Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Louisville, Kentucky VA Loan Requirements for 2016

Net Tangible Benefit Form
The Net Tangible Benefit Form for FHA Streamline loans has been updated to reflect all potential methods of meeting the current FHA Net Tangible Benefit requirement. The updated form has been uploaded to guidelines and can be found HERE. This version of the form should be used going forwards.

Clarification of FHA Definition of “Family Member”
In all instances where FHA uses the term “Family Member”, it is defined as any of the following:

Child: defined as any son, stepson, daughter, stepdaughter, or foster child
Parent: including step-parents and foster parents
Grandparent: including step-grandparents and foster grandparents
Sibling: defined as any brother, stepbrother, sister, or stepsister
Uncle
Aunt
Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
Spouse or domestic partner
In-Laws: defined as any son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the borrower

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans down payment grant, FHA, first time buyer kentucky, First Time Home Buyer, Gift funds, Grants And Down payment Assistance, Kentucky Housing, KY FHA LOANS

Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016

 

 

New Income Limits for Jefferson County Kentucky and Louisville Home Buyers lacking a down payment.

The new income limits for Kentucky Housing loans are based on annual borrower income, and vary by county. Here’s how they break down for Central Kentucky and the Louisville area:

  • Purchase price up to $294,000 with Secondary Market and max household income is limited to $112,000 with MRB for Jefferson County Kentucky. No homeownership in last 3 years and a minimum credit score of 640. Max debt to income ratios of 40 an 45%

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 

phone: (502) 905-370
 
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

What are the property requirements for a USDA Rural Housing Loan in Kentucky?

Unknown's avatarKentucky USDA Mortgage Lender for Rural Housing Loans

 

USDA-Home-Loan

 

WHAT ARE THE PROPERTY REQUIREMENTS?

 

* The property must be a single family unit or an approved condominium unit.

* Homes must be located in designated rural areas. In Kentucky the following communities are ineligible: Jefferson County Kentucky, Fayette County KY, parts of Bullitt County, all though Shepherdsville and Mount Washington are okay for USDA Loans. Richmond KY, Paducah, KY, Hopkinsville, KY, and Bowling Green, Ky. Parts of Boone, Kenton and Campbell have eligible areas, please check website map below for more details

Rural Area Definition for USDA Housing Programs

The Agricultural Act of 2014 (Farm Bill) makes areas with population up to 35,000 and rural in character eligible for USDA Rural Housing Programs, with certain provisions. Changes to the eligible areas map based on the Farm Bill will be released on May 6, 2014, on the USDA Income and Property Eligibility Site. Select “Single…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest. Have you been waiting to buy a home?

This is truly a once in a lifetime gift and the money is first come first serve. You must have an accepted contract by January 20th to have the best chance at receiving the funds!

Questions and Answers below about the HHF DAP $15,000 Down payment assistance:

I have a buyer wanting to participate in the upcoming HHF DAP program. How do they register or apply? Have to wait until January 20, 2016 to register with KHC for first and DAP

Can we apply for it now or do we have to wait until January 20, 2016? WAIT

Do we register the loan like a regular dap loan? YES-but wont have the option to reserve until January 20, 2016

Lastly, do they have to have a house under contract? YES. Contract and application date can be before the loan reservation.
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Unknown's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

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SHARE IF YOU KNOW A LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest.
Have you been waiting to buy a home? NOW is the time!
Kentucky Housing Corporation has a program coming out January 20th. Here are the basics:
*ZERO percent interest rate
*A non-repayable second mortgage up to $15,000 (KHC will give you up to $15k to cover your down payment and closing costs and if you stay in the home 5 years, you don’t have to pay it back!)

JEFFERSON COUNTY KENTUCKY PROPERTIES QUALIFY 

KHC has put $7 million in this fund but that’s only about 500 homes and when it’s gone, it’s GONE. You have to get started NOW!

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New and Existing Properties Located in Christian, Hardin, Jefferson, or Kenton Counties New and Existing Properties Eligible Borrowers First-time Home Buyers (No ownership interest in the last 3 years)

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

$15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

Zero percent interest rate.
A non-repayable second mortgage up to $15,000.
Forgiven after five years.
Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
Applicants must meet secondary market income and buying limits..
• Borrower must be a first-time home buyer (no ownership interest in the last three years).
• Pre-purchase home buyer education required.

Minimum 640 credit score.
Maximum ratios of 40/45

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Source: $15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

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