Category: KY FHA LOANS

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 DAPPurchase 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-DAPPurchase price up to $243,000.Assistance up to $4,500Repayable over a ten-year term at 1.00 percent.Borrowers must meet Affordable DAP Household Income Limits.More about down payment and closing costsNo liquid asset review and no limit on borrower reserves.Specific credit underwriting standards may apply to down payment programs.

via Down Payment Assistance Program for Jefferson County Kentucky Louisville.

via Down Payment Assistance Program for Jefferson County Kentucky Louisville.

Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/

By Jane Hodges

Many homebuyers mistakenly arrive at closing unprepared for a laundry list of closing costs: major and minor fees that are a routine part of any home purchase. This can be because the lender increased fees on lender-controlled aspects of a transaction, or because a buyer chose a third party (appraiser, inspector, attorney, title company) that might charge higher prices than those estimated by the lender.

Fortunately, new rules and regulations provide more clarity on theclosing costs that borrowers can expect to pay. As a rule of thumb, homebuyers can expect to pay closing costs equivalent to 3 percent to 5 percent of their loan amount, says Guy Cecala, publisher of Inside Mortgage Finance, a Bethesda, Md.-based mortgage research firm. This is money that the homebuyers will spend in addition to their down payment, and those stretching to buy should know that they’ll need to cover these…