Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC

Down Payment Assistance Housing Programs for Kentucky First Time Home Buyers

$10,000 Down Payment assistance from Kentucky Housing Below  see details below for restrictions:

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​​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. We offer a special loan program to help with those. Your KHC-approved lender can help you apply.

Regular DAP

• Purchase price up to $349,525 with Secondary Market.
• Assistance in the form of a loan up to $10,000 in $100 increments.
• Repayable over a 15-year term at 3.75 percent.
• Available to all KHC first-mortgage loan recipients.

​​More About Down Payment and Closing Costs

• No liquid asset review and no limit on borrower reserves.
• Specific credit underwriting standards may apply to down payment programs.​

​Secondary Market Eligibility

To qualify for a Secondary Market KHC loan, you must meet the following requirements:

• Meet Secondary Mark​et Income​ Limits for your county.
• Be a U.S. citizen, other national or qualified alien person
• Have a minimum credit score of 620.
• Be a first-time or repeat homebuyer.

Property Eligibility

The home you wish to purchase must meet the following guidelines.

• Borrower must occupy the home within 60 days of closing and for duration of loan.
• New or previously occupied detached, single-family home.
• New or previously occupied condominium, townhouse, or attached unit in a planned unit development.
• Check with lender for eligible condominiums.
• New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate
• ​Must meet loan type's foundation requirements.
• ​The property purchased must be in Kentucky.​
  

​​Secondary Market Funding Source

• First-time and repeat homebuyers statewide
• 30-year fixed interest rate
  
• Principal residence ONLY
  
• Purchase Price Limit:  $349,525​
  
• 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)
• KHC DAP applicable
• No minimum borrower contribution
• No reserves required
• 80 percent AMI in​​come         
  

Conventional Preferred Plus 80

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (standard coverage)
• KHC DAP 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
• KHC DAP 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
• KHC DAP 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

Purchase Price Limitations

Secondary Market First Mortgage Programs and KHC's Homebuyer Tax Credit

Secondary Market New and Existing Homes................$349,525

KHC's Homebuyer Tax Credit.......................................$349,525​