Down payment Assistance for Kentucky First Time Home buyers 2022


This type of loan is administered  by KHC in the state of Kentucky. They typically have $6000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.
KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at 660

KHC is used for mostly applicants in urban areas of Kentucky that don’t have access to USDA or other government agencies to buy a home with no down payment.

A minimum of 3.5% down payment is required with this loan. Down payment assistance loans are available from $6,000, and are paid back over a period of ten years. They are typically offered to buyers with limited cash reserves and carry an interest rate of 1 to 5.5%.

These loans can make a critical difference to buyers for whom the down payment is an obstacle. Buyers whose 3.5% down payment is less than the $6000 limit may choose to use the remainder of a down payment loan to pay closing costs, further reducing the amount needed to bring to closing.

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. Your KHC-approved lender can help you apply for the program that meets your need.

  • Kentucky First-time home buyer qualifications

     KHC’s assistance programs.

    To qualify for the agency’s loans, you must:

    • Fall within your county’s “secondary market” income limit for qualifying for a reduced-interest loan with fewer overall requirements.
    • Be a U.S. citizen or qualified noncitizen.
    • Have a credit score of at least 620 (though some programs will require a higher score).

    Conventional Preferred Program

    The Kentucky Housing Corporation offers a few different loan programs, including the Conventional Preferred program. These home loans have 30-year fixed interest rates, so your rate won’t change over the life of the loan. The mortgages are serviced by the KHC and maintained in Kentucky, not sold off the way other mortgages are.

    To qualify for this program, you’ll need:

    • A minimum credit score of 660.
    • A down payment of 3% of your purchase price.
    • To pay monthly mortgage insurance.
    • An income that doesn’t exceed 80% of the local median income.

    With the Conventional Preferred Program, you also can make use of any of the state’s down payment assistance programs for help with your closing costs.

    Conventional Preferred Plus 80 Program

    Many of the requirements for the Preferred Plus 80 program are similar to those for the Conventional Preferred Program loans. You’ll need:

    • A minimum credit score of 660.
    • A down payment of 3% of your purchase price.
    • Monthly mortgage insurance.
    • An income that doesn’t exceed your county’s “secondary market” limit.

    And, the KHC’s down payment assistance programs can be used in conjunction with the Conventional Preferred Plus 80 program.

    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. Your KHC-approved lender can help you apply for the program that meets your need.

    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. Your KHC-approved lender can help you apply for the program that meets your need.

    Regular DAP

    • Purchase price up to $346,644 with Secondary Market.
    • Assistance in the form of a loan up to $6,000 in $100 increments.
    • Repayable over a ten-year term at 5.50 percent.
    • Available to all KHC first-mortgage loan recipients.

    Affordable DAP

    • Purchase price up to $346,644​ with Secondary Market.
    • Assistance up to $6,000.
    • Repayable over a ten-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
    • .​

    SECONDARY MARKET FUNDING SOURCE

    • First-time and repeat homebuyers statewide
    • 30-year fixed interest rate
    • Principal residence ONLY
    • Purchase Price Limit:  $346,644
    • Borrower must meet KHC’s Secondary Market Income Limits

    KENTUCKY HOUSING CORPORATION
    ECONDARY MARKET
    GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
    Secondary Market Purchase Price Limit — $346,644

    KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS

Joel has worked with KHC for 12 of his 20 years in the mortgage lending business. Joel said, “A lot of my clients would not have been able to purchase a home of their own or possibly delayed their purchase due to lack of down payment but with the $6,000 DAP loan program, this gets them into a house sooner and starts their path to homeownership while building equity instead of throwing their money away.”

Joel has worked with KHC for 12 of his 20 years in the mortgage lending business. Joel said, “A lot of my clients would not have been able to purchase a home of their own or possibly delayed their purchase due to lack of down payment but with the $6,000 DAP loan program, this gets them into a house sooner and starts their path to homeownership while building equity instead of throwing their money away.”


Joel Lobb

Joel Lobb, American Mortgage Solutions (Statewide)

Joel has worked with KHC for 12 of his 20 years in the mortgage lending business. Joel said, “A lot of my clients would not have been able to purchase a home of their own or possibly delayed their purchase due to lack of down payment but with the $6,000 DAP loan program, this gets them into a house sooner and starts their path to homeownership while building equity instead of throwing their money away.”

When you’re ready to purchase a home in Joel’s area, contact him at:
Phone: 502-905-3708
Email: Kentuckyloan@gmail.com
Website: www.mylouisvillekentuckymortgage.com


Text/call 502-905-3708
kentuckyloan@gmail.com

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346


Text/call 502-905-3708
kentuckyloan@gmail.com

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Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
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Text/call:      502-905-3708

fax:            502-327-9119
email:
kentuckyloan@gmail.com

2022 Kentucky BAH (Basic Allowance Housing) Rates


 

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    2022 Kentucky BAH (Basic Allowance Housing) Rates

