New Income Limits for KHC Loans in Kentucky
Regular DAP
Purchase price up to $346,644 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
Purchase price up to $346,644 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
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SECONDARY MARKET FUNDING SOURCE
First-time and repeat homebuyers statewide
30-year fixed interest rate
Principal residence ONLY
Purchase Price Limit: $346,644
Borrower must meet KHC’s Secondary Market Income Limits
Conventional Preferred Program
Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (charter coverage)
All KHC DAPs applicable
No minimum borrower contribution
No reserves required
80 percent AMI income
Conventional Preferred Plus 80
Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (standard coverage)
All KHC DAPs applicable
No minimum borrower contribution
No reserves required
Secondary Market Income limits apply
FHA
Insured by the Federal Housing Administration
3.5 percent down payment
All KHC DAPs applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620
Refinance Options (Available only through Secondary Market)
Credit qualifying Streamline Refinance and Rate/Term Refinance
Insured by the Federal Housing Administration
Cash back to borrower not to exceed $500
Upfront and monthly mortgage insurance
Minimum credit score of 620
VA
Guaranteed by the Veterans Administration for qualified military veterans
No down payment if the property appraises for the sales price or greater
All KHC DAPs applicable
Minimum credit score of 620
No monthly mortgage insurance payments
Refinance Options
(Available only through Secondary Market)
VA IRRRL
620 minimum credit score
No appraisal required
30-year term
VA existing loan
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 sales price or greater
All KHC DAPs applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620
Refinance Options
Home Buyer Tax Credit
KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021
Secondary Market Purchase Price Limit — $346,644
VA IRRRL
620 minimum credit score
No appraisal required
30-year term
VA existing loan
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 sales price or greater
All KHC DAPs applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620
Refinance Options
(Available only through Secondary Market)
RHS Streamlined-Assist Refinance Program
620 minimum credit score
No appraisal required
Must have made timely mortgage payments for the last 12 months
30-year term
RHS existing 502 guaranteed loan
RHS Streamlined-Assist Refinance Program
620 minimum credit score
No appraisal required
Must have made timely mortgage payments for the last 12 months
30-year term
RHS existing 502 guaranteed loan
Home Buyer Tax Credit
KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021
Secondary Market Purchase Price Limit — $346,644
KENTUCKY HOUSING CORPORATION 2021 SECONDARY MARKET GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
