Showing posts with label KHC. Show all posts
Showing posts with label KHC. Show all posts

Kentucky Housing Corporation (KHC) Down Payment Assistance.

Kentucky Down payment assistance loans are available up to $10,000 for Mortgage



KHC is used for mostly applicants in Kentucky that don't have access to money for a down payment on their home. 



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KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE

$10,000 available thru KHC for down payment assistance KY



  • What is Kentucky Housing?


    Kentucky Housing is a trusted state agency in Frankfort, KY that works with local lenders to ensure all Kentucky home buyers have access to safe and affordable housing with access to down payment assistance help and counseling if needed to buy a home.
     

    Do I need to be a first-time home buyer to do a KHC loan?


    No, you do not have to be a first time home buyer with KHC loans.


    How much down payment assistance can I get to buy a home in Kentucky?




    • Can I use the $10,000 for repairs to the home or buy stuff for the home?

      No you cannot! The  down payment assistance can be used for down payment, closing costs and prepaids.

      How long can I lock a KHC Loan?

      You can lock a KHC Loan for 45 days

      How long does it take to close a KHC loan?

      It takes about 30 to 45 days typically to close a KHC loan.

      Can I just get a down payment assistance loan from Kentucky Housing?


      In order to use the down payment assistance programs from KHC, you must do the first mortgage loan with them too. Additional eligibility requirements may apply, including income limits.


      What if I have bad credit and I get a KHC loan?


      Kentucky Housing loans require a minimum 620 credit score. The usually follow agency guidelines for credit, bankruptcy, foreclosure, collections, etc depending on it is FHA, VA, USDA, Fannie Mae.


      Can I build a home with a KHC loan?


      Kentucky Housing does not provide temporary construction loans, but we can provide the permanent financing for a new construction property with one of your loan programs including FHA, VA, USDA, or Fannie Mae.

      How much can the house cost for a KHC Loan?

      Our current purchase price limits are $346,644 in the state of Kentucky Consult your lender to determine the amount you are approved to borrow in regards to agency debt to income ratios requirements. KHC typically will not go above 40% for the front-end housing ratio, or over 50% for the total debt to income ratio. They will make exceptions sometimes.


      What is the required down payment for a KHC Loan?


      Required down payments range from 0-3.5% depending on the underlying loan product (Conventional, FHA, RD, VA).


      Is a co-signer allowed on a KHC Loan?


      KHC does not allow for co-signers to qualify for a mortgage loan


      Can I finance improvements or repairs?


      KHC does not offer rehab loans or 203k loans, or Renovation loans.


      Are there income limits based on gross or net income for a KHC?


      Gross household income limits for total household income.


      Can I finance a manufactured or mobile home with KHC?

      Manufactured and mobile homes are eligible under some mortgage products for KHC Loans. Homes must be double-wide, permanently attached to a foundation, and taxed as real estate (not personal property). Consult your lender for more information.


    Kentucky Down payment assistance loans are available up to $10,0000 for Mortgage




    • Kentucky Down Payment Assistance



      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 FUNDING SOURCE

    • Conventional Preferred Program
      Conventional Preferred Plus 80
      FHA
      VA
      RH​​S

      KENTUCKY HOUSING CORPORATION
      2021 SECONDARY MARKET
      GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
      Effective May 1, 2021

      Secondary Market Purchase Price Limit — $346,644

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    Kentucky Mortgage Forbearance Guidelines

    Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky Mortgage Forbearance Guidelines for Fanni...: 


    Conventional Mortgage Loans by Fannie Mae



    Mortgage credit history for any mortgage which the borrower is obligated as borrower, co-borrower, or co-signer may be
    considered acceptable if it meets one of the following:
     The borrower has made all payments due on time, prior to subject loan Note date, even though the loan was in
    forbearance, or
     The borrower has not made one or more payments due, and the late payments or forbearance has been resolved
    per one of these acceptable resolution plans:
    Resolution Plans* Eligibility Requirements
    Reinstatement ▪ Any missed payments must be made

    ▪ Funds to reinstate after application must be documented from eligible source
    ▪ Funds from the current transaction may not be used to reinstate mortgage
    Repayment Plan ▪ Must have made 3 timely** payments under the repayment plan, or

