​Buying a Kentucky Home No Money Down with a Conventional Loan from Kentucky Housing Down Payment Assistance​​

Buying a Kentucky Home No Money Down with a Conventional Loan from Kentucky Housing Down Payment Assistance​​


Conventional Loan with Kentucky Housing Down Payment Assistance​

How to Buy a House In Kentucky With No Down Payment.

😃

 

  • 30 year fixed rate with no prepaypaymet penalty .​
  • Loan requires 3% down payment but you can use the $6000 down payment assistance for your 3% contributions
  • ​660 Minimum Credit Score Required
  • No bankruptcies in the last 4 to 7 years 
  • Must receive an Approved Eligible Recommendation through Desktop Underwriting System (AUS)
  • No mortgage insurance 
  • Free Homebuyer Education Course required. https://www.readynest.com/homebuyer-resources/the-test
  • ​Home inspection not required but recommended
  • Seller can contribute 3% toward buyer’s closing costs and prepaids
  • Current cost of Conventional appraisal is $425. 
  • Kentucky Housing Mortgage rates can change daily, but typically follow other mortgage rate trends. Everyone gets the same rates with KHC loans.
  • Appraisal to meet Conventional Appraisal Guidelines
  • You have 45 days to close the loan once you lock the loan. If you go past this date, you will have to pay lock extension fees to KHC. 
  • $6000 down payment assistance for down payment and closing costs and prepaids. Cannot be used for home repairs. 
  • $6000 Down payment Assistance Second Mortgage over 10 years at 5.5% interest, or for lower household income you can do the $6,000 down payment assitance loan for 10 years at 1% interest. This falls under the Affordable Dap Income Limits http://www.kyhousing.org/Home-Buyers/Documents/Affordable%20DAP%20Income%20Limits.pdf
  • Max housing ratios of 40% and 50% respectively. Meaning, your gross monthly income divided by your total house payment cannot be more than 40% of your total gross monthly income. And the bills listed on the credit report (monthly payments) combined with new house payment cannot be more than 50% of your total gross monthly income. 
  • Household Income limits by county. Most limits are around $130,000 for the largest counties in Kentucky like  Jefferson, Fayette, 
  • http://www.kyhousing.org/Home-Buyers/Documents/SMP%20Income%20Limitations.pdf
  • Max loan is ​314,827.00
  • County Applicant(s) Income Limit County Applicant(s) Income Limits
    Anderson
    120,400
    Jefferson
    133,700
    Boone
    142,275
    Jessamine
    130,375
    Bourbon
    130,375
    Kenton
    142,275
    Bracken
    142,275
    Larue
    119,175
    Bullitt
    133,700
    Lyon
    111,475
    Campbell
    142,275
    McLean
    123,200
    Christian
    113,750
    Mercer
    110,600
    Clark
    130,375
    Nelson
    115,675
    Daviess
    123,200
    Oldham
    133,700
    Fayette
    130,375
    Pendleton
    142,275
    Franklin
    119,350
    Scott
    130,375
    Gallatin
    142,275
    Shelby
    133,350
    Hardin
    119,175
    Spencer
    133,700
    Hancock
    123,200
    Trigg
    113,750
    Henderson
    117,600
    Trimble
    133,700
    Henry
    133,700
    Woodford
    130,375 
  • Applicant’s Income Limit for all other counties not listed above: $109,725

 

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

Kentucky Home Buyers. Purchase a Home No Money Down.



I can answer your questions and usually get you pre-approved the same day. 

Call or Text me at 502-905-3708 with your mortgage questions.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

Text/call:      502-905-3708

 

fax:            502-327-9119

LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest. Have you been waiting to buy a home?


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SHARE IF YOU KNOW A LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest.
Have you been waiting to buy a home? NOW is the time!
Kentucky Housing Corporation has a program coming out January 20th. Here are the basics:
*ZERO percent interest rate
*A non-repayable second mortgage up to $15,000 (KHC will give you up to $15k to cover your down payment and closing costs and if you stay in the home 5 years, you don’t have to pay it back!)

