Kentucky First Time Home Buyer Grants and Loan Programs

December 31, 2011 Louisville Kentucky Mortgage 12 comments

Kentucky First Time Home Buyer Grants and Loan Programs

Kentucky first time home buyer grants and loan programs – The Kentucky Housing Corporation (KHC) offers programs for first time home buyers.

The KHC offers home ownership education classes as well as low interest rate, 30 year home loans/mortgages through participating lenders. Many of the programs are offered to and non-first time buyers as well.

The KHC also offers downpayment and closing cost assistance to qualified buyers. The closing costs assistance ranges from $4,500 to $10,000, depending on the qualifications of the buyer(s).

To qualify for these programs, the KHC has buyer income limits as well as limits to the purchase price of the home.

Check out the KHC website to obtain more information about these programs.

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Categories: Down payment Assistance and Grants, Down Payment Assistance Program - Housing - Louisville Ky, Down Payment Assistance Programs in Kentucky, FHA Loans Kentucky Housing First time home buyer, First Time Home Buyer in Kentucky Zero Down, First Time Home Buyer Loans--Kentucky, First Time home Buyer PRgoams, First Time Home Buyer Programs Louisville Kentucky, home ownership program louisville ky, KENTUCKY HOUSING CORPORATION, Kentucky Housing Mortgage Rates Louisville Kentucky, Kentucky Mortgage Guidelines updated 2011, Kentucky Mortgage Rates and Home Loan Options, Kentucky Mortgage Rates FHA VA KHC, KHC 2011 Programs, KHC 2011 updated Guidelines, KHC Down payment Assistance Program Kentucky Housing, KHC Mortgage Rates / Kentucky Housing Rates Tags: Buyer, Closing costs, Credit and Collection, Credit score, Debt, Down payment, Fannie Mae, FAQs Help and Tutorials, Federal Housing Administration, Federal takeover of Fannie Mae and Freddie Mac, FHA insured loan, First-time buyer, Home equity, Interest rate, Kentucky, Kentucky Housing Corporation, kentucky usda lenders, KHC’s (Kentucky Housing ) First Mortgage Government, Loan, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage loan, Refinancing, United States Department of Agriculture, United States Department of Housing and Urban Development, USDA, VA loan, Zero down home loans

Kentucky Housing Corporation updated guidelines June 2011

June 17, 2011 Louisville Kentucky Mortgage 6 comments

Kentucky Housing Corporation updated guidelines June 2011

Lottery for New Construction Program for Single Parent, Disabled, or Elderly Households

Funds for the New Construction Program for Single Parents, Disabled, and Elderly Households will soon be available. The funding source this year will be New Bond funds, which means borrowers must meet all New Bond guidelines, with the exception of purchase price and income limits (listed below).

Funds will be available to populations that meet the following program guidelines:

First mortgage loan (FHA, VA, and RHS only – no conventional) with 30-year fixed interest rate of 1 to 6 percent. The rate will be the highest for which the applicant qualifies at ratios of 29/41.
New construction property only.
Maximum purchase price of $115,000.
Eligible households include:
- Single parents with at least one dependent child under the age of 18 living in the household.
- Households with at least one member with a permanent disability who is receiving some form of disability income (SSI, SSDI, etc.).
- At least one of the home buyers age 62 or older.
- Gross annual household income less than $28,000 for 1-2 persons or $33,000 for 3 persons or more.
Regular rate program with points required.
Borrowers must have minimum credit score of 640 and AUS approval.
Regular Down payment Assistance Program is available for down payment and closing costs.

Reservations will be selected through a lottery system. The lottery will be open for reservations Monday, July 25, through Wednesday, July 27. Winners will be notified by e-mail by Friday, July 29. All applicants MUST have a fully-executed contract when the loan is reserved.

Welcome Back HOME Family and HOME Special!

HOME Funds will be replenished Friday, July 1, 2011. Reservations on or after July 1 will have access to HOME Family or HOME Special Down payment Assistance Programs, each up to $10,000! These funds are available on a limited basis, first-come, first-served. Full program parameters are on page 8 of the MRB Program Guide.

.

Offer Your Borrowers a “Life of Loan” Tax Credit

If you are not an approved Mortgage Credit Certificate (MCC) lender with KHC, you are missing out! KHC has received a new allocation of funds for this tax credit. Becoming an MCC-approved lender enables you to offer your borrowers this valuable “Life of Loan” Tax Credit.

