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$10,000 HHF DAP for Christian County
Earlier today, Kentucky Housing Corporation (KHC) announced a new Hardest Hit Fund Down payment Assistance Program (HHF DAP) as part of National Homeownership Month. A total of $1 million will be available for new reservations beginning today, Tuesday, June 13, 2017, at 3 p.m., ET. The HHF DAP will be available on a first-come, first-served basis, based on the completion of the first mortgage and HHF DAP reservations.  
HHF DAP Guidelines:
  • $10,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
  • Not required to be at maximum LTV first mortgage amount.
    • No less than 81 percent LTV with conventional loans.
  • Existing property only.
  • Must be located in Christian County.
  • Funding Source (Secondary or MRB) Purchase Price and Income Limits apply.
    • Can be used in conjunction with MRB Special Funding Program when available.
  • Borrower must be a first-time home buyer (no ownership interest in the last three years.)
    • Most recent three year federal tax returns or tax transcripts required.
  • Pre-purchase home buyer education required for all borrowers.
  • Dodd-Frank Certification must be completed (will print with loan reservation).
  • Must include a Terms and Conditions form (will print at closing with the HUD-1, Note, and Mortgage.)
    • This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.
  The HHF DAP will utilize a GFE, TIL, and HUD-1, since it does not meet TRID regulations. These documents will be provided through KHC's Loan Reservation System. The HHF DAP will close in KHC's name and be funded by the lender. KHC's system will provide a Note and Mortgage in KHC's name. The lender is responsible to deliver all disclosures to the borrower(s) at time of origination and closing.
KHC's  Program Guides have been updated to reflect this new HHF DAP. KHC also has marketing fliers and an HHF DAP Summary, available on  KHC's website, under Lenders,  Lender Resources, in the Down Payment Assistance Programs dropdown.

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