Kentucky Housing Income Limits for Mortgage Loans

New Income Limits for KHC Loans in Kentucky

Regular DAP

• Purchase price up to $346,644 with Secondary Market.
• Assistance in the form of a loan up to $6,000 in $100 increments.
• Repayable over a ten-year term at 5.50 percent.
• Available to all KHC first-mortgage loan recipients.

Affordable DAP

• Purchase price up to $346,644​ with Secondary Market.
• Assistance up to $6,000.
• Repayable over a ten-year term at 1.00 percent.
• Borrowers must meet Affordable D​AP income limits

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SECONDARY MARKET FUNDING SOURCE

• First-time and repeat homebuyers statewide
• 30-year fixed interest rate
• Principal residence ONLY
• Purchase Price Limit:  $346,644
• Borrower must meet KHC’s Secondary Market Income Limits

Conventional Preferred Program

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (charter coverage)
• All KHC DAPs applicable
• No minimum borrower contribution
• No reserves required
• 80 percent AMI income         

Conventional Preferred Plus 80

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (standard coverage)
• All KHC DAPs applicable
• No minimum borrower contribution
• No reserves required
• Secondary Market Income limits apply

FHA

• Insured by the Federal Housing Administration
• 3.5 percent down payment
• All KHC DAPs applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         

• Credit qualifying Streamline Refinance and Rate/Term Refinance
  • Insured by the Federal Housing Administration
  • Cash back to borrower not to exceed $500
  • Upfront and monthly mortgage insurance
  • Minimum credit score of 620         

VA

• Guaranteed by the Veterans Administration for qualified military veterans
• No down payment if the property appraises for the sales price or greater
• All KHC DAPs applicable
• Minimum credit score of 620
• No monthly mortgage insurance payments

​ Refinance Options (Available only through Secondary Market)         

• VA IRRRL
  • ​620 minimum credit score
  • No appraisal required
  • 30-year term
  • VA existing loan

RH​​S

• Guaranteed by Rural Housing Services (RHS)
• Home must be located in a rural area as defined by RHS
• No down payment if the property appraises for the sales price or greater
• All KHC DAPs applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         

• RHS Streamlined-Assist Refinance Program
  • 620 minimum credit score
  • No appraisal required
  • Must have made timely mortgage payments for the last 12 months
  • 30-year term
  • RHS existing 502 guaranteed loan​

Home Buyer Tax Credit​

KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021

Secondary Market Purchase Price Limit — $346,644

KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS