Kentucky Home Buyers
More about down payment and closing costs
KHC 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 $346,644 with Secondary Market.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a 15-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 15-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
- 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
- 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
- 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
- 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
- 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
KENTUCKY HOUSING CORPORATION
2021 SECONDARY MARKET
GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS
Effective May 1, 2021
Secondary Market Purchase Price Limit — $346,644
- No liquid asset review and no limit on borrower reserves.
- Specific credit underwriting standards may apply to down payment programs.
Text/call 502-905-3708
kentuckyloan@gmail.com
Customer Testimonials
We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel’s website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.
Angela Forsythe
“We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel’s website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him.” September 2016
Monica Leinhardt
“We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definitely recommend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.
Kayle Griffin
“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010
Tim Beck
“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010
Nancy Nalley
“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012
Jon ClarK
“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011
RICHARD VOLZ , Residential Sales , Remax Foursquare Realty
“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010
Stacie Drake
“We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else.”
Melody Glasscock March 2014
Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.
Anderson Johnson June 2018
We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He’s AWESOME!
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
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