    ▪ Repayment plan has been completed
    ▪ Funds from the current transaction may satisfy the existing mortgage in full
    Payment Deferral ▪ Must have made 3 timely** payments after executing the deferral agreement
    ▪ Funds from the current transaction may satisfy the existing mortgage in full

    Modification ▪ Must have made 3 timely** payments under trial modification

    ▪ Funds from the current transaction may satisfy the existing mortgage in full
    Any Other Loss Mitigation Option ▪ Must have completed successfully or made a minimum of 3 timely payments
    ▪ Funds from the current transaction may satisfy the existing mortgage in full
    *If loan was in forbearance, provide documentation from servicer showing the exit from forbearance into one of the
    acceptable resolution plans.
    ** Payments cannot be made in advance to meet the 3 required payments.
     For purposes of determining acceptable mortgage payment history, missed payments under a COVID-19 forbearance
    are not considered late payments.
     The above guidance does not apply to Freddie Mac Enhanced Refinance or Fannie Mae High LTV Refinance
    transactions.





    VA ELIGIBILITY


     Borrowers must provide a Letter of Explanation (LOE) stating the circumstances behind the forbearance.
    Documentation will be required to verify the items listed in the LOE have been resolved.
     If the forbearance was on a non-subject property, the forbearance must be resolved, and new payment (if
    applicable) must be included in the DTI.
     A Veteran who was granted a forbearance and continues to make payments as agreed under the terms of original
    note is not considered delinquent or late and will be treated as if not in forbearance status, provided that the
    forbearance plan is terminated prior to closing.


    Cash-Out Refinances


     Refinance of mortgages that are in a current forbearance status, where mortgage payments are not being made,
    including mortgages under the CARES Act forbearance protection program, are not eligible. The forbearance plan
    must be completed/terminated prior to closing.
     Borrower in forbearance with missed payments- Borrower must have made 6 consecutive months’ timely payments
    post-forbearance, regardless of method of resolution of the forbearance.
     Missed payments due to COVID-19 forbearance cannot count toward seasoning. Borrower must have made six
    consecutive monthly payments prior to the CARES Act forbearance or six consecutive payments will be required post
    forbearance. In addition, loans that have been modified must meet seasoning requirements based on the modified
    note first payment date. The new note date must be on or after the later of: The date that is 210 days after the date
    on which the first modified monthly payment was due on the mortgage being refinanced, and the date on which 6
    modified payments have been made on the mortgage being refinanced.

    IRRRL Refinances

     Borrowers must be current at time of application (any skipped payments under a COVID-19 forbearance have since
    been made).
     Borrower in forbearance with no missed payments- standard underwriting applies.
     Borrower in forbearance with missed payments- Borrower must have made 6 consecutive months’ timely payments
    post-forbearance.
     Loans must still meet loan seasoning, fee recoupment, discount points, and net tangible benefit requirements.
     Missed payments due to COVID-19 forbearance cannot count toward seasoning. Borrower must have made six
    consecutive monthly payments prior to the CARES Act forbearance or will need to make six consecutive payments
    post forbearance. In addition, loans that have been modified must meet seasoning requirements based on the
    modified note first payment date. The new note date must be on or after the later of: The date that is 210 days after
    the date on which the first modified monthly payment was due on the mortgage being refinanced, and the date on
    which 6 modified payments have been made on the mortgage being refinanced.



    FHA ELIGIBILITY


    *NOTE: FHA Guidance is permanent, not temporary, and applies where a Forbearance Plan was granted due to COVID-19, Presidentially Declared major
    disaster or other hardship. This new guidance has been included in the updated 4000.1 Handbook.
    Payment
    History
    Documentation

    When any mortgage reflects payments under a Modification or Forbearance Plan within 12 months prior to case number
    assignment, obtain:
     Copy of Modification or Forbearance Plan* and
     Evidence the payment amount and the date of payments during the agreement
    * A copy of Forbearance Plan due to the COVID-19 National Emergency is not required. Must be able to determine the reason for
    forbearance.


