First Time Home Buyer Louisville Kentucky Mortgage Programs


First Time Home Buyer Louisville Kentucky Mortgage Programs.

via First Time Home Buyer Louisville Kentucky Mortgage Programs.

 

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5 thoughts on “First Time Home Buyer Louisville Kentucky Mortgage Programs

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  5. Reblogged this on Kentucky First Time Home Buyer Programs for 2014 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky and commented:

    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.

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