An MCC allows the borrower to convert 25 percent of their mortgage interest paid annually to a tax credit. A home buyer with a 5 percent interest rate on a fixed, 30-year mortgage of $125,000 would pay approximately $6,250 in interest payments for the first year without an MCC. With an MCC, 25 percent of that interest, $1562.50, could be taken as a tax credit against the home buyer’s federal income taxes. This reduces the home buyer’s tax liability dollar-for-dollar. It also effectively reduces their interest rate.

Terms	MCC	Without MCC
Mortgage Amount	$125,000	$125,000
Interest Rate	3.75%**	5.00%
Term	30 Years	30 Years
Monthly P and I	$540.83**	671.03
First-Year Interest Payments	$4,687**	$6,250

**The information in the chart above is for illustration purposes only. Please note: KHC staff are not tax advisors. Please contact an accountant for full details of how an MCC will affect taxes.

For more information, read our MCC brochure available at www.kyhousing.org, under Lenders/Realtors, Lender Resources. Learn more about becoming an MCC-approved lender on the MCC Web page.

MRB Regular Income Limits

Kentucky Housing’s income limits will remain the same for 2011. More information is available in the MRB Program Guide.

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KENTUCKY HOUSING CORPORATION

May 23, 2011 Louisville Kentucky Mortgage Leave a comment

KENTUCKY HOUSING CORPORATION.

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Kentucky’s new second-time homebuyer, and affordable mortgage (KENTUCKY HOUSING)

May 17, 2011 Louisville Kentucky Mortgage 2 comments

New Kentucky Law = New Bucks For Buyers

How about a little more home sale re-stimulus?

       Kentucky’s new second-time homebuyer, and affordable mortgage, law was signed by Gov. Beshear today (Monday, March 28).
       It’s effective April 30.
       Until now, many two-income families had incomes over the limit for Kentucky Housing Corporation (KHC) support. That disqualified them not just from more economical KHC mortgage loans, but also down payment and closing costs assistance. Down payment and closing aid has been available only through KHC.

Those home buyers will be eligible now in 33 days. There are lots of them.

It will make homeownership possible for many middle-income families. It also can be expected to end fence-sitting for many more.

The new law, HB 256, covers homeowners with incomes as high as 175% of the area median income. The program works through KHC, the state housing finance agency.

KHC’s guidelines have not been redone yet, to turn that 175% into a dollar figure. The guidelines now on the KHC website do not apply to the HB 256 programs.

But expect the median income cap for Jefferson County to be $108,150. That’s a household income limit. The current guidelines are much lower – $74,160 in Jefferson County for one to two people, and $86,250 for three or more people in the household.

Its not clear yet whether any adjustments to income will be allowed, such as counting Social Security Disability Income checks for a third person. Think in-law quarters for families taking care of parents. We’ll keep you posted on that one (we’ve already put in the suggestion).
However, it is clear that the income limit counts the income of everybody in the household, whether they are going on the loan or not. That may mean decisions about the number of household members may turn into a timing issue. Some will buy the house singly or as a couple, and move a parent in later, possibly.

Down payment assistance and closing cost assistance can be set up 4 different ways. One plan lets home buyers repay monthly. Three plans are forgivable loans, depending on household type. The three basic categories are (1) single or 2-parent households, (2) disabled and receiving disability, and (3) other households meeting income guidelines. The three forgivable plans provide up to $4,500, which is forgiven after the buyer stays in the home 5 years. No monthly payments are required. The amount forgiven goes down every month on a pro-rated basis if the borrower has to move in less than five years. That’s been the basic program for a while.

KHC also will be able to refinance mortgages with affordable, fixed-interest rates for 15-year and 30-year terms and offer mortgages for second-time home buyers.
KHC loans are pre-qualified and financed through one of 105 lending partner banks and mortgage companies located in communities throughout the state. They also are serviced in Frankfort, KY, an added safety cushion for home buyers worried about having their loans sold to anonymous strangers. They know exactly where their payments go every month. The existing Mortgage Credit Certificate (MCC) we first reported in the May, 2009 news flash are still available.

For More:

2010 guidelines by county, which are significantly below the HB 256 amounts, can be found at http://www.kyhousing.org/uploadedFiles/Homeownership/Homebuyers/IncomeLimits.pdf?n=1221
To compute a new county income limit outside Jefferson, take the 2010 1-2 persons number on the chart and multiply by 1.45. You’ll be tolerably close for a rule of thumb, until the new guidelines arrive at the end of next month.