    Borrowers that are or were in Forbearance


    Maximum base loan amount for a Streamline of an owner-occupied primary residence and HUD-approved second home is
    the lesser of:
     The outstanding principal balance of the existing mortgage (including suspended payments from forbearance) as of
    the month prior to mortgage disbursement; plus:
    o Interest due on the existing mortgage
    o Late charges and escrow shortages
    o MIP due on existing mortgage; or
     The original principal balance of the existing mortgage (including financed UFMIP)
     Less any refund of UFMIP

    New FHA Insured Mortgage Eligibility


     Any active forbearance plan must be terminated.
     Borrowers granted forbearance but who continued to make all payments as agreed under the terms of original Note
    are not considered delinquent. No additional payment seasoning post forbearance required.
     Borrowers granted forbearance but who did not continue to make payments require additional mortgage payment
    seasoning post-forbearance that document satisfactory, consecutive monthly payments. See chart below for details:
    Transaction Additional Requirements
    Purchase Must make three consecutive payments* post-forbearance or

    ▪ If home sold prior to making three payments, must be manually underwritten

    Cash-Out Refinance Must make 12 consecutive payments* post-forbearance

    GNMA Seasoning: Loans that have been modified must meet seasoning
    requirements based on the modified note first payment date.



    No Cash Out Refinance Must make three consecutive payments* post-forbearance (six payments if

    mortgage was modified after forbearance)

    Simple Refinance Must make three consecutive payments* post-forbearance
    *NOTE: The consecutive payments must be documented on the credit report and read by AUS to follow AUS approval.
    Streamline Refinance  Missed payments under forbearance do not count toward mortgage

    seasoning requirements
     If mortgage modified after forbearance, six payments under
    modification required.
    Non-Credit Qualifying
     At time of case number assignment, borrower has made three post
    forbearance payments.
    Credit Qualifying
     At time of case number assignment, borrower is still in mortgage
    payment forbearance or has made less than three monthly payments,
    and
     Has made all mortgage payments due within the month due for the six
    months prior to forbearance
    ***ALL Streamlines: GNMA Seasoning: Loans that have been modified must
    meet seasoning requirements based on the modified note first payment date.

    References FHA Mortgagee Letter 2020-30:


    USDA ELIGIBILITY




     For each open mortgage, confirm the forbearance status and payment history.
     Borrowers who have a current mortgage that was placed in COVID-19 forbearance, but continued to make all
    payments as scheduled, are not subject to additional seasoning.
     Purchases: Borrowers who missed any payments as allowed under the forbearance plan must have resumed
    repayment of their mortgage loan for a period of at least 3 months prior to applying for a new loan.
     Refinances: the loan must have closed at least 12 months prior to the request to refinance, borrower must have
    resumed making payments for a period of at least 3 months and have a total 180-day period of satisfactory
    payments, excluding the time the loan was in forbearance.




    LOANS MADE TO BORROWERS POST-FORBEARANCE


    The guidance herein is based on Agency and Investor eligibility. The below is a summary and not all-inclusive of Agency announcements. For full

    Agency guidance see the Resources section under each program section below.


    IN ALL CASES THE FOLLOWING REQUIREMENTS APPLY:


     BORROWER MAY NOT BE IN FORBEARANCE ON THE SUBJECT PROPERTY MORTGAGE OR ANY OTHER NON-SUBJECT PROPERTY
    MORTGAGES AT THE TIME OF LOAN CLOSING.
     Explanation from Borrower(s) for forbearance reason and how any hardship has been overcome is required. If borrower faced hardship,
    documentation supporting resolution is required. (e.g. borrower was furloughed for a time and is now back to work and employer
    documentation supports).
     Payment history required for most recent 12-months to see payment made dates to determine if borrower skipped any payments.
     Documentation from servicer that forbearance has ended.
     Asset sourcing to document funds for any lump-sum payments made to reinstate/bring mortgage current- 2 months consecutive
    statements required.
     If borrower entered into modification/work out plan rather than reinstating the forbearance, a copy of plan must be obtained. See
    applicable Agency guidance for eligibility in this case.


    Joel Lobb
    Mortgage Loan Officer
    Individual NMLS ID #57916

    American Mortgage Solutions, Inc.

    Text/call:      502-905-3708
    fax:            502-327-9119
    email:              kentuckyloan@gmail.com

     


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    Kentucky Mortgage Down Payment Requirements

     If you’re a Kentucky  first-time homebuyer looking for low down payment mortgage options, several may be available to you. In fact, many of these options are available even if you aren’t a Kentucky first-time homebuyer.

