Kentucky Housing Corporation first mortgage are eligible for DAP funds .Down Payment Assistance Program (DAP)


Kentucky Housing Corporation first mortgage are eligible for DAP funds .Down Payment Assistance Program (DAP)

Down Payment Assistance Program (DAP) Guidelines

Only home buyers obtaining a Kentucky Housing Corporation first mortgage are eligible for DAP funds.
Interest Rate with DAP Applicable.
Neighborhood DAP
• Income Eligibility – Household income must be under the regular MRB Income Limits
• Eligible Properties — Property must be in the process of disposition option (i.e. deed-in-lieu, short sale) or foreclosed upon, OR the
new construction or existing property has been for sale for at least 6 months, OR the home buyer has experienced a foreclosure and
now credit qualifies to purchase another home.
• Purchase Price Limit — $243,000.
• Amount — True repayable second mortgage up to $10,000.
• Terms – 1 percent interest rate amortized over 30 years.
• Ratios — Borrower must qualify with additional monthly payment. With AUS approval, can go 40/45 percent.

• Buyer or seller may use OWN funds to pay for repairs and pay-off existing debt. DAP funds may not be used.
Regular DAP
• Income Eligibility – Household income must meet MRB Income Limits
• Eligible Properties – New and existing properties
• Purchase Price Limit — $243,000
• Amount – up to $6,000 in $100 increments with a $500 minimum. Must go maximum allowed LTV on first-mortgage amount.
• Terms – 6% interest rate amortized over 10 years
• Ratios – Borrower must qualify with additional monthly payment. With AUS approval can go 40/45%.

• Buyer or seller may use OWN funds to pay for repairs and pay-off existing debt; DAP funds may not be used.
HOME DAP
• Income Eligibility – Household income must be under the HOME Income Limits
• Eligible Properties – Existing (previously occupied) property only up to a maximum purchase price of $195,700. Property cannot be located
within 3,000 feet of an airport runway. If house was built before January 1, 1978 and has extensive lead-based paint problems, property will
not be eligible for programs.
• Amount – Minimum of $1,000 up to a maximum of $4,500 based on need. Must go maximum allowed LTV on first mortgage amount.
• Loan Terms – Second mortgage loan forgiven over five years; no monthly repayment required.

• The seller must pay for any required repairs.
• Borrower Liquid Assets – all assets must be listed on Loan Application. Borrower must use their own liquid funds first before accessing
HOME DAP. Borrower can retain up to 2 months PITI.
• Borrower may use their OWN funds to pay off existing debt to qualify

KENTUCKY HOUSING CORPORATION
2012 GROSS ANNUAL HOUSEHOLD INCOME LIMITS

Effective February 21, 2012
The income limitations listed below are imposed by federal law.

Funding Source: New Bond Funds (Purchase Price Limit – $243,000)
Person(s) per household (1 or 2) (3 or more) Person(s) per household (1 or 2) (3 or more)
Anderson
67,369 77,475
Kenton
83,400 97,300
Ballard
64,320 75,040
Larue
68,520 79,940
Barren
58,200 67,900
Laurel
53,000 60,950
Boone
83,400 97,300
Livingston
61,440 71,680
Bourbon
80,520 93,940
Lyon
62,040 72,380
Boyd
58,200 67,900
Madison
66,720 77,840
Bracken
85,560 99,820
Marion
61,080 71,260
Bullitt
74,160 86,520
Marshall
67,560 78,820
Caldwell
54,840 63,980
McCracken
64,920 75,740
Calloway
62,040 72,380
McLean
68,760 80,220
Campbell
83,400 97,300
Meade
62,280 72,660
Christian
63,000 73,500
Mercer
66,960 78,120
Clark
80,520 93,940
Muhlenberg
53,000 60,950
Daviess
67,320 78,540
Nelson
68,880 80,360
Edmonson
68,880 80,360
Oldham
74,160 86,520
Fayette
67,229 77,314
Owen
66,480 77,560
Franklin
67,189 77,268
Pendleton
85,560 99,820
Gallatin
85,560 99,820
Robertson
60,840 70,980
Graves
58,440 68,180
Scott
80,520 93,940
Greenup
58,200 67,900
Shelby
75,770 87,135
Hancock
67,320 78,540
Simpson
66,120 77,140
Hardin
66,720 77,840
Spencer
76,560 89,320
Harrison
63,840 74,480
Taylor
53,000 61,740
Henderson
68,049 78,257
Trigg
63,000 73,500
Henry

