Friday, October 10, 2014

Kentucky Housing Income Limits 2014 for Down Payment Assistance





Kentucky Housing Income Limits 2014

Down Payment Closing Cost Assistance

KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular DAP

  • 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 DAP

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.
  • Insured by the Federal Housing Administration.
  • 3.5 percent down payment
  • All KHC DAPs applicable
  • Upfront and monthly mortgage insurance
  • Minimum credit score of 640.


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

  • Guaranteed by the Veterans Administration for qualified military veterans
  • No down payment if the property appraises for the sales price or greater
  • All KHC DAPs applicable
  • Minimum credit score of 640
  • No monthly mortgage insurance payments
  • 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 sales price or greater
  • All KHC DAPs applicable
  • Upfront and monthly mortgage insurance
  • Minimum credit score of 640


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http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

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
 CONFIDENT