Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Down Payment Assistance Kentucky 2021 Kentucky Hou...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Down Payment Assistance Kentucky 2021 Kentucky Hou...: KHC is used for mostly applicants in urban areas of Kentucky that don't have access to USDA or other government agencies to buy...

Kentucky Down Payment and Closing Costs Assistance

Kentucky Down Payment and Closing Costs Assistance

Kentucky Down Payment and Closing Costs Assistance Kentucky Housing 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 needs. Neighborhood Down payment Assistance Program (DAP)  Kentucky Housing Corporation (KHC) received $3 million from the National Mortgage Foreclosure Settlement Fund to offer a new mortgage program for down payment and closing costs assistance. This program is only available until all funds are gone. Repayable second mortgage up to $10,000 1 percent interest rate for 30 years. Income must be less than $124,775 (terms and conditions apply). To be eligible for the Neighborhood DAP, either: The property must be in the process of disposition option (i.e., deed-in-lieu, short sale) or foreclosed upon. The newly-constructed or existing property has been for sale for at least six months. The home buyer has experienced a foreclosure and credit qualifies to purchase another home. Regular DAP Purchase price up to $243,000. Assistance in the form of a loan up to $6,000 in $100 increments. Repayable over a ten-year term at 6 percent.  A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61. Available to all KHC first-mortgage loan recipients. HOME-DAP Purchase price up to $195,700. Assistance up to $4,500 No monthly repayment; forgiven over five years. Existing homes only. Borrowers must meet HOME-income guidelines. More about down payment and closing costs No liquid asset review and no limit on borrower reserves for Regular DAP. Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance. Specific credit underwriting standards may apply to down payment programs.

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

http://mylouisvillekentuckymortgage.com 

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New Down Payment Assistance Program for Kentucky Home Buyers

New Down Payment Assistance Program
New Down Payment Assistance Program for Kentucky Home Buyers

KHC received $3 million to offer a new Down payment Assistance Program (DAP) from the Kentucky Attorney General National Mortgage Settlement Fund.

Effective Friday, August 10, 2012, Neighborhood DAP will be available to all KHC-approved lenders when utilizing a KHC first mortgage program.

The goal is to stabilize neighborhoods by providing more flexible housing solutions for the existing housing stock in the Commonwealth.

Neighborhood DAP 

• Repayable second mortgage up to $10,000
• 1 percent interest rate amortized over 30 years
• Must be within the GNMA or MRB income limits per first mortgage funding source
• To be eligible for the Neighborhood DAP either:
  • The property must have been foreclosed upon.
  • The new construction or existing property has been for sale for at least 6 months or more. 
  • The home buyer has experienced a foreclosure and now their credit qualifies to purchase another home.

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

http://mylouisvillekentuckymortgage.com 

New Down Payment Assistance Program for Kentucky Home Buyers

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Kentucky Housing first mortgage loans

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Kentucky Housing first mortgage loans

KHC Loan Programs

KHC Loan Programs MRB All MRB Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest. The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding. To qualify, you must meet KHC’s regular MRB income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history. Some MRB KHC loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years.  However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006.  The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home. Conventional Insured by approved mortgage insurance company. Minimum credit score of 660 or better. Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance. FHA Insured by the Federal Housing Administration. Down payments as little as 3.5 percent. Can use DAP for 3.5 percent down payment requirement. Upfront and monthly mortgage insurance. Minimum credit score of 640. VA Guaranteed by the Veterans Administration for qualified military veterans. No down payment if the property appraises for the sale price or greater. Credit underwriting is flexible. Minimum credit score of 640. No monthly mortgage insurance payments. RHS Guaranteed by Rural Housing Services (RHS). Home must be located in a rural area as defined by RHS. No down payment if the property appraises for the sale price or greater. Minimum credit score of 640. GNMA Secondary Market All GNMA KHC first mortgage loans are for a 30-year term at a fixed rate of interest. The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding. To qualify, you must meet KHC's GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history. FHA Insured by the Federal Housing Administration. Down payments as little as 3.5 percent. Can use DAP for 3.5 percent down payment requirement. Upfront and monthly mortgage insurance. Minimum credit score of 640. VA Guaranteed by the Veterans Administration for qualified military veterans. No down payment if the property appraises for the sale price or greater. Credit underwriting is flexible. Minimum credit score of 640. No monthly mortgage insurance payments. RHS Guaranteed by Rural Housing Services (RHS). Home must be located in a rural area as defined by RHS. No down payment if the property appraises for the sale price or greater. Minimum credit score of 640. Two FHA Refinance Options Credit qualifying Streamline Refinance and Rate/Term Refinance Insured by the Federal Housing Administration Cash back to borrower not to exceed $500 Upfront and monthly mortgage insurance Minimum credit score of 640 Home Buyer Tax Credit KHC's Home Buyer Tax Credit is available through Mortgage Credit Certificates (MCC), which reduce the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan.  MCCs are NOT mortgages.  They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment.  That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.  The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan.  But an MCC gives you a tax credit of 25 percent (not to exceed $2,000).  You can still deduct the remaining 75 percent interest on your income taxes.  A tax credit is not the same as a tax deduction.  A tax deduction reduces the portion of your income that is taxed, so you pay less.  A tax credit is a direct, dollar for dollar reduction in the total tax you owe.  The MCC is effective for the life of the loan as long as you live in the home.  If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.  One-time fee of $500 or reduced to $200 if through KHC's GNMA Secondary Market First Mortgage Program.  Not valid with MRB loan programs. Special First Mortgage Loan Programs The Lottery for Special Funding is opened once a year.  The funds are allocated for persons meeting income and all MRB Guidelines.  These limited funds are available, usually in July, on a first-come, first-served basis. Guidelines Must be a first time home buyer, unless property is located in a targeted county. Interest rate fixed at 3.00 percent based on minimum ratios 29/41 percent. Eligible households: Single parents (at least one dependent under the age of 18 must live in the home.) Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.). Households where at least one of the home buyers is age 62 or older. Gross Annual Household Income guidelines: $28,000 for a household of 1 or 2 people; or $33,000 for a household of 3 or more people. All household occupants (18 years and older) with income must be included on loan and be credit ready. Must use all but two months’ reserves of borrower’s own funds. Existing or new construction property with a purchase price limit of $115,000 Zero Point Rate Only FHA, VA and RHS – 640 credit score and AUS Approval 60 Day Lock Kentucky Housing’s Regular and HOME DAP loan program may be used for down payment and closing cost assistance.  Fill out my form! Joel Lobb (NMLS#57916)Senior  Loan Officer 502-905-3708 cell 502-813-2795 fax jlobb@keyfinllc.com Key Financial Mortgage Co. (NMLS #1800)* 107 South Hurstbourne Parkway* Louisville, KY 40222* http://mylouisvillekentuckymortgage.com  Applying for a Kentucky Housing loan is easy. Just contact one of our approved lendershttp://kentuckyfirsttimehomebuyer.com near you and ask for a Kentucky Housing loan.

Kentucky Housing Current Available Funds for Downpayment Assistance

Kentucky Housing Current  Available Funds


Kentucky Housing Current Available Funds for Downpayment Assistance

Available Funding Information

First Mortgage

MORTGAGE REVENUE BOND: Funds currently available 3/3/2011

Second Mortgage

REGULAR DAP $682,223.81


HOME DAP $155,256.00


HOME FAMILY $10,200.00


HOME SPECIAL $110,900.00

Kentucky Housing Current Available Funds for Downpayment Assistance

Kentucky Housing funding is available on a first-come, first-served basis until current funds are utilized. Additional funding may be made available from loan fallout or from a new allocation of funds.



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