Showing posts with label KHC Down payment Assistance Program Kentucky Housing. Show all posts
Showing posts with label KHC Down payment Assistance Program Kentucky Housing. Show all posts

KHC's Down payment Assistance Program (DAP)

Down Payment Assistance Programs in Kentucky


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


For Kentucky First Time Home Buyers to current Kentucky homeowners, many state, county and local housing agencies offer affordable loan programs with Down Payment Assistance (DPA), subject to availability of funds and credit qualifying. 

Kentucky Down Payment Assistance programs  can vary with single products or sometimes can be a combination of products such as Mortgage Credit Certificates (MCC), Grants, DPA’s along with closing cost assistance and low interest rates and fees that can help individuals and families become successful homeowners.

All Kentucky home borrowers must qualify for an underlying mortgage product according to the Housing Finance Agency authority (FHA, VA, USDA or Conventional). 

Housing loan programs are then layered on top to provide additional benefits. If eligible, the borrower can also add a down payment and closing cost assistance to their loan according to individual program guidelines

Kentucky Housing Regular Down Payment Assistance of $10,000

  • 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.​

Kentucky Housing Mortgage Revenue Bonds (MRB)

FHA
VA
RH​​S
​​​​

​​​​​Secondary Market Funding Source

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $510,939​
  • Borrower must meet KHC's Secondary Market Income Limits
Conventional Preferred ​Program
Conventional Preferred Plus 80
Freddie HFA ​Advantage
FHA
VA
R​H​​S
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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Kentucky Housing Income Limits for Mortgage Loans

New Income Limits for KHC Loans in Kentucky




New Income and Purchase Price Limits for Secondary Market and Mortgage Revenue Bond KHC’s eliminated the front-end ratio of 40%, effective with new reservations on Monday, June 24, 2024.

Eligibility: Both first-time and repeat home buyers purchasing a single-family dwelling. Purchase price can be no more than $510,939.

 Applicant’s income must be within applicable secondary market limits in effect.

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KHC mortgage loans,First Time Home Buyer Louisville Kentucky Mortgage,Down Payment Assistance Program - Housing - Louisville Ky,KHC Down payment Assistance Program Kentucky Housing,


  • 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



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

Equal Housing Lender

 (www.nmlsconsumeraccess.org).

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


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.
 (www.nmlsconsumeraccess.org).



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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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