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
They don’t have enough money for down payment and closing costs to buy a home.
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:
- 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.
Senior Loan Officer
Senior Loan Officer