Home Buyer Assistance in Kentucky: KHC Guidelines Explained

The KHC Eligibility and Credit Standards Overview offers crucial guidelines. These guidelines are for Kentucky home buyers seeking assistance through Kentucky Housing Corporation KHC Loan Programs(KHC) loan programs. Here’s a summary of key points from the image:

Kentucky khc Home Buyer Eligibility

1. Available for first-time and repeat home buyers across Kentucky.
2. Borrower must be a U.S. citizen or legal resident.
3. Income eligibility is determined through the Secondary Market.
4. The property must be the borrower’s primary residence.
5. Borrowers cannot own any other residential property at the time of closing if using MRB Funding.
6. Down Payment Assistance is available for borrowers who meet both income and purchase price limits.

Kentucky Housing Credit Standards

1. Minimum Credit Score Requirements:
   • 620 for FHA, VA, and RHS loans.
   • 660 for Conventional loans.
2. Debt-to-Income (DTI) Ratio: 50% maximum.
3. Collection Accounts: Do not always need to be paid in full before loan approval.
4. Bankruptcies and Foreclosures: Must be discharged for at least 2 to 7 years.
5. Non-taxable income can be grossed up, which helps borrowers qualify for higher loan amounts.

Property Eligibility for khc loan programs

1. Eligible properties include both new and existing homes.
2. Manufactured homes are eligible for both new and existing purchases.
   • RHS loans only allow new construction for manufactured housing.
3. Purchase price limit: HERE ➡️➡️for Secondary Market and MRB Loans.
4. Full appraisals are required for all KHC loans.
5. VA loans require a termite inspection for existing properties.
6. New construction properties (except conventional loans) must have a termite soil treatment certificate.

KHC credit and income qualifying guidelines

1. Flexible credit requirements: Borrowers with 620+ credit scores can qualify for FHA, VA, and RHS loans. On the other hand, Conventional loans require a 660+ credit score.
2. Debt-to-income ratio of up to 50% allows flexibility for borrowers with higher debt obligations.
3. Down Payment Assistance is available for those who meet income and price limits.
4. Manufactured housing is eligible, but new construction requirements apply for RHS loans.
5. Bankruptcy and foreclosure waiting periods range from 2-7 years, depending on the loan type.

Eligible KHC Mortgages

• FHA, RHS, VA, HFA Preferred, HFA Preferred Plus 80, & Freddie HFA Advantage
• Must be used with a KHC first mortgage

khc Eligibility Requirements

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Summary of khc mortgage loan product

1. DAP funds are only available to home buyers obtaining a KHC first mortgage.
2. Offers affordable repayment terms (4.75% interest over 15 years).
3. No home buyer education required, which simplifies the process.
4. Can be used with various loan programs (FHA, VA, USDA, Conventional).
5. Debt-to-income ratios up to 50% are allowed with AUS approval.

This program makes homeownership more accessible by providing down payment assistance without requiring extensive upfront savings. Would you like help determining eligibility or applying for KHC mortgage assistance? Let me know!

 Email – kentuckyloan@kentuckymortgage  

Call/Text – 502-905-3708

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans

 Website: www.mylouisvillekentuckymortgage.com

 Address: 911 Barret Ave., Louisville, KY 40204

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Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

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