2018 Kentucky First Time Homebuyer Down Payment Assistance for Kentucky First Time Home Buyers for $4500 to $6000 and $10,000 from Kentucky Housing DAP Funds
$10,000 HHF DAP Available**************Currently out of funds*****Updated 1-28-2018
Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund (HHF) Down payment Assistance Program (DAP), a total of $5 million will be available for new reservations beginning today, Tuesday, January 9, 2018, at 10 am, ET. The HHF DAP will be available on a first-come, first served basis, based on the completion of the first mortgage and HHF DAP Reservations. All program guides have been updated to reflect the availability of the HHF DAP.
HHF DAP Program Guidelines:
HHF DAP Program Guidelines:
- $10,000, zero-percent interest, forgivable second mortgage loan with a five-year term.
- Property must be located in one of the four counties:
- Christian
- Hardin
- Jefferson
- Kenton
- No New-Construction properties allowed.
- Property has to have been previously occupied.
- Secondary Market Purchase Price and Income Limits apply.
- Borrower must be a first-time home buyer (no ownership interest in the last three years).
- Most recent three-year federal tax returns or tax transcripts required.
- Pre-purchase homebuyer education required for all borrowers.
- Dodd-Frank Certification must be completed.
- Terms & Conditions form (prints with the HUD-1, Note and Mortgage)
- This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.
1. The purchase price or refinance amount is at or below:
? $282,000 with Secondary Market
? $253,800 with KHC�s Homebuyer Tax Credit (purchase only)
2. The applicant (s) meet KHC�s simple credit overlays:
? 660 credit score for Conventional
? 620 credit score for FHA, VA, and RHS
? Max ratio caps for government loans of 40/45%
? Max ratio caps for conventional loans of 40/50%
? AUS Approval required except on RHS
Kentucky Housing Corp. will raise the gross annual income to $40,000 and the Purchase Price to $130,000! That is a 2% fixed Rate for 30 yrs for Kentucky Home Buyers using the KHC Program.
Regular DAP
- Purchase price up to $283,900 with Secondary Market or $255,500 with MRB.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a ten-year term at 5.50 percent. A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
- Available to all KHC first-mortgage loan recipients.
Affordable DAP
- Purchase price up to $283,900 with Secondary Market or $255,500 with MRB.
- Assistance up to $4,500.
- Repayable over a ten-year term at 1.00 percent.
- Borrowers must meet Affordable DAP household income limits
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
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.
Comments
Post a Comment