Category: KHC Down payment Assistance Program Kentucky Housing

Louisville Kentucky First Time Home Buyer 2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing

Louisville Kentucky First Time Home Buyer 2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing


2017 Kentucky First Time Home Buyer Grant for $10,000 from Kentucky Housing
louisvillekentuckyfirsttimehomebuyer.com
A Kentucky Mortgage Blog for First Time Home Buyers in Kentucky

Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications.

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

Company ID #1364 | MB73346E
EQUAL HOUSING LENDER
http://www.mylouisvillekentuckymortgage.com/

New Fannie Mae Homes in Kentucky


New Fannie Mae Homes in Kentucky

To: kentuckyloan@gmail.com

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$22,500Back on Market

2691 Us 231 South
Beaver Dam, KY 42320

3 Beds |1 Baths | 1800 sq. ft.

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$72,500Back on Market

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

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$104,900Price Reduced

120 Ridgemont Rd
Paducah, KY 42003

3 Beds |3 Baths | 2429 sq. ft.

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$265,000Price Reduced

146 Grand Oak Blvd
Shepherdsville, KY 40165

4 Beds |3 Baths | 2534 sq. ft.

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$25,000Price Reduced

532 Kellacey Rd
West Liberty, KY 41472

3 Beds |1 Baths

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$59,000Price Reduced

517 Washington Ave
Paintsville, KY 41240

3 Beds |2 Baths | 2242 sq. ft.

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$89,900Price Reduced

112 Valley Brook Dr
Frankfort, KY 40601

3 Beds |2 Baths | 1127 sq. ft.

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$28,900Price Reduced

319 H Hale Dr
East Point, KY 41216

3 Beds |2 Baths | 1253 sq. ft.

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$315,000Price Reduced

2440 Lancaster Rd
Richmond, KY 40475

4 Beds |5 Baths | 3525 sq. ft.

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$139,900Price Reduced

1336 Equestrian Way
Frankfort, KY 40601

4 Beds |4 Baths | 1676 sq. ft.

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$64,900Price Reduced

2116 Quillman Rd
Louisville, KY 40214

4 Beds |1 Baths | 1440 sq. ft.

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$180,000Active

11131 Misty Wood Ct
Walton, KY 41094

4 Beds |2.5 Baths

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Kentucky List of Foreclosed Homes by Fannie Mae, USDA, and KHC


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State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD
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Address Bed/Bath Price
65 Bon Jan Lane 3/1 $51,590.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
7234 Nekirk Rd. 3/1 $25,460.00 – GovtBid
Ashland, KY 41102 Foreclosure Sale
275 Highway 227 N 3/1 $42,210.00 – GovtBid
New Liberty, KY 40355 Foreclosure Sale
171 State Route 1461 3/2 $24,790.00 – GovtBid
Fulton, KY 42041 Foreclosure Sale
204 N. Madison St. 2/1 $26,800.00 – GovtBid
Owenton, KY 40359 Foreclosure Sale
1254 Baker Branch Rd 2/1 $60,195.00 – GovtBid
Tutor Key, KY 41263 Foreclosure Sale

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BRECKINRIDGE
331 E 6TH STREET 12/19/2016
HARDINSBURG, KY 40143
FAYETTE
419 DABNEY DRIVE 1/9/2017
LEXINGTON, KY 40502
HARDIN
249 INDIANA TRAIL 1/5/2017
RADCLIFF, KY 40160
JEFFERSON
1276 MORGAN AVE 1/13/2017
LOUISVILLE, KY 40213
1623 BELMAR DRIVE 1/13/2017
LOUISVILLE, KY 40213
1106 CLAYBOURNE ROAD 1/13/2017
LOUISVILLE, KY 40214
1529 BICKNELL AVE 1/13/2017
LOUISVILLE, KY 40215
1108 VINEWOOD RD 1/13/2017
LOUISVILLE, KY 40219
1534 WALTER AVE 1/27/2017
LOUISVILLE, KY 40215
4421 MCGILL DR 1/27/2017
LOUISVILLE, KY 40215
LOGAN
5360 TAYLOR BARROW ROAD 12/20/2016
AUBURN, KY 42206
MEADE
575 DUGOUT DR 1/9/2017
VINE GROVE, KY 40175
PENDLETON
310 BEECH ST 12/15/2016
FALMOUTH, KY 41040
SHELBY
46 CHRISTIANBURG ROAD 12/15/2016
SHELBYVILLE, KY 40065

