Thursday, September 25, 2014

Down Payment Closing Cost Assistance for Kentucky First Time Home Buyers

Down Payment Closing Cost Assistance



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 $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 DAP

·         Purchase price up to $243,000.
·         Assistance up to $4,500.
·         Repayable over a ten-year term at 1.00 percent.
·         Borrowers must meet Affordable DAP household 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.

Mortgage Revenue Bond Interest Rates -- 45-Day Lock

Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
·         640 credit score
·         AUS approval
·         Purchases
3.875%
4.375%

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

 Company ID #1364 | MB73346