Showing posts with label KHC's Purchase Price and Income Limits for Jefferson County Kentucky. Show all posts
Showing posts with label KHC's Purchase Price and Income Limits for Jefferson County Kentucky. Show all posts

Kentucky Mortgage Loan Limits for FHA, VA, USDA, KHC and Conventional Mortgage Loans in 2020.

Kentucky Loan limits increase for FHA, VA,  Conventional Mortgages 

Kentucky Mortgage loan limits are changing in 2020 for Kentucky home buyers . Borrowers will be able to take out bigger loans backed by FHA, VA, Conventional, USDA and KHC loans.

If you’re buying a single-family home in 2020, most areas of the U.S. now let you borrow up to these limits:

KHC's Purchase Price and Income Limits

Funding Source: Secondary

Secondary Market Purchase Price Limit: $314,827

Gross Annual Income Limits using Secondary Market Funds:
1 or 2 person(s):
$133,700
3 or more persons:
$133,700

Gross Annual Household Income Limit for Homebuyer Tax Credit:
1 or 2 person(s):
$76,400
3 or more persons:
$87,860

Gross Annual Household Income Limit for Conv DTS funds:
1 or more persons:

Gross Annual Income Limits when Affordable DAP funds used:
1 person:
$60,480
2 persons:
$60,480
3 persons:
$60,480
4 or more persons:
$60,480


Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708

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/

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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KHC's Purchase Price and Income Limits for Jefferson County Kentucky

KHC's Purchase Price and Income Limits for Jefferson County Kentucky

Purchase Price Limit: $243,000


Gross Annual Household Income Limit:


1 or 2 person(s): 3 or more persons:


$74,160 $86,520



Gross Annual Household Income Limits when HOME funds used:


1 person: 2 persons: 3 persons: 4 or more persons:


$34,650 $39,600 $44,550 $49,450


New Construction Program for Single Parents, Disabled and Elderly Households

Purchase Price Limit: $115,000


Gross Annual Household Income Limit:


1 or 2 person(s): 3 or more persons:


$28,000 $33,000



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