$10,000 Down Payment Assistance Grant for 2017 Kentucky Home buyers HHF DAP

$10,000 HHF DAP Available
Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund (HHF) Down payment Assistance Program (DAP), a total of $5 million will be available for new reservations beginning today, Tuesday, January 9, 2018, at 10 am, 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.

HHF DAP Program Guidelines:
$10,000, zero-percent interest, forgivable second mortgage loan with a five-year term.
Property must be located in one of the four counties:
Christian
Hardin
Jefferson
Kenton
No New-Construction properties allowed.
Property has to have been previously occupied.
Secondary Market Purchase Price and Income Limits apply.
Borrower must be a first-time home buyer (no ownership interest in the last three years).
Most recent three-year federal tax returns or tax transcripts required.
Pre-purchase homebuyer education required for all borrowers.
Dodd-Frank Certification must be completed.
Terms & Conditions form (prints with the HUD-1, Note and Mortgage)
This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.

To successfully originate KHC mortgages you should begin with prequalified applicants and
properties meeting FHA, VA, RHS, or Fannie Mae Conventional guidelines. The applicant (s)
must be purchasing or refinancing a single family, one unit, and owner-occupied property,
located in Kentucky. Then follow the steps below….
1. The purchase price or refinance amount is at or below:
 $282,000 with Secondary Market
 $253,800 with KHC’s Homebuyer Tax Credit (purchase only)
2. The applicant (s) meet KHC’s simple credit overlays:
 660 credit score for Conventional
 620 credit score for FHA, VA, and RHS
 Max ratio caps for government loans of 40/45%
 Max ratio caps for conventional loans of 40/50%
 AUS Approval required except on RHS