First Time Home Buyer Louisville Kentucky Mortgage Programs


via First Time Home Buyer Louisville Kentucky Mortgage Programs

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Louisville Kentucky $10,000 Down Payment Assistance Grant for Home buyers in 2018


Source: Louisville Kentucky $10,000 Down Payment Assistance Grant for Home buyers in 2017

e2347-facebook_15155139308592b252822529 KHC Grant

You must have a house under contract and meet the following guidelines below:

  • Zero percent interest rate for Louisville Kentucky 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.
  • Applicants must meet secondary market income and buying limits.
  • Minimum 620 Credit Score
  • Max Purchase Price Limit of $283,000
  • Max Household Income Limits of $117,250
  • Must provide 3 years tax returns to prove a first time home buyer in Louisville KY
  • Must complete an online homebuying course
  • Max debt to income ratios of 40 and 45% respectively with Approved Eligible Findings
  • Never been convicted of a felony crime in last 10 years for tax evasion, larceny or real estate transaction..
  • No Bankruptcies last 2 years for FHA

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What is the one thing that stops most buyers from buying a home today?

They don’t have enough money for down payment and closing costs to buy a home.
You can now get up to $10,000 at closing to help towards your down payment and closing costs. Combined with seller assist, this reduces the amount of money needed substantially.
Here’s how it works:
$10,000 HHF DAP Available

Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund (HHF) Down payment Assistance Program (DAP), a total of $5 million will be available for new reservations beginning today, Tuesday, January 9, 2018, at 10 am, ET. The HHF DAP will be available on a first-come, first served basis, based on the completion of the first mortgage and HHF DAP Reservations. All program guides have been updated to reflect the availability of the HHF DAP.

HHF DAP Program Guidelines:

  • $10,000, zero-percent interest, forgivable second mortgage loan with a five-year term.
  • Property must be located in one of the four counties:
    • Christian
    • Hardin
    • Jefferson
    • Kenton
  • No New-Construction properties allowed.
    • Property has to have been previously occupied.
  • Secondary Market Purchase Price and Income Limits apply.
  • Borrower must be a first-time home buyer (no ownership interest in the last three years).
    • Most recent three-year federal tax returns or tax transcripts required.
  • Pre-purchase homebuyer education required for all borrowers.
  • Dodd-Frank Certification must be completed.
  • Terms & Conditions form (prints with the HUD-1, Note and Mortgage)
    • This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.

 

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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.

 

$10,000 Down Payment Assistance Grant for 2018 Kentucky Home buyers HHF DAP


 

1. The purchase price or refinance amount is at or below:
 $282,000 with Secondary Market
 $253,800 with KHC’s Homebuyer Tax Credit (purchase only)
2. The applicant (s) meet KHC’s simple credit overlays:
 660 credit score for Conventional
 620 credit score for FHA, VA, and RHS
 Max ratio caps for government loans of 40/45%
 Max ratio caps for conventional loans of 40/50%
 AUS Approval required except on RHS

 

 

 

 

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http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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.