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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I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with down payment assistance with KHC. Free Mortgage applications same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS ID 1364
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Showing posts with label KHC for downpayment assistance. Show all posts
Showing posts with label KHC for downpayment assistance. Show all posts
KHC Home Buyer Tax Credit Down payment Assistance
Labels:
Buyer Grants Kentucky,
down payment assistance and first time home buyer grants,
First Time Home Buyer Grants Kentucky,
KHC for downpayment assistance
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
KHC or Kentucky Housing for Down Payment Assistance for Ky First Time Home Buyers
Down Payment Assistance for Ky First Time Home Buyers |
Kentucky Down payment assistance loans are available up to $6,000 for Mortgage
KHC is used for mostly applicants in Kentucky that don't have access to money for a down payment on their home.
Down payment assistance loans are available up to $6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5% based on applicants gross income.
These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.
These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.
KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.
Regular DAP
- Purchase price up to $346,644 with Secondary Market.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a ten-year term at 5.50 percent.
- Available to all KHC first-mortgage loan recipients.
Affordable DAP
- Purchase price up to $346,644 with Secondary Market.
- Assistance up to $6,000.
- Repayable over a ten-year term at 1.00 percent.
- Borrowers must meet Affordable DAP 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
- 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.
Labels:
Down Payment,
Down Payment Assistance Program - Housing - Louisville Ky,
KHC for downpayment assistance,
KHC Mortgage Interest Rates,
KHC mortgage loans,
KHC's Homeownership Counseling
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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