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
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.
• 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
• Purchase price limit of $282,000 for
Secondary Market or $253,900 for MRB
• 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
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#57916http://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.