Kentucky Fannie Mae or Freddie Mac $2500 in assistance toward the down payment and/or closing costs.

 

Kentucky Fannie Mae HomeReady and Freddie Mac Home Possible purchase borrowers may receive $2500 in assistance toward the down payment and/or closing costs.

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.