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As the partial federal government shutdown continues, KHC is committed to supporting those who rely on our programs for their housing needs, and we will continue our work to meet these needs. For more information about the shutdown, please visit the Impact of Partial Federal Government Shutdown page on KHC’s website.
 

News/Events

New Home Buying Options Available from KHC

For Immediate Release

Contact:  Charla Jackson Peter

August 24, 2011

(502) 564-7630, ext. 454

New Home Buying Options Available from KHC

After over 35 years of offering buying options to first-time homebuyers only, KHC now has options for repeat home buyers!

Kentuckians now have additional options from Kentucky Housing Corporation (KHC), the state housing finance agency, for buying a home.  Effective August 15, 2011, KHC is now offering a GNMA Secondary Market product to offer more competitive rates and serve more Kentuckians.  Thanks to HB 256, passed in March 2011, the KHC GNMA Secondary Market Program is now available for homeowners whose incomes are up to 175 percent of the area median income.  KHC can now also refinance mortgages with affordable, fixed-interest rates for 30-year terms, as well as offer mortgages for repeat home buyers.

Many two-income families were above the income limits that KHC could serve, which disqualified them from receiving a KHC home loan.  Those income limits also made such families ineligible for down payment and closing costs assistance only available through KHC.

“Sometimes the initial costs of home buying are prohibitive to families, even if they have sufficient income to cover a monthly payment,” said Richard L. McQuady, chief executive officer of KHC.  “We at KHC are proud to have these additional options available to families so we can help them achieve the safe, quality, affordable housing.”

Additional help for first-time home buyers is available through the Mortgage Credit Certificate (MCC) Program, which allows eligible home buyers to convert 25 percent of their mortgage interest deduction into a non-refundable tax credit.  Through the use of an MCC, eligible home buyers increase their ability to qualify for a mortgage loan and reduce their effective mortgage interest rate.

Any interested Kentuckians may contact one of KHC’s 105 lending partner banks and mortgage companies located in communities throughout the state.  More information is available on KHC’s Web site at www.kyhousing.org, under Homeownership or by calling toll-free in Kentucky (800) 633-8896 or (502) 564-7630, extension 291, or TTY 711.

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www.kyhousing.org

Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities.  As a self-supporting, public corporation, Kentucky Housing offers lower-than-market rate home mortgages, housing production financing, homeownership education/counseling, rental assistance, housing rehabilitation and supportive housing programs for special needs populations.

Kentucky Housing Corporation prohibits discrimination in employment based on race, color, religion, sex, national origin, sexual orientation, gender identity, ancestry, age, disability or veteran status.