Showing posts with label Kentucky $2500 Down payment Assistance. Show all posts
Showing posts with label Kentucky $2500 Down payment Assistance. Show all posts

Kentucky Fannie Mae or Freddie Mac $2500 in assistance toward the down payment and/or closing costs.

 

Kentucky Fannie Mae HomeReady and Freddie Mac Home Possible purchase borrowers may receive $2500 in assistance toward the down payment and/or closing costs.

Kentucky Fannie Mae HomeReady

Effective immediately, eligible Kentucky Fannie Mae HomeReady purchase borrowers may receive $2,500 assistance, if the loan meets certain requirements:

  • The loan must be underwritten in DU and receive an Approve/Eligible.
  • The borrower(s) must have qualifying income less than or equal to 50% of the area median income limit for the property’s location.
  • The full amount of the assistance must be applied directly to the borrower through the transaction and applied to down payment and/or closing costs.
  • The assistance can fulfill the 3% minimum contribution requirement for loans on single family properties or for loans on 2-4-unit properties with LTV ratios up to 80%.  

All other Fannie Mae and HomeReady program requirements apply. Loans must be delivered on or before 12/31/2024.

 

Freddie Mac Home Possible Kentucky $2500 Down payment Assistance 

Effective immediately, eligible Home Possible purchase loans may receive $2,500 in assistance if the loan meets certain requirements:

  • The loan must be underwritten in LPA and receive a Risk Class of Accept.
  • The borrower(s) must have qualifying income less than or equal to 50% of the area median income limit for the property’s location.
  • The full amount of the assistance must be applied directly to the borrower through the transaction and applied to down payment and/or closing costs.
  • The assistance may be used to offset the 3% minimum contribution requirement from borrower personal funds. 

All other Freddie Mac and Home Possible program requirements apply. Loans must be delivered on or before 12/31/2024.


Kentucky Fannie Mae HomeReady and Freddie Mac Home Possible purchase borrowers may receive $2500 in assistance toward the down payment and/or closing costs.