Thursday, June 30, 2011

Kentucky Housing Down Payment Assistance increased to $6000.00 for Kentucky First Time Home Buyers

Kentucky Housing Down Payment Assistance increased to $6000.00

New Kentucky Housing Regular DAP!

Beginning with reservations on or after Friday, July 1, 2011, the Kentucky Housing Corporation (KHC) KHC Kentucky Housing Down payment Assistance Program (DAP) will increase to $6,000. The interest rate will remain at 6 percent, but the term will increase to ten years. The MRB Program Guide has been updated on the KHC Web site.

The monthly payment for $6,000 at 6 percent interest over ten years is $66.61.

HOME Family and HOME Special are Back!

HOME funds will be replenished on Friday, July 1, 2011. KEntucky Housing or KHC HOME Family or HOME Special DAP, each up to $10,000! Keep in mind these funds are on a limited, first-come, first-served basis. Full program parameters are available onKentucky Housing Mortgage Guidelines 2011
Funding Lottery Available Monday, July 25

Funds for the New Construction Program for Single Parents, Disabled, and Elderly Households will soon be available. The funding source this year will be New Bond funds, which means borrowers must meet all New Bond guidelines, with the exception of purchase price and income limits (listed below).

Kentucky Housing Down Payment Assistance increased to $6000.00 for Kentucky First Time Home Buyers

Funds will be available to populations that meet the following program guidelines:

First mortgage loan (FHA, VA, and RHS only - no conventional) with 30-year fixed interest rate of 1 to 6 percent. The rate will be the highest for which the applicant qualifies at ratios of 29/41.

New construction property only.

Maximum purchase price of $115,000.

Eligible households include:

Single parents with at least one dependent child under the age of 18 living in the household.

Households with at least one member with a permanent disability who is receiving some form of disability income (SSI, SSDI, etc.).

At least one of the home buyers age 62 or older.

Gross annual household income less than $28,000 for 1-2 persons or $33,000 for 3 persons or more.

Regular rate program with points required.

Borrowers must have minimum credit score of 640 and AUS approval.

Regular Down payment Assistance Program is available for down payment and closing costs.

Reservations will be selected through a lottery system. The lottery will be open for reservations Monday, July 25, through Wednesday, July 27. Winners will be notified by e-mail by Friday, July 29. All applicants MUST have a fully-executed contract when the loan is reserved

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