Kentucky Housing first mortgage loans
GNMA Secondary Market
Home Buyer Tax Credit
KHC's Home Buyer Tax Credit is available through Mortgage Credit Certificates (MCC), which reduce the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax. One-time fee of $500 or reduced to $200 if through KHC's GNMA Secondary Market First Mortgage Program. Not valid with MRB loan programs.
Special First Mortgage Loan Programs
The Lottery for Special Funding is opened once a year. The funds are allocated for persons meeting income and all MRB Guidelines. These limited funds are available, usually in July, on a first-come, first-served basis.
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Joel Lobb (NMLS#57916)Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
Applying for a Kentucky Housing loan is easy. Just contact one of our approved lendershttp://kentuckyfirsttimehomebuyer.com near you and ask for a Kentucky Housing loan.