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Categories: KENTUCKY HOUSING CORPORATION, KHC 2011 Programs, KHC 2011 updated Guidelines, KHC Down payment Assistance Program Kentucky Housing, Uncategorized Tags: Closing costs, Down payment, Income, Kentucky, Kentucky Housing Corporation, Loan, Mortgage loan, Social Security Disability Insurance

KHC Loan Programs 2011 Kentucky Housing

May 9, 2011 Louisville Kentucky Mortgage 3 comments

KHC Loan Programs

All Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest.
The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding.
To qualify, you must meet KHC’s regular income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history.
Some Kentucky Housing loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years. However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006. The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.

Conventional

Insured by approved mortgage insurance company.
Minimum credit score of 660 or better.
Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA

Insured by the Federal Housing Administration.
Down payments as little as 3.5 percent.
Can use DAP for 3.5 percent down payment requirement.
Upfront and monthly mortgage insurance.
Minimum credit score of 640.

VA

Guaranteed by the Veterans Administration for qualified military veterans.
No down payment if the property appraises for the sale price or greater.
Credit underwriting is flexible.
Minimum credit score of 640.
No monthly mortgage insurance payments.

RHS

Guaranteed by Rural Housing Services (RHS).
Home must be located in a rural area as defined by RHS.
No down payment if the property appraises for the sale price or greater.
Minimum credit score of 640.
No monthly mortgage insurance payments.

Mortgage Credit Certificates (MCC)

A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment. That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan. But an MCC gives you a tax credit of 25 percent (not to exceed $2,000). You can still deduct the remaining 75 percent interest on your income taxes. A tax credit is not the same as a tax deduction. A tax deduction reduces the portion of your income that is taxed, so you pay less. A tax credit is a direct, dollar for dollar reduction in the total tax you owe. The MCC is effective for the life of the loan as long as you live in the home. If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.

Special First Mortgage Loan Programs

New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis.

Guidelines

Interest rate determined by the families’ ability to repay the loan.
For new homes with a purchase price of $115,000 or less.
Eligible borrowers:
- Single parents (at least one dependent under the age of 18 must live in the home.)
- Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.).
- Households where at least one of the home buyers is age 62 or older.
Income guidelines:
- $28,000 for a household of 1 or 2 people; or
- $33,000 for a household of 3 or more people.
Kentucky Housing’s DAP loan program may be used for down payment and closing cost assistance.

Down Payment and Closing Costs Assistance

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 needs.

Regular Down payment Assistance Program (DAP)

Purchase price up to $243,000.
Assistance in the form of a loan up to $4,000 in $100 increments.
Repayable over a seven-year term at 6 percent. A DAP of $4,000 over 7 years at 6 percent interest would equal a payment of $58.44.
Available to all KHC first mortgage loan recipients who are first-time homebuyers in non-targeted counties and first and second-time homebuyers in targeted counties.

HOME-DAP

Purchase price up to $195,700.
Assistance up to $4,500
No monthly repayment; forgiven over five years.
Existing homes only.
Borrowers must meet HOME-income guidelines.

HOME Special Program

Purchase price up to $195,700.
Assistance up to $10,000
No monthly repayment; forgiven over five years.
Existing homes only.
Borrowers must meet HOME-income guidelines.
Eligible borrowers include:
- Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).
- Households where at least one of the home buyers is age 62 or older.

HOME Family Program

Purchase price up to $195,700.
Assistance up to $10,000
No monthly repayment; forgiven over five years.
Existing homes only.
Borrowers must meet HOME-income guidelines.
Eligible borrowers include:
- Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).

More about down payment and closing costs

No liquid asset review and no limit on borrower reserves for Regular DAP.
Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
Specific credit underwriting standards may apply to down payment programs.

Applying for a Kentucky Housing loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing loan.

502-905-3708 or email us for a free application kentuckyloan@gmail.com

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KENTUCKY HOUSING CORPORATION

April 17, 2011 Louisville Kentucky Mortgage 3 comments

Ky Housing is by far the Best Loan program Available for families who live in non Rural Area‘s!

To Qualify for Kentucky Housing you must make Lower than their Income Limits. A borrower must also Credit and Ratio Qualify

We have a great relationship with KY Housing and have the designation of a Main Lender – We Originate, process and close KHC loan products. We underwrite Ky housing FHA Loans (KHC performs underwriting for compliance and insuring agency if applicable).

