Showing posts with label KHC mortgage loans. Show all posts
Showing posts with label KHC mortgage loans. Show all posts

Kentucky Housing Income Limits for Mortgage Loans

New Income Limits for KHC Loans in Kentucky



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 D​AP income limits
  • .​

SECONDARY MARKET FUNDING SOURCE

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $346,644
  • Borrower must meet KHC’s Secondary Market Income Limits

KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021

Secondary Market Purchase Price Limit — $346,644

KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS


KHC or Kentucky Housing for Down Payment Assistance for Ky First Time Home Buyers


http://www.kyhousing.org/page.aspx?id=297
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.

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. 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 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
  • 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.