Down Payment Assistance Kentucky First Time Homebuyer Program

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KENTUCKY HOUSING DOWN PAYMENT ASSISTANCE $4500 TO $6000
 

 
Kentucky  Down Payment Assistance can now be provided to Kentucky First Time Home Buyers

Regular DAP

  • Purchase price up to $282,000 with Secondary Market or $253,800 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 $282,000 with Secondary Market or $253,800 with MRB.
  • Assistance up to $4,500.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP income limits.

 

  Down Payment Assistance Guidelines for Kentucky First Time Buyers
  • Minimum 620  FICO Score
  • 1 unit SFR, PUD or Condo and FHA Approved Manufactured homes
  • 30 yr / 15 yr fixed rate mortgage loans for KY Home buyers
  • FHA, VA, Conventional Conforming, Home Possible Advantage® and HomeReady® products eligible up to 125% CLTV
  • Purchases only loans
  • Community Seconds
  • Government, county, city or town sponsored programs only
  • No Bankruptcies last two years
  • Do not have to be a first time home buyer. Just cannot currently own another home to use the down payment assistance.

dap• Debt ratios:
29/41% for RHS, but with GUS approval, can
go up to 40/45%.
FHA and VA = 40/45% with AUS Approval
Conventional – 40/50% with DU Approval
• Collections in most cases do not need to be
paid-off in full.
• Bankruptcies and foreclosures must be
discharged two to seven years.
• Non-taxable income can be grossed-up per
insuring agency guidelines
Property Eligibility

• Purchase price limit of $282,000 for
Secondary Market or $253,900 for MRB
Loans.
• Full appraisal required on all KHC loans.
• With Existing Property, VA is the only loan
product that requires a termite inspection.
• A termite soil treatment certificate is required
on ALL new construction properties except
on conventional loans

 

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Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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#57916 http://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.