Saturday, May 19, 2012

Down Payment and Closing Costs Assistance for Jefferson County Kentucky Louisville Metro


Down Payment and Closing Costs Assistance for Jefferson County Kentucky Louisville Metro

Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help.

Regular Down payment Assistance Program (DAP)

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 6 percent. A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61.
  • 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 for Regular DAP.
  • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
  • Specific credit underwriting standards may apply to down payment programs.
KENTUCKY HOUSING CORPORATION
2012 GROSS ANNUAL HOUSEHOLD INCOME LIMITS
Effective February 21, 2012
The income limitations listed below are imposed by federal law.
Failure to comply with them may create adverse consequences for Kentucky Housing Corporation and its bondholders.
Funding Source: New Bond Funds (Purchase Price Limit – $243,000)
Jefferson County Income Limits74,160
$ for 1 person
86,520
$ for a family of 5

Mortgage Revenue Bond Interest Rates (Purchases ONLY):

60-Day Lock

Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
  • 640 credit score
  • AUS approval
4.125%
4.250%
Conventional
  • 660 credit score
  • AUS approval
  • Maximum 80% LTV*
4.125%
NOT AVAILABLE
Borrower must use own funds or gift funds


In order to get you pre-approved, I would need to get the following documents from you. This is a free process to get pre-approved for a KHC loan.


Required Documents
  • Past two (2) years W-2 statements
  • Pay Stubs covering the last (30) thirty days
  • two most recent monthly bank statements
  • Most recent transaction summary of 401K, IRA, or Mutual Fund Accounts
  • If divorced...a fully executed divorce decree
  • A letter of explanation for any known credit problems
  •  
  • Two (2) years signed personal tax returns - including all schedules
  • If self-employed through a corporation, last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet


--

Joel Lobb (NMLS#57916)Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*






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