Conventional Loan with Kentucky Housing Down Payment Assistance
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- 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
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.