Down Payment Assistance Programs for Mortgage Revenue Bond (MRB) Programs

Regular Down payment Assistance Program (DAP)

Purchase price up to $237,000.

Assistance in the form of a loan that is equal to 4 percent of the purchase price.

Available to all KHC first mortgage loan recipients.

Repaid over 10 years at the same low rate as the first mortgage loan.

KHC’s regular income guidelines.

KENTUCKY HOUSING CORPORATION

GROSS ANNUAL HOUSEHOLD INCOME LIMITS

The income limitations listed below are imposed by federal law.

Failure to comply with them may create adverse consequences for Kentucky Housing Corporation and its bondholders.

Funding Source: New Bond Funds (Purchase Price Limit – $237,000)

Person(s) per household

(1 or 2)

(3 or more)

Person(s) per household

(1 or 2)

(3 or more)

Anderson

63,200

72,680

Henry

71,280

83,160

Ballard

51,800

59,570

Jefferson

59,400

68,310

Barren

51,200

58,880

Jessamine

63,500

73,025

Boone

66,200

76,130

Kenton

66,200

76,130

Bourbon

76,200

88,900

Larue

63,240

73,780

Boyd

51,200

58,880

Laurel

51,200

58,880

Boyle

63,480

74,060

Livingston

51,200

58,880

Bracken

79,440

92,680

Lyon

51,200

58,880

Bullitt

59,400

68,310

Marshall

54,000

62,100

Caldwell

51,200

58,880

McCracken

52,900

60,835

Calloway

51,200

58,880

McLean

65,880

76,860

Campbell

66,200

76,130

Meade

51,200

58,880

Carroll

65,880

76,860

Mercer

54,300

62,445

Christian

51,300

58,995

Muhlenberg

51,200

58,880

Clark

76,200

88,900

Nelson

66,960

78,120

Daviess

54,900

63,135

Oldham

59,400

68,310

Edmonson

64,680

75,460

Pendleton

79,440

92,680

Fayette

63,500

73,025

Scott

76,200

88,900

Franklin

63,600

73,140

Shelby

65,500

75,325

Gallatin

79,440

92,680

Simpson

52,700

60,605

Garrard

62,040

72,380

Spencer

71,280

83,160

Grant

63,840

74,480

Taylor

51,200

58,880

Graves

51,200

58,880

Trigg

51,300

58,995

Greenup

51,200

58,880

Trimble

71,280

83,160

Hancock

54,900

63,135

Union

53,100

61,065

Hardin

52,700

60,605

Warren

53,900

61,985

Harrison

63,000

73,500

Webster

71,760

83,720

Henderson

59,800

68,770

Woodford

63,500

73,025

For all other counties not listed above: 61,440 (1 or 2 persons) 71,680 (3 or more persons)

Funding Source: New Construction Program for Single Parents, Disabled and Elderly Households

Income Limit

$28,000 for households of 1-2 persons or $33,000 for households of 3 or more people

Low 1%-4% Rate. Borrower Must Credit Qualify. Program not offered in all Counties. Money for program is not gauranteed and only offered once a year through a drawing.

Purchase Price Limit

$115,000

HOME-DAP

Purchase price up to $195,700.

Assistance up to $4,500

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Please Note $10,000 DAP Runs out fast and a borrower must Credit Qualify

HOME Special Program

Purchase price up to $195,700.

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Eligible borrowers include:

Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).

Households where at least one of the home buyers is age 62 or older.

HOME Family Program

Purchase price up to $195,700.

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Eligible borrowers include:

Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).

