Tuesday, October 7, 2014

Down Payment Closing Cost Assistance for Kentucky First Time Home Buyers in 2014

KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help.

Regular Down Payment Assistance

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent.  A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
  • Available to all KHC first-mortgage loan recipients.

Affordable Down Payment Assistance

More about down payment assistance and closing costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.

Mortgage Revenue Bond Interest Rates -- 45-Day Lock

Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
  • 640 credit score
  • AUS approval
  • Purchases
3.875%
4.375%
-- 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346