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?


181cc-neighborhood-lift-program-houston-miaimi-tampa-orlando

 

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!

cropped-5921835975_a2c3c35a5a.jpg

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‚Äôs credit standards and maximum ratio requirements are listed down below. ‚ÄĘ Insuring Agency credit standards for the loan type the borrower receives. ‚ÄĘ 640 minimum credit score required for FHA, VA and RHS ‚ÄĘ 680 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, 2016? WAIT

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)
 

phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 

8fb24-images

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 ‚Äď $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 Down Payment Assistance for 2015 DAP funds for KY First Time Home Buyers

Kentucky Housing Down Payment Assistance for 2014 DAP funds for KY First Time Home Buyers


Kentucky Housing Down Payment Assistance for  for KY First Time Home Buyers

Print

Down Payment Closing Cost Assistance

KHC 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 $294,000 with Secondary Market or $265,000 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 $265,000 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.

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.

FIRST MORTGAGE QUICK REFERENCE CARD
To successfully originate KHC mortgages you should begin with prequalified
applicants and properties meeting FHA, VA, RHS, or FNMA Conventional guidelines.
The applicant (s) must be purchasing or refinancing a single family, one unit, and
owner-occupied property, located in Kentucky. Then follow the steps below

….
1. The purchase price or refinance amount is at or below:
Ôā∑ $294,000 with Secondary Market
Ôā∑ $265,000 with MRB or KHC‚Äôs Homebuyer Tax Credit
Ôā∑ 680 credit score for Conventional
Ôā∑ 640 credit score for FHA, VA, and RHS
Ôā∑ Max ratio caps of 40%/45%
Ôā∑ AUS Approval required except on RHS

HUD Homes in KY 2013

 
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

KHC Loan Programs


KHC Loan Programs.

KHC Loan Programs

KHC Loan Programs

Bookmark and Share

KHC offers two different funding sources: MRB and Secondary Market.

MRB FUNDING SOURCE

  • All MRB Kentucky Housing¬†first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through Kentucky Housing¬†must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding.
  • To qualify, you must meet KHC‚Äôs regular¬†MRB income guidelines, make a down payment or qualify for down payment assistance, be a U.S.¬†citizen or legal alien¬†and have an acceptable credit history.
  • Some MRB¬†KHC¬†loans are subject to a¬†federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years.¬† However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006.¬† The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.

Conventional No Mortgage Insurance Program

  • Minimum credit score of 680 or better.
  • 3¬†percent down payment and no up-front or monthly mortgage insurance.
  • All KHC DAPs applicable.
  • No minimum borrower contribution.
  • No reserves required.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 640.

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 640.
  • No¬†monthly mortgage insurance payments.

RHS

  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Upfront and monthly mortgage insurance.
  • Minimum¬†credit score of 640.

New Bond Special Funding (Available Only Through MRB)

KHC Loan Programs

All monies for the New Bond Special Funding have been used–check back in July 2013.

SECONDARY MARKET FUNDING SOURCE

  • All¬†Secondary Market¬†first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding.
  • To qualify, you must meet KHC’s¬†GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history.

Conventional No Mortgage Insurance Program

  • Minimum credit score of 680 or better.
  • 3 percent down payment and no up-front or monthly mortgage insurance.
  • All KHC DAPs applicable.
  • No minimum borrower contribution.
  • No reserves required.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 640.

Two FHA Refinance Options (Available Only Through Secondary Market)

  • Credit qualifying Streamline Refinance and Rate/Term Refinance
    • Insured by the Federal Housing Administration
    • Cash back to borrower not to exceed $500
    • Upfront and monthly mortgage insurance
    • Minimum credit score of 640

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 640.
  • No¬†monthly mortgage insurance payments.

RHS

  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Upfront and monthly mortgage insurance
  • Minimum¬†credit score of 640.

KHC Loan Programs

RHS Refinance Pilot Program (Available Only Through Secondary Market)

Home Buyer Tax Credit

KHC’s¬†Home Buyer Tax Credit¬†is available through¬†Mortgage Credit Certificates (MCC), which¬†reduce the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan.¬† MCCs are NOT mortgages.¬† They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment.¬† That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.¬† The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan.¬† But an MCC gives you a¬†tax credit¬†of 25 percent (not to exceed $2,000).¬† You can still deduct the remaining 75 percent interest on your income taxes.¬† A tax credit is not the same as a tax deduction.¬† A tax deduction reduces the portion of your income that is taxed, so you pay less.¬† A tax credit is a direct, dollar for dollar reduction in the total tax you owe.¬† The MCC is effective for the life of the loan as long as you live in the home.¬† If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.¬† One-time fee of $500 or reduced to $200 if through KHC’s Secondary Market¬†First Mortgage Program.¬† Not valid with MRB loan programs.

Applying for a Kentucky Housing Corporation loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing Corporation loan.

KHC Loan Programs

Joel Lobb (NMLS#57916)

Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*