Category: down payment grant ky housing

Kentucky USDA Rural Housing Repair and Grant Program.

Section 504 Repair Loan and Grant Program for Kentucky USDA RHS Loans
If you missed the live webinar to learn about recent changes to the Section 504 Single-Family Housing Repair Loan and Grant Program, the presentation slides from the webinar are available on the U.S. Department of Agriculture  (USDA) Rural Development’s website. This information is for individuals and organizations, including nonprofits and public agencies, who work with affordable housing products such as weatherization, home repairs, and Section 504 application packaging.

The slides will provide information on the following:

  • An overview of recent changes to the Section 504 Single-Family Housing Repair Loan and Grant Program.
  • Information on Procedure Notice 527 (published on August 29, 2019).

For a brief overview of the 504 program, please watch the USDA Helps You Make Home Repairs

Program Guidelines & Terms –Section 504 Loans
• Maximum outstanding 504 loan amount is $20,000
• Interest rate is fixed at 1%
• Maximum term of 20 years (term and payment is based upon the
family budget)
• Appraisal and escrow account is required for loans over $15,000
• Flood insurance is required for properties located in a flood zone
• Mortgage, title work and closing agent required for loans of
$7,500 or more
• Mortgage is filed for loans of $7,500 and over
• Assets above $15,000 ($20,000 for elderly/disabled households)
must be applied toward repairs.
• Residential Mortgage Credit Reports are ordered by Agency for
loans of $7,500 and over (RMCR fee paid by Rural Development

General Eligibility Criteria – Section 504 Loans
• Household income must not exceed “very low” income
limits; < 50% HUD median income
• Applicant must own home (to include site when
considering manufactured housing) and occupy house on a
permanent basis
• Demonstrate repayment ability based upon a family budget
• Stable and dependable source of income
• Acceptable credit – reasonable ability and willingness to
meet debt obligations
• Meet asset limitations (15K non-elderly and $20K elderly*)

Program Guidelines & Terms –Section 504 Grant
• Maximum cumulative lifetime grant assistance is $7,500
• Grantee must sign Grant Agreement requiring occupancy
of home for 3 years
• No lien on property
• Repairs to remove health and safety hazards or to make the
home accessible and useable for household members with
disabilities.

General Eligibility Criteria – Section 504 Grants
• At least one applicant must be 62 years of age or older.
• Household income must not exceed “very low” income limits;
< 50% HUD median income
• Applicant must own home (to include site when considering
manufactured housing) and occupy house on a permanent basis
• Repairs must be necessary to remove health and safety hazards or
to make the home accessible and useable for household members
with disabilities.
• Must demonstrate a lack of repayment ability based upon a
household budget.
• Meet asset limitations (15K non-elderly and $20K elderly*)
• No outstanding federal judgments

SECTION 504 PROPERTY REQUIREMENTS
• Must be modest for the area; market value cannot be in
excess of USDA established area loan limit
• Property must be located in a designated rural area
• Must not have an in-ground swimming pool
• If the property has income producing land or structures, we
may use loan/grant funds as long as repairs are used for the
residential portion of the home.
• Mobile or manufactured homes must be on a permanent
foundation or be placed on a permanent foundation with
loan or grant funds.
For additional program Information, please visit the following USDA webpages:

USDA Rural Development Housing Program 

 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com

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$10,000 Down Payment Assistance Grant for 2019 Kentucky Home buyers   HHF DAP Christian County Kentucky

$10,000 Down Payment Assistance Grant for 2019 Kentucky Home buyers HHF DAP Christian County Kentucky

Hopkinville Lettering.png Image result for $10,000 HHF DAP

$10,000 HHF DAP

Kentucky Housing Corporation (KHC) recognizes that down payments, closing costs, and prep​aids are stumbling blocks for many potential homebuyers. We offer several loan programs to help you achieve your dream of buying a home. Your KHC-approved lender can help you apply for the program that meets your needs.
The Hardest Hit Fund Down payment Assistance Program (HHF DAP) is available to Christian County only, starting November 15, 2018; first-come, first-served, based on qualifying guidelines.
  • Zero percent interest rate for first-time homebuyers.
  • A non-repayable second mortgage for $10,000.
  • Forgiven after five years.
  • Home purchase must be located in Christian County.
  • No other counties are eligible.
  • New construction properties are not allowed.
  • Property has to have been previously occupied.
  • Applicants must meet Secondary Market Income and Purchase Price Limit.
  • Borrower must be a first-time homebuyer (no ownership interest in the last three years).
  • Pre-purchase homebuyer counseling is required.
http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 


KHC invests in affordable housing solutions by offering programs and services designed to develop, preserve, and sustain affordable housing throughout the state. Since 1972, KHC has made homeownership possible for more than 94,000 Kentucky families. Let us help you make your move to homeownership in Christian County.

 

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

 

 

 

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Kentucky First Time Home Buyer Loans for 2017

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Hey everyone, KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers for  that’s available on a first come first…
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Hey everyone, KHC just released another $10,000 Down  Payment Assistance Grant for 2017 Kentucky Home buyers for  that’s available on a first come first serve basis!!! HHF DAP 2017
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