KHC had $4 million in special funding for households whose gross annual income did not exceed $35,000, and who were age 62 or older, disabled and receiving disability income, or with a child under age 18.
The dream of homeownership became a reality for Barbara, 67, who lived her life as a renter until this program. Recently retired from Kroger, Barbara receives $31,000 per year in retirement and Social Security, and her credit score is 786. Barbara met the requirements for the .25% fixed-rate for 30 years MRB Special Funding Program. She was over 65 years of age, earned less than $35,000 per year in income, and had a credit score above 640. Barbara worked with Statewide Mortgage, a Third-Party Originator for KHC, to secure the loan, selecting an FHA-insured loan with no Down payment Assistance Program (DAP), using $3,000 in savings and $3,000 in seller concessions. KHC’s FHA no DAP rate at the time of application was 4.25 percent. At the standard rate, Barbara’s payment would have been $200 higher, inhibiting her qualification for the loan due to a modest debt load.
Without the partnership with so many agencies and lenders across Kentucky, KHC would not be able to help so many Kentuckians who deserve a better place to call home. Thank you for all you do! Please see below for details about how many Kentuckians were helped with the .25% MRB Special Funding Program.
Funds Committed: $4.6 million
Loan Reservations: 51
Average Income: $25,061
Average Purchase Price: $90,943
Loans Using DAP: 47 percent
Counties Served: 21
Single-parent with child: 26
Two-parents with child: 11
Effective immediately, Kentucky Housing Corporation (KHC) will allow electronic signatures per agency guidelines on purchase contracts. KHC’s Secondary Market and Mortgage Revenue Bond (MRB) Program Guides have been updated to reflect this change. The Program Guides are available on KHC’s Web site, under Lenders/Realtors,