Showing posts with label First Time Home Buyer in Kentucky Zero Down. Show all posts
Showing posts with label First Time Home Buyer in Kentucky Zero Down. Show all posts

$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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How To Buy A House In Kentucky With Zero Down Payment!

 

There are several programs in Kentucky  to help homebuyers purchase a house with zero down payment. The various Kentucky down payment assistance programs in Kentucky, including KHC, FHA, VA, USDA, UWM's $15,000 Welcome Home Grant, the $25,000 Kentucky Welcome Home Grant, and the 5% grant. We will also detail the qualifying criteria, such as credit score, income, work history, and assets.

Kentucky Housing Corporation (KHC) Programs

KHC FHA Loan

The Kentucky Housing Corporation offers down payment assistance programs that work in conjunction with Kentucky FHA loans. These programs aim to help first-time homebuyers achieve homeownership with minimal upfront costs.

Qualifying Criteria:

  • Credit Score: Minimum 620
  • KHC Income Limits: Varies by county and household size
  • Work History: Steady employment for at least two years
  • Assets: Limited to ensure assistance goes to those in need
  • Minimum down payment of 3.5% and 6% seller concessions
  • Max debt to income ratios of 40 and 50% respectively
  •  

KHC Down Payment Assistance Programs

KHC offers several down payment assistance options, including a regular DPA loan of  up to $10,000. These loans are repayable over ten years at 3.75% over 10 years and cannot be subordinated and paid off if you refinance or sell the home before they are paid off. No prepay penalty

Qualifying Criteria:

  • KHC Credit Score: Minimum 620
  • Income Limits: Varies by county and household size
  • Work History: Stable employment history required
  • Assets: Applicants must meet asset limitations
  • Loan limits changes every year.

Kentucky FHA Loans

Kentucky FHA loans are insured by the Federal Housing Administration and require a lower down payment of 3.5, but when paired with down payment assistance programs, Kentucky homebuyers can potentially buy a home with zero down payment.

Qualifying Criteria:

  • Credit Score: Minimum 580 (with 3.5% down payment), 500-579 (with 10% down payment)
  • Income Limits: None, but debt-to-income ratio must be manageable
  • Work History: Steady employment for at least two years
  • Assets: Must demonstrate sufficient assets to cover closing costs and reserves
  • Loan limits for FHA loans. Changes every year

Kentucky VA Loans

Kentucky VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. These loans often come with zero down payment requirements.

Qualifying Criteria:

  • Credit Score: No minimum, but most lenders prefer at least 580 to 620
  • Income Limits: None, but borrowers must have stable income
  • Work History: Typically, two years of consistent employment
  • Assets: Sufficient to cover closing costs; no down payment required
  • Residual Income Requirements
  • Debt ratio set by VA...No max debt ratio, but most like to see a 43% backend ratio on a manual underwrite but can go higher on an AUS automated underwriting approval through DO or LP
  • Max VA loan limits changes every year.

Kentucky USDA Loans

Kentucky USDA loans are backed by the U.S. Department of Agriculture and are available to Kentucky homebuyers in eligible rural areas of Kentucky. These loans offer 100% financing. $0 down payment

Qualifying Criteria:

  • Credit Score: No minimum score but most KY Rural Housing Lenders will a 620 to 640 minimum credit score
  • Income Limits: Varies by county and household size--
  • Work History: Stable employment for at least two years
  • Assets: Limited to ensure assistance goes to those in need-
  • No purchase price or loan limits, just income limits for each Kentucky County.
  • Max income limits changes every year
  • Debt to income rate usually around 31% on front end and 45% max on back-end ratio ...
  • Has to be run through GUS, the Guarantee Underwriting system for initial pre-approval

$15,000 Welcome Home Grant

United Wholesale Mortgage (UWM) offers a $15,000 Welcome Home Grant to help eligible homebuyers with down payment and closing costs.

