The Kentucky Housing Corporation (KHC) for several years has had different programs availible (nomally for first time buyers) that help them with their down payment money and/or closing cost, pre-paids and escrows. As of Monday KHC has updated several programs helping not only first time buyers but also second home buyers. In today's market every little helping hand a buyer has we need to look into it and see if it's the best option for them.
Quick reference to the programs goes as follows:
Regular DAP -Down payment Assistance Program; will enable the recipient up to $6,000 to pay their down payment money or any normal closing cost; which will be paid back at a 6% interest rate over 10 years or at the termination of the loan. The county you live will determine how much your household income if you qualify.
HOME-DAP; assistance in the amount of $4,500 forgivable over 5 years, not able to us on mobile homes or new construction, must meet low to moderate income guidelines.
HOME Special DAP; up to $10,000 in assistance forgivable over 5 years, this program is for someone that is or has a disabled person living in the home or is one of the buyers is over 62 years of age.
HOME Family DAP; this is also up to $10,000 for assistance forgivable over 5 years and is for a single person or a married couple with at least one child.
All programs are funded and the funds are not always available and the buyers would need to meet KHC guidelines. One such guideline would be every person on the loan would need to have a minimal credit score of 640.
The bottom line is that if you are looking for a little assistance in your next home purchase there just might be a helping hand out there. As always if you have any question please feel free to contact me if I don't know the answer I'm sure I can help point you in the right direction.