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Tens of thousands of Kentuckians have discovered the secrets of homeownership.

Homeownership Services

Whether you are a one- or two-parent family, single person, veteran, elderly or disabled, you may be able to become a successful homeowner. Click here to see interest rate options.

Income limits top out at over $90,000 depending on where you live. And, all-time-high purchase price limits expands your choices even more!*

 

About KHC home loans

  • Available to any qualified home buyer.
  • Not just for first-time buyers.
  • Always a low, 30-year, fixed interest rate.
  • All types: conventional, FHA, VA and RHS-guaranteed.
  • Refinancing opportunities available.
  • Both new and existing homes qualify.
  • Live in the home that you are buying as your primary residence.

Down payments and
closing costs help

• Loan equal to 4 percent of the purchase price, repaid over 10 years at the same low rate as the first mortgage loan.
• Up to $4,500 for qualified applicants* (no repayment).
• Up to $10,000 for qualified families with dependent children* (no repayment).
• Up to $10,000 for qualified households with disabled or elderly members*
(no repayment).

More benefits
• Automatic payment plan available.
• Payments go directly to Kentucky Housing and stay in Kentucky.
• Homeownership education.
• Homeownership counseling available before and after you buy.
• Find your path to realizing the American Dream of homeownership through Kentucky Housing!

 

Down Payment and Closing Cost Assistance

Your down payment, closing costs (costs and fees that are part of receiving a home loan) and pre-paids (set-up of escrow accounts for future payment of taxes and insurance) are three different costs generally associated with buying a home.

These costs are stumbling blocks for many potential home buyers. Here are several loan programs to help.

Down Payment Assistance Programs for Mortgage Revenue Bond (MRB) Programs
  • Regular Down payment Assistance Program (DAP)
    • Purchase price up to $237,000.
    • Assistance in the form of a loan that is equal to 4 percent of the purchase price.
    • Available to all KHC first mortgage loan recipients.
    • Repaid over 10 years at the same low rate as the first mortgage loan.

 

  • HOME-DAP
    • Purchase price up to $195,700.
    • Assistance up to $4,500
    • No monthly repayment; forgiven over five years.
    • Existing homes only.
    • Borrowers must meet Home-Income Limits.
  • HOME Special Program
    • Purchase price up to $195,700.
    • Assistance up to $10,000
    • No monthly repayment; forgiven over five years.
    • Existing homes only.
    • Borrowers must meet Home-Income Limits.
    • Eligible borrowers include:
      • Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).
      • Households where at least one of the home buyers is age 62 or older.
  • HOME Family Program
    • Purchase price up to $195,700.
    • Assistance up to $10,000
    • No monthly repayment; forgiven over five years.
    • Existing homes only.
    • Borrowers must meet Home-Income Limits.
    • Eligible borrowers include:
      • Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).
Down Payment Assistance Programs for Secondary Market Programs (for repeat homebuyers only)
  • Second Mortgage Product
    • Purchase price up to $330,000.
    • Assistance in the form of a loan that is equal to 4 percent of the purchase price.
    • Available to mortgagors whose gross annual income does not exceed regular income limits.
    • Repaid over 10 years at the same low rate as the first mortgage loan, not to go below 6 percent.

 

More about down payment and closing costs:

  • No liquid asset review and no limit on borrower reserves for Regular DAP.
  • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
  • Specific credit underwriting standards may apply to down payment programs.

 


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