Qualifying Criteria:

  • How does the $15,000 Down Payment Assistance work in Kentucky for Homebuyers
    • First  mortgage meets Loan to Value requirements for Fannie Mae or Freddie Mac ltv
    • Mortgage lenders in Kentucky  provides a second lien mortgage for 3% of the purchase price, up to $15,000
    • Second lien has no monthly payment requirement and no interest-no payments to lender
    • Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
    • Payments on the second lien can be made throughout the loan term, but are not required

    How Kentucky borrowers can qualify for the $15,000 Down Payment Assistance:

    • Kentucky Borrowers must be at or below 80% of the Area Median Income (AMI) for the Kentucky mortgage property address they are buying and meet Home Possible® guideline requirements
      • For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance
        • This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
      • 620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%

    —OR—

    • At least one Kentucky home mortgage borrower must be a first-time homebuyer and meet HomeOne® and lender’s guideline requirements
      •  

$25,000 Kentucky Welcome Home Grant

The $25,000 Kentucky Welcome Home Grant is designed to provide substantial assistance to homebuyers for down payment and closing costs.

Qualifying Criteria:

  • All Kentucky first-time homebuyers must complete a homebuyer counseling program (but you don’t have to be a first-time homebuyer to participate).
  • Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs (60% of these funds may be received as a gift).
  • All funds are reserved for specific homebuyers purchasing specific homes and can not be transferred to other homebuyers or to other homes.
  • Kentucky Welcome Home Grant Funds can be used with Kentucky FHA, USDA, VA, Home Ready, and other Conventional products.
  • Homebuyers must remain in the home for 5 years or prorated repayment of the grant may be required.
  • More information from the Federal Home Loan Bank of Cincinnati can be found at https://www.fhlbcin.com/housing-programs/welcome-home-program/.
  •  Kentucky Welcome Home Grant program, providing eligible homebuyers with grants of up to $25,000. The program, offered by the Federal Home Loan Bank of Cincinnati (FHLB Cincinnati), aims to support honorably discharged veterans, surviving spouses, and active-duty military personnel, along with other qualified home seekers.

  • Funds are available starting March 1 at 8am ET, and are available until all funds have been reserved. The FHLB Cincinnati not only assists service personnel with up to $25,000 grants but also extends up to $20,000 grants to other qualified homebuyers.

    To learn more about the application process and eligibility criteria, visit www.fhlbcin.com.

    Don't miss out on this incredible opportunity! Contact us at phone or text  at 502-905-3708

    Act fast, as funds are limited!---As of 5/22/2024 Funds for Welcome Home Grant in Kentucky has been depleted. ☹

5% Kentucky Home Buyer Grant

Some lenders in Kentucky offer a 5% grant program that provides assistance based on the purchase price of the home. This grant can be used for down payment and closing costs.

Qualifying Criteria:

  • Down payment assistance products to help Kentucky home buyers purchase the home of their dreams!

    Key Benefits

    • Utilize with either Kentucky FHA or Kentucky USDA loan to purchase a home
    • Up to 5% of purchase price can be used towards borrower’s down payment, closing costs, or to lower rate on the underlying mortgage.
    • Fully forgivable or repayable options
    • No income or first-time homebuyer restrictions
    • SmartBuy Down Payment Assistance
      5 Year Forgivable DPA 30/10 Repayable  DPA Closing Cost Assistance – Repayable

      Down payment assistance (DPA) program
      requiring the delivery of the underlying
      30 year FHA or USDA loan with the
      subordinated second lien. The second
      lien is fully forgiven after 5 years if the
      borrower meets criteria.

    • Down payment assistance (DPA)
      program with a repayable second
      lien. The second is not forgivable
      and is originated with a 30 year
      term due in 10 year balloon.
    • Closing cost assistance (CCA) program
      with a repayable second lien. The second
      is not forgivable and is originated with a
      30 year term due in 10 year balloon.
    •  
    • Borrower Eligibility Based on FHA or USDA program guidelines (USDA
      Not required to be first-time homebuyers
      No income restrictors beyond USDA guidelines

      Credit Score Minimum Representative Score of 620
      All Borrowers must have at least one
      score

Navigating the various down payment assistance programs available to Kentucky homebuyers can be complex, but with the right information, you can find the program that best fits your needs.

Whether you are a Kentucky first-time homebuyer or a veteran, these programs can help you achieve the dream of homeownership with little to no down payment. Be sure to review the specific qualifying criteria for each program and consult with a knowledgeable mortgage broker, such as Joel Lobb, to guide you through the process and help you secure the best assistance available.

If you have any questions or need further assistance, feel free to contact Joel Lobb at email or visit his website for more information.

 

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Text/call: 502-905-3708


email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

 
NMLS 57916  | Company NMLS 1738641
 

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).

