Sunday, September 24, 2017

Thursday, September 21, 2017

(KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis.


This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households that include active / non-active duty veterans or other persons receiving VA benefits.

    Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 - Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
  • Both Regular and Affordable DAP are available.
As of Wednesday, September 20, 2017, KHC still has $184,500 available in Affordable Closing Costs Funds.

Only Homebuyers obtaining a KHC first mortgage are eligible for DAP. All DAPS take a lien
position & require input into LP/DU as subordinate financing. DAP funds can never be used to
pay for repairs. Once you have determined the loan type it’s time to see which of the following
KHC Down payment Assistance Programs (DAP) your borrower is eligible for. Follow the easy
steps below….

1. Check to see the applicant(s) income falls below the Affordable DAP Limits:
If yes then the borrower qualifies for the Affordable DAP up to $4,500. Affordable DAP
is amortized over 10 years at 1%. Borrower must qualify with second mortgage payment.
In addition, if the borrower is financing their first mortgage through a conventional loan,
the borrower qualifies for a $1,500 Affordable Closing Cost Grant. There is no lien or
monthly repayment since it is a grant. If borrower is not under the Affordable DAP
income limits, then proceed to Regular DAP.

2. Check to see if the applicant(s) income falls below the Secondary Market Limits.
If yes the borrower is eligible for Regular DAP up to $6,000. Regular DAP is amortized
over 10 years at 5.50%. Borrower must qualify with second mortgage payment


if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
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Posted By Blogger to Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage at 5/01/2017 08:02:00 AM

Friday, September 15, 2017

Wednesday, September 6, 2017