Showing posts with label Kentucky Housing first mortgage loans. Show all posts
Showing posts with label Kentucky Housing first mortgage loans. Show all posts

KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE

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



What is Kentucky Housing?


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

Secondary Market Purchase Price Limit -- $481,176

 

County

Applicant(s) Income Limit

County

Applicant(s) Income Limits

Anderson

154,700

Jefferson

157,150

Boone

181,300

Jessamine

163,450

Bourbon

163,450

Kenton

181,300

Bracken

181,300

Larue

143,500

Bullitt

157,150

McCracken

145,950

Campbell

181,300

McLean

159,600

Clark

163,450

Marshall

145,425

Crittenden

140,700

Meade

155,225

Daviess

159,600

Nelson

149,800

Edmonson

139,825

Oldham

157,150

Fayette

163,450

Pendleton

181,300

Franklin

149,450

Scott

163,450

Gallatin

181,300

Shelby

173,775

Hancock

159,600

Spencer

157,150

Hardin

143,500

Warren

139,825

Henderson

152,775

Washington

148,225

Henry

157,150

Woodford

163,450

 Applicant’s Income Limit for all other counties not listed above: $137,550
Read more below at the links for KHC Detailed Mortgage Information in regards to fully qualifying for a KHC loan.



KHC (15)

KHC Down payment Assistance Program Kentucky Housing (20)

khc dap (6)

KHC for downpayment assistance (3)

KHC Loan Programs (8)








Joel Lobb (NMLS#57916)
Senior Loan Officer


American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite

Louisville, KY 40223

Company ID #1364 | MB73346


Text/call 502-905-3708

kentuckyloan@gmail.com



If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


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#57916http://www.nmlsconsumeraccess.org/


-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.











KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE

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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. 



  • .​

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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    First-Time Home buyers Louisville, KY

    Louisville KY:

    First Time Home Buyer Requirements Louisville, Kentucky

     First-Time Home buyers Louisville, KY




    Even beyond the bourbon, the Kentucky Derby and their famous baseball bats, Louisville is not a bad place to put your feet up at the end of the day. This city is certifiably Southern when it comes to food, drink and hospitality, but Louisville is also inclusive and friendly to LGBTQ residents and visitors, earning a perfect score on the Human Rights Campaign Municipal Equality Index in 2017. In other words, Louisville is more than just your stereotypical Southern city — it’s a cool, thriving and welcoming place to all (which is why they ranked at No. 28 on our Top 100 Best Places to Live list in 2019).  
    In addition to an inclusive, amenity-filled environment, Louisville is affordable for first-time buyers. Their HOI is 80.5 according to the NAHB, meaning that most of the city’s housing is affordable to average income families, and the median price of homes sold is $176,300. And to encourage low and middle-income families to invest in the city, Louisville also offers an innovative Down Payment Assistance Program, which offers all buyers (not just first-timers) who are at or below 80% of the area median income with down payment assistance up to 20% of the purchase price. As long as you live in the home for five years and financially contribute $500 to the purchase of the property through the appraisal payment, home inspection or earnest money, you can get some financial help to buy your beautiful Southern dream home.



     http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
    Senior  Loan Officer
    Text/call 502-905-3708

    Joel Lobb (NMLS#57916)

    American Mortgage Solutions, Inc.
    10602 Timberwood Circle Suite 3
    Louisville, KY 40223
    Company ID #1364 | MB73346


      kentuckyloan@gmail.com




    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/

    -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.



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