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$72,500Back on Market

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

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$82,900Price Reduced

8020 Us Highway 23 S
Pikeville, KY 41501

4 Beds |1 Baths | 3140 sq. ft.

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$109,900Price Reduced

245 Andromeda Dr
Paducah, KY 42001

4 Beds |3 Baths | 2566 sq. ft.

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$189,900Active

7815 Appleview Ln
Louisville, KY 40228

3 Beds |3 Baths | 2486 sq. ft.

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$74,900Active

313 Town Branch Rd
Manchester, KY 40962

3 Beds |2 Baths | 1248 sq. ft.

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$99,900Active

402 Linda Dr
Hopkinsville, KY 42240

3 Beds |3 Baths | 1440 sq. ft.

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$58,000Active

2708 Hidden Valley Dr
Catlettsburg, KY 41129

2 Beds |1 Baths | 1315 sq. ft.

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

 

11 New Fannie Mae Homes in Kentucky Louisville Kentucky Mortgage First Time Home Buyer


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$145,000Just Listed

1520 Bryan Rd
Boaz, KY 42027

3 Beds |2 Baths | 1421 sq. ft.

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$292,500Just Listed

3510 Mcneil Rd
Boaz, KY 42027

4 Beds |2 Baths

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$126,900Back on Market

7016 Maple Leaf Dr
Maysville, KY 41056

3 Beds |2 Baths | 1680 sq. ft.

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$74,900Price Reduced

313 Town Branch Rd
Manchester, KY 40962

3 Beds |2 Baths | 1248 sq. ft.

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$15,000Price Reduced

2030 Clay St
Paducah, KY 42001

4 Beds |2 Baths | 1660 sq. ft.

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$85,000Price Reduced

20763 Highway 190
Frakes, KY 40940

3 Beds |2 Baths | 1475 sq. ft.

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$21,900Active

210 N 35th St
Louisville, KY 40212

2 Beds |1 Baths | 1119 sq. ft.

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$325,000Active

15500 Pfanstiel Rd
De Mossville, KY 41033

3 Beds |4 Baths | 3389 sq. ft.

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$72,500Active

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

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Coming Soon

1924 Northern Dancer Ct
Owensboro, KY 42301

3 Beds |1 Baths | 1160 sq. ft.

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Coming Soon

2885 Laton Turner Rd
Upton, KY 42784

3 Beds |2 Baths | 1800 sq. ft.

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com

Louisville Kentucky Mortgage Lender for  FHA, VA, KHC, USDA and Rural Housing  Kentucky Mortgage

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage
I specialize in Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; First time buyer $0 money down still a

Kentucky FHA Mortgage Guidelines


Kentucky FHA Mortgage Guidelines.

via Kentucky FHA Mortgage Guidelines.

Current Guidelines for Louisville Kentucky Mortgage programs including FHA, VA, KHC, USDA, and Fannie Mae Home Loans in the State of Kentucky
NMLS# 57916
502-905-3708
kentuckyloan@gmail.com

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

KHC’s First Mortgage Government Loan Products


KHC’s First Mortgage Government Loan Products

Federal Housing Administration (FHA)

Minimum 640 credit score required.

Financing to 96.50% of lesser of sales price or appraised value.

All KHC DAPs and other KHC-approved secondary financing may be used.

Maximum 6% seller-paid items.

Maximum ratios of 40/45 with AUS approval.

28 for HUD’s full policy.

All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.

Lender must follow the FHA maximum mortgage limits for particular area

see https://entp.hud.gov/idapp/html/hicostlook.cf

just follow Upfront and Annual Mortgage Insurance Premiums Guidelines (see information below).

Upfront and Annual Mortgage Insurance Premiums

Loan Terms Greater than 15 Years

Case numbers on or after Monday, April 18, 2011

LTV less than or equal to 95%

1% annual 1.10 monthly

LTV greater than 95%

1% annual 1.15 monthly

Conventional

Minimum 660 credit score required

Maximum loan-to-value (LTV) ratio is 80%.

Maximum ratios 40/45 with AUS approval.

