Friday, November 8, 2013

KHC or Kentucky Housing still has $6 million in Mortgage Revenue Bond (MRB) Special Funding available for Down Payment Assistance for Ky First Time Home Buyers


http://www.kyhousing.org/page.aspx?id=297
Down Payment Assistance for Ky First Time Home Buyers




KHC still has $6 million in Mortgage Revenue Bond (MRB) Special Funding available for Down payment assistance to Kentucky First Time Home Buyers.  This funding is limited and available on a first-come, first-served basis.  The borrower must demonstrate a need based on at least a 25 percent minimum front-end ratio.

Program guidelines:
  • First-time home buyers, unless property is located in a targeted county.
  • Interest rate is fixed at 2.5 percent without Down payment Assistance Program (DAP) or 3.0 percent with DAP.
  • Minimum
    front end ratio of at least 25 percent.  
  • Maximum ratios 40/45 percent.  
  • Executed purchase contract.
  • Existing or new construction property (purchase price limit $115,000).
  • Regular and Affordable DAP available.
  • FHA, VA, and RHS first-mortgage programs.
  • 640 credit score and AUS approval.
  • Gross annual household income limit of $35,000 for all household sizes.
  • Follow the 45-day lock with current reservation extension policy. 


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