>Kentucky State Loan Programs
Program titles link to program source website or pdf file (where available). Links open in a new window.
Down Payment Assistance Program (DAP) KHC has five options for down-payment assistance available to qualified homebuyers. The regular DAP is a second mortgage for up to $4,500 which features a deferred repayment until July 1, 2010. The HOME-DAP also provides up to $4,500, but may be forgiven over the next five years if the homeowner stays there that long. A HOME Special Program is similar, but is meant for the disabled and the elderly, and offers assistance of up to $10,000. The HOME Family Program is like the other HOME programs, but is offered only to first-time homebuyers who are also parents of minor children. Finally, the Second Mortgage Product is a down-payment assistance program available only to borrowers working with the Secondary Market Program.
Foreclosure Prevention Counselors We are approved by the U. S. Department of Housing and Urban Development (HUD) to provide counseling, education and advice in housing issues to new and existing homeowners.
Kentucky Housing Loans Homebuyers who purchase a home through Kentucky Housing are able to secure a 30-year fixed first mortgage on their new home, subject to income and other credit-related requirements. If needed, the Down Payment Assistance Program (DAP) may be used to help with the minimum 3 percent down payment.
New Construction Program for Single-Parent, Disabled, and Elderly Households This special loan program makes it easier for certain Kentucky residents to be able to build their own home. Single parents of minor children, SSI/SSDI recipients, disabled veterans, and homebuyers aged 62 or older qualify for the program and may also use the KHC DAP loan program to help with the up-front costs of securing the first mortgage. Income and purchase price limits apply.
Secondary Market Program Homeowners who wish to refinance their home in a conventional mortgage with KHC can do so, subject to credit approval. Repeat buyers and current homeowners may receive financing for up to $316,000 on new and existing homes.
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