Kentucky Housing Income Limits for Mortgage Loans

New Income Limits for KHC Loans in Kentucky

New Income and Purchase Price Limits for Secondary Market and Mortgage Revenue Bond KHC’s eliminated the front-end ratio of 40%, effective with new reservations on Monday, June 24, 2024.

Eligibility: Both first-time and repeat home buyers purchasing a single-family dwelling. Purchase price can be no more than $510,939.

 Applicant’s income must be within applicable secondary market limits in effect.

Federal Housing Administration (FHA)

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Minimum 620 credit score.

•

Financing to 96.50% of lesser of sales price or appraised value.

•

Maximum ratio 50%.

Upfront and Annual Mortgage Insurance Premiums 30-Year Loan Term LTV less than or equal to 95% 1.75% UFMIP .50 Annual LTV greater than 95% 1.75% UFMIP .55 Annual

Rural Housing Services (RHS)

Minimum 620 credit score.

•

Financing to 100% of the appraised value, plus guarantee fee of 1.00%/0.35% annual fee.

•

Maximum ratio 50%.

Veteran’s Administration (VA)

Minimum 620 credit score.

•

Financing to 100% of the lesser of the appraised value or sale price plus funding fee.

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Maximum ratio 50%.

•

No monthly mortgage insurance.

Regular Down Payment Assistance Programs (DAP) 

Only home buyers obtaining a Kentucky Housing Corporation first mortgage are eligible for DAP funds. Interest Rate with DAP applicable. 

 Up to $10,000 Minimum of $1,000 

Terms 3.75% amortized over 10 years Purchase Price Limit $510,939

With AUS approval, can go up to 50% with all loans.

 Required Repairs Buyer or seller must use OWN funds to pay for repairs

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574

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's Down payment Assistance Program (DAP)

Down Payment Assistance Programs in Kentucky

Kentucky Down payment assistance loans are available up to $10,000 for Mortgage

For Kentucky First Time Home Buyers to current Kentucky homeowners, many state, county and local housing agencies offer affordable loan programs with Down Payment Assistance (DPA), subject to availability of funds and credit qualifying. 

Kentucky Down Payment Assistance programs  can vary with single products or sometimes can be a combination of products such as Mortgage Credit Certificates (MCC), Grants, DPA’s along with closing cost assistance and low interest rates and fees that can help individuals and families become successful homeowners.

All Kentucky home borrowers must qualify for an underlying mortgage product according to the Housing Finance Agency authority (FHA, VA, USDA or Conventional). 

Housing loan programs are then layered on top to provide additional benefits. If eligible, the borrower can also add a down payment and closing cost assistance to their loan according to individual program guidelines

Kentucky Housing Regular Down Payment Assistance of $10,000

• 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.​

Kentucky Housing Mortgage Revenue Bonds (MRB)

• Informational Flyer
  
• First-time homebuyers statewide in non-targeted areas​
  
• First-time and repeat homebuyers statewide in targeted areas
  
• 30-year fixed interest rate
  
• Principal residence ONLY
  
• Purchase Price Limit: $510,939
  
• Borrower must meet KHC's MRB Income Limits
  

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

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
  

RH​​S

• Guaranteed by Rural Housing Services (RHS)
• Home must be located in a rural area as defined by RHS
• No down payment if the property appraises for the sales price or greater
• KHC DAP applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620
  

​​​​

​​​​​Secondary Market Funding Source

• First-time and repeat homebuyers statewide
  
• 30-year fixed interest rate
  
• Principal residence ONLY
  
• Purchase Price Limit:  $510,939​
  
• 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
  

Freddie HFA ​Advantage

• Press release about new program
  
• Informational flier
  
• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (charter coverage ≤ 80% AMI​, standard coverage > 80% AMI)
• 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
  

R​H​​S

• Guaranteed by Rural Housing Services (RHS)
• Home must be located in a rural area as defined by RHS
• No down payment if the property appraises for the sales price or greater
• KHC DAP applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620
  

Refinance Options (Available only through Secondary Market)         

• RHS Streamlined-Assist Refinance Program
  
• 620 minimum credit score
  
• No appraisal required
  
• Must have made timely mortgage payments for the last 12 months
  
• 30-year term
  
• RHS existing 502 guaranteed loan​

$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 $481,176 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

• 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

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/

KENTUCKY HOUSING QUALIFYING CRITERIA FOR DOWN PAYMENT ASSISTANCE

$10,000 available thru KHC for down payment assistance KY

What is Kentucky Housing?

• 
  
• 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)
• All KHC DAPs applicable
• No minimum borrower contribution
• No reserves required
• 80 percent AMI income         

Conventional Preferred Plus 80

• Minimum credit score of 660
• 3 percent down payment
• Monthly mortgage insurance (standard coverage)
• All KHC DAPs 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
• All KHC DAPs 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
• All KHC DAPs 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

RH​​S

• Guaranteed by Rural Housing Services (RHS)
• Home must be located in a rural area as defined by RHS
• No down payment if the property appraises for the sales price or greater
• All KHC DAPs applicable
• Upfront and monthly mortgage insurance
• Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         

• RHS Streamlined-Assist Refinance Program
  • 620 minimum credit score
  • No appraisal required
  • Must have made timely mortgage payments for the last 12 months
  • 30-year term
  • RHS existing 502 guaranteed loan​

Secondary Market Purchase Price Limit -- $481,176

 

County	Applicant(s) Income Limit	County	Applicant(s) Income Limits
Anderson	154,700	Jefferson	157,150
Boone	181,300	Jessamine	163,450
Bourbon	163,450	Kenton	181,300
Bracken	181,300	Larue	143,500
Bullitt	157,150	McCracken	145,950
Campbell	181,300	McLean	159,600
Clark	163,450	Marshall	145,425
Crittenden	140,700	Meade	155,225
Daviess	159,600	Nelson	149,800
Edmonson	139,825	Oldham	157,150
Fayette	163,450	Pendleton	181,300
Franklin	149,450	Scott	163,450
Gallatin	181,300	Shelby	173,775
Hancock	159,600	Spencer	157,150
Hardin	143,500	Warren	139,825
Henderson	152,775	Washington	148,225
Henry	157,150	Woodford	163,450

 Applicant’s Income Limit for all other counties not listed above: $137,550

Read more below at the links for KHC Detailed Mortgage Information in regards to fully qualifying for a KHC loan.



KHC (15)

KHC Down payment Assistance Program Kentucky Housing (20)

khc dap (6)

KHC for downpayment assistance (3)

KHC Loan Programs (8)

Joel Lobb (NMLS#57916)
Senior Loan Officer


American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite

Louisville, KY 40223

Company ID #1364 | MB73346


Text/call 502-905-3708

kentuckyloan@gmail.com



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.


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#57916http://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.