Down Payment and Closing Costs Assistance for Jefferson County Kentucky Louisville Metro
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)|
Mortgage Revenue Bond Interest Rates (Purchases ONLY):
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
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.
- 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
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