Kentucky Housing Down Payment Assistance for 2013 DAP funds for KY First Time Home Buyers

* $15,000 Neighborhood DAP available from loan fallout *

First come, first serve on new or existing reservations

KHC still has $6 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 percent.
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.

MRB Special Funding

Limited Availability — Monies Still Available

Interest Rate: 2.50% without Down Payment Assistance

3.00% with Down Payment Assistance

$35,000 Household Income Limit
First time home buyer, unless property located in targeted county
Existing or new construction property — purchase price limit $115,000
Regular and Affordable DAP available
FHA, VA or RHS first mortgage programs through MRB Funding
640 credit score
Borrower must demonstrate a need for the special funding. The borrower’s housing ratio must be at a minimum of 25%
Maximum ratios of 40/45% with AUS approval