Down Payment Assistance Kentucky 2022 Kentucky Housing Corporation KHC

Kentucky Down payment assistance loans are available up to $7,500 for Mortgage


No Money Down Home Loans Available in Kentucky in 2022



ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!
1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.


KHC is used for mostly applicants in Kentucky that don't have access to money for a down payment on their home. 

​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help. 

Regular DAP

  • Purchase price up to $346,644 with Secondary Market.
  • Assistance in the form of a loan up to $7,500 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $346,644​ with Secondary Market.
  • Assistance up to $7,500.
  • Repayable over a 10-year term at 1.00 percent.
  • Borrowers must meet Affordable D​AP income limits.

​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.​

​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
  • KHC ELIGIBILITY AND CREDIT STANDARDS OVERVIEW
  • (Not intended to be an all-inclusive list.)
  • Home Buyer Eligibility
  • • KHC can help both first time and repeat home buyers statewide.
  • • Must be a U.S. citizen or legal status to be in U.S.
  • • Applicant’s income ONLY through Secondary Market.
  • • Property must be the borrower’s principal residence.
  • • Any Borrower that meets both the income and purchase price limit can have access to Down Payment Assistance.
  • Kentucky Housing Credit Standards
  • • 620 minimum credit score required for FHA, VA, & RHS.
  • • 660 minimum credit score required for Conventional.
  • • Debt ratios: 40/50%
  • • Collections in most cases do not need to be paid-off in full.
  • • Bankruptcies and foreclosures must be discharged two to seven years.
  • • Non-taxable income can be grossed-up.
  • Property Eligibility
  • • Both new and existing property.
  • • Both new & existing Manufactured Housing.
  • • With RHS only new construction Manufactured housing is allowed.
  • • Purchase price limit of $346,644 for Secondary Market or $311,997 for Tax Credit.
  • • Full appraisal required on all KHC loans.
  • • With Existing Property, VA is the only loan product that requires a termite inspection.
  • • A termite soil treatment certificate is required on ALL new construction properties except on conventional loans.
  • .​

SECONDARY MARKET FUNDING SOURCE

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $346,644
  • Borrower must meet KHC’s Secondary Market Income Limits

KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021

Secondary Market Purchase Price Limit — $346,644




KENTUCKY HOUSING INCOME MORTGAGE LIMITS FOR  2022

KHC AFFORDABLE DOWN PAYMENT ASSISTANCE INCOME REQUIREMENTS FOR 2022 AFFORDABLE DAP




Joel Lobb Kentucky Housing Top Loan Officer






Joel Lobb 

Joel Lobb, American Mortgage Solutions (Statewide)

Joel has worked with KHC for 12 of his 20 years in the mortgage lending business. Joel said, “A lot of my clients would not have been able to purchase a home of their own or possibly delayed their purchase due to lack of down payment but with the $6,000 DAP loan program, this gets them into a house sooner and starts their path to home ownership while building equity instead of throwing their money away.”

When you’re ready to purchase a home in Joel's area, contact him at:
Phone: 502-905-3708
Email: Kentuckyloan@gmail.com
Website: www.mylouisvillekentuckymortgage.com















Joel Lobb (NMLS#57916)

Senior Loan Officer

Text/call 502-905-3708


If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


kentuckyloan@gmail.com


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/

Down Payment Assistance KHC

Down Payment Assistance thru KHC


KHC Down Payment Assistance of $7,500 From Kentucky Housing DAP 


KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs