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
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.
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
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.
For more information, contact:
Kentucky Housing Corporation | 1231 Louisville Rd., Frankfort,
502-564-7630; 800-633-8896 (KY only); TTY 711