Thursday, October 23, 2014

Down Payment Assistance Programs (DAPs)

Down Payment Assistance Programs (DAPs)

Regular DAP

• Second mortgage loan up to $6,000.
• Interest rate will equal 5.50 percent; repaid
over ten years.
• New and existing properties with a
maximum purchase price of $243,000.
• KHC’s first mortgage MRB or GNMA
Secondary Market Income limits apply.

In addition to low-rate mortgage loans, Kentucky Housing Corporation (KHC) also offers three types of Down payment  Assistance Programs – or DAPs. These DAPs help home buyers with down payment and closing costs.

Affordable DAP

• Second mortgage loan up to $4,500.
• Interest rate will equal 1 percent; repaid
over 10 years.
• New and existing properties with a
maximum purchase price of $243,000.
• Affordable DAP household income limits
apply