Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC

Down Payment Assistance Housing Programs for Kentucky First Time Home Buyers

$10,000 Down Payment assistance from Kentucky Housing Below  see details below for restrictions:

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​​​​​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 $349,525 with Secondary Market.
• 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.​
  

​​Secondary Market Funding Source

• First-time and repeat homebuyers statewide
• 30-year fixed interest rate
  
• Principal residence ONLY
  
• Purchase Price Limit:  $349,525​
  
• Borrower must meet KHC's Secondary Market Income Limits
  

Conventional Preferred Program

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (charter coverage)
• KHC DAP applicable
• No minimum borrower contribution
• No reserves required
• 80 percent AMI in​​come         
  

Conventional Preferred Plus 80

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (standard coverage)
• KHC DAP applicable
• No minimum borrower contribution
• No reserves required
• Secondary Market Income limits apply
  

FHA

• Insured by the Federal Housing Administration
• 3.5 percent down payment
• KHC DAP applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         

• Credit qualifying Streamline Refinance and Rate/Term Refinance
• Insured by the Federal Housing Administration
• Cash back to borrower not to exceed $500
• Upfront and monthly mortgage insurance
• Minimum credit score of 620         

VA

• Guaranteed by the Veterans Administration for qualified military veterans
• No down payment if the property appraises for the sales price or greater
• KHC DAP applicable
• Minimum credit score of 620
• No monthly mortgage insurance payments
  

​ Refinance Options (Available only through Secondary Market)         

• VA IRRRL
  
• ​620 minimum credit score
  
• No appraisal required
  
• 30-year term
  
• VA existing loan

Purchase Price Limitations

Secondary Market First Mortgage Programs and KHC's Homebuyer Tax Credit

Secondary Market New and Existing Homes................$349,525

KHC's Homebuyer Tax Credit.......................................$349,525​

Down Payment Assistance Kentucky 2022

Down Payment Programs in Kentucky for 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.

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

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.​

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

First-Time Home buyers Louisville, KY

Louisville KY:



 First-Time Home buyers Louisville, KY

Even beyond the bourbon, the Kentucky Derby and their famous baseball bats, Louisville is not a bad place to put your feet up at the end of the day. This city is certifiably Southern when it comes to food, drink and hospitality, but Louisville is also inclusive and friendly to LGBTQ residents and visitors, earning a perfect score on the Human Rights Campaign Municipal Equality Index in 2017. In other words, Louisville is more than just your stereotypical Southern city — it’s a cool, thriving and welcoming place to all (which is why they ranked at No. 28 on our Top 100 Best Places to Live list in 2019).  

In addition to an inclusive, amenity-filled environment, Louisville is affordable for first-time buyers. Their HOI is 80.5 according to the NAHB, meaning that most of the city’s housing is affordable to average income families, and the median price of homes sold is $176,300. And to encourage low and middle-income families to invest in the city, Louisville also offers an innovative Down Payment Assistance Program, which offers all buyers (not just first-timers) who are at or below 80% of the area median income with down payment assistance up to 20% of the purchase price. As long as you live in the home for five years and financially contribute $500 to the purchase of the property through the appraisal payment, home inspection or earnest money, you can get some financial help to buy your beautiful Southern dream home.

Senior  Loan Officer
Text/call 502-905-3708

Joel Lobb (NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3

Louisville, KY 40223

Company ID #1364 | MB73346

 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/

-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: 2019 Kentucky First Time Homebuyer Down Payment As...

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: 2019 Kentucky First Time Homebuyer Down Payment As...: $10,000 HHF DAP Available**************Currently out of funds*****Updated 12-2018 Here are action steps you ...

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Joel Lobb

Senior Loan Officer

(NMLS#57916

text or call my phone: (502) 905-3708

email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). 

KHC Home Buyer Tax Credit Down payment Assistance

KHC Home Buyer Tax Credit:

• Reduces the amount of federal income tax
you pay.
• Gives you more income to qualify for a
mortgage loan.
• Is effective for the life of the loan. As long as you
have a mortgage, you can claim the credit!
• A 25 percent tax credit of the mortgage interest
paid over a year (not to exceed $2,000).
• The remaining 75 percent of mortgage interest
can still be taken as a yearly deduction.
• Offers a reduction of the one-time fee* to $200
if you obtain your mortgage financing through
Kentucky Housing Corporation (KHC).



