Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky Mortgage Guidelines for Income, Employmen...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky Mortgage Guidelines for Income, Employmen...: What are standard continuity of employment requirements? A borrower will need to verify a two-year cumulative employment history. Less than ...
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Kentucky First Time Home buyer Down Payment Assistance for $7,500






ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!
1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.


KHC is used for mostly applicants in Kentucky that don't have access to money for a down payment on their home.
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Credit Scores Required For A Kentucky Mortgage Loa...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Credit Scores Required For A Kentucky Mortgage Loa...:  What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky? Answer. Most lenders will wants ...
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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Zero Down Kentucky Mortgages

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Zero Down Kentucky Mortgages: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Zero Down Kentucky Mortgages :   ZERO DOWN ...






ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!

1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.

KHC is used for mostly applicants in Kentucky that don’t have access to money for a down payment on their home.

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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Down Payment Assistance Kentucky 2022

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Down Payment Assistance Kentucky 2022: Down Payment Programs in Kentucky for 2022 ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news ...


Kentucky Down payment assistance loans are available up to $7,500 for Mortgage

​​​​Kentucky Housing Down Payment Assistance for $7500 in 2022 for Kentucky Home Buyers




ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!
1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.


KHC is used for mostly applicants in Kentucky that don't have access to money for a down payment on their home. 

​​​​KHC recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential home buyers. Here are several loan programs to help. 

Regular DAP

  • Purchase price up to $346,644 with Secondary Market.
  • Assistance in the form of a loan up to $7,500 in $100 increments.
  • Repayable over a 10-year term at 3.75 percent.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $346,644​ with Secondary Market.
  • Assistance up to $7,500.
  • Repayable over a 10-year term at 1.00 percent.
  • Borrowers must meet Affordable D​AP 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.​
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Kentucky VA Mortgage Guidelines For Approval

Kentucky Mortgage VA Underwriting




Major changes are as follows, but the documents have been revised throughout so it is recommended that everyone review them

Borrowers using rental income from a non-subject property to qualify need to document a minimum 2 year rental history and 3 months reserves PITI for each rental property (excluding property being vacated and turned into a rental). When no mortgage exists on a rental property, 3 months reserves must still be provided that cover taxes, insurance, HOA dues, and any other fees documented for the property. These reserves cannot come from equity, gift funds, or any loan proceeds.
  • Rental income from boarders can now be used as qualifying income provided
    • A 2 year history of tax returns can be provided showing boarder income generated by the property; AND
    • The use of the property for boarder rental cannot impair the residential nature of the property and cannot exceed 25% of the property's total floor area
  • Alimony, child support, and maintenance require at least 3 years continuance to be considered effective income.
  • For payment plans after a judgment, VA will generally require 12 months of timely payments before credit is considered reestablished. A shorter repayment history may be considered if it can be determined that the borrower addressed the judgment responsibly and began a repayment plan immediately after it was filed. If borrower has missed payments within the last 12 months, they will be ineligible for financing even if the debt is paid in full.
  • For voluntary short sales or deeds-in-lieu where the borrower was current on their payments at the time the property was surrendered, no minimum derogatory credit waiting period will be required.
  • VA's list of required Appraisal Report Contents has been updated and now includes specific photographs required on the appraisal (refer to VA Chapter 11: Topic 3: Appraisal Report Contents for full list).
  • VA Chapter 11: Topic 4: Gross Living Area has been added to provide direction in determining the Gross Living Area of the property.
  • Other sections have been updated to include guideline changes from previous VA Circulars.



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KENTUCKY VA MORTGAGE QUALIFYING GUIDELINES





 




Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:          kentuckyloan@gmail.com

 








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