Kentucky Housing Mortgage Revenue Bond (MRB)
Northpointe Bank offers several programs that can help. As a participating lender with the Kentucky Housing Corporation (KHC), qualified borrowers could receive a low competitive rate and up to $10,0001 in down payment and closing cost assistance through the KHC Mortgage Revenue Bond (MRB) loan program.
Program features:
- Programs available for first-time homebuyers statewide or first-time or repeat homebuyers purchasing in a targeted county
- Available for the purchase of a primary residence
- Options for FHA, VA, and Rural Housing Services (RHS) loan programs
- 30-year fixed-rate home loan
- Up to $10,000 in down payment and closing costs assistance
- Purchase price limits and income limits apply
- Minimum credit score 620
1. KHC Down Payment Assistance (DPA) Loan Program is a $10,000, 10-year second mortgage loan with a 3.750% interest rate, 3.750% APR. 120 monthly payments of $100 each (P&I only). Loan is immediately due and payable upon sale, transfer, refinance, or payoff of the first lien loan, or formal filing of notice of default.
2. Example of 96.5% LTV (3.5% cash down) 30-Year KHC MRB FHA Loan Program with $200,000 sale price, $196,377 loan amount, $7,000 cash down payment from KHC DPA second mortgage loan, 30-year fixed rate loan with zero points. 360 monthly payments of $1,241.24 each (P&I only). Interest rate 6.500%, APR 7.435%. 740 credit score. Monthly payment does not include required mortgage insurance, taxes, insurance premiums, or other applicable escrows. Actual payment amounts will be higher. Example includes $1,963.77 origination fee. Interest rates as of April 4, 2024. Rates, fees, other charges, and terms are subject to change. All loans are subject to credit review and approval. This is not a commitment to lend. Other terms and conditions may apply.
