This week, Kentucky Housing Corporation (KHC) announced their Hardest Hit Fund Down Payment Assistance Program which provides first-time home buyers with $10,000 for down payment and closing costs. These funds are first-come, first-served for individuals that haven't owned a home in the past three years. Property must be located in Christian, Hardin, Jefferson, or Kenton county.
Hardest Hit Fund Down Payment Assistance Program (HHF DAP for $10k ). As of 10 a.m., ET on Thursday, July 12, 2018, KHC has $5.5 million remaining for new reservations. $10,000 Eligible for Kentucky Homebuyers in Jefferson, Hardin, Kenton and Christian County
$10,000 HHF DAP is Back!
Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund Down Payment Assistance Program (HHF DAP), a total of $6 million will be available for new reservations beginning today, Wednesday, July 11, 2018, at 10 a.m. ET. The HHF DAP will be available on a first-come, first served basis, based on the completion of the first mortgage and HHF DAP Reservations. All Program Guides have been updated to reflect the availability of the HHF DAP. Additionally, fliers in English and Spanish for HHF DAP have been added to the Marketing Tools page.
HHF DAP Program Guidelines:
The HHF DAP is not subject to TRID. Therefore, a GFE, TIL, and HUD-1 are required and provided within KHC's system. These loans will close in KHC's name and be funded by the lender. KHC's system will provide a Note and Mortgage in KHC's name. The lender is responsible to deliver all disclosures to the borrower(s) at time of origination and closing.
Remaining HHF DAP funds will be displayed on the Lenders page of KHC's website, and updated daily.
Maximum Ratio Guidelines
Effective immediately, with loans that have yet to close, KHC will allow maximum ratios on all loan products with an AUS Approval up to 40%/50%.
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