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.
Regular DAP
- 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.
Affordable-DAP
- 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.
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
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