To qualify for a Secondary Market KHC loan, you must meet the following requirements:
- Meet Secondary Market Income Limits for your county.
- Be a U.S. citizen, other national or qualified alien person.
- Have a minimum credit score of 620.
- Be a first-time or repeat homebuyer.
Besides, how do I buy a house for the first time in Kentucky?
Eligibility
- Can be a first-time or repeat home buyer for most programs.
- Must have a minimum credit score of 620.
- Must meet county income limits and statewide purchase price limits.
- Must work with a lender approved by the Kentucky Housing Corp.
Moreover, how much do you need for a down payment on a house in KY? Down payment: For a conventional loan, you’ll need a down payment of at least 20%. Closing costs: Home buyers typically have to pay 2-5% of the home’s price in closing costs. Considering the average home value in Kentucky is $155,599, that amounts to $3,112-7,780.
Beside above, what credit score do you need to buy a house in Kentucky?
Kentucky FHA Loan Requirements
Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. Most lenders will not go below 620 score, and very few lenders will go to 580 score.
What does the KHC do?
KHC (Kentucky Housing Corporation) is a public corporation striving to make home ownership a possibility for Kentucky residents. KHC administers housing assistance programs to assist low and moderate income families. So far, KHC has invested over $771 million in housing solutions for Kentucky residents.
What is the purchase price limit for a secondary market funded Kentucky Housing Corporation loan program?
$294,600