First Time Home Buyer Louisville Kentucky Mortgage Programs

First Time Home Buyer Louisville Kentucky Mortgage Programs

First Time Home Buyer Louisville Kentucky Mortgage Programs

 Kentucky First Time Home Buyer Loan Programs

Louisville Kentucky First Time Home Buyer 

 

First Time Home Buyer Louisville Kentucky Mortgage Programs
First Time Home Buyer Louisville Kentucky Mortgage Programs
Mortgage Credit Certificates from KHC
Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.
First time homebuyers often experience the most difficulty amounting a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Kentucky Federal Housing Administration (FHA) and the Kentucky Veteran’s Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. Kentucky FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.

Who is Eligible for a First Time Buyer Loan?
Kentucky First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.
Community Home Buyer ProgramsKentucky  Community homebuyer programs reduce the down payment the borrower must pay to 3%, which must be the borrower’s own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.
Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.
Mortgage Credit CertificatesA Mortgage Credit Certificate or MCC from KHC -Kentucky Housing Corp is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC but in special cases that you may discuss with your home loan advisor this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with your home loan representative.
Louisville Ky First Time Buyers Program First time buyer programs in Louisville can make securing a Louisville home loan easier and more affordable. Contact us at 502-905-3708 for your Louisville Ky  mortgage to begin your first time buyer loan.

First Time Home Buyer Louisville Kentucky Mortgage Programs

First Time Home Buyer Louisville Kentucky Mortgage Programs

All 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 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 Kentucky Housing 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. No monthly mortgage insurance payments.

Mortgage Credit Certificates (MCC) A Mortgage Credit Certificates (MCC) reduces 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.

First Time Home Buyer

Regular Down payment Assistance Program (DAP)

Programs in Kentucky

Complete First Time Home Buyer Programs Available in Kentucky.

The state agency created by the legislature in Kentucky to offer first time home buyer programs is the Kentucky Housing Corporation. Here is a summary of the current first time home buyer programs that are offered:

Regular Down payment Assistance Program (DAP)

Assistance up to $5,000.

Available to all KHC first mortgage loan recipients.

Repaid over 7 or 10 years at a low fixed interest rate (6.0%)

HOME-DAP

Assistance up to $4,500

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

HOME Special Program

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Purchase price may not exceed $200,000.

Eligible borrowers include:

Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).

Households where at least one of the home buyers is age 62 or older.

HOME Family Program

Assistance up to $10,000

No monthly repayment; forgiven over five years.

Existing homes only.

Borrowers must meet HOME-income guidelines.

Purchase price may not exceed $200,000.

Eligible borrowers include:

Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).

Special First Mortgage Loan Programs New Construction Program for Single-Parent, Disabled and Elderly Households offers loans for newly constructed houses at interest rates from 1 to 6 percent. These limited funds are available, usually in July, on a first-come, first-served basis. Guidelines Interest rate determined by the families’ ability to repay the loan. For new homes with a purchase price of $115,000 or less. Eligible borrowers: 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. Income guidelines: $28,000 for a household of 1 or 2 people; or $33,000 for a household of 3 or more people. Kentucky Housing’s 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.
First Time Home Buyer Louisville Kentucky Mortgage Programs

First Time Home Buyer Louisville Kentucky Mortgage Programs
Free Application Click My picture to apply

Call us today for a free pre-approval at 502-905-3708 or email your mortgage questions to

First Time Home Buyer Louisville Kentucky Mortgage Programs
Apply for Free below…Open 7 days a week …….Call or click 502-905-3708

I specialize in Louisville, Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans (Fannie Mae) in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with down payment assistance.Free Mortgage Pre-Qualifications same day on most mortgage applicants

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb

Senior  Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 Company ID #1364 | MB73346
Advertisements

24 thoughts on “First Time Home Buyer Louisville Kentucky Mortgage Programs”

  1. Hello Louisvillekymortgage,
    I know what you mean, Where can I find down payment assistance for first time home buyers in the state of Kentucky? Louisville is the city. My husband and I are now looking and researching. Thank you.
    Cheerio
    UK Personal Loans Direct

  2. Pingback: My Homepage
  3. Pingback: edu backlinks
  4. After I originally left a comment I seem to have clicked the -Notify
    me when new comments are added- checkbox and now every time a comment
    is added I recieve four emails with the same comment.
    There has to be an easy method you can remove me from that service?
    Thanks a lot!

  5. I welcome users sitethis louisvillekymortgage.net, today user under the name Caw asked me to tell to trendy novelty Christian Louboutin. So finally found the time to do this, please do not remove administrators, and moved to the appropriate section if I’m wrong))

    [b]Shoes Christian Louboutin Greissimo 140mm Suede Knotted Pumps Turquoise, price[/b] [color=darkgreen][b]$136.00[/b][/color], old price [color=red]$895.00[/color]
    [b]If you likes Christian Louboutin Greissimo 140mm Suede Knotted Pumps Turquoise, click the “I want to buy” below to find out where it is most advantageous to buy shoes brand Christian Louboutin[/b]

    [url=http://clououtlet.biz/christian-louboutin-peep-toe-pumps/christian-louboutin-greissimo-140mm-suede-knotted-pumps-turquoise.html][img]http://clououtlet.biz/image/cache/data/img/Christian-Louboutin-Greissimo-140mm-Suede-Knotted-Pumps-Turquoise-42-228×228.jpg[/img][/url]
    [url=http://clououtlet.biz/christian-louboutin-peep-toe-pumps/christian-louboutin-greissimo-140mm-suede-knotted-pumps-turquoise.html][img]http://clououtlet.biz/but.png[/img][/url]

    [url=http://clououtlet.biz/christian-louboutin-peep-toe-pumps/christian-louboutin-greissimo-140mm-suede-knotted-pumps-turquoise.html]See more stylish shoes[/url]

    Category: [b]Christian Louboutin Peep Toe Pumps
    [/b] buy.
    Brand: [b]buy Christian Louboutin[/b]

    And here are the keywords for which people seek Christian Louboutin:
    – buy Christian Louboutin Peep Toe Pumps

    – order Christian Louboutin Peep Toe Pumps

    – price Christian Louboutin Peep Toe Pumps

    [b]- online store Christian Louboutin Peep Toe Pumps
    [/b]
    – replica Christian Louboutin Peep Toe Pumps

    – cheap Christian Louboutin Peep Toe Pumps
    2013
    [b]- Christian Louboutin Peep Toe Pumps
    copy
    – online store Christian Louboutin Peep Toe Pumps
    UK

    Promo-code: #85678hguy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s