KHC loan and Kentucky Housing Eligibility
Eligibility
Eligibility |  |
MRB Eligibility
To qualify for a MRB KHC loan, you must meet the following requirements:
- Annual household income must fall within the MRB 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 first-time buyer or repeat homeowner (if the property is located in a Targeted County).
GNMA Eligibility
To qualify for a GNMA KHC loan, you must meet the following requirements:
- Meet GNMA income limits for your county.
- 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 first-time buyer or repeat homeowner.
Property - for both MRB and GNMA Secondary Market Loan Programs
The home you wish to purchase must meet the following guidelines:
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).
- One-acre maximum on lot size unless acreage waiver is obtained. (MRB Only)
Purchase Price Limitations
(Effective July 2010)
MRB and GNMA Secondary Market First Mortgage Programs
New and Existing Homes.............................................. $243,000
MRB and GNMA Secondary Market First Mortgage Programs When Utilizing ANY Form of HOME DAP
Existing Homes ONLY................................................... $195,700
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