Four Different Kentucky First Time Home Buyer Loans For 2016

Four Different Kentucky First Time Home Buyer Loans to consider on your next home purchase:

KY FIRST TIME HOME LOAN PROGRAM CREDIT SCORE HOUSEHOLD INCOME LIMITS KENTUCKY PROPERTY ELIGIBILITY
/  MAX LOAN LIMITS
Kentucky USDA Rural Housing Loans

$0 DOWN

640+ for all borrowers. 2 trade lines for 12 months rated Family Size: 1-4 $75,650 5-8 $99,850 http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ///

No maximum loan size for Kentucky USDA Mortgage Loans

Kentucky FHA Loans

3.5% DOWN

620+ for all borrowers. No trade line requirements None All areas eligible///

Most FHA loan limits in Kentucky Counties are set at $271,000,
Louisville metro area can go up to $287,000

Kentucky VA Loans

$0 DOWN

620+ for all borrowers. No trade line requirements None All areas eligible.///

Max VA Loan amount in Kentucky  is $417,000

KHC with Down Payment Assistance

$0 DOWN

640+ No trade line requirements $26,000-$127,000 depending on home size and which DAP you use: $4500 to $6000 DAP Funds All areas eligible///

Secondary Market New and Existing Homes…………….$283,900                                                                                            MRB New and Existing Homes………………………………..$255,500


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Tuesday, July 26, 2016

Down Payment and Closing Costs Assistance for Louisville and 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.

— 

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
 Fax:     (502) 327-9119
 CONFIDENTI

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