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

 

unnamed-2http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 

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.

 

 

Kentucky First Time Home Buyer Programs for 2017

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Myth 1: You need a big down payment to buy a home

According to the survey, the average American believes that 17% of the purchase price is the minimum down payment required to buy a home. Millennials have an even more pessimistic view – they think that a 21% down payment is required.

It’s true that a 20% down payment is the mortgage industry standard, but it is by no means a minimum requirement. A conventional mortgage can be obtained with a down payment of as little as 3% by creditworthy borrowers, and even lower-credit applicants can obtain an FHA mortgagewith a down payment as low as 3.5%.

Even better, Veterans and buyers of certain rural homes can potentially qualify for no-money-down financing through the VA and USDA loan programs, respectively. Some individual lenders offer 100% financing programs as well that anyone can take advantage of, so it could be a good idea to visit a few banks in your area to see what’s available.

Myth 2: You need excellent credit to get approved for a mortgage

Seventeen percent of all adults and 22% of millennials say that credit is an obstacle standing in the way of becoming a homeowner. And it’s true that a high credit score certainly helps your chances of approval and can get you a lower interest rate.

In reality, however, relatively few potential homebuyers can’t buy a house because of credit issues alone. The median FICO credit score in the U.S. is 700, while the minimum credit score necessary for a conventional mortgage is just 620. An FHA loan with 3.5% down requires a FICO score of 580, and with a 10% down payment, it’s possible to get an FHA loan with a score of as little as 500.

According to FICO’s latest score distribution data, 70% of the population has a FICO score of 650 or above, and 80% are above 600. Just 4.7% of the population have a FICO score under 500.

To be clear, borderline credit combined with other issues, such as little money in savings, unstable income, or lots of debt can be a reason for mortgage rejection. But for most people, credit alone is not a major obstacle.

 

Kentucky First Time Home Buyer Programs for 2017

Conventional Loan

• At least 3%-5% down

• Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.

Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.

The rates are a little higher compared to FHA, VA, or USDA loan but the mortgage insurance is not for life of a loan and can be rolled off when you reach 80% equity position in the home.

Conventional loans require 4-7 years removed from Bankruptcy and foreclosure.

Max Conventional loan limits are set at $424,00 for 2017 in Kentucky

Kentucky USDA Rural Housing Program

If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.

Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.

They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.

They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in a rural area.

A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern Kentucky.

There is a map link below to see the qualifying areas.

There is also a max household income limits with most cutoff starting at $76,000 for a family of four, and up to $98,000 for a family of five or more.

USDA requires 3 years removed from bankruptcy and foreclosure.

There is no max USDA loan limit.

Kentucky FHA Loan

FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score.

The current mortgage insurance requirements are kinda steep when compared to USDA, VA , but the rates are usually good so it can counteract the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.

The mi premiums are for life of loan like USDA.

FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.

Maximum FHA loan limits in Kentucky are set around $285,000 and below.

Kentucky VA Loan

VA loans are for veterans and active duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have a funding fee like USDA, but it is higher starting at 2% for first-time use, and 3% for second-time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.

VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and the max loan is $417,000 in Kentucky

Most VA lenders I work with will want a 620 credit score.

VA requires 2 years removed from bankruptcy or foreclosure.

Kentucky Down Payment Assistance

This type of loan is administered by KHC in the state of Kentucky. They typically have $4500 to $6000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

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). 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.

Joel E Lobb
American Mortgage
5029053708
email us here

Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.

HomePath listings in Jefferson County Kentucky

 Check out the HomePath listings in Jefferson County Kentucky!

Let your clients know these properties are available. Some have special incentives! Select the property address to find out more information.

Click Link to View Property 7303 ETHAN ALLEN WAY
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2.0 br, 1.0 ba | 1022 sq. ft.
MLS ID: 1485137

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5.0 br, 1.0 ba | 1580 sq. ft.
MLS ID: 1484992

INCENTIVE AVAILABLE

$19,900
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MLS ID: 1482559

INCENTIVE AVAILABLE

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Click Link to View Property 5714 JANET LEE DR
LOUISVILLE, KY 40291 

3.0 br, 2.0 ba | 1427 sq. ft.
MLS ID: 1479451

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Click Link to View Property 7826 PLEASURE WALK CIR
LOUISVILLE, KY 40258 

2.0 br, 2.0 ba | 1560 sq. ft.
MLS ID: 1483107

$97,500
Active
Click Link to View Property 2708 RALPH AVE
LOUISVILLE, KY 40216 

4.0 br, 2.0 ba | 1945 sq. ft.
MLS ID: 1482488

$122,500

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
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.
 
 
 2 percent interest rate, fixed for 30 years

 

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Louisville Kentucky $10,000 Down Payment Assistance Grant for Home buyers in 2017

 

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$10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers HHF DAP

Hey everyone, KHC just released another $10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers for that’s available on a first come first serve basis!!! HHF DAP 2017 There is a… Source: $10,000 Down payment Assistance Grant for Kentucky First Time Home buyers 2017

https://kentuckymortgage.wordpress.com/…/10000-down-payment…

Hey everyone, KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers for  that’s available on a first come first…
KENTUCKYMORTGAGE.WORDPRESS.COM
Hey everyone, KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers for  that’s available on a first come first serve basis!!! HHF DAP 2017

 

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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 views of my employer. Not all products or services mentioned on this site may fit all people

This website participates as an Equal Opportunity Lender. All rights Reserved.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916.
Legal Disclaimer

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.