Category: Welcomeo Home Program $5000 grant

2019 Kentucky First Time Home Buyer Loan Programs


via 2019 Kentucky First Time Home Buyer Loan Programs

 

 

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Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?


via Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?49202911_10158433385021164_3411137423906701312_n

6 options for buying a home with little or no money down in Kentucky


via 6 options for buying a home with little or no money down

 

First Time Home Buyer Options for  Kentucky Homebuyers in 2019

 

6 options for buying a home with little or no money down


Here’s what you need to know when you have little or no money to put down on a home!

Source: 6 options for buying a home with little or no money down

Kentucky Homebuyer Loan Options for 2019.


via Kentucky Homebuyer Loan Options for 2019.

 

https://firsttimehomebuyerkentucky.wordpress.com/category/2019-kentucky-first-time-home-buyer/

IN 2019 KENTUCKY FIRST TIME HOME BUYERCREDIT SCORESDEBT RATIODOWN PAYMENTFHA LOANFICO SCOREKENTUCKY FIRST TIME HOME BUYERKENTUCKY MORTGAGE CREDIT SCOREKHC LOANPRE-APPROVAL LETTERUSDA LOANVA MORTGAGE KY

 

Kentucky Homebuyers Down Payment Grants for 2019


PRMI_Dreammakerdec 16Kentucky First Time Home Buyer Loans for 2019$6000 Kentucky housing grant for 2019 first time home buyersa8a1e-unnamed2B2528152529via Kentucky Homebuyers Down Payment Grants for 2019

Here are action steps you can take right now to buy a home in Kentucky in 2019

1. Focus on your credit score

FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit.

To qualify for a mortgage and get a low mortgage rate, your credit score matters.

Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected.

2. Manage your debt-to-income ratio

Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive.

A debt-to-income ratio is your monthly debt payments as a percentage of your monthly income. Lenders focus on this ratio to determine whether you have enough excess cash to cover your living expenses plus your debt obligations.

Since a debt-to-income ratio has two components (debt and income), the best way to lower your debt-to-income ratio is to:

First Ratio – The first ratio, top ratio or housing ratio. Basically that means out of all the gross monthly income you make, that no more that X percent of it can go to your housing payment. The housing payment consists of Principle, Interest, Taxes and Insurance. Whether you escrow or not every one of these items are factored into your ratio. There are a lot of exceptions to how high you can go, but let’s just say that if your ratio is 33% or less, generally, across the board, you’re safe.

Second Ratio- The second ratio, bottom ratio or debt ratio includes the housing payment, but also adds all of the monthly debts that the borrower has. So, it includes housing payment as well as every other debt that a borrower may have. This would include, Auto loans, credit cards, student loans, personal loans, child support, alimony….basically any consistent outgoing debt that you’re paying on. Again, if you’re paying less than 45% of your gross monthly income to all of the debts, plus your proposed housing payment, then……generally, you’re safe. You can go a lot higher in this area, but there are a lot of caveats when increasing your back ratio.

3. Keep credit utilization low on your credit cards

Lenders also evaluate your credit card utilization, or your monthly credit card spending as a percentage of your credit limit.

Ideally, your credit utilization should be less than 30%. If you can keep it less than 10%, even better.

For example, if you have a $10,000 credit limit on your credit card and spent $3,000 this month, your credit utilization is 30%.

Here are some ways to manage your credit card utilization:

  • set up automatic balance alerts to monitor credit utilization
  • ask your lender to raise your credit limit (this may involve a hard credit pull so check with your lender first)
  • pay off your balance multiple times a month to reduce your credit utilization

4 . Look for down payment assistance in Kentucky

There are various types of down payment assistance, even if you have student loans.

Here are a few:

  • FHA loans – federal loan through the Federal Housing Authority
  • USDA loans – zero down mortgages for rural and suburban homeowners
  • VA loans – if military service
  • Kentucky Housing Down Payment Assistance of $6000

There are federal, state and local assistance programs as well so be on the look out.

If you want a personalized answer for your unique situation call, text, or email me or visit my website below:

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

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

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

https://kentuckyloan.blogspot.com/

2019 Welcome Home Program for Kentucky Home Buyers.

2019 Welcome Home Program for Kentucky Home Buyers.


via 2019 Welcome Home Program for Kentucky Home Buyers.

