Tuesday, January 9, 2018

$10,000 Down Payment Grant from Kentucky Housing for 2018 First Time Home Buyers
































































1. The purchase price or refinance amount is at or below:
 $282,000 with Secondary Market
 $253,800 with KHC’s Homebuyer Tax Credit (purchase only)
2. The applicant (s) meet KHC’s simple credit overlays:
 660 credit score for Conventional
 620 credit score for FHA, VA, and RHS
 Max ratio caps for government loans of 40/45%
 Max ratio caps for conventional loans of 40/50%
 AUS Approval required except on RHS

Affordable DAP Increasing from $4,500 to $6,000
Effective with new reservations as of Tuesday, August 21, 2018, the Affordable Down payment Assistance Program (DAP) has increased to $6,000. The term of 10 years and 1 percent interest rate will remain the same.

FHA Manual Underwriting
Effective immediately, KHC will allow manual underwriting on FHA loans.
  • Loan receiving a "Refer" finding; and
  • Loan receiving an "Approve/Accept" finding but which have been downgraded to a "Refer" by the Underwriter; and
  • Loan receiving an "Approve/Accept" is downgraded to a "Refer" loan must be a manual underwrite.
  • Minimum credit score of 620.
  • A verification of rent (VOR) is required if rent is paid to a management company or 12 months cancelled checks if paid to an individual.
  • A letter of explanation (LOE) from borrower is required if borrower is living rent free.
KHC follows U.S. Department of Housing and Urban Development guidelines with the exception of the minimum 620 credit score and VOR or LOE regarding not paying rent. Refer to the KHC/FHA Manual Underwriting Matrix on KHC's Lender Resources page, in the First Mortgage Program Information tab.












http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu








http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 MB73346


Text/call 502-905-3708

 kentuckyloan@gmail.com


http://www.nmlsconsumeraccess.org/

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/

-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.



Fill out my form!