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 DAP income limits
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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
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (charter coverage)
- All KHC DAPs applicable
- No minimum borrower contribution
- No reserves required
- 80 percent AMI income
- Minimum credit score of 660
- 3 percent down payment
- Monthly mortgage insurance (standard coverage)
- All KHC DAPs applicable
- No minimum borrower contribution
- No reserves required
- Secondary Market Income limits apply
- Insured by the Federal Housing Administration
- 3.5 percent down payment
- All KHC DAPs applicable
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
Refinance Options (Available only through Secondary Market)
- Credit qualifying Streamline Refinance and Rate/Term Refinance
- Insured by the Federal Housing Administration
- Cash back to borrower not to exceed $500
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
- Guaranteed by the Veterans Administration for qualified military veterans
- No down payment if the property appraises for the sales price or greater
- All KHC DAPs applicable
- Minimum credit score of 620
- No monthly mortgage insurance payments
Refinance Options (Available only through Secondary Market)
- VA IRRRL
- 620 minimum credit score
- No appraisal required
- 30-year term
- VA existing loan
- Guaranteed by Rural Housing Services (RHS)
- Home must be located in a rural area as defined by RHS
- No down payment if the property appraises for the sales price or greater
- All KHC DAPs applicable
- Upfront and monthly mortgage insurance
- Minimum credit score of 620
Refinance Options (Available only through Secondary Market)
- RHS Streamlined-Assist Refinance Program
- 620 minimum credit score
- No appraisal required
- Must have made timely mortgage payments for the last 12 months
- 30-year term
- RHS existing 502 guaranteed loan
KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021
Secondary Market Purchase Price Limit — $346,644