GROSS ANNUAL HOUSEHOLD INCOME LIMITS WHEN HOME PROGRAM FUNDS ARE USED Effective April 1, 2008
Purchase Price Limit When HOME Funds Are Used – $195,700
Person(s)		(1)				(2)				(3)					(4 or more)
Adair, Bath, Bell, Breathitt, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Fulton, Green, Harlan, Hart, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Lincoln, Magoffin, Martin, McCreary, Menifee, Metcalfe, Monroe, Morgan, Owsley, Perry, Pike, Powell, Pulaski, Rockcastle, Russell, Wayne, Whitley and Wolfe														22,950			26,250			29,500	32,800
Bullitt, Henry, Jefferson, Oldham, Spencer and Trimble														33,250			38,000			42,750	47,500
Bourbon, Clark, Fayette, Jessamine, Scott and Woodford														35,550			40,650			45,700	50,800
Boone, Bracken, Campbell, Gallatin, Kenton and Pendleton														37,050			42,350			47,650	52,950
Other Counties
Person(s)	(1)		(2)		(3)		(4 or more)		Person(s)		(1)		(2)			(3)			(4 or more)
Allen	25,100		28,700		32,250		35,850		Larue		29,500		33,700			37,950			42,150
Anderson	35,400		40,450		45,500		50,550		Livingston		27,800		31,750			35,750			39,700
Ballard	29,000		33,150		37,300		41,450		Logan		27,500		31,450			35,350			39,300
Barren	25,650		29,300		33,000		36,650		Lyon		27,950		31,900			35,900			39,900
Boyd	26,300		30,100		33,850		37,600		Madison		32,650		37,300			42,000			46,650
Boyle	29,600		33,850		38,050		42,300		Marion		25,300		28,900			32,550			36,150
Breckinridge	25,950		29,700		33,400		37,100		Marshall		30,250		34,550			38,900			43,200
Butler	24,550		28,050		31,550		35,050		Mason		26,200		29,950			33,700			37,450
Caldwell	25,100		28,700		32,250		35,850		McCracken		29,600		33,850			38,050			42,300
Calloway	27,850		31,800		35,800		39,750		McLean		30,750		35,100			39,500			43,900
Carlisle	23,350		26,700		30,000		33,350		Meade		27,850		31,800			35,800			39,750
Carroll	30,750		35,100		39,500		43,900		Mercer		30,400		34,750			39,100			43,450
Carter	25,000		28,550		32,150		35,700		Montgomery		25,850		29,500			33,200			36,900
Christian	28,750		32,850		36,950		41,050		Muhlenberg		23,400		26,750			30,100			33,450
Crittenden	25,150		28,750		32,350		35,900		Nelson		31,250		35,700			40,200			44,650
Daviess	30,750		35,100		39,500		43,900		Nicholas		24,550		28,100			31,600			35,100
Edmonson	30,150		34,500		38,800		43,100		Ohio		24,750		28,300			31,800			35,350
Fleming	23,150		26,450		29,750		33,050		Owen		26,900		30,700			34,550			38,400
Franklin	35,650		40,700		45,800		50,900		Robertson		25,300		28,900			32,550			36,150
Garrard	28,950		33,100		37,200		41,350		Rowan		24,000		27,400			30,850			34,250
Grant	29,800		34,050		38,300		42,550		Shelby		36,700		41,900			47,150			52,400
Graves	26,150		29,900		33,600		37,350		Simpson		29,500		33,700			37,950			42,150
Grayson	23,050		26,350		29,650		32,950		Taylor		23,400		26,750			30,100			33,450
Greenup	26,300		30,100		33,850		37,600		Todd		25,650		29,300			33,000			36,650
Hancock	30,750		35,100		39,500		43,900		Trigg		28,750		32,850			36,950			41,050
Hardin	29,500		33,700		37,950		42,150		Union		29,750		34,000			38,250			42,500
Harrison	29,400		33,600		37,800		42,000		Warren		30,150		34,500			38,800			43,100
Henderson	33,500		38,300		43,050		47,850		Washington		27,950		31,900			35,900			39,900
Hickman	26,050		29,750		33,500		37,200		Webster		33,500		38,300			43,050			47,850
Hopkins				25,750				29,450				33,100						36,800

More about down payment and closing costs:

No liquid asset review and no limit on borrower reserves for Regular DAP.
Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
Specific credit underwriting standards may apply to down payment programs.

Kentucky Housing History

Kentucky Housing Corporation, created by the 1972 General Assembly, is a self-supporting, public corporation of the Commonwealth of Kentucky administratively attached to the Finance and Administration Cabinet. A portion of Kentucky Housing’s funds are derived from the interest earned through the sale of tax-exempt mortgage revenue bonds. From these proceeds, Kentucky Housing has made homeownership possible for over 82,000 Kentucky families. Kentucky Housing also operates through the receipt of fees for administering federal programs including rental assistance that makes safe, decent, affordable housing available to more than 27,000 low-income Kentuckians. Other programs additionally offered by Kentucky Housing include rental housing production financing, homeownership education/counseling and a variety of rental assistance, housing rehabilitation and home repair initiatives.

Kentucky Housing Corporation, as the state housing finance agency, is committed to putting people first as we continue to build partnerships and push the boundaries of traditional housing provision and support methods.