Tuesday, March 27, 2012

KHC Down Payment Assistance DAP Programs for Kentucky Home Buyers 2012


KHC Down Payment Assistance DAP Programs for Kentucky Home Buyers 2012

Down Payment Assistance Program (DAP) Guidelines

Only home buyers obtaining a Kentucky Housing Corporation first mortgage are eligible for DAP funds.
Interest Rate with DAP Applicable.

Regular DAP


 Eligible Applicants – Households whose gross annual income does not exceed
KHC’s regular income guidelines and who are utilizing a KHC loan.
 Eligible Properties – New and existing properties with a maximum purchase price of
$243,000.
 DAP Loan Amount – up to $6,000 in $100 increments with a $500 minimum. Must
go maximum allowed LTV on first-mortgage amount.
 Interest Rate – 6%.
 Terms – Loan is repaid over a ten-year term.
Ratios – Ratios with AUS approval can go 40%/45%. May gross-up non-taxable
income to help qualify for the loan.


 Buyer or seller may use own funds to pay for repairs and
payoff existing debt; DAP funds may not be used.

HOME DAP Loan


Criteria HOME DAP
Eligible Applicants Households whose gross annual income does not exceed HOME Program income guidelines.
Eligible Properties  Existing (previously occupied) property only up to a maximum purchase price of $195,700.
 Property cannot be located within 3,000 feet of an airport runway.
 If house was built before January 1, 1978 and has extensive lead-based paint problems, property will not be eligible
for programs.
Minimum of $1,000 up to a maximum of $4,500 based on need. Must go maximum on first mortgage amount.
Loan Terms
Second mortgage loan forgiven over five years; no monthly repayment required.


Fill out my form!