Kentucky Housing puts up $5 Million for First Time Home Buyers

By
Home Inspector with B4 U Close Home Inspections&Radon Testing (www.b4uclose.com)

 

Saw this online this morning and wanted to share it!  More good news for first time home buyers but a short timeline to "git er done"!

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Kentucky Home Inspectors millions for first time home buyersKENTUCKY HOUSING CORPORATION (KHC) HAS SET ASIDE $5 MILLION FOR THIS PROGRAM FOR NEW RESERVATIONS THROUGH NOVEMBER 30, 2009


First Home ADVANTAGE

LOAN AMOUNT
Up to $4,500 In $100 increments. Defer payment untilJuly 1, 2010.


WHAT IS IT?
Second mortgage with P&I payments deferred until July 1,
2010.

ELIGIBLE USES
Down payment and closing costs related to a home purchase.

BORROWER ELIGIBILITY

Must obtain a KHC first mortgage through an approved KHC lender and be a first-time home buyer.

INCOME AND PURCHASE PRICE LIMITS

Must meet KHC income and purchase price guidelines.

TERM AND RATE

After the initial deferral period, the loan will fully amortize over ten years, starting July 1, 2010, at the current first mortgage interest rate not to go below 6 percent.

UNDERWRITING GUIDELINES
Borrowers must have a 620 minimum credit score. Follow agency and KHC guidelines when applying for a second mortgage loan as down payment assistance. Must include the second mortgage loan obligation in the calculation of the borrower’s total housing expense, even though the payment is deferred until July 1, 2010.

DISCLOSURE

Borrower will receive a disclosure detailing information on the terms of the loan, the tax credit, and the option to repay KHC through the federal tax credit.

CLOSING DOCUMENTS

KHC will provide the note and mortgage for the second mortgage in the closing documents set with the first mortgage documents.

APPLICATION FEE

$50 KHC second mortgage fee charged at closing.

FEES

Processing fee to lender for second mortgage: $50.
For more information, contact
Kentucky Housing Corporation’s Homeownership Department toll-free in

Kentucky at (800) 633-8896 or (502) 564-7630, extension 291, or TTY 711.

HURRY!
FIRST HOME  ADVANTAGE PROGRAM ENDS ON NOVEMBER 30
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I hope it helps a few home buyers and stimulates the market like it was intended!



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Posted by

=====================================================

 

Erby Crofutt
KY Lic# HI-2041
B4 U Close Home Inspections & Radon Testing
Georgetown, KY
www.b4uclose.com
502-570-4054
859-797-3873
877-513-8235

 

B B 4 U Close Home Inspections serves Central, Northern & Eastern Kentucky real estate buyers & sellers

with Kentucky Licensed Home Inspections & Certified Kentucky Radon Testing
A
ppointments available 7 days a week -  7 AM to 9 PM. 
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Call NOW for your B4 U Close Home Inspection appointment!!

Why should you hire Erby to inspect your home?  See what past clients have to say!!

Here's what a couple of B4 U Close clients say: (Clicki the line above to see others)

I think the current owners are a little angry about the thorough inspection you did. They didn't have one done and it cost them $18K.  I, my loan officer and my agent think a home inspection is well worth what I paid.

Nathan, Morehead, KY Inspection  (20101012B)

Thank You for the outstanding job you did on the inspection.  We bought and sold 9 houses and this was the only inspection that was ever done properly.  It was helpful and we will use it to do the repairs with a system, instead of the guess work we usually do.  Thanks again

Mike & Barbara, Stamping Ground, KY Inspection (20050603

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Topic:
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Groups:
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Posts to Localism
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Tags:
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Ambassador
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Sounds like a great DPA program for Kentucky First Time Buyers!

Oct 28, 2009 12:56 AM #1
Rainmaker
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Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Is this over and above the regular $8000 tax break?  That would be nice and a great incentive.

Oct 28, 2009 09:00 AM #2
Rainmaker
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Erby Crofutt
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY

Renee:  Dang you got me chasing acronyms again.  DPA Program - Down Payment Assistance programs.  Yeah, it's good for them.

Jane:  As I understand it, it is over and above the $8,000.00.  Hopefully it'll get some of them off the fence.

 

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Oct 30, 2009 12:36 AM #3
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Rainmaker
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Erby Crofutt

The Central Kentucky Home Inspector, Lexington KY
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