Tag: 15k help kentucky home buyers

$15,000 Kentucky Down payment assistance program to buy a house in 2024

$15,000 Kentucky Down payment assistance program to buy a house in 2024


$15,000 Kentucky Down payment assistance program offers an exclusive 0% Down Purchase program for Kentucky Homebuyers. This potentially allows Kentucky Homebuyers with lower income and no money saved for a down payment get into a Kentucky home right now with no down payment for first time buyers in Kentucky

How does the $15,000 Down Payment Assistance work in Kentucky for Homebuyers

  • First  mortgage meets Loan to Value requirements for Fannie Mae or Freddie Mac ltv
  • Mortgage lenders in Kentucky  provides a second lien mortgage for 3% of the purchase price, up to $15,000
  • Second lien has no monthly payment requirement and no interest-no payments to lender
  • Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
  • Payments on the second lien can be made throughout the loan term, but are not required

How Kentucky borrowers can qualify for the $15,000 Down Payment Assistance:

  • Kentucky Borrowers must be at or below 80% of the Area Median Income (AMI) for the Kentucky mortgage property address they are buying and meet Home Possible® guideline requirements
    • For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance
      • This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
    • 620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%

—OR—

  • At least one Kentucky home mortgage borrower must be a first-time homebuyer and meet HomeOne® and lender’s guideline requirements
    • First-time homebuyer is defined as someone who has not had ownership interest in a home in the last 3 years
    • 700 FICO and LTV must be greater than 95%, up to 97%

—

Hope your day is full of sunshine😊

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574

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).