detached, single-family home.
  • New or previously occupied condominium, townhouse, or attached unit in a planned unit development.
    • Check with lender for eligible condominiums.
  • New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate
    • ​Must meet loan type's foundation requirements.
  • ​The property purchased must be in Kentucky.​



Conventional Preferred Program
Conventional Preferred Plus 80
FHA
VA







Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/


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