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Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund Down Payment Assistance Program (HHF DAP), a total of $6 million will be available for new reservations beginning Wednesday, July 11, 2018, at 10 a.m. ET.

 

 

Currently Available - Hardest Hit Fund (HHF) DAP 

  • Zero percent interest rate for first-time home buyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
  • New construction properties are not allowed.
    • ​Property has to have been previously occupied
  • Applicants must meet Secondary Market Income and Purchase Price Limit Below: KHC Income limits

Please contact us today for more Information. 

 

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$10,000 HHF DAP Available

Jan 9
12:50
PM
2018
Category | Kentucky Housing

$10,000 HHF DAP Available

Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund (HHF) Down payment Assistance Program (DAP), a total of $5 million will be available for new reservations beginning:

 

 

Tuesday, January 9, 2018, at 10 am, ET. The HHF DAP will be available on a first-come, first served basis, based on the completion of the first mortgage and HHF DAP Reservations. 

 

 

 

HHF DAP Program Guidelines:

  • $10,000, zero-percent interest, forgivable second mortgage loan with a five-year term.
  • Property must be located in one of the four counties:
    • Christian
    • Hardin
    • Jefferson
    • Kenton
  • No New-Construction properties allowed.
    • Property has to have been previously occupied.
  • Secondary Market Purchase Price and Income Limits apply - $130,725 - Kenton Co
  • Borrower must be a first-time home buyer (no ownership interest in the last three years).
    • Most recent three-year federal tax returns or tax transcripts required.
  • Pre-purchase homebuyer education required for all borrowers.

 

Please contact us today for more Information. 

 

 

 

 

 

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Kentucky Housing Corporation (KHC) has $3 million available in Mortgage Revenue Bond (MRB), special funding, for Active or non-active duty veterans at 2 percent interest rate, fixed for 30 years.  This special Funding program is available on a first-come, first-served basis starting Wednesday, September 6, 2017, with new reservations.

 

This Homeownership program is targeted to:

  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households that include active / non-active duty veterans or other persons receiving VA benefits.

    Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 - Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
  • Both Regular and Affordable DAP are available.

 

Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply. ​

If you do not qualify for this MRB special funding, there are several other loan products​ available.

​​​​​​For more information Contact us or Apply Now

 

*APR 3.058% - based on $130,000 FHA loan at 2% interest rate.

New Bond Funds may be accessed by first-time home buyers and previous homeownerspurchasing homes in targeted counties. For all other counties, New Bond Funds may only beaccessed by first-time buyers (not having owned a home in the past three years).

 

 

JUST ANNOUNCED -  

According to KHC:

Effective today, KHC is lowering the minimum credit score requirement on government loans from 640 to 620, and from 680 to 660 on conventional loans.  All guides have been updated to reflect this change on KHC's website, under lenders. 

 

The Kentucky Housing Corporation offers Down Payment Closing Cost Assistance, Home Buyer Tax Credit, Housing Counseling and Education and other loan programs that help eligible homebuyers in the state of Kentucky purchase a home.  


American Mortgage has been the #1 lender for Kentucky Housing Corporation since 2002.  We have assisted more homebuyers with these programs than any other company.  

If you would like more information on these programs click the contact us button or the apply now button.  

 

 

 

 

 

 

On Wednesday January 11, 2017 The Kentucky Housing Corporation (KHC) has just announced their new Hardest Hit Fund Down Payment Assistance Program (HHF DAP) .  This program will allow qualified borrowers up to $10,000 in down payment assistance towards the purchase of a new home in the State of Kentucky. 

 

The program offers up to $10,000 at a 0 percent interest rate, which is a forgivable second mortgage loan with a 5 year term.  The property must be located in Christian, Hardin, Jefferson, or Kenton County.  The program does not allow for new construction properties, meaning the property must have previously been occupied.

 

Borrowers looking to utilize this program must be first-time home buyers (no ownership interest in the last three years).  You will be required to provide the last 3 years of federal tax returns or tax transcript’s to prove eligibility.  Borrowers will also need to complete pre-purchase home buyer education and also complete the Dodd-Frank Certification.

 

Offical Guidelines from KHC:

HHF DAP Program Guidelines:

  • $10,000, 0 percent interest, forgivable second mortgage loan with a 5 year term.
  • Not required to be at maximum LTV first mortgage amount.
    • No less than 81 percent LTV with conventional loans.
  • Property must be located in one of the four counties:
    • Christian
    • Hardin
    • Jefferson
    • Kenton
  • New construction properties are not allowed.
    • Property has to have been previously occupied.
  • Secondary Market Purchase Price and Income Limits apply.
  • Borrower must be a first-time home buyer (no ownership interest in the last three years).
    • Most recent three year federal tax returns or tax transcripts required.
  • Pre-purchase home buyer education required for all borrowers.
  • Dodd-Frank Certification must be completed.
  • Terms and Conditions form (prints with the HUD-1, Note, and Mortgage).
    • This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.

The HHF DAP will utilize a GFE, TIL, and HUD-1, since it does not meet TRID regulations. These documents will be provided through KHC's Loan Reservation System. These loans will close in KHC's name and be funded by the lender. KHC's system will provide a Note and Mortgage in KHC's name. The lender is responsible to deliver all disclosures to the borrower(s) at time of origination and closing. All KHC Program Guides have been updated to reflect the new HHF DAP. 

 

American Mortgage has been the #1 Lender for Kentucky Housing Corporation for over 10 years.  This is a very popular program and the funds will not last.  If you would like more information on this loan program please contact us or click Apply Now.


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