 

Welcome Home Funds Kentucky $5000 Grant
What is the Welcome Home Program?
The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to $5,000 per homebuyer and Members are subject to an aggregate limit of $200,000 per offering. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM ET on March 1, 2018, and will remain available until all funds have been reserved.
Who Can Use the WHP?
The FHLB has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership. These funds are available to Members as grants to assist their mortgage loan applicants in the home buying process. This is our most widely used program, ideally suited to the needs of community lenders and their customers. 
What are the Program Requirements?
Below is an abbreviated list of program eligibility requirements:
The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. The FHLB has an Income and Affordability Workbook to assist in determining household income eligibility.
Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs.
WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.
WHP grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
WHP grant funds may be used in conjunction with other local, state and federal funding sources and with the FHLB Cincinnati’s Community Investment Cash Advance Programs.
The Member who reserves the WHP funds must originate the first loan, but the loan may close in the name of a third party.
The interest rate for the first mortgage may not exceed 7.50 percent.
The interest rate for the second mortgage may not exceed 11.00 percent.
Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.
All eligible property assisted with WHP funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.
How Do I Apply?
Information for Homebuyers
Reserving WHP Funds
Homebuyers must apply with one of our Member institutions. Click here to search our Member Directory.
Members may reserve funds via the Welcome Home Program link through the FHLB’s Members Only portal by submitting an online Reservation Request with supporting documentation. Instructions for accessing Members Only may be found here.
The FHLB will perform a preliminary review of the Reservation Request and the documentation submitted to determine eligibility of the homebuyer, availability of funds in the program, and availability of funds for the Member. If any of the information is incomplete, additional documentation or information may be required. Note: The Reservation Request will be denied upon receipt if a fully executed loan application is not included.
Written notification will be provided to the Member as to the homebuyer’s eligibility. Submission of a Reservation Request does not constitute an approval of funds. Funds are reserved only upon written notification of approval from the FHLB.
Please allow four weeks for the FHLB to review the Reservation Request and supporting documentation.
Disbursing WHP Funds
Welcome Home funds will only be disbursed after closing. The FHLB has some general guidance and specific instructions that Members and Closing Agents should use in closing mortgages using Welcome Home funds. Funds will be disbursed only to the extent they are required to fill the gap for down payment, closing costs, and counseling fees.
Members may submit a Request for Payment of Reserved Funding with supporting documentation via the Welcome Home Program link through the FHLB’s Members Only portal. Submission of a Request for Payment of Reserved Funding is not an approval of funds disbursement. Once the Request for Payment of Reserved Funding has been reviewed and approved, funds will be disbursed to the Member. 
In the event the FHLB determines that funds were used for an ineligible expense, the grant will be reduced by the amount of the ineligible expense unless the household brings adequate funds to the closing to cover the amount of the ineligible expense. Under no circumstances will cash back to the homebuyer be permitted.
Please allow four to six weeks for the FHLB to review the Request for Payment of Reserved Funding and supporting documentation.

 

 

kentucky housing corporation welcome home funds$6000 Kentucky housing grant for 2019 first time home buyers

 

What is the Welcome Home Program?

The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to $5,000 per homebuyer and Members are subject to an aggregate limit of $200,000 per offering. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM ET on March 1, 2018, and will remain available until all funds have been reserved.

 

Who Can Use the WHP?

The FHLB has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership. These funds are available to Members as grants to assist their mortgage loan applicants in the home buying process. This is our most widely used program, ideally suited to the needs of community lenders and their customers.

 

What are the Program Requirements?

Below is an abbreviated list of program eligibility requirements:

  • The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. The FHLB has an Income and Affordability Workbook to assist in determining household income eligibility.
  • Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs.
  • WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.
  • WHP grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
  • WHP grant funds may be used in conjunction with other local, state and federal funding sources and with the FHLB Cincinnati’s Community Investment Cash Advance Programs.
  • The Member who reserves the WHP funds must originate the first loan, but the loan may close in the name of a third party.
  • The interest rate for the first mortgage may not exceed 7.50 percent.
  • The interest rate for the second mortgage may not exceed 11.00 percent.
  • Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.

All eligible property assisted with WHP funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.

 

How Do I Apply?

Information for Homebuyers

Reserving WHP Funds

Homebuyers must apply with one of our Member institutions. Click here to search our Member Directory.

Members may reserve funds via the Welcome Home Program link through the FHLB’s Members Only portal by submitting an online Reservation Request with supporting documentation. Instructions for accessing Members Only may be found here.

The FHLB will perform a preliminary review of the Reservation Request and the documentation submitted to determine eligibility of the homebuyer, availability of funds in the program, and availability of funds for the Member. If any of the information is incomplete, additional documentation or information may be required. Note: The Reservation Request will be denied upon receipt if a fully executed loan application is not included.

