$10,000 Down Payment assistance from Kentucky Housing

​​​​​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 $481,176 with Secondary Market​ or Mortgage Revenue Bond (MRB) income limits.
• Assistance in the form of a loan up to $10,000 in $100 increments.
• Repayable over a 10-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.​

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

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/