No down payment assistance products may be used. Borrower must meet down payment requirements with their own funds or a gift.

Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement. Must be entered as subordinate

financing in DU/LP.

Pre-purchase education required as per AUS findings.

Not available for manufactured housing.

Appraiser Independence required (see page 4).

KHC does not presently have a product for 81% LTV or greater.

Rural Housing Services (RHS)

Minimum 640 credit score required.

Financing to 100% of the appraised value, plus guarantee fee of 3.5%.

All KHC DAP programs and other KHC-approved secondary financing may be used.

No maximum on seller-paid items.

Ratio requirements and guarantee fee per agency guidelines.

KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with approval, expanded

ratios up to 40/45.

Veteran’s Administration (VA)

Minimum 640 credit score required.

Ratios up to 40/45% with AUS Approval.

Financing to 100% of the lesser of the appraised value or sale price.

All KHC DAP programs and other KHC-approved secondary financing may be used.

Maximum 4% seller-paid items.

Follow agency guidelines for ratio requirements and funding fee.

>How To Qualify For A Kentucky Housing Corporation Mortgage?


>How To Qualify For A Kentucky Housing Corporation Mortgage?

Qualifying for a Kentucky Housing Corporation Mortgage is as easy as qualifying for a mortgage except these loans are meant for those who have low to moderate incomes and need a little extra help paying for their mortgage. There are income limits and home purchase price limits that apply depending on the family size of the home buyer and depending on the location of the property to be purchased. Eligible home buyers must intend to live in the home being purchased as their primary residence. You must also be employed or have some sort of documentable income that will continue.

Are There Down Payment and Closing Cost Assistance Programs Available In Kentucky?

The Kentucky Housing Corporation offers a variety of down payment and closing cost assistance programs to qualified and eligible home buyers. There are primarily 4 programs that KHC offers to home buyers that use KHC’s first mortgage loans to purchase a home. To obtain and qualify for any of these programs interest home buyers must apply for these programs through participating lenders.

Here are the 4 programs (summarized from the Kentucky Housing Corporation website):

Regular Down Payment Assistance Program (DAP) – This program has a statewide purchase price cap of $237,000 and offers down payment assistance in the form of a loan that is paid back over 10 years. A qualified home buyer using a KHC first mortgage program can get up to 4% of the purchase price in this program to be applied to their down payment and closing cost needs.

HOME – Down Payment Assistance – This program has a statewide purchase price limit of $195,700. Up to $4,500 in down payment and closing cost assistance is available to qualified and eligible home buyers. There are no monthly payments for this program and if the home buyer remains in their home for 5 years the home buyer will not be required to pay any of the money back. Income limits apply based on the county or metropolitan area where the home being purchased is located.

HOME Special Program – This program has a statewide purchase price limit of $195,700, and provides up to $10,000 in assistance to eligible home buyers. The money from this program doesn’t not require repayment if the home buyer remains in the home for 5 years. No monthly payments are required for this program. Households that include a person with a permanent disability and who receives SSI, SSDI, Veterans Disability, or some other form of disability income are eligible for this program provided they meet the qualification standards of the type of mortgage they apply for. This program is also available to home buyers over the age of 62. Home buyers using this program will have to meet income cap requirements.

HOME Family Program – There is a statewide home price limit of $195,700 for this program and it is only available for single and two parent families where there is at least one dependent child under the age of 18 living in the home. Furthermore, this program is only available for first time home buyers. Eligible home buyers can get up to $10,000 in this program and if they stay in their home for at least 5 years the assistance is forgiven. There are no monthly payments for this program. Home buyers using this program will have to meet income cap requirements.

Free Prequalification below
See if you Qualify

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>KHC Down payment Assistance Program Kentucky Housing


>• Regular Down payment Assistance Program (DAP)

• Purchase price up to $237,000.

• Assistance up to $5,000.

• Available to all KHC first mortgage loan recipients.

• Repaid over 10 years at a low fixed interest rate (6.0%)

• HOME-DAP

• Purchase price up to $195,700.

• Assistance up to $4,500

• No monthly repayment; forgiven over five years.

• Existing homes only.

• Borrowers must meet HOME-income guidelines.

• HOME Special Program

• Purchase price up to $195,700.

• Assistance up to $10,000

• No monthly repayment; forgiven over five years.

• Existing homes only.