    MHA: KY106 – Military Housing Area Name: FORT CAMPBELL, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,464 $1,209
    E02 $1,464 $1,209
    E03 $1,464 $1,209
    E04 $1,464 $1,209
    E05 $1,494 $1,350
    E06 $1,665 $1,434
    E07 $1,737 $1,470
    E08 $1,821 $1,536
    E09 $1,935 $1,575
    W01 $1,677 $1,467
    W02 $1,773 $1,533
    W03 $1,875 $1,581
    W04 $1,962 $1,677
    W05 $2,061 $1,755
    O01E $1,755 $1,494
    O02E $1,857 $1,566
    O03E $1,971 $1,656
    O01 $1,521 $1,431
    O02 $1,662 $1,488
    O03 $1,869 $1,599
    O04 $2,094 $1,737
    O05 $2,253 $1,782
    O06 $2,268 $1,860
    O07 $2,283 $1,878

    MHA: KY107 – Military Housing Area Name: LEXINGTON, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,323 $993
    E02 $1,323 $993
    E03 $1,323 $993
    E04 $1,323 $993
    E05 $1,455 $1,116
    E06 $1,524 $1,203
    E07 $1,539 $1,326
    E08 $1,548 $1,473
    E09 $1,608 $1,485
    W01 $1,536 $1,287
    W02 $1,545 $1,470
    W03 $1,557 $1,488
    W04 $1,638 $1,518
    W05 $1,758 $1,524
    O01E $1,542 $1,455
    O02E $1,551 $1,482
    O03E $1,650 $1,515
    O01 $1,467 $1,188
    O02 $1,521 $1,413
    O03 $1,554 $1,494
    O04 $1,797 $1,521
    O05 $1,986 $1,527
    O06 $1,998 $1,530
    O07 $2,013 $1,533

    MHA: KY109 – Military Housing Area Name: LOUISVILLE, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,446 $1,098
    E02 $1,446 $1,098
    E03 $1,446 $1,098
    E04 $1,446 $1,098
    E05 $1,557 $1,248
    E06 $1,764 $1,341
    E07 $1,797 $1,446
    E08 $1,839 $1,605
    E09 $1,914 $1,656
    W01 $1,776 $1,419
    W02 $1,815 $1,602
    W03 $1,866 $1,662
    W04 $1,935 $1,767
    W05 $2,013 $1,806
    O01E $1,806 $1,557
    O02E $1,857 $1,644
    O03E $1,941 $1,755
    O01 $1,587 $1,332
    O02 $1,761 $1,524
    O03 $1,863 $1,686
    O04 $2,034 $1,794
    O05 $2,160 $1,815
    O06 $2,172 $1,851
    O07 $2,187 $1,869

    MHA: KY110 – Military Housing Area Name: FORT KNOX, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,086 $840
    E02 $1,086 $840
    E03 $1,086 $840
    E04 $1,086 $840
    E05 $1,140 $963
    E06 $1,434 $1,074
    E07 $1,506 $1,131
    E08 $1,590 $1,203
    E09 $1,704 $1,287
    W01 $1,449 $1,089
    W02 $1,542 $1,200
    W03 $1,641 $1,296
    W04 $1,728 $1,449
    W05 $1,830 $1,524
    O01E $1,524 $1,143
    O02E $1,626 $1,266
    O03E $1,740 $1,428
    O01 $1,179 $1,032
    O02 $1,431 $1,134
    O03 $1,635 $1,326
    O04 $1,863 $1,506
    O05 $2,028 $1,551
    O06 $2,040 $1,626
    O07 $2,052 $1,638

    MHA: KY339 – Military Housing Area Name: FRANKFORT, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $939 $717
    E02 $939 $717
    E03 $939 $717
    E04 $939 $717
    E05 $1,011 $810
    E06 $1,227 $915
    E07 $1,245 $936
    E08 $1,272 $1,059
    E09 $1,383 $1,116
    W01 $1,239 $930
    W02 $1,257 $1,056
    W03 $1,287 $1,122
    W04 $1,419 $1,227
    W05 $1,575 $1,248
    O01E $1,251 $1,011
    O02E $1,281 $1,104
    O03E $1,440 $1,218
    O01 $1,041 $864
    O02 $1,224 $990
    O03 $1,284 $1,143
    O04 $1,629 $1,239
    O05 $1,878 $1,410
    O06 $1,890 $1,419
    O07 $1,902 $1,428

    MHA: KY430 – Military Housing Area Name: PADUCAH, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $990 $768
    E02 $990 $768
    E03 $990 $768
    E04 $990 $768
    E05 $1,011 $894
    E06 $1,329 $996
    E07 $1,392 $1,044
    E08 $1,461 $1,095
    E09 $1,557 $1,170
    W01 $1,347 $1,011
    W02 $1,422 $1,077
    W03 $1,506 $1,179
    W04 $1,578 $1,341
    W05 $1,662 $1,407
    O01E $1,407 $1,056
    O02E $1,491 $1,149
    O03E $1,587 $1,326
    O01 $1,053 $966
    O02 $1,326 $1,047
    O03 $1,500 $1,212
    O04 $1,689 $1,389
    O05 $1,824 $1,428
    O06 $1,833 $1,491
    O07 $1,845 $1,503

     

     

     

BAHd are for all branches of the military; Air Force, Army, Coast Guard, Marines, Navy and Reserves forces, where applicable.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
Text or Call 502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/


This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines
 

 

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