Kentucky Fannie Mae HomeReady
Effective immediately, eligible Kentucky Fannie Mae HomeReady purchase borrowers may receive $2,500 assistance, if the loan meets certain requirements:
- The loan must be underwritten in DU and receive an Approve/Eligible.
- The borrower(s) must have qualifying income less than or equal to 50% of the area median income limit for the property’s location.
- The full amount of the assistance must be applied directly to the borrower through the transaction and applied to down payment and/or closing costs.
- The assistance can fulfill the 3% minimum contribution requirement for loans on single family properties or for loans on 2-4-unit properties with LTV ratios up to 80%.
All other Fannie Mae and HomeReady program requirements apply. Loans must be delivered on or before 12/31/2024.
Freddie Mac Home Possible Kentucky $2500 Down payment Assistance
Effective immediately, eligible Home Possible purchase loans may receive $2,500 in assistance if the loan meets certain requirements:
- The loan must be underwritten in LPA and receive a Risk Class of Accept.
- The borrower(s) must have qualifying income less than or equal to 50% of the area median income limit for the property’s location.
- The full amount of the assistance must be applied directly to the borrower through the transaction and applied to down payment and/or closing costs.
- The assistance may be used to offset the 3% minimum contribution requirement from borrower personal funds.
All other Freddie Mac and Home Possible program requirements apply. Loans must be delivered on or before 12/31/2024.
