Key Community Mortgage through KeyBank?

[Anonymous]

I've been searching the internet to try to find out more info but can only find what Key's website says.  It sounds like a cool program but I can't find any info on income limits.

 Here's what the website says about it:

• Offered by KeyBank as a way to assist low to moderate-income borrowers in becoming homeowners.
• Low down payments that can come in the form of a gift, grant, or a secured or unsecured loan
• Flexible underwriting guidelines
• Finance all or part of your points and closing costs as part of your loan
• Flexible terms
• Private Mortgage Insurance (PMI) is not required
• Only available in AK, CO, CT, FL, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA.

I was wondering if anyone else has any experience with this program?

Do you know if it can be used for new construction?

[Anonymous]

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@Anonymous wrote:

I've been searching the internet to try to find out more info but can only find what Key's website says.  It sounds like a cool program but I can't find any info on income limits.

 Here's what the website says about it:

• Offered by KeyBank as a way to assist low to moderate-income borrowers in becoming homeowners.
• Low down payments that can come in the form of a gift, grant, or a secured or unsecured loan
• Flexible underwriting guidelines
• Finance all or part of your points and closing costs as part of your loan
• Flexible terms
• Private Mortgage Insurance (PMI) is not required
• Only available in AK, CO, CT, FL, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA.

I was wondering if anyone else has any experience with this program?

Do you know if it can be used for new construction?

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They are most likely using huds median income limit which varies by city and state

[ShanetheMortgageMan]

This could be the income limits they go by: http://www.huduser.org/datasets/il/il09/index.html

I am not familiar with the program but I'm fairly certain it could be used to purchase new construction, as there are hardly any programs that aren't OK for new construction.