KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. We offer a special loan program to help with those. Your KHC-approved lender can help you apply.
Regular DAP
- Purchase price up to $349,525 with Secondary Market.
- Assistance in the form of a loan up to $10,000 in $100 increments.
- Repayable over a 10-year term at 3.75 percent.
- Available to all KHC first-mortgage loan recipients.
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.
Secondary Market Eligibility
To qualify for a Secondary Market KHC loan, you must meet the following requirements:
- Meet Secondary Market Income Limits for your county.
- Be a U.S. citizen, other national or qualified alien person
- Have a minimum credit score of 620.
- Be a first-time or repeat homebuyer.
Property Eligibility
The home you wish to purchase must meet the following guidelines.
- Borrower must occupy the home within 60 days of closing and for duration of loan.
- New or previously occupied detached, single-family home.
- New or previously occupied condominium, townhouse, or attached unit in a planned unit development.
- Check with lender for eligible condominiums.
- New or previously occupied manufactured housing, single or double wide, permanently affixed to the foundation and taxed as real estate
- Must meet loan type's foundation requirements.
- The property purchased must be in Kentucky.
Secondary Market Funding Source
- First-time and repeat homebuyers statewide
- 30-year fixed interest rate
- Principal residence ONLY
- Purchase Price Limit: $349,525
- Borrower must meet KHC's Secondary Market Income Limits
Purchase Price Limitations
Secondary Market First Mortgage Programs and KHC's Homebuyer Tax Credit
Secondary Market New and Existing Homes................$349,525
KHC's Homebuyer Tax Credit.......................................$349,525