Written notification will be provided to the Member as to the homebuyer’s eligibility. Submission of a Reservation Request does not constitute an approval of funds. Funds are reserved only upon written notification of approval from the FHLB.

Please allow four weeks for the FHLB to review the Reservation Request and supporting documentation.

Disbursing WHP Funds

Welcome Home funds will only be disbursed after closing. The FHLB has some general guidance and specific instructions that Members and Closing Agents should use in closing mortgages using Welcome Home funds. Funds will be disbursed only to the extent they are required to fill the gap for down payment, closing costs, and counseling fees.

Members may submit a Request for Payment of Reserved Funding with supporting documentation via the Welcome Home Program link through the FHLB’s Members Only portal. Submission of a Request for Payment of Reserved Funding is not an approval of funds disbursement. Once the Request for Payment of Reserved Funding has been reviewed and approved, funds will be disbursed to the Member.

In the event the FHLB determines that funds were used for an ineligible expense, the grant will be reduced by the amount of the ineligible expense unless the household brings adequate funds to the closing to cover the amount of the ineligible expense. Under no circumstances will cash back to the homebuyer be permitted.

Please allow four to six weeks for the FHLB to review the Request for Payment of Reserved Funding and supporting documentation.

Income limits for Welcome Home and DRP for 2019

Income limits are obtained from the state housing finance agency for each state.

Use the 80% limits for the Welcome Home Program.

Use the 100% limits for the Disaster Reconstruction Program.

 

