KHC Loan Programs

Dated: November 5 2019

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The Dilemma

One of the most popular objections of my friends and other millennials about purchasing a home is they can't afford it. These days with all the assistance available for home buyers, money shouldn't be the primary deciding factor on whether to buy or rent.  When coming to that decision think more along the lines of how much you care to do yard/house work. You don't want to do yard work but house work doesn't bother you, then maybe buying a condominium would be in your best favor. Don't care to do either? Then renting is your best bet. Think also about how long you plan to stay in one area. Staying for more than 4-5 years? Buy. Anything less should be grounds for an apartment. 

If you have enough money to rent but don't think you have enough to buy then see this graphic below from the NAR website. 

        Source: Ginnie Mae 

        The chart shows a cost comparison for a renter and a homeowner over a 7 year period. The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a         home for $110,000 and pays a monthly mortgage of $1,000. After 6 years, the homeowner's payment is lower than the renter's monthly payment. With the tax savings of home-ownership, the         homeowner's payment is less than the rental payment after 3 years.

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Another helpful resource may be this Buying Vs. Renting calculator from (plus, peep the the most up-to-date interest rates *click here*)

The Decision

Once you've made your decision and you decide on buying then turn to the Kentucky Housing Corporation to see what programs you're eligible for. The Kentucky Housing Corporation has been helping thousands and thousands of Kentuckians buy quality housing since 1972. 

They have several loans programs available including:

1. Conventional Preferred Risk Program 
2. Conventional Preferred Program
3. Conventional Preferred Plus 80
4. FHA
5. VA      
6. RHS   
7. Home Buyer Tax Credit            

Click here to see more info on the Loan Programs.

They also offer Down Payment Closing Cost assistance. Regular, Affordable, and one available to only properties in Christian County. 

The Deed

So you're sure about about buying, huh? Then lets put this plan into action! Get pre-approved with a lender (if you don't know of one, I will suggest a few to you) then come see me so we can get this exciting journey started for you and turn that deed of action into the deed you sign at closing!

Be on the look out for my next blog where I meet with some of the top lenders in this area and ask them some questions helpful for you.

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Maria Wormald-Patel

Born and raised in Northern Kentucky, 23 years old, and new to the industry! I earned my Business Management Associates Degree at Gateway Community and Technical College and in my mind had settled on ....

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