Kentucky Housing Down Payment Assistance for 2015 DAP funds for KY First Time Home Buyers

Kentucky Housing Down Payment Assistance for  for KY First Time Home Buyers

Down Payment Closing Cost Assistance

KHC 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 $294,000 with Secondary Market or $265,000 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 $294,000 with Secondary Market or $265,000 with MRB.
• 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.

FIRST MORTGAGE QUICK REFERENCE CARD
To successfully originate KHC mortgages you should begin with prequalified
applicants and properties meeting FHA, VA, RHS, or FNMA Conventional guidelines.
The applicant (s) must be purchasing or refinancing a single family, one unit, and
owner-occupied property, located in Kentucky. Then follow the steps below

….
1. The purchase price or refinance amount is at or below:
 $294,000 with Secondary Market
 $265,000 with MRB or KHC’s Homebuyer Tax Credit
 680 credit score for Conventional
 640 credit score for FHA, VA, and RHS
 Max ratio caps of 40%/45%
 AUS Approval required except on RHS

Joel Lobb Senior  Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708  Fax:     (502) 327-9119 kentuckyloan@gmail.com    Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/