New Down Payment Assistance Program for Kentucky Home Buyers First Time


New Down Payment Assistance Program.

New Down Payment Assistance Program for Kentucky Home Buyers First Time

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KHC received $3 million to offer a new Down payment Assistance Program (DAP) from the Kentucky Attorney General National Mortgage Settlement Fund.

Effective Friday, August 10, 2012, Neighborhood DAP will be available to all KHC-approved lenders when utilizing a KHC first mortgage program.

The goal is to stabilize neighborhoods by providing more flexible housing solutions for the existing housing stock in the Commonwealth.

Neighborhood DAP

  • Repayable second mortgage up to $10,000
  • 1 percent interest rate amortized over 30 years
  • Must be within the GNMA or MRB income limits per first mortgage funding source
  • To be eligible for the Neighborhood DAP either:
    • The property must have been foreclosed upon.
    • The new construction or existing property has been for sale for at least 6 months or more.
    • The home buyer has experienced a foreclosure and now their credit qualifies to purchase another home.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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