• Borrowers must meet HOME-income guidelines.

• Eligible borrowers include:

o Households that include a person with a permanent disability and who

receives disability income (SSI, SSDI, Veterans Disability etc.).

o Households where at least one of the home buyers is age 62 or older.

• HOME Family Program

• Purchase price up to $195,700.

• Assistance up to $10,000

• No monthly repayment; forgiven over five years.

• Existing homes only.

• Borrowers must meet HOME-income guidelines.

• Purchase price may not exceed $200,000.

• Eligible borrowers include:

o Single- and two-parent households that have at least one dependent

child under the age of 18 living in the household and that are first-time

home buyers (have not owned a home or had an ownership interest in

a home in the last 3 years).

• More about down payment and closing costs:

• Borrowers may retain two months’ house payments in reserve while using available

funds first before looking for DAP assistance.

• Specific credit underwriting standards apply to all down payment programs.

Elibility Requirements

You

To qualify for a KHC loan, you must meet the following requirements:

• Have an annual household income within the income limitations for your county

and family size.

• Be a U.S. citizen, other national or qualified alien person.

• Have the ability to provide a down payment or qualify for down payment

assistance.

• Have an acceptable credit history.

• Can be a previous homeowner if purchasing in one of Kentucky’s 86 targeted

counties.

Your Home

The home you wish to purchase must meet the following guidelines:

• Purchase prices up to $237,000.

• Borrower must occupy the home within 60 days of closing and for duration of loan.

• New or previously occupied detached, single-family home

• New or previously occupied condominium, townhouse or attached unit in a planned

unit development. (Check with lender for eligible condominiums.)

• New or previously occupied manufactured housing, single or double wide,

permanently affixed to the foundation and taxed as real estate (must meet loan

type’s foundation requirements).

• One-acre maximum on lot size unless acreage waiver is obtained.
 
 
KENTUCKY HOUSING CORPORATION



GROSS HOUSEHOLD INCOME LIMITS


WHEN HOME FUNDS ARE USED

(1) One Person (2) Two Persons (3) Three Persons (4) Four or More Persons

22,450 25,700 28,900 32,100

Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer, Trimble

32,950 37,700 42,400 47,100

Bourbon, Clark, Fayette, Jessamine, Scott, Woodford

34,600 39,550 44,500 49,450

Boone, Bracken, Campbell, Gallatin, Kenton, Pendleton

36,200 41,350 46,550 51,700

Allen 24,450 27,900 31,400 34,900

Anderson 34,050 38,900 43,800 48,650

Ballard 27,950 31,900 35,900 39,900

Barren 24,700 28,250 31,750 35,300

Boyd 25,850 29,500 33,200 36,900

Boyle 28,650 32,700 36,800 40,900

Breckinridge 25,100 28,700 32,250 35,850

Butler 23,400 26,750 30,100 33,450

Caldwell 25,100 28,700 32,250 35,850

Calloway 26,800 30,600 34,450 38,250

Carroll 29,500 33,700 37,950 42,150

Carter 25,000 28,550 32,150 35,700

Christian 26,800 30,600 34,450 38,250

Crittenden 25,150 28,750 32,350 35,900

Daviess 30,050 34,300 38,600 42,900

Edmonson 29,000 33,150 37,300 41,450

Fleming 22,750 26,000 29,250 32,500

Franklin 34,250 39,150 44,050 48,950

Fulton 22,700 25,900 29,150 32,400

Garrard 28,450 32,500 36,600 40,650

Grant 29,000 33,150 37,300 41,450

The income limitations listed below are imposed by federal law. Failure to comply with them may create adverse consequences

for KHC. (SEE APPENDIX D FOR DEFINITIONS OF GROSS ANNUAL HOUSEHOLD INCOME.)

Adair , Bath, Bell, Breathitt , Carlisle, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Grayson, Green, Harlan,

Hart, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Magoffin, Martin, McCreary,

Menlfee, Metcalfe, Monroe, Morgan, Muhlenberg, Owsley, Perry, Pike, Powell, Pulaski, Rockcastle, Russell, Wayne,

Whitley, Wolfe

Other Counties

KENTUCKY HOUSING CORPORATION

GROSS HOUSEHOLD INCOME LIMITS

WHEN HOME FUNDS ARE USED