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

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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