JEFFERSON COUNTY KENTUCKY PROPERTIES QUALIFY 

KHC has put $7 million in this fund but that’s only about 500 homes and when it’s gone, it’s GONE. You have to get started NOW!

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New and Existing Properties Located in Christian, Hardin, Jefferson, or Kenton Counties New and Existing Properties Eligible Borrowers First-time Home Buyers (No ownership interest in the last 3 years)

 Credit Standards KHC will require all originating lenders to comply with the general Ability-To-Repay (ATR) standards and consider DTI in making reasonable, good faith determinations that the consumer has the ability to repay the loan. KHC’s credit standards and maximum ratio requirements are listed down below. • Insuring Agency credit standards for the loan type the borrower receives. • 640 minimum credit score required for FHA, VA and RHS680 minimum credit score required for Conventional and must receive an Approve/Eligible recommendation from DU through HFA Preferred Risk Program for Conventional No MI Program or Conventional with MI must receive an Approve/Eligible recommendation from DU through the Preferred Program.

 AllThis is truly a once in a lifetime gift and the money is first come first serve. You must have an accepted contract by January 20th to have the best chance at receiving the funds!




Questions and Answers below about the HHF DAP $15,000 Down payment assistance:

I have a buyer wanting to participate in the upcoming HHF DAP program. How do they register or apply? Have to wait until January 20, 2016 to register with KHC for first and DAP

Can we apply for it now or do we have to wait until January 20, 2016WAIT

Do we register the loan like a regular dap loan? YES-but wont have the option to reserve until January 20, 2016

Lastly, do they have to have a house under contract? YES.  Contract and application date can be before the loan reservation.


Borrowers must complete prepurchase home buyer education in the form of an online, telephone, or face-toface workshop Not Required Ratios No monthly payment With AUS approval, can go up to 40/45% Borrower must qualify with additional monthly payment. With AUS approval, can go up to 40/45% Required Repairs Buyer or seller may use OWN funds to pay for repairs and pay off existing debt DAP
 

HHF DAP is available on a first-come, first-served basis.
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

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Down Payment Assistance Program for Jefferson County Kentucky Louisville


Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.Regular DAPPurchase 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 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-DAPPurchase price up to $243,000.Assistance up to $4,500Repayable over a ten-year term at 1.00 percent.Borrowers must meet Affordable DAP Household Income Limits.More about down payment and closing costsNo liquid asset review and no limit on borrower reserves.Specific credit underwriting standards may apply to down payment programs.

via Down Payment Assistance Program for Jefferson County Kentucky Louisville.

via Down Payment Assistance Program for Jefferson County Kentucky Louisville.

Down Payment Assistance Program for Jefferson County Kentucky Louisville


Down Payment and Closing Costs Assistance for Jefferson County Kentucky Metro Area home buyers

Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular 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 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 $243,000.
  • Assistance up to $4,500
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP Household Income Limits.

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.

Mortgage Revenue Bond (MRB) First Mortgage Loan Program

·         First mortgage loan fixed for 30 years
·         KHC’s MRB household income limitations apply
·         New and existing homes up to a purchase price of $243,000 are eligible
·
·         FHA, VA and RHS (Minimum credit score of 620)
·         First-time homebuyer or repeat homeowner eligible (if property is located in a Targeted County)
 
 
 
 
KENTUCKY HOUSING CORPORATION MRB and
HOMEBUYER TAX CREDIT
GROSS ANNUAL HOUSEHOLD INCOME LIMITS
The income limitations listed below are imposed by federal law.
Failure to comply with them may create adverse consequences for Kentucky Housing Corporation and its bondholders.
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
0
 

 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky Housing Corporation (KHC)


Kentucky Housing Corporation (KHC).

via Kentucky Housing Corporation (KHC).