Kentucky Housing Down Payment Assistance Program (DAP) Guidelines 2014


Kentucky Housing Corporation

Kentucky Housing Down Payment Assistance Program (DAP) Guidelines 2014

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Down Payment and Closing Costs Assistance

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Kentucky Housing 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

  • Purchase price up to $243,000.
  • Assistance up to $4,500
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP Household Income Limits.

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.

 

### No Money Down Home Loan Elizabethtown Ky

 

 

Second Mortgage Products
Down Payment Assistance Program (DAP) Guidelines
Only home buyers obtaining a Kentucky Housing Corporation first mortgage are eligible for DAP funds.
Zero Point or Regular Rate option on loans utilizing DAP.
Regular DAP
Reservations as of July 26, 2010
 Eligible Applicants – Households whose gross annual income does not
exceed KHC’s regular income guidelines and who are utilizing a KHC
loan.
 Eligible Properties – New and existing properties with a maximum
purchase price of $243,000.
 DAP Loan Amount – up to $4,000 in $100 increments with a $500
minimum. Must go maximum allowed LTV on first-mortgage amount.
Interest Rate – 6%.
 Terms – Loan is repaid over a seven-year term.
Ratios – Ratios with AUS approval can go 40%/45%. May gross-up nontaxable
income to help qualify for the loan.
 Forms
 DAP GFE and TIL must be on a separate form from the first mortgage
GFE and TIL. Tool to create the GFE is available under Loan
Connection Services.
 DAP fees: $50 document prep to closing agent (VA borrower cannot
pay). Recording fees – actual recording cost.
 KHC provides note and mortgage in closing documents set.
 Other
 Buyer or seller may use own funds to pay for repairs and payoff
existing debt; DAP funds may not be used.
HOMEFunded DAP Loans
Criteria HOME DAP HOME Family DAP
(Available on a limited basis)
HOME Special DAP
(Available on a limited basis)
Eligible
Applicants
Households whose gross annual income
does not exceed HOME Program income
guidelines.
First-time home buyers whose gross
annual household income does not exceed
HOME Program income guidelines and
who are a single- or two-parent household
with at least one dependent child under the
age of 18.
Households whose gross annual income
does not exceed HOME Program income
guidelines and who meet one of the
following:
 At least one of the home buyers is age
62 or older;
 At least one member of the household
has a permanent disability and is
receiving disability income.
Eligible
Properties
For all HOME, HOME Family, and HOME Special DAPs:
 Existing (previously occupied) property only up to a maximum purchase price of $195,700.
 Property cannot be located within 3,000 feet of an airport runway.
 If house was built before January 1, 1978 and has extensive lead-based paint problems, property will not be eligible for programs.
Maximum
DAP Loan
Amount
Minimum of $1,000 up to a maximum of
$4,500 based on need. Must go maximum
on first mortgage amount.
Up to a maximum of $10,000 based on minimum ratios of 29/41 (minimum $4,600).
Loan Terms For all HOME, HOME Family, and HOME Special DAPs:
Second mortgage loan forgiven over five years; no monthly repayment required.
Forms For all HOME, HOME Family, and HOME Special DAPs:
 DAP GFE – Tool to create this form is available under Loan
Connection Services.
 DAP fees:
 $50 document prep to closing agent (VA borrower
cannot pay).
 Recording fees – actual recording cost.
 KHC provides note and mortgage in closing documents set.
 All liquid assets must be listed on the loan application.
 All loans require Notification to Seller (KHC Form 95).
 All loans require an HQS Inspection
 HQS Inspection Form (Form 89) will be printed with KHC forms.
 Full HQS Inspection Form is available on KHC’s Web site.
Lead-Based Paint Requirements – If house was built before January
1, 1978, borrower must receive Lead-Based Paint pamphlet and sign
HOME Lead-Based Paint Notice (KHC revised Form 96) as of or
before the contract date. (Purchase contracts that have the same
language as Form 96 are acceptable.)
Credit  May gross up non-taxable income 15% to
help qualify for loan.
 Ratios 29%/41% or 40%/45% with AUS approval.
 Must gross up non-taxable income 15%.
 All household occupants (18 years and older) with income must be included on the loan
and be credit-ready.
Other  When using DU/LP, down payment assistance funds with payments deferred five years or more must be entered in DU/LP as
subordinate financing instead of gifts.
 Borrowers must use all their own funds before any source of HOME DAP funds are used. However, borrower can retain reserves of
their own funds equal to two months’ housing payments (PITI).
Borrower may use their funds to pay off existing debt to qualify.
 The seller must pay for any required repairs. Final inspection can be paid by borrower or seller.
 HOME funds cannot be used with REOs.
 Lender must disclose any Secondary Financing on a separate GFE and HUD-1 beginning January 1, 2010.

MRB Special Funding: 2.50% or 3.00% with DAP   

Kentucky Housing Corporation (KHC) still has $4 million in Mortgage Revenue Bond (MRB) Special Funding available!  This funding is limited and available on a first-come, first-served basis.  The borrower must demonstrate a need, based on at least a 25 percent minimum front-end ratio.

Program guidelines:

  • First-time home buyers, unless property is located in a targeted county.
  • Interest rate is fixed at 2.5 percent without Down payment Assistance Program (DAP) or 3.0 percent with DAP.
  • Minimum front-end ratio of at least 25 percent.
  • Maximum ratios 40/45%.
  • Executed purchase contract.
  • Existing or new construction property (purchase price limit $115,000).
  • Regular and Affordable DAP available.
  • FHA, VA, and RHS first-mortgage programs.
  • 640 credit score and AUS approval.
  • Gross annual household income limit of $35,000 for all household sizes.
  • Follow the 45-day lock with current reservation extension policy.

How to make a loan reservation for the MRB Special Funding:

  • When making a reservation through Loan Connection Services, select MRB as the funding source.  It will default to the current market interest rate.
  • Contact KHC’s Homeownership Department by e-mail to change the current market rate to the 2.50 percent without DAP or 3.00 percent with DAP interest rate.
  • If funds are still available, the interest rate will be reduced to 2.50 or 3.00 percent.  You will receive a confirmation within 24 hours.
  • Print a new reservation confirmation.
  • The lower interest rate is not guaranteed until the lender receives the updated reservation confirmation.
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