Down payment assistance programs normally require you to be a first time homebuyer; however, this new program does not have this requirement. There are also various first mortgage options this program can be tied to, including FHA and USDA loans.
Receive 3.5% Down for Your Dream Home with Down Payment Assistance
An exciting new program is making it easier for you to get your dream home faster and with more money in your pocket. Geared toward homebuyers who may need help coming up with down payment or closing costs, the Mortgage Down Payment Assistance Program (DPA) can turn you into a homebuyer today!
With DPA, homebuyers will have the opportunity to receive 3.5% of their dream home’s purchase price or appraised value (whichever is less). The amount they receive can be used for the down payment or closing costs.
Here are some additional benefits that come with down payment assistance:
You do not need to be a first time homebuyer
Down payment assistance programs normally require you to be a first time homebuyer; however, this new program does not have this requirement. There are also various first mortgage options this…
I know the mortgage process can be confusing, so I thought I'd shed some light on what some of the acronyms in the mortgage world mean. LTVLTV stands for Loan to Value Ratio. It represents the amount of money borrowed divided by the purchase price of the home. For example, if you borrow $400,000 on … Continue reading Popular Kentucky Mortgage Terms To Know
The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce revisions to technicalHB-1-3555, Chapter 11, Ratio Analysis. An advance copy of the proposed changes was made available on July 20, 2021. These changes became effective upon the recent issuance of aProcedure Notice (PN). Below are the highlighted revisions:
Chapter 11-Ratio Analysis
11.2 B. The Total Debt Ratio:
Student Loans: Removed the phrase “the greater of” from Non-Fixed payment loans and added guidance regarding “when the payment is above zero” and “when the payment is zero”.
Revolving accounts: “with no outstanding balance” are not required to be closed.
Mortgages: Rental Property – Eliminated language regarding omission of mortgage debt. Guidance for entry of rental income in GUS is provided in theGUS Lender User Guideunder Section 4.1.4.1.1, Retained Investment Properties.
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 