Kentucky 

County 100% limits 80% limits
1-2 Persons 3 + Persons 1-2 Persons 3 + Persons
Adair $71,040 $82,880 $56,832 $66,304
Allen $71,040 $82,880 $56,832 $66,304
Anderson $69,400 $79,810 $55,520 $63,848
Ballard $59,200 $68,080 $47,360 $54,464
Barren $59,200 $68,080 $47,360 $54,464
Bath $71,040 $82,880 $56,832 $66,304
Bell $71,040 $82,880 $56,832 $66,304
Boone $78,300 $90,045 $62,640 $72,036
Bourbon $84,120 $98,140 $67,296 $78,512
Boyd $59,200 $68,080 $47,360 $54,464
Boyle $71,040 $82,880 $56,832 $66,304
Bracken $93,960 $109,620 $75,168 $87,696
Breathitt $71,040 $82,880 $56,832 $66,304
Breckinridge $71,040 $82,880 $56,832 $66,304
Bullitt $71,500 $82,225 $57,200 $65,780
Butler $71,040 $82,880 $56,832 $66,304
Caldwell $59,200 $68,080 $47,360 $54,464
Calloway $59,200 $68,080 $47,360 $54,464
Campbell $78,300 $90,045 $62,640 $72,036
Carlisle $71,040 $82,880 $56,832 $66,304
Carroll $71,040 $82,880 $56,832 $66,304
Carter $71,040 $82,880 $56,832 $66,304
Casey $71,040 $82,880 $56,832 $66,304
Christian $59,200 $68,080 $47,360 $54,464
Clark $84,120 $98,140 $67,296 $78,512
Clay $71,040 $82,880 $56,832 $66,304
Clinton $71,040 $82,880 $56,832 $66,304
Crittenden $71,040 $82,880 $56,832 $66,304
Cumberland $71,040 $82,880 $56,832 $66,304
Daviess $62,300 $71,645 $49,840 $57,316
Edmonson $71,040 $82,880 $56,832 $66,304
Elliott $71,040 $82,880 $56,832 $66,304
Estill $71,040 $82,880 $56,832 $66,304
Fayette $70,100 $80,615 $56,080 $64,492
Fleming $71,040 $82,880 $56,832 $66,304
Floyd $71,040 $82,880 $56,832 $66,304
Franklin $65,200 $74,980 $52,160 $59,984
Fulton $71,040 $82,880 $56,832 $66,304
Gallatin $93,960 $109,620 $75,168 $87,696
Garrard $71,040 $82,880 $56,832 $66,304
Grant $71,040 $82,880 $56,832 $66,304
Graves $59,200 $68,080 $47,360 $54,464
Grayson $71,040 $82,880 $56,832 $66,304
Green $71,040 $82,880 $56,832 $66,304
Greenup $59,200 $68,080 $47,360 $54,464
Hancock $62,300 $70,725 $49,840 $56,580
Hardin $61,500 $72,220 $49,200 $57,776
Harlan $71,040 $82,880 $56,832 $66,304
Harrison $71,040 $82,880 $56,832 $66,304
Hart $71,040 $82,880 $56,832 $66,304
Henderson $65,100 $74,865 $52,080 $59,892
Henry $85,800 $100,100 $68,640 $80,080
Hickman $71,040 $82,880 $56,832 $66,304
Hopkins $71,040 $82,880 $56,832 $66,304
Jackson $71,040 $82,880 $56,832 $66,304
Jefferson $71,500 $82,225 $57,200 $65,780
Jessamine $70,100 $80,615 $56,080 $64,492
Johnson $71,040 $82,880 $56,832 $66,304
Kenton $78,300 $90,045 $62,640 $72,036
Knott $71,040 $82,880 $56,832 $66,304
Knox $71,040 $82,880 $56,832 $66,304
Larue $73,800 $86,100 $59,040 $68,880
Laurel $59,200 $68,080 $47,360 $54,464
Lawrence $71,040 $82,880 $56,832 $66,304
Lee $71,040 $82,880 $56,832 $66,304
Leslie $71,040 $82,880 $56,832 $66,304
Letcher $71,040 $82,880 $56,832 $66,304
Lewis $71,040 $82,880 $56,832 $66,304
Lincoln $71,040 $82,880 $56,832 $66,304
Livingston $59,200 $68,080 $47,360 $54,464
Logan $71,040 $82,880 $56,832 $66,304
Lyon $60,500 $69,575 $48,400 $55,660
Madison $79,080 $92,260 $63,264 $73,808
Magoffin $71,040 $82,880 $56,832 $66,304
Marion $71,040 $82,880 $56,832 $66,304
Marshall $59,600 $68,540 $47,680 $54,832
Martin $71,040 $82,880 $56,832 $66,304
Mason $71,040 $82,880 $56,832 $66,304
McCracken $60,800 $69,920 $48,640 $55,936
McCreary $71,040 $82,880 $56,832 $66,304
McLean $74,760 $87,220 $59,808 $69,776
Meade $60,500 $69,575 $48,400 $55,660
Menifee $71,040 $82,880 $56,832 $66,304
Mercer $59,200 $68,080 $47,360 $54,464
Metcalfe $71,040 $82,880 $56,832 $66,304
Monroe $71,040 $82,880 $56,832 $66,304
Montgomery $71,040 $82,880 $56,832 $66,304
Morgan $71,040 $82,880 $56,832 $66,304
Muhlenberg $59,200 $68,080 $47,360 $54,464
Nelson $74,520 $86,940 $59,616 $69,552
Nicholas $71,040 $82,880 $56,832 $66,304
Ohio $71,040 $82,880 $56,832 $66,304
Oldham $71,500 $82,225 $57,200 $65,780
Owen $71,040 $82,880 $56,832 $66,304
Owsley $71,040 $82,880 $56,832 $66,304
Pendleton $93,960 $109,620 $75,168 $87,696
Perry $71,040 $82,880 $56,832 $66,304
Pike $71,040 $82,880 $56,832 $66,304
Powell $71,040 $82,880 $56,832 $66,304
Pulaski $71,040 $82,880 $56,832 $66,304
Robertson $71,040 $82,880 $56,832 $66,304
Rockcastle $71,040 $82,880 $56,832 $66,304
Rowan $71,040 $82,880 $56,832 $66,304
Russell $71,040 $82,880 $56,832 $66,304
Scott $84,120 $98,140 $67,296 $78,512
Shelby $75,200 $86,480 $60,160 $69,184
Simpson $59,200 $68,080 $47,360 $54,464
Spencer $85,800 $100,100 $68,640 $80,080
Taylor $59,200 $68,080 $47,360 $54,464
Todd $71,040 $82,880 $56,832 $66,304
Trigg $59,200 $68,080 $47,360 $54,464
Trimble $85,800 $100,100 $68,640 $80,080
Union $59,200 $68,080 $47,360 $54,464
Warren $59,200 $68,080 $47,360 $54,464
Washington $71,040 $82,880 $56,832 $66,304
Wayne $71,040 $82,880 $56,832 $66,304
Webster $71,040 $82,880 $56,832 $66,304
Whitley $71,040 $82,880 $56,832 $66,304
Wolfe $71,040 $82,880 $56,832 $66,304
Woodford $70,100 $80,615 $56,080 $64,492
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


