I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
There are various types of down payment assistance to buy a home in Kentucky with little or no money down!
Here are a few:
Kentucky FHA loans- federal loan through the Federal Housing Authority-Credit scores low as 620 and gifts can be used or down payment assistance from government agency to meet the 3.5% down payment investment. No income limits but max loan currently is $356,000 in Kentucky for 2021
Kentucky USDA loans- zero down mortgages for rural and suburban homeowners-640 credit score needed currently for most loans and has income limits and property location restrictions
Kentucky VA loans - if military service or active duty, can buy a home with zero down with a 620 minimum credit score. No income restrictions and can buy a house anywhere as long as VA appraisal supports the purchase price. No max loan limits but must meet residual income requirements and Eligibility based off Certification of Eligibly Entitlement. Amount.
Kentucky Housing Down Payment Assistance of $6000 can be used for FHA, VA, USDA or Conventional mortgage loans for their down payment requirements or to help with closing costs. Max income limits and loan limits for this program.
KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.
Regular DAP
Purchase price up to $346,644 with Secondary Market.
Assistance in the form of a loan up to $6,000 in $100 increments.
Repayable over a ten-year term at 5.50 percent.
Available to all KHC first-mortgage loan recipients.
Affordable DAP
Purchase price up to $346,644 with Secondary Market.
2.00 percent fixed interest rate for 30 years for Kentucky Home Buyers in 2016 from KY Housing
KHC has $5 million in special funding available at 2.00 percent fixed interest rate for 30 years. The Mortgage Revenue Bond (MRB) Special Funding Program is available on a first-come, first-served basis, with reservations available on Monday, March 7, 2016. New reservations only.
Who can qualify for this deal?
Households that do not exceed $35,000 gross annual income, and meet ONE of the following:
At least one home buyer is 62 years old or older.
At least one member is disabled and is receiving disability income.
A single- or two-parent household with at least one dependent child under the age of 18 living in the home.
Special Funding qualifications included:
Must be a first-time home buyer, unless property in targeted county.
Existing and new construction (purchase price limit of $115,000).
Regular and Affordable Down payment Assistance Program available.
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). I lend in the following states: Kentucky
Current Guidelines for Louisville Kentucky Mortgage programs including FHA, VA, KHC, USDA, and Fannie Mae Home Loans in the State of Kentucky NMLS# 57916 http://www.mylouisvillekentuckymortga... 502-905-3708
The KHC also offers a conventional loan program for borrowers with a credit score of 660 or better. The conventional loan features a quick turnaround time, requires a 20% down payment, and has no up-front or monthly mortgage insurance. Under the program, the loan is insured by an approved mortgage insurance company
FHA Loans
The FHA loans offered through the KHC require that borrowers have a minimum credit score of 620. The loans feature down payments of as little as 3.5% and upfront and monthly mortgage insurance. The KHC’s Regular Down payment Assistance Program (DAP) can be used for the 3.5% down payment requirement. All FHA loans are insured by the Federal Housing Administration (KHC Loan Programs
VA Loans
As with all VA loans, the VA loans offered through the KHC are guaranteed by the Veterans Administration for qualified military veterans with a minimum credit score of 620. These loans feature:
·no down payment if the property appraises for the sale price or greater;
·flexible credit underwriting; and
·no monthly mortgage insurance payments .
RHS Loans
RHS loans are guaranteed by Rural Housing Services (RHS) and are available only for homes located in a rural area as defined by RHS. Like the VA loan, the RHS loan requires that borrowers have a minimum credit score of 620, and doesn’t require a down payment if the property appraises for the sale price or greater
Home Buying And Down Payment Assistance Programs In Kentucky
If you are a low to moderate income individual or family and a first time home buyer in Kentucky, the Kentucky Housing Corporation may have the perfect mortgage program, and closing cost and down payment assistance program to help you buy a home. The Kentucky Housing Corporation has many home buyer assistance programs to help those who need financial assistance to buy a home.
First Time Home Buyer, Previous Home Buyer Mortgage Loan Programs
First Time Home Buyers or previous home buyers looking to purchase a home in Kentucky can turn to the Kentucky Housing Corporation to get assistance. KHC has several mortgage programs available to aide in buying a home. To see if you are eligible, you must apply for a KHC loan program through a participating lender.
KHC loans have low interest fixed rate mortgage programs, flexible underwriting requirements, allow for little to no down payment options, and provide access to down payment and closing cost programs for those who qualify.
How To Qualify For A Kentucky Housing Corporation Mortgage?
Qualifying for a Kentucky Housing Corporation Mortgage is as easy as qualifying for a mortgage except these loans are meant for those who have low to moderate incomes and need a little extra help paying for their mortgage. There are income limits and home purchase price limits that apply depending on the family size of the home buyer and depending on the location of the property to be purchased. Eligible home buyers must intend to live in the home being purchased as their primary residence. You must also be employed or have some sort of documentable income that will continue.
Are There Down Payment and Closing Cost Assistance Programs Available In Kentucky?
The Kentucky Housing Corporation offers a variety of down payment and closing cost assistance programs to qualified and eligible home buyers. There are primarily 4 programs that KHC offers to home buyers that use KHC’s first mortgage loans to purchase a home. To obtain and qualify for any of these programs interest home buyers must apply for these programs through participating lenders.
Here are the 4 programs (summarized from the Kentucky Housing Corporation website):
Regular Down Payment Assistance Program (DAP) – This program has a statewide purchase price cap of $237,000 and offers down payment assistance in the form of a loan that is paid back over 10 years. A qualified home buyer using a KHC first mortgage program can get up to 4% of the purchase price in this program to be applied to their down payment and closing cost needs.
HOME – Down Payment Assistance – This program has a statewide purchase price limit of $195,700. Up to $4,500 in down payment and closing cost assistance is available to qualified and eligible home buyers. There are no monthly payments for this program and if the home buyer remains in their home for 5 years the home buyer will not be required to pay any of the money back. Income limits apply based on the county or metropolitan area where the home being purchased is located.
HOME Special Program - This program has a statewide purchase price limit of $195,700, and provides up to $10,000 in assistance to eligible home buyers. The money from this program doesn’t not require repayment if the home buyer remains in the home for 5 years. No monthly payments are required for this program. Households that include a person with a permanent disability and who receives SSI, SSDI, Veterans Disability, or some other form of disability income are eligible for this program provided they meet the qualification standards of the type of mortgage they apply for. This program is also available to home buyers over the age of 62. Home buyers using this program will have to meet income cap requirements.
HOME Family Program – There is a statewide home price limit of $195,700 for this program and it is only available for single and two parent families where there is at least one dependent child under the age of 18 living in the home. Furthermore, this program is only available for first time home buyers. Eligible home buyers can get up to $10,000 in this program and if they stay in their home for at least 5 years the assistance is forgiven. There are no monthly payments for this program. Home buyers using this program will have to meet income cap requirements.
Are There Any Other Home Ownership Options In Kentucky?
Homebuyers in central and northern Kentucky can also look to the Community Ventures Corporation (CVC) for home buying options. The CVC offers three major programs to assist low income families in becoming homeowners.
These programs are:
a down payment and closing cost option;
a two year lease purchase opportunity;
a new construction loan program for those borrowers interested in purchasing a new home in rural Kentucky.
Among qualifying for a loan program, access to these loans do require home buyers to attend home buyer education classes and are available for application through participating lenders statewide.
To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below:
Call us today at 502-905-3708 or email us at kentuckyloan@gmail.com
Home Buying And Down Payment Assistance Programs In Kentucky