    Low down payment mortgage options and requirements for Kentucky Homebuyers:

    Down payment mortgage options and requirements for Kentucky Homebuyers
    Down payment mortgage options and requirements for Kentucky Homebuyers




    --

    Joel Lobb
    Mortgage Loan Officer
    Individual NMLS ID #57916

    American Mortgage Solutions, Inc.

    Text/call:      502-905-3708
    fax:            502-327-9119
    email:              kentuckyloan@gmail.com

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    Kentucky Housing Corporations KHC First Time Home Buyers Down Payment Assistance Zero Down Options for 2014


    KHC First Time Home Buyers Down Payment Assistance Zero Down

    Kentucky Housing Corporation (KHC) still has $4 million in Mortgage Revenue Bond (MRB) Special Funding available!  This funding is limited and available on a first-come, first-served basis.  

    Effective with reservations on or after Monday, January 6, 2014, all households below $35,000 gross annual household income will qualify for the MRB Special Funding interest rates. The rate with DAP will be lowered and the requirement to demonstrate a need by having at least a 25% front ratio has been eliminated. 

    Program guidelines:
    • First-time home buyers, unless property is located in a targeted county.
    • Interest rate is fixed at 2.5 percent without Down payment Assistance Program (DAP) or 2.75 percent with DAP.
    • Maximum ratios 40/45%.
    • Executed purchase contract.
    • Existing or new construction property (purchase price limit $115,000).
    • Regular and Affordable DAP available.
    • FHA, VA, and RHS first-mortgage programs.
    • 640 credit score and AUS approval.
    • Gross annual household income limit of $35,000 for all household sizes.
    • Follow the 45-day lock with current reservation extension policy.

    • The lower interest rate is not guaranteed until the lender receives the updated reservation confirmation.


     Appy below for free for this program or call me below with your questions. 


    joel lobb
    Louisville Mortgage Group
    License:  NMLS# 57916
    I specialize in Kentucky FHA, VA, USDA, KHC, Jumbo and Fannie Mae mortgage loans in Ky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money ...view more
    Email Me | Visit My Website
    (502) 905-3708
    View My Profile  

    Fill out my form!
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    Mortgage Program Flowchart for Qualifying a mortgage loan in Kentucky

    Find out if you qualify for a mortgage loan by using this flowchart
    “Do I Qualify for a Mortgage Loan?” – RealEstate.com Flowchart



      Exceptions to flowchart  above.

    1. Having a DTI ratio over 36% will not prevent a borrower from qualifying. A Kentucky household can comfortably afford a mortgage with a DTI ratio up to 45% or 55% with a VA or FHA loan with compensating factors such as high credit scores (740+),reserves equal to 12 months or more, large down payment or savings.

     2. Down Payment.

     There are several loan programs in Kentucky that allow a borrower to buy a home with little to $0 down payment. In fact, the USDA loan has a lower payment even when they have no down payment than compared to using an FHA loan with 3.5% down payment. Also there is VA loans which require no down payment if you are a veteran or active duty military, and last but not least, there is KHC or Kentucky Housing which offers down payment assistance on FHA loans in Kentucky so you can buy a home with zero down payment. Questions about qualifying for a mortgage loan?

     Contact me below:

     Joel Lobb Senior Loan Officer (NMLS#57916)

     American Mortgage Solutions, Inc.
     800 Stone Creek Pkwy, Ste 7,
     Louisville, KY 40223
     phone: (502) 905-3708
     Fax:    (502) 327-9119
     kentuckyloan@gmail.com
     Company ID #1364 | MB73346
     http://mylouisvillekentuckymortgage.com

      Fill out my form!
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    Kentucky Housing or KHC Interest Rate:


    Interest Rates

    Reservation System Open Monday - Friday from 10 a.m. to 9 p.m.

    Rates subject to change without notice   

    Secondary Market Interest Rates -- 45 Day Lock

     
    Loan Type
    Rate without Down Payment Assistance
    Rate with Down Payment Assistance
    FHA, VA & RHS
    4.0%
    4.25%
    ​Conventional Preferred
    4.25%
    4.50%
    ​Conventional Preferred Risk
    4.750%
    		4.875%
    ​HFA Preferred Plus 80
    4.375%
    		4.625%

    Secondary Market Refinance Rates -- 45 Day Lock

    Loan Type
    Rate
    FHA Refinance
    4.0%
    RHS Streamlined-Assist Refinance Program
    4.0%

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