Showing posts with label First Time Buyer. Show all posts
Showing posts with label First Time Buyer. Show all posts

Kentucky Housing Corporations KHC First Time Home Buyers Down Payment Assistance Zero Down Options for 2014


KHC First Time Home Buyers Down Payment Assistance Zero Down

Kentucky Housing Corporation (KHC) still has $4 million in Mortgage Revenue Bond (MRB) Special Funding available!  This funding is limited and available on a first-come, first-served basis.  

Effective with reservations on or after Monday, January 6, 2014, all households below $35,000 gross annual household income will qualify for the MRB Special Funding interest rates. The rate with DAP will be lowered and the requirement to demonstrate a need by having at least a 25% front ratio has been eliminated. 

Program guidelines:
  • First-time home buyers, unless property is located in a targeted county.
  • Interest rate is fixed at 2.5 percent without Down payment Assistance Program (DAP) or 2.75 percent with DAP.
  • Maximum ratios 40/45%.
  • Executed purchase contract.
  • Existing or new construction property (purchase price limit $115,000).
  • Regular and Affordable DAP available.
  • FHA, VA, and RHS first-mortgage programs.
  • 640 credit score and AUS approval.
  • Gross annual household income limit of $35,000 for all household sizes.
  • Follow the 45-day lock with current reservation extension policy.

  • The lower interest rate is not guaranteed until the lender receives the updated reservation confirmation.


 Appy below for free for this program or call me below with your questions. 


joel lobb
Louisville Mortgage Group
License:  NMLS# 57916
I specialize in Kentucky FHA, VA, USDA, KHC, Jumbo and Fannie Mae mortgage loans in Ky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money ...view more
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(502) 905-3708
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New Down Payment Assistance Program for Kentucky Home Buyers

New Down Payment Assistance Program
New Down Payment Assistance Program for Kentucky Home Buyers





KHC received $3 million to offer a new Down payment Assistance Program (DAP) from the Kentucky Attorney General National Mortgage Settlement Fund.

Effective Friday, August 10, 2012, Neighborhood DAP will be available to all KHC-approved lenders when utilizing a KHC first mortgage program.

The goal is to stabilize neighborhoods by providing more flexible housing solutions for the existing housing stock in the Commonwealth.

Neighborhood DAP 
  • Repayable second mortgage up to $10,000
  • 1 percent interest rate amortized over 30 years
  • Must be within the GNMA or MRB income limits per first mortgage funding source
  • To be eligible for the Neighborhood DAP either:
    • The property must have been foreclosed upon.
    • The new construction or existing property has been for sale for at least 6 months or more. 
    • The home buyer has experienced a foreclosure and now their credit qualifies to purchase another home.

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

New Down Payment Assistance Program for Kentucky Home Buyers

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone
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FIRST TIME BUYER PROGRAMS FOR JEFFERSON COUNTY KY


FIRST TIME BUYER PROGRAMS FOR JEFFERSON COUNTY KY


Conventional

  • Insured by approved mortgage insurance company.
  • Minimum credit score of 660 or better.
  • Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 640.

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 640.
  • No monthly mortgage insurance payments.

Down Payment and Closing Costs Assistance



Regular Down payment Assistance Program (DAP)

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 6 percent.  A DAP of $6,000 over ten years at 6 percent interest would equal a payment of $66.61.
  • Available to all KHC first-mortgage loan recipients.

HOME-DAP

  • Purchase price up to $195,700.
  • Assistance up to $4,500
  • No monthly repayment; forgiven over five years.
  • Existing homes only.
  • Borrowers must meet HOME-income guidelines.

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves for Regular DAP.
  • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
  • Specific credit underwriting standards may apply to down payment programs.



THANKS,

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com


107 South Hurstbourne Parkway*
Louisville, KY 40222*




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