The Kentucky Housing Corporation is a self-supporting public corporation of the Commonwealth of Kentucky that works to make homeownership possible for Kentucky families. Kentucky Housing works with a variety of partners, throughout the state, including lenders, government agencies, nonprofit housing providers, builders, real estate agents, community organizations and developers, to create affordable housing opportunities through various programs and services.
Kentucky Housing Corporation offers loan programs, which include two funding source options, MRB and Secondary Market. Mortgage Revenue Bond (MRB) funding source mortgages are 30 year loans, offered at a fixed rate of interest. The home to be purchased must be the only residential property the home buyer owns, and the home must be occupied at a primary residence throughout the term of the loan. MRB income guidelines must be met in order to apply, and the borrower must have an acceptable credit history, as well as the ability to make a down payment. MRB funding source mortgages include Conventional No Mortgage Insurance Programs, FHA, VA, RHA and MRB special funding loans.
Like MRB loans, Secondary Market funding source loans are 30 year loans that carry a fixed interest rate, and the purchased home must be the borrower’s primary residence during the course of the loan term. To qualify for Secondary Market loans, the borrower must have a decent credit history, meet GNMA income guidelines, have the ability to make a down payment, and be a U.S. citizen or a legal alien.
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- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).