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khc
KHC Loan Programs
via KHC Loan Programs.
KHC’s First Mortgage 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.
•FHA’s Appraiser Independence rules apply. (see page 4)
•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
Upfront and Annual Mortgage Insurance Premiums
30-Year Loan Term
LTV less than or equal to 95% 1.75% annual 1.20 monthly
LTV greater than 95% 1.75% annual 1.25 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 2.0%/0.3% annual fee.
• 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.
•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.
•Ratio requirements and funding fee per agency guidelines
•Maximum ratios of 40/45% with AUS Approval
Related Articles
- Debt to Income Ratios for A Kentucky Mortgage Loan for a FHA, VA, KHC, USDA and Rural Housing loans (trulia.com)
- Louisville Kentucky Mortgage Rates (louisvillekentuckymortgagerates.com)
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- How to get a No Money Down USDA mortgage loan in Raleigh (kentuckyusdaloan.com)
- The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae (louisvillekentuckymortgagerates.com)
- Kentucky First Time Home Buyer Down Payment Assistance thru Kentucky Housing (trulia.com)
- Louisville Kentucky Mortgage programs including FHA, VA, KHC, USDA, and Fannie Mae Home Loans in the State of Kentucky – Louisville Kentucky Mortgage (kentuckyfirsttimehomebuyer.com)
Kentucky Housing first mortgage loans guidelines for 2013
Kentucky Housing first mortgage loans guidelines for 2013.
via Kentucky Housing first mortgage loans guidelines for 2013.
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Conventional
- Minimum credit score of 680 or better.
- Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.
FHA
- Insured by the Federal Housing Administration.
- Down payments as little as 3.5 percent.
- Can use DAP for 3.5 percent down payment requirement.
- Upfront and monthly mortgage insurance.
- Minimum credit score of 640.
VA
- Guaranteed by the Veterans Administration for qualified military veterans.
- No down payment if the property appraises for the sale price or greater.
- Credit underwriting is flexible.
- Minimum credit score of 640.
- No monthly mortgage insurance payments.
RHS
- Guaranteed by Rural Housing Services (RHS).
- Home must be located in a rural area as defined by RHS.
- No down payment if the property appraises for the sale price or greater.
- Upfront and monthly mortgage insurance.
- Minimum credit score of 640.
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If you don’t mind, go ahead and get the following things together and I will see what you how much qualify for on a home.
This is a free process, in case you were wondering.
The following is a list of documents that may be required to process your mortgage loan:
· One full month’s worth of pay stubs
· Last 2 years W-2’s
· Last 2 years tax returns
· Last two months bank statements for all asset accounts
You can fax or email the above documents to me and I will get you pre-approved for free and supply you a copy of your credit report for free.
Let me know your thoughts and questions.
Looking forward to working with you.
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
KHC Loan Programs
Kentucky Home Buyers
Effective with new reservations as of Monday, January , 2019, properties located in one of the counties considered Middle Appalachia or Lower Mississippi Delta will have access to a $1,500 closing cost grant. Borrowers must be under the specific income limits per the Duty to Serve (DTS) program.
KHC 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.
Hardest Hit Fund (HHF) DAP For Kentucky 2019
Available to Christian County only 11/15/2018
- Zero percent interest rate for first-time home buyers.
- A non-repayalbe second mortgage for $10,000.
- Forgiven after five years.
- Home purchase must be located in Christian county.
- No other counties will be eligible.
- New construction properties are not allowed.
- Property has to have been previously occupied.
- Applicants must meet Secondary Market Income and Purchase Price Limit.
Regular DAP for Kentucky Home Buyers in 2019
- Purchase price up to $301,294 with Secondary Market.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a ten-year term at 5.50 percent.
- Available to all KHC first-mortgage loan recipients.
Affordable DAP for Kentucky Home Buyers in 2019
- Purchase price up to $301,294 with Secondary Market.
- Assistance up to $6,000.
- Repayable over a ten-year term at 1.00 percent.
- Borrowers must meet Affordable DAP 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.
This type of loan is administered by KHC in the state of Kentucky. They typically have $4500 to $6000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.
KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at KHC requires 660 credit score.
The max debt to income ratios are set at 40% an 50% respectively.
Text/call 502-905-3708
kentuckyloan@gmail.com
Customer Testimonials
We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.
Angela Forsythe
“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016
Monica Leinhardt
“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definitely recommend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.
Kayle Griffin
“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010
Tim Beck
“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010
Nancy Nalley
“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012
Jon ClarK
“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011
RICHARD VOLZ , Residential Sales , Remax Foursquare Realty
“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010
Stacie Drake
“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”
Melody Glasscock March 2014
Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn’t expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.
Cee Bellisle August 2017
Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.
Anderson Johnson June 2018
We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!
Patty Kingston
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
—
Down Payment Assistance Programs in Kentucky
Down Payment Assistance Programs in Kentucky
Kentucky First Time Homebuyer Down Payment Assistance for Kentucky First Time Home Buyers for $4500 to $6000 from Kentucky Housing DAP Funds
Kentucky Housing Corp. will raise the gross annual income to $40,000 and the Purchase Price to $130,000! That is a 2% fixed Rate for 30 yrs for Kentucky Home Buyers using the KHC Program.
Regular DAP
- Purchase price up to $283,900 with Secondary Market or $255,500 with MRB.
- 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 $283,900 with Secondary Market or $255,500 with MRB.
- Assistance up to $4,500.
- Repayable over a ten-year term at 1.00 percent.
- Borrowers must meet Affordable DAP household income limits
MRB Special Funding Program
KHC has $5 million available at 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today, Wednesday, March 8, 2017, with new reservations. This 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) in a county not receiving HHF DAP funds*.
- 640 minimum credit score.
- FHA, VA, or RHS first mortgage options.
- Households who meet one of the following criteria:
- At least one of the home buyers is age 62 or older.
- At least one member of the household is disabled and receiving disability income.
- A single-or two parent household with at least one dependent child under the age of 18 living in the household.
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
kentuckyloan@gmail.com
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
2 percent interest rate, fixed for 30 years
By Timothy Bodamer , eHow Contributor
- in Kentucky with down payment assistance programs.
American Dream Downpayment Initiative
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The American Dream Downpayment Initiative is provided in Kentucky to help potential homeowners with down payments and closing costs. The ADDI is provided to first-time homeowners who make less than 80 percent of the median income of the area in Kentucky. Up to $10,000 or 6 percent of the purchase price (whichever is greater), can be used for down payments, closing costs and rehabilitation efforts to fix up the purchased home. Repairs must be completed within one year of the home purchase.
U.S. Department of Housing and Urban Development
451 7th Street S.W.
Washington, DC 20410
202-708-1112
hud.gov
REACH Kentucky
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REACH Kentucky is a down payment program used for new or existing homes. The REACH program offers loans that serve as a second mortgage repayable at zero to 2 percent. The home buyer must be the primary resident. Clients must meet low to moderate income standards. This income varies from county to county. To qualify, the first-time homeowners must complete a home buyer education course and provide $500 of their own money.
REACH Inc.
733 Red Mile Rd.
Lexington, KY 40504
859-455-8057
reachky.com
The Kentucky Housing Corporation
-
The Kentucky Housing Corporation was founded in 1972 as part of the Commonwealth of Kentucky‘s Finance and Administration Cabinet. Kentucky Housing provides down payment and closing cost assistance to Kentucky residents. The regular down payment assistance plan is available to all potential homeowners who reside in Kentucky. The program provides up to $2,500 in $100 increments. This loan is repayable over five years at 6 percent interest. Other down payment options are available for low-income residents. Down payment assistance is available up to $10,000 and is forgiven after the home buyer stays in the home for five years. This assistance is provided based on income guidelines. These guidelines are based on a county-by-county basis.
The Kentucky Housing Corporation
1231 Louisville Rd.
Frankfort, Kentucky 40601
502-564-7630 ext. 291
kyhousing.org
Read more: Down Payment Assistance Programs in Kentucky | eHow.com http://www.ehow.com/list_6518335_down-payment-assistance-programs-kentucky.html#ixzz1O1jSel5B
