Friday, January 8, 2016

Down payment Assistance for Kentucky First Time Homebuyers in 2016


Down Payment Assistance Housing Programs for Kentucky First Time Home Buyers in 2016
Updated 09/01/2016


The $15,000 Down payment assistance grant from KHC has been depleted. However there are two down payment assistance programs still available for Kentucky Home Buyers. 
However, they is $10,000 Down Payment assistance grant see details below for restrictions:



$10,000 HHF DAP
Kentucky Housing Corporation (KHC) is proud to announce a new Hardest Hit Fund
Down Payment Assistance Program (HHF DAP), a total of $4 million will be available for
NEW reservations beginning on Thursday, September 1, 2016, at 10 am, ET. The
HHF DAP will be available on a first-come, first-served basis, based on the completion
of the first mortgage and HHF DAP Reservations.

HHF DAP Program Guidelines:

• $10,000, 0 percent interest, forgivable second mortgage loan with a five-year
term.
• Not required to be at maximum LTV first mortgage amount
o No less than 81% LTV with Conventional Loans
• Property (new or existing) must be located in one of four counties:
o Christian
o Hardin
o Jefferson
o Kenton
• Secondary Market Purchase Price and Income Limits apply.
• Borrower must be a first-time home buyer (no ownership interest in the last three
years).
o Most recent three year federal tax returns or tax transcripts required
• Pre-purchase home buyer education required for ALL borrowers

There are two main down payment assistance programs for Kentucky First Time Home Buyers that are always available for 2016 Kentucky Home Buyers in every county of the state of Kentucky. 

This is usually around all year long!

1. Regular DAP ( available now)
  • Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
  • Cannot have owned a home in the last 3 years
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent.  A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
  • Available to all KHC first-mortgage loan recipients.

2. Affordable DAP (available now)

  • Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
  • Cannot currently own a home. You can have owned a home in the last 3 years but you must sell your current home to use this again. 
  • Assistance up to $4,500.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP household income limits.



Adair, Allen, Ballard, Barren, Bath, Bell, Boyd, Boyle, Breathitt, Breckinridge, Butler, Caldwell,
Carlisle, Carroll, Carter, Casey, Christian, Clay, Clinton, Crittenden, Cumberland, Elliott, Estill,
Fleming, Floyd, Fulton, Garrard, Grant, Graves, Grayson, Green, Greenup, Harlan, Harrison, Hart,
Hopkins, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Lincoln,
Livingston, Logan, Lyon, Magoffin, Marion, Martin, Mason, McCreary, Meade, Menifee, Metcalfe,
Monroe, Montgomery, Morgan, Muhlenberg, Nelson, Nicholas, Ohio, Owsley, Perry, Pike, Powell,
Pulaski, Robertson, Rockcastle, Rowan, Russell, Simpson, Taylor, Todd, Trigg, Union, Washington,
Wayne, Whitley, Wolfe



County Income Limits 

Anderson 120,050     Jessamine 119,350
Boone 124,600         Kenton 124,600
Bourbon 119,350     Larue 105,175
Bracken 124,600       Madison 99,925
Bullitt 112,175         Marshall 104,125
Calloway 102,725    McCracken 105,875
Campbell 124,600     Mclean 100,625
Clark 119,350           Mercer 103,425
Daviess 100,625       Oldham 112,175
Edmonson 106,400   Owen 109,200
Fayette 119,350        Pendleton 124,600
Franklin 108,850     Scott 119,350
Gallatin 124,600       Shelby 127,575
Hancock 100,625     Spencer 112,175
Hardin 105,175        Trimble 112,175
Henderson 110,950  Warren 106,400
Henry 112,175          Webster 110,950
Hickman 101,325     Woodford 119,350
Jefferson 112,175

The income limitations listed above are imposed by state law.










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