Down Payment and Closing Costs Assistance
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.
- 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.
- 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.
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According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.
The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements.
“FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” the letter says.
Besides the burden of proof on the borrower to demonstrate a recovery from the “economic event,” the potential homeowner must also complete housing counseling. This event would need to result in a minimum loss of 20% of the household income.
Senior Loan Officer
email@example.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
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