76,560 89,320
Trimble
76,560 89,320
Hickman
63,480 74,060
Union
66,960 78,120
Jefferson
74,160 86,520
Warren
64,560 75,320
Jessamine
67,229 77,314
Webster
76,560 89,320
Woodford
67,229 77,314
For all other counties not listed above: $63,600 (1 or 2 persons) $74,200 (3 or more persons)Mortgage Revenue Bond Programs – KHC Program Guide – August 10, 2012 Page – 10 of 10

2012 GROSS ANNUAL HOUSEHOLD INCOME LIMITS
FOR HOME DAP

Effective February 21, 2012
Purchase Price Limit for HOME DAP – $195,700
Person(s) (1) (2) (3) (4 or more)
Adair, Bath, Bell, Breathitt, Carter, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd,
Fulton, Harlan, Hart, Jackson, Johnson, Knott, Knox, Lawrence, Lee, Leslie, Letcher,
Lewis, Magoffin, Martin, McCreary, Menifee, Metcalfe, Monroe, Morgan, Owsley, Perry,
Pike, Powell, Pulaski, Rockcastle, Russell, Wayne, Whitley, and Wolfe
24,450 27,950 31,450 34,900
Bullitt, Henderson, Henry, Jefferson, Oldham, Spencer, Trimble, and Webster 35,750 40,850 45,950 51,050
Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford 37,600 43,000 48,350 53,700
Boone, Bracken, Campbell, Gallatin, Kenton, and Pendleton 39,950 45,650 51,350 57,050
Other Counties
Person(s) (1) (2) (3) (4 or more) Person(s) (1) (2) (3) (4 or more)
Allen 26,150 29,850 33,600 37,300 Larue 32,000 36,600 41,150 45,700
Anderson 35,950 41,100 46,250 51,350 Laurel 25,850 29,550 33,250 36,900
Ballard 28,200 32,200 36,250 40,250 Lincoln 24,600 28,100 31,600 35,100
Barren 27,950 31,950 35,950 39,900 Livingston 27,900 31,900 35,900 39,850
Boyd 28,200 32,200 36,250 40,250 Logan 28,700 32,800 36,900 40,950
Boyle 29,350 33,550 37,750 41,900 Lyon 27,400 31,300 35,200 39,100
Breckinridge 27,100 31,000 34,850 38,700 Madison 31,150 35,600 40,050 44,500
Butler 24,850 28,400 31,950 35,500 Marion 28,500 32,550 36,600 40,650
Caldwell 28,150 32,150 36,150 40,150 Marshall 29,350 33,550 37,750 41,900
Calloway 31,150 35,600 40,050 44,500 Mason 26,700 30,500 34,300 38,100
Carlisle 24,750 28,250 31,800 35,300 McCracken 32,100 36,700 41,300 45,850
Carroll 28,850 33,000 37,100 41,200 McLean 32,100 36,700 41,300 45,850
Christian 30,350 34,700 39,050 43,350 Meade 28,600 32,650 36,750 40,800
Crittenden 27,400 31,300 35,200 39,100 Mercer 31,400 35,850 40,350 44,800
Daviess 32,100 36,700 41,300 45,850 Montgomery 29,050 33,200 37,350 41,500
Edmonson 32,150 36,750 41,350 45,900 Muhlenberg 25,150 28,750 32,350 35,900
Fleming 26,050 29,800 33,500 37,200 Nelson 32,150 36,750 41,350 45,900
Franklin 37,450 42,800 48,150 53,450 Nicholas 24,850 28,400 31,950 35,500
Garrard 27,650 31,600 35,550 39,450 Ohio 25,450 29,050 32,700 36,300
Grant 30,050 34,350 38,650 42,900 Owen 31,050 35,450 39,900 44,300
Graves 26,550 30,350 34,150 37,900 Robertson 28,350 32,400 36,450 40,500
Grayson 25,100 28,700 32,300 35,850 Rowan 25,200 28,800 32,400 36,000
Green 26,250 30,000 33,750 37,450 Shelby 39,850 45,550 51,250 56,900
Greenup 28,200 32,200 36,250 40,250 Simpson 28,950 33,050 37,200 41,300
Hancock 32,100 36,700 41,300 45,850 Taylor 25,900 29,600 33,300 36,950
Hardin 32,000 36,600 41,150 45,700 Todd 27,100 31,000 34,850 38,700
Harrison 29,800 34,050 38,300 42,550 Trigg 30,350 34,700 39,050 43,350
Hickman 29,650 33,850 38,100 42,300 Union 30,800 35,200 39,600 44,000
Hopkins 29,050 33,200 37,350 41,450 Warren 32,150 36,750 41,350 45,900
Washington 28,600 32,650 36,750 40,800

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5 thoughts on “Kentucky Housing Corporation first mortgage are eligible for DAP funds .Down Payment Assistance Program (DAP)

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