Wednesday, September 12, 2012

KHC loan and Kentucky Housing Eligibility

KHC loan and Kentucky Housing Eligibility



Eligibility

Eligibility

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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:
  • 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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