Showing posts with label Kentucky State Loan Programs. Show all posts
Showing posts with label Kentucky State Loan Programs. Show all posts

KHC Loan Products

KHC Loan Programs 

Conventional Loans
The KHC also offers a conventional loan program for borrowers with a credit score of 660 or better. The conventional loan features a quick turnaround time, requires a 20% down payment, and has no up-front or monthly mortgage insurance. Under the program, the loan is insured by an approved mortgage insurance company 

FHA Loans
The FHA loans offered through the KHC require that borrowers have a minimum credit score of 620. The loans feature down payments of as little as 3.5% and upfront and monthly mortgage insurance. The KHC’s Regular Down payment Assistance Program (DAP) can be used for the 3.5% down payment requirement.  All FHA loans are insured by the Federal Housing Administration (KHC Loan Programs 

VA Loans
As with all VA loans, the VA loans offered through the KHC are guaranteed by the Veterans Administration for qualified military veterans with a minimum credit score of 620. These loans feature:
·        no down payment if the property appraises for the sale price or greater;
·        flexible credit underwriting; and
·        no monthly mortgage insurance payments .

RHS Loans
RHS loans are guaranteed by Rural Housing Services (RHS) and are available only for homes located in a rural area as defined by RHS. Like the VA loan, the RHS loan requires that borrowers have a minimum credit score of 620, and doesn’t require a down payment if the property appraises for the sale price or greater 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

Text/call:      502-905-3708
fax:            502-327-9119

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Kentucky State Loan Programs

Kentucky State Loan Programs

Program titles link to program source website or pdf file (where available). Links open in a new window.

Down Payment Assistance Program (DAP) KHC has five options for down-payment assistance available to qualified homebuyers. The regular DAP is a second mortgage for up to $4,500 which features a deferred repayment until July 1, 2010. The HOME-DAP also provides up to $4,500, but may be forgiven over the next five years if the homeowner stays there that long. A HOME Special Program is similar, but is meant for the disabled and the elderly, and offers assistance of up to $10,000. The HOME Family Program is like the other HOME programs, but is offered only to first-time homebuyers who are also parents of minor children. Finally, the Second Mortgage Product is a down-payment assistance program available only to borrowers working with the Secondary Market Program.

Foreclosure Prevention Counselors We are approved by the U. S. Department of Housing and Urban Development (HUD) to provide counseling, education and advice in housing issues to new and existing homeowners.

Kentucky Housing Loans Homebuyers who purchase a home through Kentucky Housing are able to secure a 30-year fixed first mortgage on their new home, subject to income and other credit-related requirements. If needed, the Down Payment Assistance Program (DAP) may be used to help with the minimum 3 percent down payment.

New Construction Program for Single-Parent, Disabled, and Elderly Households This special loan program makes it easier for certain Kentucky residents to be able to build their own home. Single parents of minor children, SSI/SSDI recipients, disabled veterans, and homebuyers aged 62 or older qualify for the program and may also use the KHC DAP loan program to help with the up-front costs of securing the first mortgage. Income and purchase price limits apply.

Secondary Market Program Homeowners who wish to refinance their home in a conventional mortgage with KHC can do so, subject to credit approval. Repeat buyers and current homeowners may receive financing for up to $316,000 on new and existing homes.

Free Prequalification below
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or call 502-905-3708