 
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Qualifying for a home loan in Kentucky as a first-time homebuyer

 Qualifying for a home loan in Kentucky as a first-time homebuyer

Buying a home is a major financial decision, and it's important to make sure you're financially qualified before you start shopping for homes. Here are some key things to consider when qualifying for a home loan in Kentucky as a first-time homebuyer:

* Credit score: Your credit score is one of the most important factors in determining your eligibility for a home loan and the interest rate you'll be offered. Aim for a credit score of 580 or higher to get the best rates.

* Debt-to-income ratio: Your debt-to-income ratio (DTI) is the amount of your monthly debt payments divided by your gross monthly income. A lower DTI ratio is better, and most lenders prefer a DTI ratio of 50% or lower.

* Down payment: While a 20% down payment is traditional, there are many loan programs available that allow you to put down as little as 3% or even 0% down. However, keep in mind that a larger down payment will result in a lower monthly mortgage payment and may help you avoid paying private mortgage insurance (PMI).

* Income: Your income will need to be sufficient to cover your monthly mortgage payment, property taxes, homeowners insurance, and other housing costs. Use Gross income and not net income to qualify for a mortgage payment

* Employment: Lenders will want to see that you have a steady job history and sufficient income to make your mortgage payments. Stable 2 year work history 

In addition to the above, there are also a number of down payment assistance programs available for first-time homebuyers in Kentucky. These programs can help you reduce the amount of money you need to come up with upfront for a down payment.

Here are some of the down payment assistance programs available in Kentucky:

* Kentucky Housing Corporation (KHC) Down Payment Assistance Programs: KHC offers a variety of down payment assistance programs for first-time homebuyers, including the KHC Conventional Preferred Program, the KHC FHA Advantage Program, and the KHC USDA Rural Development Guaranteed Loan Program.

* Federal Housing Administration (FHA) Loans: FHA loans are government-insured loans that allow for down payments as low as 3.5%.

* Veterans Administration (VA) Loans: VA loans are available to eligible veterans and active duty service members and allow for 0% down payments.

If you're thinking about buying a home in Kentucky, be sure to do your research and talk to a lender to get pre-approved for a mortgage. This will help you determine how much you can afford to spend on a home and give you a better idea of what loan options are available to you.

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Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC


Down Payment Assistance Housing Programs for Kentucky First Time Home Buyers



$10,000 Down Payment assistance from Kentucky Housing Below  see details below for restrictions:


Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC


@kentuckymortgagebroker #kentuckymortgage #ficoscore #firsttimehomebuyer #homeloan #homeloan #zerodownpayment #vamortgage #vamortgage #khcloan #usdaloan #ruralhousing #mortgagetips #fha ♬ Synchronize (Instrumental) - Milky Chance

​​​​​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 $349,525 with Secondary Market.
  • 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.​


​​Secondary Market Funding Source

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $349,525​
  • Borrower must meet KHC's Secondary Market Income Limits
Conventional Preferred Program
Conventional Preferred Plus 80
FHA
VA

Purchase Price Limitations

Secondary Market First Mortgage Programs and KHC's Homebuyer Tax Credit

Secondary Market New and Existing Homes................$349,525

KHC's Homebuyer Tax Credit.......................................$349,525​



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Kentucky First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.

First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.



First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.





Zero Down Mortgage Loans in Kentucky

The Kentucky VA and the Kentucky USDA Home Loan Program both offer a zero down loan program for individuals and/or properties that meet their criteria.

If you need down payment assistance, KHC offers up to $7,500 for assistance to buy your Kentucky home if you are lacking the down payment requirements for FHA or Fannie Mae below.


Three Percent Down Mortgage Loans in Kentucky

Fannie Mae/Freddie Mac conventional loans are available with down payments as low as 3% on single-family homes, including eligible condos, co-ops, and some manufactured homes. Fixed-rate mortgages with up to 30-year terms and ARMs are available.

Three and 1/2 Percent Down Mortgage Loans in Kentucky

The Federal Housing Administration (or FHA) loan program can allow as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores and other factors. he FHA loan program allows as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores.
Are you surprised at how low you may be able to go? While many believe a 20% down payment is required, you can see now that it’s far from the only option.
Whether you’ve saved a little or a lot, reach out today, and we’ll work on finding a loan that works for you.
  • Kentucky Federal Housing Administration (FHA) loans: “With a 3.5% down payment, Kentucky homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
  • Kentucky Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
  • US. Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 620-640 for a USDA loan, though some may go as low as 580.”
  • US. Department of Veterans Affairs (VA) loans: “VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”

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Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

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