Kentucky Housing Corporation (KHC) has $3 million available in Mortgage Revenue Bond (MRB), special funding, for Active or non-active duty veterans at 2 percent interest rate, fixed for 30 years. This special Funding program is available on a first-come, first-served basis starting Wednesday, September 6, 2017, with new reservations.
This Homeownership program is targeted to:
- Households whose gross annual income does not exceed $40,000.
- An existing or new construction property (purchase price limit $130,000).
- 620 minimum credit score.
- FHA, VA, or RHS first mortgage options.
- Households that include active / non-active duty veterans or other persons receiving VA benefits.
Documentation may include but not limited to:
- Leave and Earnings Statement (LES)
- DD214 - Discharge from Active Duty
- VA Award Letter
- Must meet insuring agency guidelines.
- Available statewide.
- Both Regular and Affordable DAP are available.
Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply.
If you do not qualify for this MRB special funding, there are several other loan products available.
*APR 3.058% - based on $130,000 FHA loan at 2% interest rate.
New Bond Funds may be accessed by first-time home buyers and previous homeownerspurchasing homes in targeted counties. For all other counties, New Bond Funds may only beaccessed by first-time buyers (not having owned a home in the past three years).
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