Kentucky Welcome Home Grant Program Guidelines

welcome home grant 2024 Kentucky

2024 Welcome Home Grant Program for Kentucky Home Buyers $20,000

. The Welcome Home Grant is open to qualified applicants purchasing a home in Kentucky.

• $20,000 in grant money can be used for closing costs, pre-paids, and down payments.
• $20,000 allotments may be available to qualified applicants on a first come, first served basis.
• Grant can be applied to any of our mortgage products, including the Kentucky First Time Home Buyers’ program. **
• Income guidelines based on the county where the home is located and are available for all counties in KY.

– Jefferson, Bullitt, & Oldham Counties, KY

max. $71,760 for 1-2 person household / $82,524 for 3+ person household.

– Grant County, KY

max. $63,648 for 1-2 person household / $74,256 for 3+ person household.

– Boone, Campbell, & Kenton Counties, KY

max. $80,880 for 1-2 person household / $93,012 for 3+ person household.

– Shelby County, KY

max. $74,160 for 1-2 person household / $85,284 for 3+ person household.

– Henry & Spencer Counties, KY
max. $71,760 for 1-2 person household / $82,524 for 3+ person household.

– Hardin, Larue, & Trimble Counties, KY

max. $69,400 for 1-2 person household / $79,810 for 3+ person household.

– Laurel & Pulaski Counties, KY

max. $62,880 for 1-2 person household / $72,312 for 3+ person household.

– Meade County, KY

max. $68,632 for 1-2 person household / $78,926 for 3+ person household.

– Nelson County, KY

max. $68,136 for 1-2 person household / $78,356 for 3+ person household.

– Gallatin & Pendleton Counties, KY

max. $80,880 for 1-2 person household / $93,012 for 3+ person household.

– Knox, Rockcastle, & Whitley Counties, KY

max. $75,456 for 1-2 person household / $88,032 for 3+ person household.

$25,000 for Honorably Discharged Veterans and Active Duty Military Home Buyers is also available!

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

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

http://www.mylouisvillekentuckymortgage.com/

 

 

 

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

 

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

 

Kentucky Down Payment Assistance of $10,000 for 2024 Kentucky Home Buyers

First-Time HomeBuyer Louisville Kentucky Mortgage Programs

​Mortgage Revenue Bonds (MRB)

Informational Flyer

Kentucky Housing Corporation (KHC) is now offering abelow-market, 30-year fixed interest rate to first-timeor repeat homebuyers through our Mortgage RevenueBond (MRB) program.
MORTGAGE REVENUE BONDS
First-time homebuyers in non-targeted areas
First-time and repeat homebuyers in targeted areas
30-year fixed interest rate
Principal residence ONLY
Purchase Price Limit: $481,176
Borrower must meet KHC’s MRB Income Limits


Purchase price up to $481,176 with Secondary Market​ or Mortgage Revenue Bond (MRB) income limits.
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.
First-time homebuyers statewide in non-targeted areas​

First-time and repeat homebuyers statewide in targeted areas

30-year fixed interest rate

Principal residence ONLY

Purchase Price Limit: $481,176

Borrower must meet KHC’s MRB Income Limits

FHA
Insured by the Federal Housing Administration
3.5 percent down payment
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620
VA
Guaranteed by the Veterans Administration for qualified military veterans
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Minimum credit score of 620
No monthly mortgage insurance payments

RH​​S
Guaranteed by Rural Housing Services (RHS)
Home must be located in a rural area as defined by RHS
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620


​​​​
​​​​​Secondary Market Funding Source

First-time and repeat homebuyers statewide

30-year fixed interest rate

Principal residence ONLY

Purchase Price Limit:  $481,176

Borrower must meet KHC’s Secondary Market Income Limits

Conventional Preferred ​Program
Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (charter coverage)
KHC DAP applicable
No minimum borrower contribution
No reserves required
80 percent AMI in​​come         

Conventional Preferred Plus 80
Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (standard coverage)
KHC DAP applicable
No minimum borrower contribution
No reserves required
Secondary Market​ Income limits apply

FHA
Insured by the Federal Housing Administration
3.5 percent down payment
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620
Refinance Options (Available only through Secondary Market)         
Credit qualifying Streamline Refinance and Rate/Term Refinance
Insured by the Federal Housing Administration
Cash back to borrower not to exceed $500
Upfront and monthly mortgage insurance
Minimum credit score of 620         
VA
Guaranteed by the Veterans Administration for qualified military veterans
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Minimum credit score of 620
No monthly mortgage insurance payments

​ Refinance Options (Available only through Secondary Market)         VA IRRRL

​620 minimum credit score

No appraisal required

30-year term

VA existing loan

RH​​S
Guaranteed by Rural Housing Services (RHS)
Home must be located in a rural area as defined by RHS
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620

Refinance Options (Available only through Secondary Market)         
RHS Streamlined-Assist Refinance Program

620 minimum credit score

No appraisal required

Must have made timely mortgage payments for the last 12 months

30-year term

RHS existing 502 guaranteed loan​