Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.


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Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

Operation KY Home – MRB Special Funding Program
Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today,Wednesday, September 6, 2017, with new reservations beginning at10 a.m.
This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA or RHS first mortgage options.
  • Households who include active or non-active duty veterans. Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 – Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
  • Both Regular and Affordable DAP are available.

Home Loans for Kentucky’s Military Veterans

Kentucky Housing Corporation (KHC) has $3 million available in Mortgage Revenue Bond (MRB), special funding, for active or non-active duty veterans at 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting Wednesday, September 6, 2017, with new reservations.​

Find a KHC-Approved Lender to Apply  

This homeownership program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households who include active duty or non-active duty veterans. Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 – Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply.

How to Apply

For all KHC loans, a home buyer must apply through a KHC-approved lender. We partner with approved lenders across the state to provide you with the best mortgage loan options. By doing this, the buyer will know how much house they can afford based on income and debts. KHC’s loans are subject to certain restrictions that the lender will see if meet the qualifying guidelines. Additionally, the lender will be able to recommend any KHC down payment assistance for which you may qualify.
APR 3.058%  – based on $130,000 FHA loan at 2% interest rate.
 
 
So now your know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.




Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
 

What is the difference between the Kentucky Freddie Mac Home Possible and the Fannie Mae Home Ready Loan Program?


Kentucky Home Possible  vs. Kentucky Home Ready Mortgage Loan

This easy to read chart gives you a side by side comparison of these products:

We are an approved Kentucky Fannie Mae   HomePath lender.

 

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org). We lend in the following states: Kentucky