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
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
KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. We offer a specialloan programto help with those. YourKHC-approved lendercan help you apply.
Regular DAP
- Purchase price up to $481,176withSecondary MarketorMortgage 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:
- MeetSecondary Market Income Limitsfor 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.
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (charter coverage)
- KHC DAP applicable
- No minimum borrower contribution
- No reserves required
- 80 percent AMI income
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (standard coverage)
- KHC DAP applicable
- No minimum borrower contribution
- No reserves required
- Secondary MarketIncome limits apply
- Insured by the Federal Housing Administration
- 3.5 percent down payment
- KHC DAP applicable
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
Refinance Options(Available only through Secondary Market)
- 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 620
- Guaranteed by the Veterans Administration for qualified military veterans
- No down payment if the property appraises for the sales price or greater
- KHC DAP applicable
- Minimum credit score of 620
- No monthly mortgage insurance payments
Refinance Options(Available only through Secondary Market)
- VA IRRRL
- 620 minimum credit score
- No appraisal required
- 30-year term
- VA existing loan
I hope this gives you some useful input to help guide your decision making. Give me a call if you have more specific questions! Thanks so much
Sincerely,
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
https://www.mylouisvillekentuckymortgage.com/
Labels:Down Payment Assistance Program - Housing - Louisville Ky,Kentucky Rural Development Loans,KHC Down payment Assistance Program Kentucky Housing,Property eligibility,rhs loans kentucky,USDA,USDA loans
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
$10,000 Down Payment assistance from Kentucky Housing
KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. We offer a specialloan programto help with those. YourKHC-approved lendercan help you apply.
Regular DAP
- Purchase price up to $481,176withSecondary MarketorMortgage 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:
- MeetSecondary Market Income Limitsfor 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.
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (charter coverage)
- KHC DAP applicable
- No minimum borrower contribution
- No reserves required
- 80 percent AMI income
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (standard coverage)
- KHC DAP applicable
- No minimum borrower contribution
- No reserves required
- Secondary MarketIncome limits apply
- Insured by the Federal Housing Administration
- 3.5 percent down payment
- KHC DAP applicable
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
Refinance Options(Available only through Secondary Market)
- 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 620
- Guaranteed by the Veterans Administration for qualified military veterans
- No down payment if the property appraises for the sales price or greater
- KHC DAP applicable
- Minimum credit score of 620
- No monthly mortgage insurance payments
Refinance Options(Available only through Secondary Market)
- VA IRRRL
- 620 minimum credit score
- No appraisal required
- 30-year term
- VA existing loan
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/
Labels:Down payment Assistance Program (DAP) has increased to $10000,First Time Home Buyer in Kentucky Zero Down,KHC Down payment Assistance Program Kentucky Housing,KHC for downpayment assistance
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE
What is Kentucky Housing?
- Borrower must meet KHC’sSecondary Market Income Limits
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (charter coverage)
- All KHC DAPs applicable
- No minimum borrower contribution
- No reserves required
- 80 percent AMI income
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (standard coverage)
- All KHC DAPs applicable
- No minimum borrower contribution
- No reserves required
- Secondary MarketIncome limits apply
- Insured by the Federal Housing Administration
- 3.5 percent down payment
- All KHC DAPs applicable
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
Refinance Options(Available only through Secondary Market)
- 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 620
- Guaranteed by the Veterans Administration for qualified military veterans
- No down payment if the property appraises for the sales price or greater
- All KHC DAPs applicable
- Minimum credit score of 620
- No monthly mortgage insurance payments
Refinance Options(Available only through Secondary Market)
- VA IRRRL
- 620 minimum credit score
- No appraisal required
- 30-year term
- VA existing loan
- 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 sales price or greater
- All KHC DAPs applicable
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
Refinance Options(Available only through Secondary Market)
- RHS Streamlined-Assist Refinance Program
- 620 minimum credit score
- No appraisal required
- Must have made timely mortgage payments for the last 12 months
- 30-year term
- RHS existing 502 guaranteed loan
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 |
| Hanco*ck | 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 countiesnot 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 advertisem*nt 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.
Labels:10000 down payment grant,500 down payment assitance,Kentucky Housing first mortgage loans,KHC Down payment Assistance Program Kentucky Housing
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Subscribe to:Posts (Atom)
