First Time Home Buyer Louisville Kentucky Mortgage Programs

First Time Home Buyer Louisville Kentucky Mortgage Programs

 

All 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’s regular income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history. Some Kentucky Housing 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.

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Kentucky 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 620.

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

 

Kentucky 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 620. No monthly mortgage insurance payments.

Ketucky VA Home Loans Guidelines for Credit scores, income, bankrutpcy, foreclosure, down payment

 

Kentucky 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. Minimum credit score of 620.  640 credit score is preferred with a GUS approval but can do down to 620 with compensating factors. Please call me to ask about the compensating factors for scores belwo 640 on Kentucky Rural Housing USDA loans for KY First Time Home buyers below:

Kentucky USDA and Rural Housing Mortgage Lenders in Ky 2013

 

Mortgage Credit Certificates (MCC) A Mortgage Credit Certificates (MCC) reduces 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.

First Time Home Buyer

Regular Down payment Assistance Program (DAP)

Programs in Kentucky

Complete First Time Home Buyer Programs Available in Kentucky.

The state agency created by the legislature in Kentucky to offer first time home buyer programs is the Kentucky Housing Corporation. Here is a summary of the current first time home buyer programs that are offered:

Regular Down payment Assistance Program (DAP)

Assistance up to $5,000.

Available to all KHC first mortgage loan recipients.

Repaid over 7 or 10 years at a low fixed interest rate (6.0%)

HOME-DAP

Assistance up to $4,500

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

HOME Special Program

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Purchase price may not exceed $200,000.

Eligible borrowers include:

Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).

Households where at least one of the home buyers is age 62 or older.

HOME Family Program

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Purchase price may not exceed $200,000.

Eligible borrowers include:

Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).

Special First Mortgage Loan Programs New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis. Guidelines Interest rate determined by the families’ ability to repay the loan. For new homes with a purchase price of $115,000 or less. Eligible borrowers: Single parents (at least one dependent under the age of 18 must live in the home.) Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.). Households where at least one of the home buyers is age 62 or older. Income guidelines: $28,000 for a household of 1 or 2 people; or $33,000 for a household of 3 or more people. Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance. Applying for a Kentucky Housing loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing loan.

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 502-905-3708

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). USDA 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.

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 
 Company ID #1364 | MB73346

 

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  50. Website Fine Print
    The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of Key Financial Mortgage .
    Neither Joel Lobb nor Key Financial Mortgage assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.
    The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.
    Key Financial Mortgage is an Equal Opportunity Lender. All rights Reserved.
    Key Financial Mortgage of Ky is not a part of, nor are we affiliated with, the VA, FHA/HUD, USDA. These aforementioned entities are a government agency, not a lender. They simply insures the mortgage; they do not loan the money. Key Financial Mortgage is a licensed loan mortgage broker in the State of Kentucky (NMLS#1800) and not affiliated with any Government Agency. Joel Lobb is a licensed loan officer in the state of Kentucky (NMLS#57916)

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