Five strategies for first time home buyers in Kentucky for 2017

Five strategies for first time home buyers: Financial expert Mark Lamkin explains the best way get your finances in order and start your search

Get $10,000 Down Payment Assistance Grant from Kentucky Housing Corp for your home purchase if you live in
Christian, Hardin, Jefferson or Kenton counties.

Three different types of forgivable down payment assistance programs are now available until all reservations are filled. Limited time!

These programs provide first time home buyers with $10,000 for down payment and closing costs assistance for the purchase of a new or existing property.

FUNDS ARE FIRST COME FIRST SERVE!

Restrictions apply; please contact for full details, including income and buying limits. New reservations only. Applicant must meet secondary market income and buying limits. Subject to availability of funds. HHF DAP is only available in Christian, Hardin, Jefferson and Kenton counties.

• The funds are for eligible first time home buyers or for those who have not owned a home in the previous 3 years
• The program is a 2^nd mortgage down payment assistance loan up to $10,000, 0% interest rate, forgivable second mortgage loan with a five-year term
• There is no monthly payment on the down payment assistance loan and 1/5^th of the loan is forgiven for 5 years and at that point the loan is fully forgiven
• The property must remain as your primary residence for those 5 years
• The down payment assistance loan can be used to cover your closing costs and down payment
• Max purchase price $283,900
• Max income for person or persons on the loan in Jefferson County is $117,250
• The down payment assistance loan must be used in conjunction with KY Housing first mortgage program (conventional or FHA)
• Minimum 640 credit score to be eligible but we can generally provide advice how to improve your score to that level if needed
• The property (new or existing) must be located in one of these four counties:
• Jefferson
• Christian
• Hardin
• Kenton
• Other counties are not eligible for this specific program but there is a down payment assistance loan for other counties

Kentucky Down Payment Assistance

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 640 for all programs. The conventional loan requirements at KHC requires 680 credit score. 

The max debt to income ratios are set at 40% an 45% respectively. 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

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