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Tips on Reserving HHF DAP
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Tips on Reserving HHF DAP
The Hardest Hit Fund Down payment Assistance Program (HHF DAP) will be available with new reservations on or after Wednesday, January 20, 2016. Purchase contract and application date may be prior to reservation date of January 20, 2016. 

In anticipation of heavy system usage on Wednesday, January 20, Kentucky Housing Corporation (KHC) will allow lenders to import their files the day before, on Tuesday, January 19, 2016, at 10 a.m. ET. This does not guarantee a reservation of funds. An HHF Summary Sheet on reserving the HHF DAP is available on KHC's website, under Home Buyers, Down Payment Closing Cost Assistance.

As a reminder, the HHF DAP loan is not subject to TRID. Therefore, a GFE, TIL, and HUD-1 are required and provided in KHC's Loan Reservation System. These loans 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. Lenders are responsible for delivering all disclosures to borrowers at time of origination and closing.

HHF DAP Guidelines:
  • $15,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
  • First mortgage amount not required to be at maximum LTV.
    • Limited to 81% LTV with Conventional Loans.
  • Property (new or existing) must be located in one of four counties:
    • Christian
    • Hardin
    • Jefferson
    • Kenton
  • Secondary Market Purchase Price and Income Limits apply.
  • Borrower must be a first-time home buyer (no ownership interest in the last three years).
    • Most recent three years of federal tax returns required.
  • Pre-purchase home buyer education required for all borrowers.
  • Dodd-Frank Certification must be completed
    . The borrowers certify that they have not been convicted within the last 10 years of any one of the following in connection with a mortgage or real estate transaction: 

a. felony larceny, theft, fraud or forger.  

b. money laundering.  

c. tax evasion.

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If you have subscription problems, please contact KHC's Nicole Morris toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 459; TTY 711; or email nmorris@kyhousing.org.