Showing posts with label Down payment Assistance Program (DAP) has increased to $10000. Show all posts
Showing posts with label Down payment Assistance Program (DAP) has increased to $10000. Show all posts

Kentucky Homebuyers: Big News! $12,500 Down Payment Assistance


Kentucky homebuyers — big news! For a limited time, you can get up to $12,500 in down payment assistance through the Kentucky Housing Corporation.


From August 21st through November 30th, KHC has boosted its assistance from $10,000 to $12,500. That’s more cash to cover your down payment, closing costs, and even prepaids.


This program works with FHA, VA, USDA, and Conventional loans. First-time and repeat buyers may qualify, with a minimum credit score of just 620


Example: On a $200,000 home, your down payment and closing costs could total $12,500. With KHC, you could buy with little to no money out of pocket.


Here’s how it works: check your credit, verify income, and apply through a KHC-approved lender. Funds are limited, so reserving early is key

Don’t miss out — this $12,500 program ends November 30th. Contact Joel Lobb at EVO Mortgage today to get pre-approved and lock in your assistance




Joel Lobb – EVO Mortgage

NMLS 57916 | EVO Mortgage NMLS 1738461

📞 502-905-3708

📧 kentuckyloan@gmail.com




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$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 $510,939 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
Conventional Preferred Plus 80
FHA
VA







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/


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