Monday, December 27, 2010

KHC Down payment Assistance Program Kentucky Housing

Regular Down payment Assistance Program (DAP)


• Purchase price up to $237,000.

• Assistance up to $5,000.

• Available to all KHC first mortgage loan recipients.

• Repaid over 10 years at a low fixed interest rate (6.0%)

• 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.

• HOME Special Program

• Purchase price up to $195,700.

• Assistance up to $10,000

• No monthly repayment; forgiven over five years.

• Existing homes only.

• Borrowers must meet HOME-income guidelines.

• Eligible borrowers include:

o Households that include a person with a permanent disability and who

receives disability income (SSI, SSDI, Veterans Disability etc.).

o Households where at least one of the home buyers is age 62 or older.

• HOME Family Program

• Purchase price up to $195,700.

• Assistance up to $10,000

• No monthly repayment; forgiven over five years.

• Existing homes only.

• Borrowers must meet HOME-income guidelines.

• Purchase price may not exceed $200,000.

• Eligible borrowers include:

o Single- and two-parent households that have at least one dependent

child under the age of 18 living in the household and that are first-time

home buyers (have not owned a home or had an ownership interest in

a home in the last 3 years).

• More about down payment and closing costs:

• Borrowers may retain two months’ house payments in reserve while using available

funds first before looking for DAP assistance.

• Specific credit underwriting standards apply to all down payment programs.

Elibility Requirements

You


To qualify for a KHC loan, you must meet the following requirements:

• Have an annual household income within the income limitations for your county

and family size.

• Be a U.S. citizen, other national or qualified alien person.

• Have the ability to provide a down payment or qualify for down payment

assistance.

• Have an acceptable credit history.

• Can be a previous homeowner if purchasing in one of Kentucky's 86 targeted

counties.

Your Home

The home you wish to purchase must meet the following guidelines:

• Purchase prices up to $237,000.

• 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).

• One-acre maximum on lot size unless acreage waiver is obtained.
 
 
KENTUCKY HOUSING CORPORATION



GROSS HOUSEHOLD INCOME LIMITS


WHEN HOME FUNDS ARE USED


(1) One Person (2) Two Persons (3) Three Persons (4) Four or More Persons

22,450 25,700 28,900 32,100

Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer, Trimble

32,950 37,700 42,400 47,100

Bourbon, Clark, Fayette, Jessamine, Scott, Woodford

34,600 39,550 44,500 49,450

Boone, Bracken, Campbell, Gallatin, Kenton, Pendleton

36,200 41,350 46,550 51,700

Allen 24,450 27,900 31,400 34,900

Anderson 34,050 38,900 43,800 48,650

Ballard 27,950 31,900 35,900 39,900

Barren 24,700 28,250 31,750 35,300

Boyd 25,850 29,500 33,200 36,900

Boyle 28,650 32,700 36,800 40,900

Breckinridge 25,100 28,700 32,250 35,850

Butler 23,400 26,750 30,100 33,450

Caldwell 25,100 28,700 32,250 35,850

Calloway 26,800 30,600 34,450 38,250

Carroll 29,500 33,700 37,950 42,150

Carter 25,000 28,550 32,150 35,700

Christian 26,800 30,600 34,450 38,250

Crittenden 25,150 28,750 32,350 35,900

Daviess 30,050 34,300 38,600 42,900

Edmonson 29,000 33,150 37,300 41,450

Fleming 22,750 26,000 29,250 32,500

Franklin 34,250 39,150 44,050 48,950

Fulton 22,700 25,900 29,150 32,400

Garrard 28,450 32,500 36,600 40,650

Grant 29,000 33,150 37,300 41,450

The income limitations listed below are imposed by federal law. Failure to comply with them may create adverse consequences

for KHC. (SEE APPENDIX D FOR DEFINITIONS OF GROSS ANNUAL HOUSEHOLD INCOME.)

Adair , Bath, Bell, Breathitt , Carlisle, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Grayson, Green, Harlan,

Hart, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Magoffin, Martin, McCreary,

Menlfee, Metcalfe, Monroe, Morgan, Muhlenberg, Owsley, Perry, Pike, Powell, Pulaski, Rockcastle, Russell, Wayne,

Whitley, Wolfe

Other Counties

KENTUCKY HOUSING CORPORATION

GROSS HOUSEHOLD INCOME LIMITS

WHEN HOME FUNDS ARE USED