$10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2017


Attention Kentucky Homebuyers for 2017,  KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers fthat’s available on a first come first serve basis!!! HHF DAP 2017

See details below

kmnj10kdap2017

Hardest Hit Fund (HHF) DAP–Available 1/11/2017 with New Loan Reservations

  • Zero percent interest rate for first-time home buyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
  • New construction properties are not allowed.
    • Property has to have been previously occupied
  • Applicants must meet Secondary Market or MRB Income and Purchase Price Limits based on funding source.
Minimum 640 credit score.
Maximum ratios of 40/45 
 

For Kentucky Home Buyers not eligible for the $10,000 Down Payment Grant from KY Housing, they have the following Down payment assistance programs below usually year around and available in every county of Kentucky.

They are as follows:

Regular DAP

  • Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent. A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
  • Assistance up to $4,500.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP household income limits
  •  
  • .
Minimum 640 credit score.
Maximum ratios of 40/45 
 

unnamed-2

 

ggfgfgdfgdgsg


Minimum 640 credit score.
Maximum ratios of 40/45 
 
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS

Applicant Income Limit for the following counties is $97, 650

Adair, Allen, Ballard, Barren, Bath, Bell, Boyd, Boyle, Breathitt, Breckinridge, Butler, Caldwell,
Carlisle, Carroll, Carter, Casey, Christian, Clay, Clinton, Crittenden, Cumberland, Elliott, Estill,
Fleming, Floyd, Fulton, Garrard, Grant, Graves, Grayson, Green, Greenup, Harlan, Harrison, Hart,
Hopkins, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Lincoln,
Livingston, Logan, Lyon, Magoffin, Marion, Martin, Mason, McCreary, Meade, Menifee, Metcalfe,
Monroe, Montgomery, Morgan, Muhlenberg, Nelson, Nicholas, Ohio, Owsley, Perry, Pike, Powell,
Pulaski, Robertson, Rockcastle, Rowan, Russell, Simpson, Taylor, Todd, Trigg, Union, Washington,
Wayne, Whitley, Wolfe

Secondary Market Purchase Price Limit — $294,000

County Income Limits 

Anderson 120,050     Jessamine 119,350
Boone 124,600         Kenton 124,600
Bourbon 119,350     Larue 105,175
Bracken 124,600       Madison 99,925
Bullitt 112,175         Marshall 104,125
Calloway 102,725    McCracken 105,875
Campbell 124,600     Mclean 100,625
Clark 119,350           Mercer 103,425
Daviess 100,625       Oldham 112,175
Edmonson 106,400   Owen 109,200
Fayette 119,350        Pendleton 124,600
Franklin 108,850     Scott 119,350
Gallatin 124,600       Shelby 127,575
Hancock 100,625     Spencer 112,175
Hardin 105,175        Trimble 112,175
Henderson 110,950  Warren 106,400
Henry 112,175          Webster 110,950
Hickman 101,325     Woodford 119,350
Jefferson 112,175

The income limitations listed above are imposed by state law.

Get Ready Louisville Kentucky First Time Home Buyers. KHC is offer $4 million in funding available with new reservations on or after Thursday, September 1, 2016. This will go super fast so I recommend have a house under contract before that date so you can attempt to secure the $10,0000 Downpayment Assistance Grant. First come, First Serve basis. The last grant like this one was gone within first few hours.

You must have a house under contract and meet the following guidelines below:

  • Zero percent interest rate for Louisville Kentucky first-time home buyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
  • Applicants must meet secondary market income and buying limits.
  • Minimum 640 Credit Score
  • Max Purchase Price Limit of $283,000
  • Max Household Income Limits of $117,250
  • Must provide 3 years tax returns to prove a first time home buyer in Louisville KY
  • Must complete an online homebuying course
  • Max debt to income ratios of 40 and 45% respectively with Approved Eligible Findings
  • Never been convicted of a felony crime in last 10 years for tax evasion, larceny or real estate transaction..
  • No Bankruptcies last 2 years for FHA

HHF DAP Completely Committed as of 09/20/2016

The HHF DAP is now fully committed. Thank you for your participation. Please consider other KHC DAP products to assist any home buyers who were not able to acquire an HHF DAP loan.


Fill out my form!

Advertisements

9 thoughts on “$10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2017

  1. Pingback: $15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016 | Louisville Kentucky Mortgage Loans

  2. Hi,

    Heard that $15,000 first time home buyer grant may be available again July 1, 2016. Wondering if that’s true? Or if you have any idea when that money will be available?

    Would like more information. Thank you!

    • I look forward to helping you buy a house using the KHC down payment assistance program. I do a lot of these so you are in good hands. Below is a summary of the program:

      Credit: You will need a 640 credit score with no bankruptcies in the last 2 years and no foreclosures in the last 3 years.

      Down Payment: There are still housing programs that exist for Kentucky home buyers whereas you can purchase a home with no down payment. You will need a 640 middle credit score to purchase a home using the USDA or KHC loan programs for their no down payment credit requirements. If you are buying a home in the Jefferson County area, KHC is the only no money down option for you.

      Your household income cannot be more than a combined $112,175 for Jefferson County to use the down payment assistance of $6000 that they currently have available. This is usually available year round, so you don’t have to worry about losing out on this.

      The current rate is 4.00% on a 30 year fixed rate loan for this program. It takes about 30-45 working days to close this loan and I get you pre-approved in less than a day.

      Regular DAP
      Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
      Assistance in the form of a loan up to $6,000 in $100 increments.
      Repayable over a ten-year term at 5.50 percent. A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
      Available to all KHC first-mortgage loan recipients.
      Affordable DAP
      Purchase price up to $294,000 with Secondary Market or $258,690 with MRB.
      Assistance up to $4,500.
      Repayable over a ten-year term at 1.00 percent.
      Borrowers must meet Affordable DAP household income limits.

      Income: The maximum house payment is usually limited to 40%-45% of your gross monthly income. For example, if you make $3000 gross a month, then x that by 40-45%, and this would equal about a $1350 maximum house payment.

      In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.

      Mortgage Loan Pre-approval Checklist:

      1. One full month’s or 30 days worth of pay stubs
      2. Last 2 years W-2′s
      3. Last 2 years tax returns
      4. Last two months bank statements for all accounts including 401 k or retirement account if you have one.

      _______________________________________________

      I don’t need originals, copies are fine. You can fax or email me the above documents or meet me face-to-face to go over your options for free and discuss any hurdles that may prevent you from qualifying for a 100% Financing home loan with KHC.

      Let me know your questions.

      Thanks and look forward to helping you.

      Joel Lobb
      Senior Loan Officer
      (NMLS#57916)

      American Mortgage Solutions, Inc.
      10602 Timberwood Circle, Suite 3
      Louisville, KY 40223

      phone: (502) 905-3708
      Fax: (502) 327-9119
      kentuckyloan@gmail.com

      http://www.mylouisvillekentuckymortgage.com/

  3. HHF DAP Still Available!
    The good news is there is still $2 million in HHF DAP funding remaining. It’s not too late to help your borrower secure the $10,000 in HHF DAP financing in Christian, Hardin, Jefferson, and Kenton counties.

    Reservations for these funds will close today, Friday, September 2, 2016, at 4 p.m. and reopen at 10 a.m. on Tuesday, September 6.

  4. What do you need to do for a mortgage loan pre-approval letter to purchase a home using the USDA or KHC loan programs

  5. Pingback: $10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2017 – Louisville Kentucky Mortgage Loans

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s