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

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

Down Payment And Closing Cost Assistance Kentucky Housing HHF DAP Funds 


KHC Loan Programs

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MRB

  • All MRB Kentucky Housing first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through Kentucky Housing must be the only residential property you own and you must occupy the home as your principal residence while the loan debt is still outstanding.
  • To qualify, you must meet KHC’s regular MRB income guidelines, make a down payment or qualify for down payment assistance, be a US citizen or legal alien and have an acceptable credit history.
  • Some MRB KHC loans are subject to a federal recapture tax. Recapture is a federal income tax that the borrowers may have to pay if they have considerable growth in their income and they sell or transfer their KHC-financed home within 9 years.  However, KHC has implemented a Recapture Tax Guarantee Program for all loans that close after October 1, 2006.  The Recapture Tax Guarantee Program will reimburse homeowners if they are subject to pay the Federal Recapture Tax on their KHC mortgage loan upon the sale of their home.

Conventional

  • Insured by approved mortgage insurance company.
  • Minimum credit score of 660 or better.
  • Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • 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 sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

RHS

  • 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 sale price or greater.
  • Minimum credit score of 620.

GNMA Secondary Market

  • All GNMA KHC first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding.
  • To qualify, you must meet KHC’s GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • 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 sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

RHS

  • 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 sale price or greater.
  • Minimum credit score of 620.
Two FHA Refinance Options
  • 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

Home Buyer Tax Credit

KHC’s Home Buyer Tax Credit is available through Mortgage Credit Certificates (MCC), which reduce the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan.  MCCs are NOT mortgages.  They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment.  That means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.  The federal government allows every homeowner an income tax deduction for all the interest paid each year on a mortgage loan.  But an MCC gives you a tax credit of 25 percent (not to exceed $2,000).  You can still deduct the remaining 75 percent interest on your income taxes.  A tax credit is not the same as a tax deduction.  A tax deduction reduces the portion of your income that is taxed, so you pay less.  A tax credit is a direct, dollar for dollar reduction in the total tax you owe.  The MCC is effective for the life of the loan as long as you live in the home.  If you sell your home in the first nine years of ownership, you may be subject to Federal Recapture Tax.  One-time fee of $500 or reduced to $200 if through KHC’s GNMA Secondary Market First Mortgage Program.  Not valid with MRB loan programs.

Special First Mortgage Loan Programs

The Lottery for Special Funding is opened once a year.  The funds are allocated for persons meeting income and all MRB Guidelines.  These limited funds are available, usually in July, on a first-come, first-served basis.
Guidelines
  • Must be a first time home buyer, unless property is located in a targeted county.
  • Interest rate fixed at 3.00 percent based on minimum ratios 29/41 percent.
  • Eligible households:
    • Single parents (at least one dependent under the age of 18 must live in the home.)
    • Households with a person who has a permanent disability and who receives some form of disability income (SSI, SSDI, Veterans Disability etc.).
    • Households where at least one of the home buyers is age 62 or older.
  • Gross Annual Household Income guidelines:
    • $28,000 for a household of 1 or 2 people; or
    • $33,000 for a household of 3 or more people.
  • All household occupants (18 years and older) with income must be included on loan and be credit ready.
  • Must use all but two months’ reserves of borrower’s own funds.
  • Existing or new construction property with a purchase price limit of $115,000
  • Zero Point Rate
  • Only FHA, VA and RHS – 620 credit score and AUS Approval
  • 60 Day Lock
  • Kentucky Housing’s Regular and HOME DAP loan program may be used for down payment and closing cost assistance.
Applying for a Kentucky Housing loan is easy. Just contact one of our approved lenders near you and ask for a Kentucky Housing loan.
http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
 
 
 
 

Down Payment Closing Cost Assistance

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.

Not Available – Hardest Hit Fund (HHF) DAP

  • Zero percent interest rate for first-time home buyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
  • New construction properties are not allowed.
    • ​Property has to have been previously occupied
  • Applicants must meet Secondary Market or MRB Income and Purchase Price Limits based on funding source.

Regular DAP

  • Purchase price up to $301,294 with Secondary Market or $271,164 with MRB.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent. A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $301,294 with Secondary Market or $271,164 with MRB.
  • Assistance up to $4,500.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


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

http://www.nmlsconsumeraccess.org/
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#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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Source: http://www.mylouisvillekentuckymortgage.com/2012/08/khc-loan-programs.html

First Time Home Buyer Louisville Kentucky Mortgage Programs


via First Time Home Buyer Louisville Kentucky Mortgage Programs