Down payment Assistance

Programs (DAP):
• Regular DAP:
Up to $6,000 second mortgage; paid back over
a 10-year period at 5.50 percent interest.
• Affordable DAP:
Up to $4,500 second mortgage; paid back
over a 10-year period at 1 percent interest.
Affordable DAP household income limits apply.
*DAPs can pay the home buyer tax credit fee.





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Louisville, Kentucky First Time Home Buyer Programs

1. FHA Loans in Kentucky

I do not have a lot of money for a down payment and have some credit issues in the past. 

Loan Features:

• Great for First Time Home buyers in Kentucky
• Low Down Payment of 3.5% for scores above 620
• Easy Credit Qualifying with lower credit scores 
• 2 years removed from bankruptcy Chapter &
• 3 years removed from  a foreclosure
• Clear Cavirs 
• 2 year work history

KENTUCKY FHA MORTGAGES Government-backed loans with flexible guidelines.500 minimum credit score with 10% down payment3.5% down payment with 580 credit score2 years removed from bankruptcyCan be combined with down payment grants for $0 down payment Max loan $$356,362 in Kentucky 2 year work history with no gaps over 6 months

Learn More

2. USDA Loans in Kentucky

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I live in a rural area and need financing for a home and have no money down in Kentucky for a home loan

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Loan Features:

• Great for those with Low to Moderate Income. 
• Up to 100% Financing
• Flexible Underwriting Guidelines and Credit Qualifications
• Household Income & Property Geographic Limitations Apply

Learn More

KENTUCKY USDA MORTGAGES Government-backed loans with flexible guidelines.Zero Down Payment640 Minimum Credit Score3 years removed from BankruptcyMax Income and Property Map Eligibility Requirements 2 year work history with no gaps over 60 days

3. Conventional Loans in Kentucky

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I am able to make a larger down payment and have a good credit score.

KENTUCKY CONVENTIONAL FIXED RATE MORTGAGES Get your fixed interest rates for eligible buyers.620 minimum credit score3% down payment4-7 years removed from Bankruptcy Depending of if Chapter 7 or 13Max Loan is $548,250 in Kentucky 2 Year work history but does not have to be same job

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Loan Features:

• Great for those with Moderate to High Income
• As Little as 5% Down Payment (only 3% for First-Time Homebuyers)
• 20% Down Payment Removes Mortgage Insurance Premiums
• Flexible Terms

Learn More

4. VA Loans in Kentucky

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I am an active member of the military or a veteran in Kentucky

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Loan Features:

• Designed to Provide Financing to American Veterans
• Up to 100% Financing
• No Monthly Private Mortgage Insurance (PMI)
• No minimum credit score
• 2 years removed from bankruptcy
• 
  

Learn More

KENTUCKY VA MORTGAGES Government-backed loans for those who’ve served our nation. Zero Down Payment LoanNo minimum credit score2 years removed from bankruptcyActive Duty --like to see a least a year left in service or 6 months reserves and a job relatable to your mos. skill

5. FHA Manufactured Home Guidelines for Mobile homes in Kentucky

I want to purchase a manufactured home with land.

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Loan Features:

• Great for First Time Homebuyers
• Low Down Payment
• Easy Credit Qualifying
• Easy Refinancing

Manufactured Housing

KHC requires an Affidavit of Conversion to Real Estate per KRS186A.297, when manufactured home is permanently affixed to land.

The Certificate of Title is surrendered.

If manufactured house has not been converted to real estate, then this can be done at closing.
The following items need to be uploaded in the Closed Loan Package:

A copy of the recorded affidavit and the surrendered title to the manufacture home.
A copy of the executed affidavit and title (to be surrendered) sent to the county clerk for recording.

If a new manufactured home, copy of the original certificate of origin from the manufacturer that is going to be delivered to the county clerk so that title can be ordered.

After title is received, affidavit is prepared for recording and title is surrendered.
Within 90 days or less from closing date, need original of newly recorded affidavit and coy of surrendered title.

Failure to send to KHC within timeframe could result in repurchase.
Affixations are not acceptable.

Do not record affixations with the mortgage.

Manufactured Housing Guidelines for Mobile homes in Kentucky

FHA and VA Loan with Manufactured Homes

Both new and existing manufactured housing is allowed.

FHA requires a foundation inspection by a structural engineer.

RHS Loans with Manufactured Home

KHC only allows new manufactured housing.

Dealer to property and set up like a stick built house.

Conventional Loans with Manufactured Home

Both new and existing manufactured housing is allowed with Conventional Preferred and Preferred Risk programs.

95% LTV / 105% CLTV.

No Structural Engineer inspection required for Conventional Loans