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May 10

KHC Funds Down Payment Assistance Programs

I noticed earlier this week that KHC had funded two of the more popular down payment assistance programs.  Check Available Funds.

The Regular DAP must be repaid over a ten-year period at 6%.  It is provided in the form of a second mortgage loan up to $6,000, and can be used to purchase a home up to a price of $243,500. This DAP is NOT restricted to first-time home buyers.  Home buyers that recently sold a home but do not have enough funds to purchase another can use this program!

Home-DAP goes up to $4,500 and does not require repayment, it is forgiven over five years.  The ceiling price for homes when this program is being used is $195,700. 

Okay, here is how both programs can be used for maximum benefit.  The buyer can borrow the entire down payment and have the seller pay all of the closing cost and pre-paids. It is possible to purchase a home with less than $100.  The only reason any money may be needed is because the down payment could be an odd number and the DAP’s are made in $100 increments.  

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