KHC Path to Affordable KENTUCKY Homeownership

If you’re a first-time homebuyer in Kentucky, the Kentucky Housing Corporation (KHC) offers exceptional programs. If you’re looking for affordable mortgage solutions, they also offer exceptional programs. These programs are designed to make homeownership more accessible. KHC provides options for down payment assistance. They offer low-interest mortgage revenue bond (MRB) loans and support for finding your dream home. KHC is a trusted resource for Kentucky residents.

Here’s a complete guide to KHC’s homebuyer programs. Learn how they can help you achieve your goal of owning a home.

Step 1: Contact a KHC-Approved Lender

To get started, reach out to a lender approved by KHC. These lenders will guide you through the qualification process, reviewing key factors such as:

• Credit score and history
• Income and employment
• Debt-to-income (DTI) ratio

Your lender will help determine your eligibility for KHC mortgage programs. They will also assist in tailoring a loan that meets your financial needs.

Step 2: See If You Qualify for Down Payment Assistance

KHC provides up to $10,000 in down payment assistance, helping cover one of the biggest barriers to homeownership.

• Assistance can also be applied toward closing costs.
• Discuss the specific terms with your lender. Determine if this assistance aligns with your financial goals. Also, check the program requirements.

Why This Matters: Many first-time buyers lack the upfront funds for a down payment. KHC’s down payment assistance bridges the gap, making homeownership more affordable and attainable.

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Step 3: Explore the Mortgage Revenue Bond (MRB) Program

KHC’s Mortgage Revenue Bond (MRB) Program offers 30-year fixed-rate mortgages at below-market interest rates. This program is ideal for:

• Buyers seeking affordable monthly payments.
• Those who meet specific income and purchase price limits.

How It Works:
Your lender will evaluate whether your income falls within the program guidelines. They will help you take advantage of these low mortgage rates.

Step 4: Find a House You Love

With pre-approval in hand, work with a trusted real estate agent to find a home that:

• Fits your budget and lifestyle.
• Meets KHC program requirements (e.g., within purchase price limits).

This step is all about aligning your long-term housing goals with a property that qualifies under the KHC guidelines.

Step 5: Close the Deal

Once your loan is approved and inspections are completed, it’s time to finalize the purchase.

• Sign the closing documents to officially become a homeowner.
• Celebrate reaching this milestone and enjoy your new home!

Why Choose KHC Mortgage Programs?

1. Down Payment Assistance: With up to $10,000 available, KHC reduces the financial burden for first-time buyers.
2. Low Mortgage Rates: Through the MRB program, KHC offers competitive, below-market interest rates.
3. Trusted Guidance: Approved lenders provide personalized assistance to guide you through every step of the process.
4. Support for Kentucky Residents: Tailored programs ensure that Kentucky homebuyers have access to affordable housing solutions.

Who Is Eligible for KHC Mortgage Programs?

Eligibility for KHC programs depends on:

1. Income Limits: Your household income must fall within program guidelines, which vary by county and household size.
2. Credit Requirements: A minimum credit score is required (varies by lender and loan type).
3. Property Location: Homes must meet KHC’s criteria, such as price limits and condition requirements.

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Take the First Step Toward Homeownership

Whether you’re a first-time buyer or looking for affordable financing options, KHC’s programs can help you secure your dream home. With no-money-down options, low mortgage rates, and tailored assistance, homeownership is within reach.

Contact an Approved KHC Lender Today:

1. Find out how much you qualify for.
2. Explore available down payment assistance programs.
3. Start your journey to affordable homeownership in Kentucky!